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☆ Shein is considering moving its massive IPO from New York to London amid scrutiny over its supply chains and ties to China
▼ + stars: | 2024-02-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Fast-fashion giant Shein is considering moving its IPO from New York to London. US lawmakers have cited concerns over Shein's supply chain and its ties to the Chinese Communist Party. AdvertisementFast-fashion brand Shein may move its initial public offering, or IPO, from New York to London, Bloomberg reported on Tuesday. It was seeking a valuation of $80 billion to $90 billion, Bloomberg reported at the time. This would put it just behind Porsche's $9.1 billion IPO in 2021, per Bloomberg records.

Persons: —, confidentially, It's, Shein, Marc Rubio Organizations: SEC, Chinese Communist Party, Service, Bloomberg, US Securities and Exchange Commission, Business Locations: New York, London, China, Singapore, Hong Kong, Xinjiang

☆ Xiaomi bets big on its new electric vehicle — targets 20 million premium users
▼ + stars: | 2024-02-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Chinese consumer electronics company Xiaomi revealed Thurs., Dec. 28, 2023, its long-awaited electric car, but declined to share its price or specific release date. Xiaomi revealed its SU7 electric car in China in late December but has yet to announce a specific price. Building on its tech capabilities as a telecommunications and smartphone company, Huawei has swiftly become a player in China's electric car market. Apple has yet to formally enter the electric car market despite reports it has been working on one. But the system is due for rollout in the coming months to appliances and the forthcoming car, Lu said.

Persons: Xiaomi, Evelyn Cheng, it's, Weibing Lu, Lu, That's, Lu Xiaomi Organizations: CNBC, Mobile, Apple, Samsung, Porsche –, Huawei, Baic Group, Xiaomi Locations: Evelyn Cheng BEIJING, China, Barcelona, Beijing, Xiaomi, Canalys

☆ AudioStack can create voice adverts in 8 seconds with AI. Check out the 18-slide pitch deck it used to raise $3.1 million.
▼ + stars: | 2024-02-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Read previewAudioStack, an AI audio production startup, has raised $3.1 million in funding. The company works with major businesses that produce thousands of pieces of content a month to generate audio, mix, level, and master voice and music for advertising purposes. AdvertisementThe startup works with large advertising agencies to ingest audio content and speech, with the intention of reducing the speed and cost of producing adverts. AudioStack has raised $3.1 million to scale its operations in a funding round led by Quadri Ventures. "The landscape has fundamentally changed previously it was all about Web3, and it was hard to raise as an AI company despite our good traction," Kunz added.

Persons: —, Timo Kunz, Kunz, AudioStack, " Kunz Organizations: Service, Porsche, Business, Quadri Ventures Locations: London

☆ Bring Office Cubicles Back; Improve Employee Productivity, Hybrid Work
▼ + stars: | 2024-02-05 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +13 min

In a memorable montage from the 1999 workplace satire "Office Space," Peter Gibbons, a fed-up office drone, decides to take a stand. For years, the office cubicle was the four-walled avatar of corporate disaffection. Late '90s films like "Office Space," "Fight Club," and "The Matrix" enshrined its detested status. The tech boom arrived, bringing with it open office plans and a Silicon Valley-led gloss of egalitarianism, epitomized by Google's high-profile headquarters redesign in 2005. The top comment on the "Office Space" cubicle clip on YouTube captures the irony of this shift: "I would have killed for a cubicle," the commenter wrote.

Persons: Peter Gibbons, Google's, weren't, Nikil Saval, Slack, hasn't, Joseph Country, Heather Chapman, Chapman, Sydney Baker, there's, Baker, Thomas Roulet, Roulet, somethings, it's, Kevin Kelley, Shook Kelley, Kelley, cubicles, hewing Organizations: Toyota Corolla, Porsche, Workers, YouTube, Research, Harvard Business School, Environmental Psychology, University of Cambridge Locations: Silicon, Michigan, Louisville , Kentucky, —, Charlotte , North Carolina

☆ Volkswagen sets up its own AI lab as car industry looks to embrace the tech
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Volkswagen, like other car giants, are pushing heavily into AI to boost their technology credentials and make their cars smarter. German automaker Volkswagen has established its own artificial intelligence lab, the company said Wednesday, reflecting growing ambitions from the car industry to adopt the buzzy technology. In a press release, Volkswagen said its new AI lab will serve as a "globally networked competence center and incubator" to produce proofs of concept in the field of the tech surrounding automotive innovations. AI labs are research and development hubs for exploring artificial intelligence breakthroughs. Volkswagen claimed it would bring its lab's AI innovations to its own vehicles to make them smarter.

