Volkswagen will speed up its transformation to electric vehicles, but it must find the right “rhythm” as it does so, said new CEO Oliver Blume at an internal conference on Thursday, his first day in office. Blume announced a ten-point plan for financial robustness, sustainability, the capital market, and development in China and North America…
Ashmore Investment Group reported a 58% drop in full-year pretax profits and a double-digit drop in net revenue on Friday, citing widespread risk aversion as a result of the Ukraine war, as well as inflation and higher rates globally. The emerging markets-focused asset manager made £118.4 million ($136.62 million) in profit before tax in the…
In a major push to diversify beyond consoles, Sony established a dedicated PlayStation mobile gaming unit. On Monday, Sony announced the launch of PlayStation Studios Mobile Division, which will operate independently of the console business. Sony also announced on Monday that it had acquired Savage Game Studios, a mobile game developer based in Helsinki and…
As Russia’s war in Ukraine drags on, food prices stay persistently high, aggravating pressures from supply chain disruptions and climate change. According to Arif Husain, chief economist at the United Nations World Food Programme, the war has “put a lot of fuel on an already burning fire.” Ukraine is a significant producer of commodities like…
The foundation that controls Ethereum, the second largest cryptocurrency, has confirmed that it will complete a plan to reduce its carbon emissions by more than 99% in the next month. The “merge” project will see Ethereum switch the underlying technology it uses to validate crypto transactions to a new process that requires less energy to…
Honda Motor Co of Japan and LG Energy Solution Ltd of Korea announced on Monday that they will establish a new lithium-ion battery plant for electric vehicles in the United States. Battery manufacturers are looking to expand production in the United States, where a shift toward electric vehicles (EV) is likely as the country implements…
Chinese technology behemoths are coming off their worst quarter of growth in history, as the world’s second-largest economy slows, exacerbated by Beijing’s strict Covid policy. Alibaba reported its first ever flat year-on-year quarterly revenue growth in the second quarter of the year, while social media and gaming company Tencent reported its first sales decline on…
This year, passengers are not the only ones who have to pay more to fly. A lack of aircraft is driving up the cost of renting planes just as travel demand is increasing. According to aviation advisory firm IBA Group, the rent on a new Boeing 737 Max increased by more than 20% between April…
Rivian Automotive is an electric vehicle manufacturer that is following in Tesla’s footsteps, but with a unique twist. Rivian, which was founded in 2009, focuses on upmarket electric trucks and SUVs with a focus on outdoor adventure. Rivian’s first vehicle, the R1T electric truck, was released at the end of last year. It has been…
GAIL (India) Ltd. in India has set a goal of having net zero carbon emissions from operations by 2040, according to Chairman Manoj Jain, who spoke Friday at the annual shareholders meeting of the gas distributor. One of the world’s largest emitters of greenhouse gases, India, wants to increase the share of gas in its…
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