According to preliminary estimates released on Wednesday by the China Passenger Car Association (CPCA), Tesla Inc sold roughly 78,000 China-made vehicles in June. This was a 142 per cent increase from May, when Tesla sold 32,165 China-made automobiles, and a 135 per cent increase from the previous year. Tesla’s factory in Shanghai, China’s economic centre,…
Britain’s antitrust authority is looking into Amazon.com Inc on suspicion of undermining competition by giving its own sellers an unfair edge in its marketplace over third parties, adding to global regulatory scrutiny of the US internet behemoth. The Competition and Markets Authority (CMA) of the United Kingdom announced on Tuesday that it has launched an…
A judge has ruled that Kellogg’s cannot promote sugary cereals in supermarket special offers. In-store marketing for foods and beverages rich in fat, salt, or sugar will be limited under new England regulations. Kellogg’s had taken the government to court, claiming that the rules did not account for the nutritional value of additional milk. The…
On Tuesday, EU lawmakers approved unprecedented regulations to curb the dominance of digital titans such as Alphabet unit Google, Amazon, Apple, Facebook, and Microsoft, but enforcing them may be difficult due to regulators’ limited resources. Along with the Digital Markets Act (DMA) provisions, lawmakers also approved the Digital Services Act (DSA), which requires Internet companies…
Vauld, a cryptocurrency lender, halted all withdrawals, trading, and deposits on its platform on Monday and stated it is looking into potential restructuring options. In a blog post published on Monday, Vauld CEO Darshan Bathija stated that the company is facing “financial challenges” due to “volatile market conditions, the financial difficulties of our key business…
A hacker used the British Army’s social media profiles to direct people to bitcoin frauds. On Sunday, the army’s Twitter and YouTube accounts were taken over by a hacker or hackers whose identity is unknown. The Twitter account’s name was changed to “pssssd,” and its profile and header images were altered to mimic “The Possessed,”…
Digital asset brokerage firm Voyager Digital has halted all customer trading, deposits, withdrawals, and loyalty awards, according to a statement issued by the company. “This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” said Stephen Ehrlich, CEO of lending company Voyager. Erlich went on to explain…
Meta Platforms Inc, which owns Facebook, has trimmed plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees, as he cautioned them to brace for a severe economic slump. “If I had to bet, I’d say that this might be one of the worst downturns that we’ve seen in recent…
In order to issue and sell digital coins in the European Union, companies dealing with cryptocurrency will now require a licence and client safeguards under pioneering new laws approved by the EU to tame a volatile “Wild West” industry. Globally, crypto assets are generally unregulated, with national operators in the EU simply obliged to demonstrate anti-money laundering safeguards.…
Goldman Sachs Group Inc announced a partnership with capital markets technology firm Derivative Path that will allow thousands of US regional banks and credit unions to use its foreign exchange services. The collaboration is Goldman’s latest attempt toward increasing market share in the congested and competitive transaction banking area, which it entered in 2019. Derivative…
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