Persons: Google's, Oliver Blume Organizations: Volkswagen, Microsoft, Volkswagen Group, Porsche AG, Benz

☆ Gauging when Tesla may hit bottom and using options to trade it
▼ + stars: | 2024-01-25 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

I'll describe how options traders will bet the bottom is in and the levels they may find attractive to do so. Tesla's margins of nearly 11% are twice those of the 2 biggest U.S. automakers, but a bear will point out that Porsche margins are 13%. Even still, it's not clear that the legacy automakers can compete long term with Tesla or China's BYD. Apple, Amazon, Costco, Lululemon, Nike, Yeti and Tesla are, if the actual dollars spent are measured, high on this list. TSLA YTD mountain Tesla YTD Sometimes, whether it's a fast car, or a fast-moving stock, the best thing to do is wait.

Persons: Gene Munster, it's, Tesla, Tesla's, it's Ford Organizations: Deepwater Management, Ford, GM, Toyota, U.S, Apple, Costco, Lululemon, Nike, Holly Locations: …

☆ Classic car auction site Bring a Trailer's sales hit record $1.4 billion even as prices drop
▼ + stars: | 2024-01-16 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Total auction sales of classic cars (for both online and live auctions) fell 3% last year to $4.19 billion from $4.32 billion in 2022, according to data from Classic.com. The growth in the number of cars sold helped to offset a decline in prices. The average price of a car sold on the site fell to $54,000 in 2023 from $59,500 in 2022. Bring a Trailer's sales increased about 2% last year to over $1.4 billion from $1.35 billion in 2022, according to the company's CEO Randy Nonnenberg. Bring a Trailer sold over 30,000 cars in 2023, up 19% from 2022.

Persons: Randy Nonnenberg, Nonnenberg, Sellers, Pagani Organizations: CNBC, Ferraris, Ferrari, Porsche, Porsche Carrera, BAT Locations: —

☆ China's Xiaomi unveils its first EV as it looks to compete with Porsche, Tesla
▼ + stars: | 2023-12-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

BEIJING — Chinese consumer electronics company Xiaomi on Thursday detailed plans to enter China's oversaturated electric vehicle market and compete with automaker giants Tesla and Porsche with a car model it says it spent more than 10 billion yuan ($1.4 billion) to develop. Pronounced "Sue Qi" in Mandarin, the Xiaomi SU7 beats Porsche's Taycan and Tesla's Model S on acceleration and other metrics, Lei said during a three-hour presentation Thursday. This is an area of potential advantage for Xiaomi, which is best known for its smartphones and home appliances and previously said it wants to create a "'Human x Car x Home' smart ecosystem." The SU7 is integrated with Xiaomi's smartphones and internet-connected home appliances, Lei announced Thursday. Lei said the vehicle will also be compatible with Apple 's iPhone, iPad, CarPlay and AirPlay.

Persons: Lei Jun, Sue Qi, Porsche's Taycan, Lei Organizations: Tesla, Porsche, BMW, Mercedes, Benz, Apple Locations: BEIJING, U.S

On Saturday, the agency posted documents showing that BMW is recalling 486 SUVs after the Chicago driver was hurt. At least 26 people have been killed in the U.S. by Takata inflators since May 2009, and at least 30 have died worldwide including people in Malaysia and Australia. About 100 million inflators were recalled worldwide. Automakers, he said, blamed manufacturing problems to limit recalls when the non-desiccated Takata inflators started to have problems. In the BMW recall, dealers will replace the air bags at no cost to owners, who will be notified by letter starting Jan. 16.

