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☆ US DFC considers $500 mln loan to Vietnamese EV maker VinFast
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

A Vinfast electric vehicle store is shown at one of the company's retail locations in San Diego, California, U.S.,October 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsHANOI, Dec 4 (Reuters) - The United States International Development Finance Corporation (DFC) has signed a letter of interest with electric vehicles maker VinFast to consider the Vietnamese company's application for a $500 million loan for expansion, VinFast said on Monday. The loan, which will be used to support VinFast's establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by DFC, the carmaker said in a statement. DFC said on X, formerly Twitter, that it had signed the letter of interest to support VinFast's lithium-ion battery facilities in Vietnam, but did not provide details. The project will be the first in a series of initiatives actively discussed by the two parties, VinFast said.

Persons: Mike Blake, VinFast, Phuong Nguyen, Kanupriya Kapoor Organizations: REUTERS, Rights, United States International Development Finance Corporation, Vietnam's, Nasdaq, Thomson Locations: San Diego , California, U.S, Rights HANOI, Vietnam, California, Southeast Asia

☆ All the reasons why Elon Musk's Cybertruck won't be coming to Europe anytime soon
▼ + stars: | 2023-12-02 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

It may not be worth Tesla's while to make a Europe-friendly version of the Cybertruck. AdvertisementAfter years of waiting, the Cybertruck is finally here — but European Tesla fans shouldn't get too excited. There are a few reasons why it's unlikely to be sold across the Atlantic anytime soon. Advertisement"For a vehicle in the category of the Cybertruck, there's not a huge market in Europe, because pickup trucks generally are not very common." Elon Musk at the Tesla Cybertruck delivery event.

Persons: —, Tesla, Pedro Pacheco, Pacheco, there's, Elon Musk Organizations: EU, Service, European, Tesla, Gartner, NAC, CCS, Business Locations: Europe, European Union, EU, North America

☆ The cost of climate policies: Hard-pressed consumers are pushing back
▼ + stars: | 2023-11-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +11 min

In a 2022 Pew survey covering 19 countries in North America, Europe and the Asia-Pacific region, climate change was named the top global threat. Aira UK“There is no trade-off between (installing a heat pump), saving the planet and at the same time saving the pockets of consumers,” CEO Martin Lewerth told CNN. “If you’re living outside Scandinavia and you want a heat pump, it’s not a hassle-free experience,” Lewerth acknowledged. “There is no scenario in which delay is the cheaper option with climate change,” said Bob Ward, policy and communications director at the Grantham Research Institute on Climate Change and the Environment at the LSE. “If we’d invested more in renewable energy… energy bills wouldn’t have gone up so much, which disproportionately impacted on poor households,” Valero at the LSE told CNN.

Persons: ”, ” Brett Meyer, Tone, Tony Blair, ” Langengen, Meyer, Anna Valero, Keith Mayhew, Oliver Blume, doesn’t, Rishi Sunak, Kelley, Martin Lewerth, Sunak, ” Lewerth, “, Bob Ward, we’d, ” Valero, Tim Jackson Organizations: London CNN, Times Radio, Tony, Tony Blair Institute for Global, Pew, London School of Economics, Political Science, CNN, HSBC, carmakers, Volkswagen, Grantham Research, LSE, ”, Swiss, Confederation of British Industry, Centre, Prosperity, University of Surrey Locations: London, Europe, North America, Asia, Pacific, Greece, United Kingdom, United States, Germany, “, Norway, Sweden, Aira, Essex, Swedish, Britain, Scandinavia, Grantham, Ukraine

☆ Tesla scores court win in Sweden in month-long battle with unions
▼ + stars: | 2023-11-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Elon Musk has notched a victory against Swedish workers as a court ruled that Tesla can collect license plates for its cars from the country’s transport authority after postal workers refused to deliver them. Postal workers stopped delivering them to the company last week in sympathy with Tesla’s mechanics who began an ongoing strike in late October. Musk called the postal workers’ actions “insane” in a post on X last week. “Swedish wages and working conditions should apply to all workers in Sweden,” the body said in a statement on its website earlier this month. A company that comes to Sweden must adapt to what applies here.”Musk, the world’s richest man, has been vocal about his opposition to unions.

