The recent announcement by the European Union to impose higher tariffs of up to 38% on Chinese electric vehicles (EVs) has created a ripple effect in the market. Following this news, shares of Chinese EV makers experienced a surge in value, with Hong Kong’s Hang Seng index seeing a notable increase of 1.23% at the
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The decision by the European Union to impose additional tariffs on Chinese electric vehicles has sparked backlash from China and various stakeholders involved in the dispute. Chinese state news agency Xinhua expressed hope that the EU would reconsider its tariffs and avoid hindering competition in the auto industry. The opposition from China and others emphasizes
Elon Musk announced on social media that Tesla shareholders were voting to approve a $56 billion pay package for him, and also to move the legal home of the electric vehicle maker to Texas. The voting results indicated wide margins in favor of both proposals. Shareholders are considering ratifying Musk’s 2018 incentive package, which was
Oracle, a leading software maker, saw its shares spike by more than 12% to reach an all-time high following the announcement of cloud deals with Google and OpenAI. The database management company revealed plans to bring its database to Google’s cloud in November, as well as partnering with Microsoft and OpenAI to provide supplemental computing
Recent reports suggest that the United States is considering further tightening restrictions on China’s access to chip technology crucial for the advancement of artificial intelligence. Specifically, the Biden administration may target the high-tech chip architecture known as gate all-around (GAA), which offers improved performance and lower power consumption. While this move could have significant implications
Following reports of increased U.S. trade scrutiny against China, most Asian stocks experienced a decline on Wednesday. The anticipation of more cues on inflation and the Federal Reserve also contributed to the negative sentiment. Despite record-high closes on the S&P 500 and the NASDAQ Composite, regional stocks struggled to stay afloat. China’s Shanghai Shenzhen CSI
Affirm Holdings saw a nearly 7% increase in its stock following the announcement that its buy now, pay later loans will be integrated into Apple Pay, providing another payment option for U.S. Apple users. This move is expected to boost Affirm’s reach and popularity among consumers, potentially driving further growth in the future. General Motors
The European Union has been taking steps to address the issue of low-priced, subsidized imports of Chinese electric vehicles (EVs). While the standard duty on imported EVs is 10%, the EU is expected to increase this rate for Chinese EVs starting July 4. Analysts have predicted that the tariff rate could potentially be raised to
After last week’s U.S. jobs report, JPMorgan noted that equities rallied despite rates resetting higher and cuts being pushed further out. The Labor Department revealed an increase in the U.S. unemployment rate to 4.0% for the first time since January 2022. Nonfarm payrolls also saw a significant increase by 272,000 jobs, hinting at the Federal
The United Auto Workers President, Shawn Fain, is currently under investigation by a federal court-appointed watchdog, Neil Barofsky. The investigation is focused on determining whether Fain misused his power as the union president. Additionally, union leaders, including Fain, are being accused of obstructing the investigation and impeding the watchdog’s access to crucial information. These actions
Southwest Airlines saw a 7% increase in stock value after activist hedge fund Elliott Management acquired a $1.9 billion stake in the company. The firm is pushing for the replacement of CEO Bob Jordan and Chairman Gary Kelly. This move by Elliott Management signals a potential shake-up in the leadership of Southwest Airlines, which could
Elon Musk, known for his roles as CEO of Tesla and SpaceX, recently made headlines by threatening to ban Apple devices from his companies. This decision came after Apple announced a partnership with OpenAI, which raised concerns for Musk regarding the protection of users’ information. He took to his social media platform, X, to voice
Recent reports have suggested that Cineworld, the parent company of Regal, is considering various options for its UK business. These options could include a potential sale or a restructuring of the company. It has been revealed that Cineworld has enlisted the help of AlixPartners, the same consultancy firm that assisted with their bankruptcy proceedings in
Moderna, a leading biotech company, announced on Monday that its combination vaccine targeting both Covid-19 and the flu has shown to be more effective than standalone shots for these viruses in a late-stage trial. This groundbreaking development has the potential to revolutionize the way we approach vaccination against respiratory viruses. The concept of combination vaccines