Persons: Takata, Takata inflators, General Motors, inflators, Michael Brooks, “ It's, ”, Brooks, “ Organizations: DETROIT, —, BMW, Traffic, Administration, General, Volkswagen, NHTSA, GM, VW, Center for Auto Safety, Companies, ” BMW, Honda, General Motors, Ford, Nissan, Toyota, Jaguar, Rover, Daimler Vans, Mitsubishi, Subaru, Benz, Ferrari, McLaren, Porsche, Mazda, Spartan Locations: Chicago, U.S, Malaysia, Australia, Japan, inflators

☆ Some Tesla Cybertruck reservation-holders were underwhelmed by Elon Musk's big launch party – but many say they'll still buy one
▼ + stars: | 2023-12-03 | by ( Grace Kay | Nora Naughton | ) www.businessinsider.com time to read: +5 min

It lasted 30 minutes and fans later found the truck had a lower range and higher price on their own. AdvertisementAfter a four-year wait, the official Cybertruck launch party lasted about 30 minutes and left some order-holders wanting more. CEO Elon Musk stood in the bed of the Cybertruck listing off its specs – many of which had been leaked ahead of the launch . Following the launch party, all of the specs and prices for the three Cybertruck variations were posted to Tesla's website. AdvertisementThe Cybertruck launch was always going to be a difficult tightrope for Musk to walk , said Martin French, managing director at automotive consultancy Berylls.

Persons: —, Elon Musk, Zack Nelson, Christopher Bowe, there's, Bowe, Nelson, we'd, Elon, Martin French, doesn't, Tesla, Matthew Donegan, Ryan, Donegan, Eric Locke, he's, Locke Organizations: Service, Porsche, Ford, Business, YouTube, nab

DETROIT (AP) — BMW is recalling a small number of SUVs in the U.S. because the driver's air bag inflators can blow apart in a crash, hurling metal shrapnel and possibly injuring or killing people in the vehicles. Takata used volatile ammonium nitrate to create a small explosion to inflate air bags in a crash. Political Cartoons View All 1277 ImagesPotential for a dangerous malfunction led to the largest series of auto recalls in U.S. history, with at least 67 million Takata inflators involved. NHTSA says Takata air bags with a dessicant are under investigation because they have the potential to explode and expel shrapnel. The BMW recall comes after General Motors recalled nearly 900 vehicles in July with Takata inflators that have the dessicant.

Persons: Takata inflators, inflators, hasn't, dessicated inflators, General Motors, Takata Organizations: DETROIT, BMW, Takata Corp, National, Traffic Safety Administration, NHTSA, Honda, General Motors, Ford, Nissan, Toyota, Jaguar, Rover, Daimler Vans, Mitsubishi, Subaru, Benz, Ferrari, McLaren, Porsche, Mazda, Spartan, General, GM Locations: U.S, Japan, Malaysia, Australia, Chicago

☆ Wild price inflation and a blocky design: Elon Musk's $60,990 Cybertruck is a totally ludicrous idea
▼ + stars: | 2023-12-01 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

Tesla's Cybertruck still makes no sense. Elon Musk livestreamed a delivery event for the pickup truck on Thursday. How it makes sense for Tesla, Elon Musk, or people's daily commutes is still anyone's guess. On its website, Tesla describes the vehicle as being "built for any planet," thanks to its durable and rugged design. "The truck looks absolutely awful.

Persons: Tesla's, Elon Musk, —, Musk, 04EfaB01Fb — Jon Erlichman, Gun, I've, Gene Munster, Morgan Stanley, Tesla Organizations: Service, Texas, Porsche, Plaid, CNBC Locations: Texas, Wyoming

But since Musk unveiled it four years ago, all three Detroit automakers have shown electric trucks of their own. Musk said the Cybertruck's body is made of a stainless steel alloy developed by Tesla. When Musk unveiled the truck four years ago, he said production would start in 2021. On its website, Tesla said the a rear-wheel-drive version of the truck would start at an estimated $60,990. When the truck was unveiled in 2019, Tesla said the base version would start at $39,900, with a tri-motor, long-range model costing $69,900.