Persons: London CNN — Elon, Tesla, Musk, ” Tesla, dockworkers, ” Musk, — Olesya Dmitracova Organizations: London CNN, CNN, Sweden’s Transport Agency, Reuters, Transport Agency, Tesla, IF Metall, Swedish Trade Union Confederation, National Labor Relations Board, IG Metall Locations: Norrköping, Sweden’s, Sweden, Swedish, “, Tesla, Berlin, Germany

Workers at state-owned postal company PostNord joined the strike on Nov. 20 and stopped distributing the license plates to Tesla. The state-run transport agency turned down Tesla's request to pick up the license plates itself and also declined to send them via distribution channels other than PostNord. Tesla sued both PostNord and the transport agency in two separate lawsuits, first reported by Swedish business daily Dagens Industri. It said the refusal to deliver license plates could affect "a large number of consumers who ordered a new car from Tesla". The transport agency confirmed to Reuters on Monday that Tesla had filed a lawsuit, believing the agency had not kept its obligations to deliver Tesla's license plates.

Persons: Yves Herman, PostNord, Tesla, Metall, carmaker, Seko, Marie Mannes, Louise Breusch Rasmussen, Terje Solsvik, Bernadette Baum Organizations: REUTERS, Swedish Transport Agency, U.S, Workers, Dagens, IF Metall, Reuters, Thomson Locations: Drogenbos, Belgium, Swedish, Sweden, U.S

☆ Global Automakers Turn to China for EV Lessons
▼ + stars: | 2023-11-27 | by ( Yoko Kubota | ) www.wsj.com time to read: 1 min

Volkswagen’s pavilion at the Guangzhou Auto Show in China. The carmaker plans to offer 30 electric models in China by 2030. Photo: Qilai Shen/Bloomberg NewsHEFEI, China— Volkswagen engineers in one of China’s electric-vehicle hubs are looking to the country’s automotive industry for clues about how to speed up manufacturing and beat back local rivals in the world’s biggest auto market. The German automaker has long been the number one manufacturer in a market dominated by gasoline-powered vehicles, but it has been losing market share as China’s market turns electric. It is now trying to figure out how to compete with upstart Chinese makers that can roll out good, affordable and highly digital electric cars—and do so in a third less time.

Persons: Qilai Shen Organizations: Guangzhou Auto Show, Bloomberg News, Volkswagen Locations: China, Bloomberg News HEFEI

☆ Volkswagen to reduce headcount at 'no longer competitive' VW brand
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "With many of our pre-existing structures, processes and high costs, we are no longer competitive as the Volkswagen brand," Schaefer told a staff meeting at the carmaker's headquarters in Wolfsburg, according to a post on the company's intranet site and seen by Reuters. The company had previously said it planned to take advantage of the "demographic curve" to reduce its workforce, having pledged that it would not carry out dismissals until 2029. In Monday's meeting, human resources board member Gunnar Kilian said this would be achieved through agreements on partial or early retirement. ($1 = 0.9168 euros)Reporting by Victoria Waldersee Writing by Matthias Williams Editing by Miranda Murray and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Thomas Schaefer, Schaefer, Gunnar Kilian, Kilian, Victoria Waldersee, Matthias Williams, Miranda Murray, David Goodman Organizations: New York, REUTERS, BERLIN, VW, Volkswagen, Reuters, Victoria, Thomson Locations: Manhattan , New York City, U.S, Wolfsburg

☆ Teslas are the only EVs taking off in America: Mazda CEO
▼ + stars: | 2023-11-27 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Masahiro Moro told Fortune that EVs other than Tesla are "not taking off" in the US. EVs face a reckoning amid slowing demand with auto companies cutting spending and reducing targets. AdvertisementMazda's CEO has said that Tesla is the only company seeing real success in a fragile EV landscape, with other electric cars "not taking off." Other EVs are not taking off, inventory is piling up," he said. It recently killed off its only EV sold in the US, the Mazda MX-30, after reportedly selling just 66 of them this year .

