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Automakers speed up on electric vehicle battery plants
DETROIT: Global automakers are pushing the pace when it comes to building factories in what many believe will lead to a rapid transition from internal combustion engines to electric vehicles. On Monday, Toyota, Stelantis, Foxconn, Ford and Volvo all announced plans to have an electric vehicle component or assembly plant, or to raise capital to fund the transition. The moves are ahead of demand at the moment, but forecasters predict the share of electric vehicles will increase dramatically as more battery-electric models are rolled out as governments increase requirements for zero-emissions vehicles to fight climate change. . Currently, only 4.8% of the approximately 80 million new vehicles sold globally run on electricity, according to LMC Automotive.
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Facebook plans to hire 10,000 people in Europe to build the Metaverse
LONDON: Facebook says it plans to hire 10,000 employees in the European Union over the next five years to work on a new computing platform. The company said in a blog post on Sunday that they will help build high-skilled employees Metaverse, a futuristic notion that uses augmented and virtual reality to connect people online. Facebook executives are touting the Metaverse as the next big thing, though their track record on predicting future trends is spotty and may raise questions about the social platform gaining more control over privacy and people’s lives . Facebook is also facing antitrust crackdowns, testimony from a whistleblowing former employee, and concerns about how it handles misinformation.
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Exchange Traded Funds Could Boost Bitcoin Investments
NEW YORK: In the latest milestone for bitcoin, the country’s first exchange-traded fund tied to the most popular digital currency should become available to investors. The ProShares ETF, with the ticker symbol BITO, is expected to begin trading Tuesday, barring any protests from regulators. The fund will not invest directly in bitcoin itself. Instead, it will focus on futures related to bitcoin, a market that is overseen by US regulators and can be complex in its own right. This means investors need to be especially aware of what they are buying, and how it is likely to perform.
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Industrial production fell by 1.3% due to the impact of IDA
SILVER SPRING, MD: The Federal Reserve reported Monday that US industrial output fell 1.3% in September, much more than expected as the lingering effects of Hurricane Ida continue to drive activity. It was the worst performance since a 3.1% drop in February, when severe winter storms hit much of the country. About half, or 0.6%, of the total decline in total industrial production was due to the storm. The Fed revised downwards 0.1% from a 0.4% gain on August. Industrial production includes manufacturing, utilities and mining.
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GameStop Mania severely tested the market system, regulators say
NEW YORK: The stock market certainly shook when hundreds of thousands of regular people suddenly piled into GameStop earlier this year, sending its price to heights that stunned professional investors. But it didn’t break. This is a takeaway from a report by Securities and Exchange Commission employees released Monday regarding the January meme-stock frenzy. As GameStop shot up from $39 to $347 in just one week, the pipeline of some stock markets began to crumble, but the report indicated that market fundamentals remain sound. The boom also made it clear how much power is being harnessed by the new generation of investors equipped with apps on their phones.
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Microsoft says it warned Bill Gates about flirting in 2008
REDMOND, Wash.: Microsoft has confirmed that in 2008 executives warned Bill Gates to stop sending flirtatious emails to a female employee, but dropped the matter when he told them he would stop. The Wall Street Journal first reported that Brad Smith, then general counsel to Microsoft and now its president and vice president, and another executive met with Gates after the company discovered an inappropriate email to a mid-level employee. Of. The newspaper reported that Gates did not deny the exchanges, and Microsoft board members who were briefed about him declined to take further action. Gates’ private office is calling the claims false.
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Lawmakers give Amazon last chance to clear testimony
WASHINGTON: House lawmakers have demanded a criminal investigation into Amazon, threatening the tech giant’s last chance to correct past testimony by executives on its competition practices. He sent a letter to Amazon President and CEO Andy Jesse, marking an escalation in the bipartisan fight against Amazon by the House Judiciary Committee panel investigating Big Tech’s market dominance. The letter said the panel was considering sending the case to the Justice Department for criminal investigation. It accuses Amazon of at least misleading Congress and possibly outright lying.
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Contract negotiations resume between Deere and its striking employees
Moline, Ill.: Contract talks have resumed between Deere & Company and its 10,000 striking employees, but it was not immediately clear how far along the two sides are. The strike began last Thursday when union members overwhelmingly rejected a proposed contract that would give some workers a 5% increase and others a 6% increase based on their position in the factory. The last major strike on a manufacturer of agricultural and construction equipment was in 1986. The contracts under negotiation include 14 Deere plants, including seven in Iowa, four in Illinois, and one each in Kansas, Colorado and Georgia.
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The S&P 500 gained 15.09 points, or 0.3%, to end at 4,486.46. The Dow Jones Industrial Average fell 36.15 points, or 0.1%, to end at 35,258.61. The Nasdaq closed up 124.47 points, or 0.8%, at 15,021.81. The Russell 2000 Index of Small Companies rose 2.19 points, or 0.1%, to 2,267.84.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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