Persons: Tesla, Elon Musk, “, Musk, Rivian, GM's Chevrolet, Stellantis Ram, ”, it's, ” Tesla Organizations: DETROIT, U.S, Ford, General Motors, Detroit automakers, GM, GM's Chevrolet Silverado, Detroit, Tesla, Porsche, Ford Super Duty Locations: Austin , Texas

☆ Tesla finally released the Cybertruck's official specs. Here's how it measures up.
▼ + stars: | 2023-11-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

The truck outdoes the F-150 Lightning with up to 11,000-pound towing capacity for higher-end models. AdvertisementHere's everything else we know about the Cybertruck after its official reveal:How much the Tesla Cybertruck costsTesla now lists estimated purchase prices for all Cybertruck models on its website, before any tax credits. The all-wheel drive, 340-mile range Cybertruck costs an estimated $79,990 before tax credits, while the "Cyberbeast" 320-mile range model will run you an estimated $99,900 before any incentives. Steel bodyThe Cybertruck's steel body is made from Tesla-designed "stainless steel super alloy," according to the company. This super-rigid steel — which Tesla claims is bullet-proof — would break a traditional stamping machine, which is used to give vehicle bodies their shape.

Persons: Tesla's Cybertruck, —, Tesla, Elon Musk's, Musk Organizations: Tesla, Service, Porsche

☆ Tesla's Cybertruck - top features and specifications
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

Tesla's new Cybertruck is shown on display at a Tesla store in San Diego, California, U.S., November 20, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 30 (Reuters) - Tesla's (TSLA.O) Cybertruck has caught the attention of many drivers with its polarizing design that promises a durable build and unique features. The electric pickup, however, enters a fiercely competitive truck market, with automakers trying to one-up rivals with utility and features. Here are some specifications and features of the Cybertruck:RANGEThe base rear-wheel drive variant can travel an estimated 250 miles, while the all-wheel drive and "Cyberbeast" variants can travel 340 miles and 320 miles, respectively. The top two variants can travel further with an optional range extender that takes about a third of the truck's bed space.

Persons: Mike Blake, Cybertruck, Elon Musk, Musk, Akash Sriram, Arun Koyyur Organizations: REUTERS, Porsche, Ford, GM Silverado, DMC DeLorean, Thomson Locations: San Diego , California, U.S, Austin , Texas, Bengaluru

☆ Chinese court rejects Canadian pop star Kris Wu's appeal
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 24 (Reuters) - A court in China's capital Beijing on Friday denied the appeal of Canadian pop star Kris Wu, who was sentenced to 13 years in prison for crimes including rape, it said in a statement. Wu's close relatives and officials from the Canadian embassy in China attended the verdict announcement. Reuters did not have access to his relatives or his legal representatives for comment, while the Canadian embassy did not respond immediately to a request for comment. The Canadian government said in July that its diplomats were denied access to the start of Wu's appeal trial. Beijing said it notified the embassy of the appeal trial in advance, but it was not open to the public to protect the privacy of the victims.

Persons: Kris Wu, Wu, Kris, Wu's, Xander Cage, Louis Vuitton, Ella Cao, Ryan Woo, Jamie Freed Organizations: Friday, People's, Canadian, Hollywood, Porsche, Thomson Locations: BEIJING, China's, Beijing, China, Canadian, Lancome

☆ Apple's products are great, even if they're boring
▼ + stars: | 2023-11-18 | by ( Michael Gartenberg | ) www.businessinsider.com time to read: +7 min

AdvertisementIn the past, I've argued that Apple products have become boring because Apple seems to have lost its way with useful product innovation. But the truth is, there's a very good reason why Apple doesn't do drastic changes to its products: slow, steady and reliable products are keeping Apple on top. To be fair, under CEO Tim Cook, Apple has had several big hit new products: Apple Watch and Air Pods, come to mind. While Air Pods will work with others, they are really designed to work best with Apple products. But ultimately, even if you find Apple products boring rather than classic, they are a great choice for those looking for long-lasting, high-quality, user-friendly, reliable technology.