Persons: Masahiro Moro, Fortune, Elon Musk's, —, Tesla, Elon, Ford, Moro Organizations: Service, US, Ford, General Motors, Mazda, EV, Atlas Public

PRAGUE (AP) — Labor unions staged a day of protests and strikes across the Czech Republic on Monday to voice their opposition to the government’s package of cuts and austerity measures meant to keep the ballooning deficit under control. The unions are also demanding more money for the education and healthcare sectors and are protesting proposed changes to the pension system. Some 74% or over 7,200 nursery, elementary and high schools across the country were either fully or partially closed Monday in the biggest such protest since the establishment of the Czech Republic in 1993, unions said. Among other measures, Czechs will pay more taxes on alcoholic beverages, including beer, and on medicine. According to the government, the measures should reduce the budget deficit by 97 billion Czech crowns ($4.3 billion) next year and by 150 billion ($6.7 billion) in 2025.

Persons: Petr Fiala, ” Fiala, Petr Pavel, Andrej Babis, Babis Organizations: — Labor, Auto, Fiala’s, ANO Locations: PRAGUE, Czech Republic

☆ VW struggling with S.Africa costs as group targets savings - executive
▼ + stars: | 2023-11-24 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

[1/2] Thomas Schaefer, Volkswagen's CEO of the VW Passenger Cars Brand speaks with Reuters about the future of VW production in Africa, in Johannesburg, South Africa, November 24, 2023. The German automaker has been in South Africa for nearly 80 years. Factors like competitive labour costs once placed it among the company's higher-ranking bases globally, VW brand chief Thomas Schaefer said during a visit to the country. Schaefer said there were no current plans to introduce EV manufacturing in South Africa, since electric cars are currently priced out of the reach of most domestic consumers. "There's a realistic chance that South Africa, with enough focus, with all the raw materials in the neighbourhood, they could be a champion," Schaefer said.

Persons: Thomas Schaefer, Volkswagen's, Sumaya Hisham, Schaefer, We're, " Schaefer, Victoria Waldersee, Mark Potter Organizations: VW, Reuters, REUTERS, Volkswagen, Polo, European Union, Thomson Locations: Africa, Johannesburg, South Africa, JOHANNESBURG, Uitenhage, Britain, Berlin

Prior to the February 2022 invasion, Chinese cars accounted for less than 10% of the Russian market. Russia has jumped from 11th place to become China's largest export market for cars, reaching a value of $9.4 billion in January-October, Chinese customs data showed. Overall, monthly car sales in Russia are now more than double what they were a year ago, Autostat data showed, while separate data from federal statistics service Rosstat showed car production was nearly three times higher in September year-on-year, underlining the sector's partial recovery. 'UNSTABLE, SHAKY' MARKETSanctions against Russia contributed to lower car production and sales most notably in 2022, but also after Moscow annexed the Crimean peninsula from Ukraine in 2014. Meanwhile, the rouble's slide to 100 against the dollar this year has made imports more expensive, depressing purchases of Chinese cars.

Persons: PPK, Sergei Udalov, Udalov, Russia's, Natalia Zubarevich, Zubarevich, Gleb Stolyarov, Alexander Marrow, Zoey Zhang, Vineet Sachdev, Mike Collett, White, Mark Potter Organizations: Reuters, Reuters Graphics, Chery, Geely, HK, West shuns, Autostat, Russia, Western, Reuters Graphics Reuters, Moscow State University, Wages, Lada, Thomson Locations: MOSCOW, Russia, Moscow, Ukraine, Soviet, Beijing, China, West shuns Russia, Western

☆ Tesla strikes in Sweden are getting under Elon Musk’s skin
▼ + stars: | 2023-11-24 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —It has taken nearly a month, but workers striking against Tesla in Sweden have finally drawn a response from the company’s famously anti-union boss. “This is insane,” CEO Elon Musk said Thursday on X, the platform formerly known as Twitter that he owns. Musk was responding to news that Swedish postal workers are refusing to deliver Tesla license plates, joining a wave of action in sympathy with mechanics who stopped servicing Tesla cars late last month. About 130 mechanics began their ongoing strike in October after their employer, a Tesla subsidiary in Sweden, announced that it would not recognize their labor union, according to Expressen, a CNN affiliate. Still, the strikes by Swedish workers may embolden Tesla’s employees in Germany, where it has a large plant manufacturing electric vehicles and battery cells.

