By Aida Pelaez-Fernandez MEXICO CITY(Reuters) – With Tesla (NASDAQ:TSLA) Inc’s plan to open a $5 billion Gigafactory in Mexico, the country should soon become a hub of electric vehicle (EV) production, but the zero emissions cars remain too expensive for most Mexicans and they are impractical to drive in much of the country, which lacks enough charging stations. Mexico has made reviving fossil fuel output a priority under President Andres Manuel Lopez Obrador, frequently giving short shrift to investment in renewable power sources. But it also has lofty ambitions to boost EV ownership as Tesla gears up to develop…
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By Michael Elkins BlackBerry (TSX:BB) announced Tuesday that the Canadian software company has entered into an agreement to sell substantially all of its non-core patents and patent applications to Malikie Innovations for a combination of cash at closing and potential future royalties in the aggregate amount of up to $900 million. Under the terms of the agreement, BlackBerry will receive $170M in cash on closing and an additional $30M in cash by no later than the third anniversary of closing. BlackBerry will also be entitled to receive annual cash royalties from the profits generated from the BlackBerry patents. Royalty payments…
SHANGHAI (Reuters) – Tesla (NASDAQ:TSLA) is poised to report one of its best quarters in China, the latest retail sales data showed, after becoming the first electric vehicle maker in the country to cut prices in a bid to defend its market share. The U.S. EV maker’s retail sales in China totaled 106,915 units from Jan. 1 to March 19, or 1,371 units per day on average, according to data from China Merchants Bank International, which tracks car insurance registrations. That was slightly higher than the 1,327 units it sold daily on average in the fourth quarter in China, when…
By David Shepardson WASHINGTON (Reuters) -TikTok CEO Shou Zi Chew said the Chinese-owned short video app company faces a pivotal moment as a growing number of U.S. lawmakers seek to ban the popular app over national security concerns. Chew said in a video posted on TikTok early Tuesday the app now has more than 150 million active monthly U.S. users. “That’s almost half the U.S. coming to TikTok,” Chew said. TikTok in 2020 said it had 100 million U.S. users. Chew, who will testify Thursday before the House Energy and Commerce Committee, said: “Some politicians have started talking about banning…
(Reuters) -Alphabet Inc’s Google (NASDAQ:GOOGL) suspended the Play version of PDD Holdings Inc’s Pinduoduo (NASDAQ:PDD) app for security concerns, after malware issues were found on versions of the Chinese e-commerce app outside Google’s app store, a company spokesperson said on Tuesday. “Off-Play versions of this app that have been found to contain malware have been enforced on via Google Play Protect,” the spokesperson said in a statement, adding that the Play version of the app has been suspended for security concerns. Google Play Protect scans Android devices with Google Play Services for potentially harmful apps and works to prevent the installation of…
Asset bubbles have always been a testimony to the bizarre things that humans can accomplish when they abandon their own rational thinking and a herd mentality sets in. However, the case in point of the first asset bubble in recorded history i.e. the tulip mania brings this to light. The sheer absurdity of the situation that existed is a testimony to the fact that markets are not self-correcting, not at least in the short run. In this article, we will have a closer look at the Tulip Mania. Golden Age Asset bubbles always start with perceived or real prosperity. In…
The South Sea Bubble is one of the largest asset bubbles that the world has ever seen. In fact, this bubble bankrupted the newly prosperous British economy during the 17th Century. At one point in time, all the money is Britain was not enough to pay down the debts that accrued as a result of the South Sea Bubble. Although this bubble happened 300 years ago, generations of British population have been paying down this debt. Even today, a portion of the tax collected from the general population is used to pay off this debt. The complete history of the…
The Mexican peso crisis, which is also known as the tequila crisis was one of the first major currency crisis in the South American continent. The Mexican peso almost collapsed as a result of this crisis. The government was close to default on its national debt. The level of foreign reserves was dwindling to dangerously low levels and in the end the Mexican government required a bailout to stay afloat financially. Also, foreign investors that had invested in Mexican bonds ended up losing 15% of the value of their investments in a single day and over 40% of the value…
The Soviet Union was one of the countries that emerged as a superpower after the Second World War. The post war economic system was basically a competition between the American capitalist system and the Soviet based socialist system. The decades after the war were often referred to as the cold war as these two superpowers opposed each other’s plans for world domination. However, the Soviet Union ended up disintegrating in the 1990’s. As a result of this disintegration 15 countries were formed. None of these 15 countries were in great economic shape. However, Russia which was the modern incarnation of the…
The Black Wednesday of 1992 refers to the momentous day when the British Pound was under attack by currency speculators. This day created history in the Foreign Exchange markets because of the fact that the Pound was considered to be one of the strongest fiat currencies in the world. In fact it was the reserve currency of the world before the dollar took over. Hence the notion that the British pound could be under attack from speculators in the foreign market was dismissed as being mere conspiracy theory without any substance. Also, Black Wednesday was unprecedented in the fact that this…