Persons: I've, Tim Cook, Steve Jobs, —, Apple, Ai Pin, haven't, Sperry Docksiders, it's, Ive, Cook, Siri Organizations: Apple, Service, Vision, Apple Watch, Microsoft, Ferraris, Honda, BMW, Microsoft Kin, Rolex, Porsche, Jobs, Google, Ford Locations: Cook, Milan

☆ Hyundai unveils its first high-performance electric car
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Hyundai Motor (005380.KS) unveiled its first high-performance electric vehicle(EV), an N sport variant of its IONIQ 5 crossover SUV. The N brand is the company's high-performance brand, akin to AMG for the Mercedes and the M lineup for the BMW. The IONIQ's N variant will be powered by dual motors producing 641 horsepower, nearly double the output of the most powerful variant of the standard outgoing model. Hyundai unveiled the performance EV in Los Angeles on Wednesday, ahead of the Los Angeles Auto Show opening on Friday.

Persons: Andrew Kelly, Nathan Gomes, Tasim Zahid Organizations: Hyundai Motor, New York, REUTERS, Hyundai, South, AMG, Mercedes, BMW, Los Angeles Auto, Audi, Porsche, Dodge, EV, Thomson Locations: Manhattan , New York City, U.S, Los Angeles, Bengaluru

☆ Raducanu withdraws from Macau exhibition match
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Tennis - WTA 500 - Stuttgart Open - Porsche Arena, Stuttgart, Germany - April 18, 2023 Britain's Emma Raducanu during her round of 32 match against Latvia's Jelena Ostapenko REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsNov 13 (Reuters) - Former U.S. Open champion Emma Raducanu has pulled out of a December exhibition match at the Macau Tennis Masters as she continues to recover from wrist and ankle surgery, her management company IMG said on Monday. Raducanu was poised to return to action after her May surgeries but, on her 21st birthday, has decided to extend her time on the sidelines. Raducanu started light training in August and said she is targeting a comeback for next season. The inaugural Grand Slam of the year kicks off in Australia on Jan. 15. Reporting by Tommy Lund in Gdansk; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

Persons: Emma Raducanu, Latvia's Jelena Ostapenko REUTERS, Angelika Warmuth, Raducanu, Tommy Lund, Ken Ferris Organizations: Porsche, Former U.S, Macau Tennis Masters, IMG, Briton, Wimbledon, Thomson Locations: Stuttgart, Germany, Former, New York, Australia, Gdansk

Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.

Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York

☆ I'm a stylist who dresses tech workers, executives, and surgeons. Here's how to get the quiet luxury look.
▼ + stars: | 2023-11-08 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementIn her 20 years as a corporate image consultant, Michelle Sterling has styled surgeons, tech workers, executives, investment bankers, and young, aspiring executives. I wanted a more chill life so I went to San Francisco and started working for Emporio Armani again. There weren't that many stylists around, so I was serving San Francisco, New York, Chicago, Miami, Texas, Los Angeles, and Washington, DC. The client came from the Midwest to San Francisco to see me. In San Francisco, you could be wearing an $800 t-shirt and it just looks like something that's $50 or $30.

Persons: Michelle Sterling, —, Emporio Armani, Sterling, he'd, I've, it's, Brunello Cucinelli Organizations: Service, Global, Group, Sterling Style Academy, Express, Armani Exchange, Wellesley College, San, San Francisco Opera, Cartier, Midwest, Porsche, Ferrari Locations: Boston, New York, San Francisco, San Francisco , New York, Chicago, Miami , Texas, Los Angeles, Washington, Beverly Hills, California, Silicon

A worker cleans a BMW i7 xDrive60 elecric car while it is charging at a BMW dealership in Sandton, South Africa, October 27, 2023. "We have no interest in sinking prices to gain market share. In a statement, BMW made no mention of high interest rates or inflation weighing on growth, in contrast to competitors such as Mercedes-Benz (MBGn.DE) and Porsche (P911_p.DE). Fully electric sales hit 15.1% of total sales in the third quarter, outstripping BMW's end-year target of 15%. Models from the upper price segment, like the 7 Series, the updated BMW X7, and the BMW X5 and BMW X6 models, are also driving sales growth.