Persons: Elon Musk, Musk, dockworkers, Tesla Organizations: London CNN, Tesla, CNN, IF Metall, National Labor Relations Board, Reuters, IG Metall Locations: Sweden, Swedish, United States, Buffalo , New York, Germany, Berlin, German Union, —, German, Wolfsburg

These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe

☆ Swedish union blocks Tesla components as dispute intensifies
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

Around 50 workers that make specialized Tesla components at Hydro Extrusions, a subsidiary of Norwegian aluminium and energy company Hydro, will either stay at home or be given other tasks from Friday until further notice, the IF Metall union said. IF Metall, Sweden's biggest manufacturing union, is locked in a fight with Tesla to get a collective bargaining agreement for its 130 mechanics in Sweden. The U.S. carmaker has a policy to not sign collective bargaining agreements and says its employees have as good or better terms than what the Swedish union is demanding. The union says it is vital to the Swedish labour market model that all companies have collective agreements. Around 90% of all employees in Sweden are covered by collective bargaining agreements, which regulates wages, vacation, overtime pay and other conditions.

Persons: Veli, Pekka Saikkala, Tesla, Metall, Saikkala, carmaker, Torbjorn Johansson, Elon, Johansson, Johan Ahlander, Marie, Victoria Waldersee, Susan Fenton Organizations: Tesla, Hydro Extrusions, Hydro, IF Metall, Metall, LO, Marie Mannes, Thomson Locations: Berlin, Europe, Sweden, U.S, Stockholm, Victoria

☆ Elon Musk calls Tesla strike in Sweden 'insane' as 9 unions target company, leaving cars without license plates
▼ + stars: | 2023-11-23 | by ( Yoonji Han | ) www.businessinsider.com time to read: +2 min

Elon Musk called a growing wave of strikes against Tesla in Sweden 'insane.' The union representing postal service workers have joined in solidarity, meaning no new license plates for Tesla cars. AdvertisementElon Musk called a mounting wave of strikes against Tesla in Sweden "insane" as unions continue to pressure the electric carmaker to sign a collective bargaining agreement with its mechanics. The labor battle began on October 27, when mechanics in the Swedish union IF Metall walked out. Their sympathy strike means that new Tesla cars won't receive any license plates — signaling an impending pause on new car registrations in an important market for the company.

Persons: Elon Musk, —, Elon, Musk, Tesla Organizations: Tesla, IF Metall, Service, Swedish Transport Workers ' Union, Berlin Locations: Sweden, Swedish, dockworkers, Germany, Berlin

☆ Nissan to make electric versions of Qashqai, Juke in Britain -Sky News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: 1 min

[1/2] A badge is seen on the new Juke car at Nissan's car plant in Sunderland Britain, October 10, 2019. REUTERS/Phil Noble/ File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowLONDON, Nov 22 (Reuters) - Japanese carmaker Nissan Motor Co (7201.T) will announce on Friday that it will build the electric versions of its Qashqai and Juke models at its plant in Sunderland, northern England, Sky News reported on Wednesday. Citing automotive industry sources, Sky reported Nissan would commit hundreds of millions of pounds to the project. While no upfront taxpayer money will be involved, the British government is expected to provide guarantees, the report added. Nissan representatives could not immediately be reached for comment.

Persons: Phil Noble, Kylie MacLellan, Nick Carey Organizations: REUTERS, Nissan Motor, Nissan, Sky News, Thomson Locations: Sunderland Britain, Sunderland, England

☆ Stellantis, CATL sign preliminary deal for LFP battery supply in Europe, consider JV
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Stellantis logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsMILAN, Nov 21 (Reuters) - Carmaker Stellantis (STLAM.MI) and Chinese EV battery giant CATL (300750.SZ) said on Tuesday they signed a preliminary agreement for the supply of battery cells and modules for the automaker's electric vehicle (EV) production in Europe. The two companies said in a joint statement they were also considering a possible investment to set up a 50-50 joint venture to support the automakers' electrification strategy. Stellantis and CATL said the memorandum of understanding (MoU) announced on Tuesday outlined a long-term collaboration between the two groups, including "identifying opportunities to further strengthen the battery value chain". For its EV battery needs in Europe Stellantis is building three gigafactories, in France, Germany and Italy through its ACC joint venture with Mercedes (MBGn.DE) and TotalEnergies (TTEF.PA), while others might follow in the region.

