Economy

Cruise and Waymo Granted Permits to Operate Autonomous Vehicles in California

The California Public Utilities Commission (CPUC) has issued permits to self-driving divisions owned by Alphabet Inc. (GOOGL) and General Motors Co. (GM) to allow for passenger service in self-driving vehicles with safety drivers present. The self-driving divisions include Waymo and Cruise respectively. CPUC said that Waymo and Cruise are under ‘Drivered Deployment’ permits authorized to […]

Panasonic to Start Mass Production of New Tesla Battery in March

Japan based developer of diverse electronics technologies and solutions for customers Panasonic Corp. (TYO: 6752) is set to begin mass production of new lithium-ion battery for leading electric vehicle make Tesla Inc. (TSLA) before the month of March wraps up. Panasonic unveiled the new battery back in October, the 4680 format (46 millimetres wide and […]

Russian Banks Blocked From SWIFT Payments as More Sanctions Continue to Pile Up

Russian banks have been blocked from the Society for Worldwide Interbank Financial Telecommunication (SWIFT)  payments systems following a decision by Western countries as an additional sanction to try and pressurize Russia to cease invading Ukraine, without a doubt, the blockage of SWIFT payments will indeed inflict a huge blow to the Russian economy. SWIFT is […]

Ford is Not Considering Separating its EV or Gasoline Powered Vehicle Businesses

United States based car manufacturer Ford Motors Co. (F) has ruled out any possibility of separating its electric vehicle or gasoline powered vehicle businesses. This was revealed by the company’s chief executive officer, Jim Farley, who says they are not planning any spin-off. “We have no plans to spin off our electric business or our […]

IMF Begins Discussions on Fund-Supported Programme in Ukraine

The International Monetary Fund (IMF) has officially started discussion in Ukraine for the next tranche disbursement. IMF says it has started working the second review of the fund-supported program, the international financial institution made this revelation on February 23. Ukraine is looking forward to the continuation of cooperation with the IMF. IMF confirmed that markets […]

Credit Suisse Denies Foul Play Following Leakage of Client Data

Global investment bank and financial service provider Credit Suisse AG (SWX: CSGN) has come out to deny any wrong doings following a leak of data on thousands of accounts held by the bank in the past decades. This comes after multiple media houses started publishing coordinated Panama paper style investigations of the data leak. According […]

GM Seeking Regulatory Approval to Deploy Autonomous Cars in the U.S

Automobile manufacturer General Motors Co. (GM) together with its self-driving technology unit Cruise has applied for permission from U.S regulators to build and deploy autonomous cars without human control features like steering wheels and brake pads among others. In a blog post, Cruise says it applied for permission to deploy the Cruise origin which does […]

Musk Donated $5.7 Billion to Charity in November

Elon Musk, founder and chief executive officer of electric vehicle maker Tesla Inc. (TSLA) donated Tesla shares worth $5.7 billion to charity last November. This was revealed through Tesla’s filing with the U.S Securities and Exchange Commission (SEC) showing that between November 19 to November 29 Musk donated a total of 5,044,000 shares to a […]

Private Equity Firm CD&R to Purchase Rest of Cornerstone Building Brands

Manufacturer of metal roofing and wall systems Cornerstone Building Brands Inc. (CNR) says that private equity firm Clayton, Dubilier & Rice (CD&R) has presented a proposal to purchase the rest of the company’s equity for $24.65 per share in cash. Currently, CD&R owns 49% common stake in Cornerstone Building Brands. The share price in the […]

Toshiba Planning a Spin-Off into Two Units

Japan based conglomerate engaging in diversified products and services Toshiba Corp. (TYO: 6502) is planning a spin-off to breakup the company into two units instead of three as efforts to boost shareholders’ returns and to try and appease the angry investors. According to the new restructuring, Toshiba will separate its devices businesses which comprises of […]