Hyundai Motor Co (OTC: HYMTF) announced the launch of a brand dedicated to battery electric vehicles on Sunday.What Happened: The automaker plans to sell one million units of battery-electric vehicles by 2025, occupying 10% of the global market share, in an effort to emerge as a leader in the segment under its dedicated EV brand "Ioniq."Three electric vehicles under the Ioniq brand will be released beginning early 2021, according to Hyundai. Launch of a midsize crossover vehicle in early 2021, a sedan in early 2022, and a large crossover vehicle in early 2024 is planned.Nikola Wants To Coopearte: Trevor Milton, the chief executive officer of Nikola Corporation (NASDAQ: NKLA), disclosed his intention of cooperating with Hyundai in an interview with local Korean media Sunday, Reuters reported.Milton said he proposed cooperation with the Seoul-based carmaker twice, which rebuffed his efforts both times. A Threat To Tesla's Rise: EV rival Tesla Inc (NASDAQ:...
Spot gold was down 0.3% to $2,028.90 per ounce by 0336 GMT. U.S. gold futures rose 0.6% to $2,039.20. Gold hit a record high of $2,072.50 on Friday before retreating nearly 2% as the dollar bounced on data showing U.S. nonfarm payrolls increased 1.763 million in July....
(Bloomberg) -- Tencent Holdings Ltd. added to Friday’s sharp decline to start the week, helping lead weakness in technology shares after the U.S.’ move to ban residents from doing business with the company’s WeChat app.The stock fell as much as 4.6% Monday, approaching Friday’s lowest level, before finishing morning trade down 3.3%. Tencent lost $35 billion of market value to end last week as investors weighed the vaguely worded order from President Donald Trump, which initially triggered fears that it applied to a number of the internet giant’s operations.Tech stocks in Hong Kong led declines in the city Monday, with the Hang Seng Tech Index falling as much as 3.6%. The sector was also among the weakest performers in China, with the ChiNext Index dropping more than 1%. Suppliers to Apple Inc. saw some of the biggest declines. Why Tencent and WeChat Are Such a Big Deal in China: QuickTakeDeteriorating relations...
The federal government is halting a $765 million loan to Eastman Kodak Company (NYSE: KODK) for its generic drug-making foray until the company is cleared of insider trading allegations.What Happened "On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of wrongdoing raise serious concerns," the United States International Development Finance Corporation said in a statement late Friday."We will not proceed any further unless these allegations are cleared."The independent federal agency had signed a letter of intent with the former photography giant for the loan, which was to be used to make drugs in short supply in the country.Why It Matters Kodak is reportedly facing an investigation from the U.S. Securities and Exchange Commission related to its disclosure of the loan on July 27, which caused the company's shares to surge 25% the same day.The commission is also said to be looking into stock options granted to...
Aug.09 -- Rebecca Fannin, founder of Silicon Dragon Ventures and author of "Tech Titans of China," talks about the prospects for Beijing-based ByteDance Ltd.'s TikTok, the video-sharing app that the Trump administration has declared a national-security threat, and the rivalry between U.S. and Chinese technology companies. Twitter Inc. has held early talks about a potential combination with TikTok, Dow Jones reported, citing people familiar with the matter. Fannin speaks on "Bloomberg Markets: Asia."...