Persons: David, Dee, Delgado, Alfa Romeo, Stellantis, CATL, Robin Zeng, Carlos Tavares, Giulio Piovaccari, Chizu Organizations: New York, REUTERS, EV, Franco, Jeep, Peugeot, Fiat, Alfa, ACC, Mercedes, Fiat Chrysler, PSA, Thomson Locations: Manhattan , New York City, U.S, Europe, Italian, France, Germany, Italy

Kyle Vogt, a founder and chief executive of Cruise, the driverless car subsidiary of General Motors, resigned on Sunday, less than a month after Cruise suspended all autonomous operations after a series of traffic mishaps. Mr. Vogt had faced criticism for months as Cruise’s self-driving operations ran into issues in cities such as San Francisco. At various points, Cruise’s autonomous vehicles were involved in accidents, with outrage mounting after one of its cars dragged a pedestrian 20 feet after a crash in October. In a statement, Cruise said that its board had accepted Mr. Vogt’s resignation, but it did not specify what had led to his departure. The company did not name a new chief executive but appointed a new president who also became its chief technology officer and a new vice chairman.

Persons: Kyle Vogt, Cruise, Vogt, Vogt’s, ” Organizations: General Motors Locations: San Francisco

☆ Cadillac unveils its new entry-level EV due to launch in 2024
▼ + stars: | 2023-11-19 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

The US carmaker Cadillac is expanding its electric vehicle portfolio. GM, which owns Cadillac, plans to become a fully electric company by 2035. The announcement comes as General Motors continues to ramp up electric vehicle production across all its major brands, including Chevrolet, Buick, and GMC. AdvertisementThe strikes, which were held in September and October of this year, cost General Motors $200 million a week, the BBC reported. EV demand has plateaued in the US auto market this year, as the wave of early-adopters dies out and the electric vehicles remain too expensive for the average buyer.

Persons: —, General Motors, Vince Sheehy Organizations: US, GM, Service, Cadillac, General Motors, General, Chevrolet, Buick, GMC, United Auto Workers, UAW, Motors, BBC, EV Locations: Washington, D.C

☆ Elon Musk, under fire, threatens lawsuit against media watchdog
▼ + stars: | 2023-11-18 | by ( Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | October | ) www.reuters.com time to read: +3 min

Leon Neal/Pool via REUTERS/File Photo Acquire Licensing RightsNov 18 (Reuters) - Elon Musk threatened on Saturday to sue media watchdog Media Matters and those who attacked his social media platform X, following moves by several large U.S. companies to halt advertising on the site after being promoted alongside antisemitic content. Liberal watchdog group Media Matters for America said earlier this week that it found ads from IBM, Apple and others were placed alongside content promoting Adolf Hitler and the Nazi Party. "This week Media Matters for America posted a story that completely misrepresented the real experience on X, in another attempt to undermine freedom of speech and mislead advertisers," a statement posted by Musk said. He accused Media Matters of creating an alternative account designed to "misinform advertisers" about their posts. Media Matters did not immediately respond to an emailed request seeking comment outside of business hours.

Persons: Tesla, Elon Musk, Leon Neal, Adolf Hitler, Musk, Axios, Musk's, Mrinmay Dey, David Gaffen, Tomasz Janowski, Kirsten Donovan, Daniel Wallis Organizations: SpaceX's, Bletchley, Media, Liberal, America, IBM, Apple, Nazi Party, X Corp, Disney, Warner Bros Discovery, Comcast, Lions Gate Entertainment, Paramount Global, Defamation League, ADL, Hamas, Thomson Locations: Bletchley, Britain, United States, Israel, Palestinian, Bengaluru

☆ Volvo’s shares crash to all-time low as China’s Geely cuts stake
▼ + stars: | 2023-11-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Volvo Cars tumbled as much as 13% Friday to hit a record low after its biggest shareholder Geely sold part of its stake at a discount to the market value. The transaction reduced Geely’s stake in Volvo Cars by just over 4%. Once the sale is completed on November 21, that stake is expected to amount to 78.7%, Geely said in the statement. The attempt to boost the value of Volvo Cars’ stock — which has fallen almost 23% year-to-date — seems to have backfired, at least in the immediate term. The firm’s shares traded down 11% on the day by 10.21 a.m.

