Taiwanese chip producer Foxconn ramps up interest in EVs, announces deal with Fisker Inc

On Thursday, shares of Foxconn rose by 4.5% after the company announced that it will collaborate with Fisker Inc to produce more than 250,000 electric vehicles a year, starting from late 2023. Over the last 1 year, Taiwan based Foxconn has ramped up interest in electric vehicles and has announced deals with Stellantis NV’s Fiat…

Robinhood allows customers to deposit, withdraw cryptocurrencies

In a statement, online broker Robinhood said, it intends to allow customers the ability to deposit and withdraw cryptocurrencies, including the meme-based dogecoin. Currently, Robinhood, a trading app popular with young investors, allows customers to buy, sell and hold cryptocurrencies including Bitcoin on its platform; however, it does not allow its users to withdraw their…

Clear crypto currency rules urgently required: Hester Peirce

According to a top official from the Securities and Exchange Commission (SEC), a clear cryptocurrency regulatory regime is urgently required with major companies, including Mastercard Inc, Tesla Inc, and BNY Mellon Corp embrace the digital asset class. During an interview, Hester Peirce, a Republican commissioner at the SEC said, while it may be too soon…

Tesla aims to ramp up battery production to 3,000 gigawatt-hours

Following Tesla’s unveiling of its plans to produce its own batteries in order to trim costs, shares of its two battery suppliers fell on Wednesday. Shares of South Korea’s LG Chem and Japan’s Panasonic have fallen with the news reaching the market. After initially opening higher, LG Chem’s shares was trading down by 3.1% while…

COVID-19 patients respond positively to Gilead Sciences experimental drug

Shares of Gilead Sciences Inc’s shares jumped by 16% following news reports that its experimental drug remdesivir is proving to be effective in U.S. trials of patients who have been severely afflicted by the COVID-19 disease caused by the coronavirus. According to a report from medical news website STAT, a University of Chicago hospital participating…