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Shares in Tesla have surged following reports that CEO Elon Musk has agreed to partner with Chinese tech giant Baidu for mapping and navigation features to support autonomous driving technology in the world’s biggest auto market.
Shares rose nearly 14% in premarket US trading, while Baidu jumped by more than 5.5% in Hong Kong. Baidu, China’s main internet search company, has agreed to provide the US electric vehicle (EV) maker with access to its mapping license for data collection on China’s public roads, Reuters reported on Monday morning, citing people familiar with the matter. The sources highlighted that the agreement clears final regulatory obstacles for the rollout of Tesla’s Full Self Driving (FSD), the latest version of its Autopilot technology. On Sunday, the US billionaire visited China, where he held talks with Prime Minister Li Qiang. Media reports suggested that Musk was seeking approval for the FSD software rollout in China, as well as permission to transfer data overseas during the talks. Chinese officials have given tentative approval for the rollout of Tesla’s driver-assistance service in the country, the Wall Street Journal reported, citing sources. The company also managed to meet requirements for how it handles data security and privacy issues, people familiar with the matter told Bloomberg. Under Chinese law, automakers need to obtain a mapping qualification to start operating autonomous driving systems on public roads. Foreign enterprises must cooperate with local tech firms to get a license. The deal with Baidu is expected to allow the US company to legally operate the software in China, while its cars would be able to collect data about surroundings, including road layouts, traffic signs, and nearby buildings. Tesla rolled out its FSD four years ago, but the technology hasn’t been available in China due to regulatory hurdles. Earlier this month, in response to a query on X (formerly Twitter), Musk said the feature would appear in the country “very soon.” The approval for the technology in China is expected to significantly improve Tesla’s balance sheet. The company recently recorded its first year-on-year decline in quarterly revenue since 2020, showing a 9% drop for sales. Earlier this month, the automaker said it was cutting more than 10% of its global staff as part of a plan for “cost reductions and increasing productivity.” Musk’s surprise visit to China was “a watershed moment,” Wedbush Securities senior analyst Dan Ives told Bloomberg, adding that it could “open up FSD in China, unlocking what really could be the golden opportunity for them.” The Blog Tags Widget will appear here on the published site.
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China’s gold Markets under Strain4/17/2024 April has been a busy month for the Hualin International Jewelry Market in Guangzhou. A scrum of eager buyers has descended upon the venue, looking to join a new gold rush as prices soar and the precious metal takes on new life as a vehicle for investment.
Standing out as one of the few bets considered safe in China at present – with stocks, property and banking having lost their lustre in an environment of heightened uncertainty – gold has not only attracted new buyers, but also provided opportunities for the country’s middle class and youth tocash out. The Guangzhou market, originally known for its bustling jade and jewellery trade, has been “flooded” with newly opened gold stores, with dozens emerging according to a store owner earlier this week. “The number of customers is also increasing day by day,” said the owner, who asked not to be identified by name. “Sometimes it feels like a crowded wet market.” Rapid price changes have made for a mercurial scene. “From the beginning of the year until now, there have been customers buying gold bars for tens of thousands, hundreds of thousands of yuan,” he said. “But since the current price is extremely high, consumers are becoming cautious. Most of the new customers are buying products with lower grams.” “Today’s buy-back price is 554 yuan (US$77) per gram,” the merchant said. “Just now, a lady who got married last year sold me the gifts she received at her wedding, including necklaces, pendants and bracelets.” The retail price for gold from major brands, including Chow Tai Fook and Chow Sang Sang, had risen to over 730 yuan per gram as of Friday, a multi-year high. Previous monthly peaks were observed at around 630 yuan per gram in January and 600 yuan per gram in December. The People’s Bank of China, the country’s central bank, bought 160,000 ounces of bullion in March to bring its total reserves to 72.74 million ounces – its 17th consecutive monthly purchase according to official data – as the nation seeks to diversify its holdings away from US bonds amid frayed bilateral ties. China is also intensifying its search for more stockpiles of the valuable substance. China News Service reported on April 7 that a large deposit was discovered in the Qaidam Basin in the north-western province of Qinghai, providing a trove of 43.2 tons valued at over 20 billion yuan (US$2.8 billion). A weekly curated round-up of social, political and economic stories from China and how they impact the world. By submitting, you consent to receiving marketing emails from SCMP. Data from the Ministry of Commerce showed that during this year’s Lunar New Year holiday period sales of gold and silver jewellery – mainly gold – increased by 24 per cent year on year. Gold prices have been hitting historic highs in markets around the world. In New York, the price of gold futures contracts for delivery in June hit an all-time high of US$2,384.5 per ounce on Tuesday. Some owners of gold or its derivatives are following the market closely, prepared to cash out at any moment. “I started buying paper gold at around 300 yuan per gram and have been holding it until now,” said Li Yue, a Guangzhou-based investor. “People started to hoard gold out of concerns over a lack of access to manage their wealth and an excess in money supply.” Paper gold is an instrument for investors who are interested in buying and selling the metal under pre-set contractual terms. It does not involve physical delivery of the metal itself. Wariness over the timing of interest rate cuts by the US Federal Reserve is a factor in the erratic price swings, Li said, and financial regulators have repeatedly warned of price volatilities in the domestic gold market The Blog Tags Widget will appear here on the published site.
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Donald Trump has dropped off the Bloomberg Billionaires Index on the back of dismal stock market performance by Trump Media, the parent company behind the US Republican presidential candidate’s online platform, Truth Social.
The share price for Trump Media, which has been steadily declining over the past week, was down 8.57% at $34.26 per share at the close of trading on Wednesday. That figure is well below the $70.90 mark that the stock opened at on March 26, its first day as a publicly traded company. The nosedive put Trump Media’s market value at around $4.7 billion. As a result, Trump’s net worth has dropped below $5.8 billion, sending him off the Bloomberg Billionaires Index of the world’s 500 richest people. However, the former president still ranks as the planet’s 652nd wealthiest person, according to Investing.com. Forbes currently pegs Trump’s total wealth at $4.8 billion, making him the world’s 697th richest person on the outlet’s list. In late March, Trump Media & Technology Group merged with the shell company Digital World Acquisition Corporation. It began trading under the ticker DJT on March 26. Trump, who holds around 60% of Trump Media with 78.75 million shares, saw the value of his stake reach as much as $6 billion shortly after the company went public, earning the businessman a spot on the Bloomberg Billionaires Index. As of Wednesday, Trump’s stake was valued at less than $3 billion. The presidential candidate cannot offload his shares until September without approval from the company’s board. Trump Media, which owns the Truth Social app, reported revenue of just $4.1 million for 2023, and a net loss of $58 million for the year. The Blog Tags Widget will appear here on the published site.
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