Tesla CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms there is reasonable clean energy usage by miners. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions.” Musk was reacting to comments from Magda Wierzycka, CEO of South African asset manager […] Read more
Chinese ride-hailing giant Didi Chuxing on Thursday filed to go public in what could be one of the largest tech IPOs of this year, positioning large shareholders Uber and SoftBank for a win. The company reported $21.6 billion in revenue last year. It also posted a profit this past quarter on $6.4 billion in revenue. Specifically, the […] Read more
Ferrari has appointed electronics pioneer Benedetto Vigna as chief executive as the company gears up for the age of electric vehicles. Vigna will join Ferrari on Sept. 1 from semiconductor firm STMicroelectronics, where he is head of its sensors group. The Italian sportscar maker announced the appointment in a statement Wednesday. Former CEO Louis Camilleri stepped down for personal […] Read more
Even with headwinds from the Fed and inflation, a booming economy and strong earnings should send the market to a series of new highs this summer. The S&P 500 was lower Monday as the market meanders ahead of next week’s Fed meeting. The S&P 500 was slightly less than 20 points below the May 7 high […] Read more
India will provide free COVID-19 vaccines to all adults, Prime Minister Narendra Modi said on Monday, in an effort to rein in a pandemic that has killed hundreds of thousands and led to the world’s second-highest tally of infections. Modi’s announcement on national television came after weeks of criticism of a bungled vaccine rollout that has covered fewer than […] Read more
Hong Kong senior executives of financial companies and their overseas affiliates who are fully vaccinated can now apply for an exemption from the three-week compulsory quarantine, the markets watchdog said. A maximum of two senior executives per each financial company licensed by the city’s Securities and Futures Commission (SFC) and two of their overseas affiliates […] Read more
Amazon said Wednesday it will acquire MGM Studios for $8.45 billion, marking its boldest move yet into the entertainment industry and turbocharging its streaming ambitions. The deal is the second-largest acquisition in Amazon’s history, behind its $13.7 billion purchase of Whole Foods in 2017. Amazon said it hopes to leverage MGM’s storied filmmaking history and wide-ranging catalog of […] Read more
Bitcoin’s price tumbled Friday following an intensified call from Chinese authorities to crack down on mining and trading of the cryptocurrency. Chinese Vice Premier Liu He and the State Council said in a statement that tighter regulation is needed to protect the financial system. The statement, released late Friday in China, said it is necessary […] Read more
The European Parliament halted on Thursday ratification of a new investment pact with China until Beijing lifts sanctions on EU politicians, deepening a dispute in Sino-European relations and denying EU companies greater access to China. The resolution to freeze ratification passed with 599 votes in favor, 30 votes against and 58 abstentions. The EU-China Comprehensive […] Read more
The World Economic Forum said Monday that it has canceled a summer version of its annual meeting that was due to take place in Singapore. “Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realise a […] Read more