Persons: Geely, carmaker, Jim Rowan, Daniel Donghui Li, ” Organizations: London CNN —, Volvo, Volvo Cars Locations: Swedish

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

☆ Volvo shares tumble 14% to record low as Chinese owner Geely sells off stock
▼ + stars: | 2023-11-17 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Volvo Cars shares tumbled as much as 14% on Friday morning after its parent company Zhejiang Geely Holding Group began a sale of around 100 million shares of the Swedish carmaker. Volvo shares are down 25% year to date. Geely said in a statement earlier on Friday that it would release further shares of Volvo, which was in line with its long-term strategy. Geely will still hold 78.7% of Volvo shares following the sale, the statement said. Geely previously owned around 82% of Volvo, putting the sold shares at over 3%.

Persons: Geely Organizations: Volvo, Zhejiang Geely Holding, Reuters Locations: Edmonton, Edmonton , Alberta, Canada, Swedish, London

Social media’s antisemitism problemThe rise in antisemitism since the outbreak of war in the Middle East has ignited a clash between Wall Street donors and universities, and divided some workplaces. Now, the pressure is building on social media platforms, particularly Elon Musk’s X and TikTok, with advertisers, celebrities and influencers pulling spending and confronting executives about the proliferation of hate speech. He posted to X his support for white nationalist conspiracy theories that Jewish communities were spreading hatred. Yaccarino was brought in to win back advertisers after Musk bought Twitter last year and culled many content moderators. More than a dozen Jewish celebrities and creators, including the actors Sacha Baron Cohen, Debra Messing and Amy Schumer, confronted TikTok executives this week.

Persons: Elon Musk’s, Adolf Hitler, Musk, X’s, Linda Yaccarino, Yaccarino, “ Linda, ” Martin Sorrell, DealBook, TikTok, Sacha Baron Cohen, Debra Messing, Amy Schumer, “ Hitler, Anne Frank ”, Cohen, ”, Osama bin, bin Laden, —, Alex Haurek, George Santos, Biden, Xi Jinping, Doug McMillon, Walmart’s, “, ” Brian Cornell, ’ Organizations: IBM, Media, America, Nazi Party, Apple, Oracle, Defamation League, Twitter, S4 Capital, House, Big, General Motors, Hyundai, Republican, Justice Department, Business, APEC, West Texas Intermediate, Consumers, Depot, Walmart Locations: TikTok, New York, Hong Kong, China, San Francisco, Beijing, Washington, U.S

☆ IBM suspends ads on X after corporate ads appeared next to pro-Nazi content
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

The logo for social media platform X, following the rebranding of Twitter, is seen covering the old logo in this illustration taken, July 24, 2023. Media watchdog Media Matters said it found that corporate advertisements by IBM, Apple (AAPL.O), Oracle (ORCL.N) and Comcast's (CMCSA.O) Xfinity were being placed alongside antisemitic content. "IBM has zero tolerance for hate speech and discrimination and we have immediately suspended all advertising on X while we investigate this entirely unacceptable situation," IBM said in a statement. Musk's Wednesday comments on the social media platform are not the first time he has engaged in discussions that reference antisemitic tropes or conspiracy theories. "When it comes to this platform - X has also been extremely clear about our efforts to combat antisemitism and discrimination.

Persons: Dado Ruvic, Adolf Hitler, Musk, Xfinity, X, Linda Yaccarino, Jonathan Greenblatt, Yuvraj Malik, David Gaffen, Lisa Shumaker Organizations: Twitter, REUTERS, IBM, Elon, Nazi Party, Media, Apple, Oracle, Defamation League, ADL, Reuters, U.S, X, Hamas, Thomson Locations: America, United States, Israel, Palestinian, Bengaluru, New York

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