Persons: Siphiwe, Oliver Zipse, That's, Walter Mertl, Victoria Waldersee, Christina Amann, Elaine Hardcastle, Mark Potter Organizations: BMW, REUTERS, JV, LSEG, Mercedes, Benz, Porsche, BMW X5, Thomson Locations: Sandton, South Africa, BERLIN, China

☆ Laos Buffalo Dairy: A mid-life crisis with a purpose
▼ + stars: | 2023-11-02 | by ( Katie Lockhart | ) edition.cnn.com time to read: +8 min

Laos Buffalo Dairy, in the UNESCO-listed heritage town of Luang Prabang, is the country’s first dairy and buffalo farm. Laos Buffalo DairyVillagers around Luang Prabang travel up to two hours to bring their pregnant buffalo to the farm. Laos Buffalo DairyTraditionally, buffalo were used for plowing rice fields in Laos. Laos Buffalo DairyWhen the Laos Buffalo Dairy team first introduced their program to area farmers, it took roughly 18 months to convince them that it was a win-win idea. More than buffaloThe Laos Buffalo Dairy has created a free recipe book for locals that offers suggestions on how to incorporate buffalo milk into traditional Laotian dishes.

Persons: Laos CNN — We’ve, Susie Martin, Steven McWhirter, ”, Martin, Rachel O’Shea, milked, Rachel O'Shea, it’s, ’, “, The’ve Organizations: Laos CNN, Laos Buffalo Dairy, UNESCO, Porsche, Laos Buffalo Dairy Villagers, Laos Buffalo, Buffalo Bank, World Bank Locations: Luang Prabang, Laos, Asia, Laos Buffalo, Australian, Singapore, Sri Lanka, Australia, brie, parmesan, cheddar, Prabang, Rosewood, Cambodia

☆ SafeMoon executives charged in US with fraud related to crypto token
▼ + stars: | 2023-11-01 | by ( Jonathan Stempel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

The U.S. Securities and Exchange Commission filed related civil charges against the defendants, and over the Provo, Utah-based company's alleged unregistered sale of the SafeMoon token. Lawyers for SafeMoon and the individual defendants did not immediately respond to requests for comment. According to court papers, SafeMoon also promised investors that the token's features would "drive the price to stratospheric all-time highs" and "Safely to the Moon." SafeMoon was valued at about $50 million on Wednesday afternoon, losing more than half its value after the charges were announced, according to CoinMarketCap. Reporting by Jonathan Stempel in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Al Drago, Kyle Nagy, Braden John Karony, Thomas Smith, SafeMoon, Ivan Arvelo, Smith, BRO, Karony, Nagy, Gary Gensler, Jonathan Stempel, Jonathan Oatis Organizations: U.S . Department of Justice, REUTERS, U.S . Securities, Exchange Commission, SafeMoon, McLaren, Porsche, Homeland Security Investigations, SEC, Thomson Locations: American, Washington , U.S, Brooklyn, Provo , Utah, New York, Provo, Bethlehem , New Hampshire

☆ Fiat, maker of Italian cars, is opening an apartment building in New Jersey
▼ + stars: | 2023-10-31 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Fiat, the Italian car brand best known in the United States for its tiny, retro-styled cars, is putting its name on an apartment building across the river from Manhattan. The Fiat House residences will be in a far more pragmatic location, near the western approaches to the George Washington Bridge in Fort Lee, New Jersey. Fiat House residents will have access to a car-sharing fleet of Fiat 500e electric cars, according to an announcement from Fiat and UNLMTD Real Estate. The building will include more than 300 apartment units ranging from studios to 2-bedrooms, some furnished, according to the announcement. While Fiat’s cars cost far less than those of ultra-luxury brands like Bentley and Aston Martin its sales have been similarly small in number.

Persons: CNN —, Aston Martin, George Washington, Fiat’s Organizations: CNN, CNN — Fiat, Fiat, Porsche, Bentley, Honda Locations: United States, Manhattan, South Florida, Fort Lee , New Jersey, New Jersey, New York City, UNLMTD

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