DIRS.INFO The most relevant business & tech news

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Audi partners with Swiss Sauber for Formula One
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

Sauber has been involved in Formula One since 1993 and currently competes with Ferrari engines, under the name of Alfa Romeo, a Stellantis brand. "Together we want to write the next chapter from 2026," Adam Baker, CEO of Audi Formula Racing said. Sauber Motorsport said in a statement that the team will continue to use Ferrari power units for the next three seasons until the rules change. "Audi is the best strategic partner for the Sauber Group," said Sauber Holding's board chairman Finn Rausing, the Swedish billionaire whose family owns packaging company Tetra Laval. Formula One's next generation of power units will have significantly more electrical power and use 100% sustainable fuels from 2026.

☆ China's digital currency passes 100 bln yuan in spending - PBOC
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 13 (Reuters) - Transactions using China's digital yuan surpassed 100 billion yuan ($13.9 billion) as of Aug. 31, China's central bank said on Wednesday, as the country continues its roll-out of a central bank digital currency. The spending involved 360 million transactions in pilot areas in 15 provinces and municipalities, the People's Bank of China (PBOC) said, adding that more than 5.6 million merchants could now accept payments with the digital currency. China is at the fore of a global race to develop central bank digital currencies, although adoption is still in the early stages. Transactions using e-CNY rose from 87.6 billion yuan by the end of 2021, the PBOC said. The central bank also took part in the cross-border multiple Central Bank Digital Currency (mCBDC) Bridge trial developed by the Bank of International Settlements and conducted tests to connect with Hong Kong's local digital payment system, it said.

☆ Marvell CEO tells Jim Cramer: We're doing much better than our stock price suggests
▼ + stars: | 2022-09-21 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

"The long-term opportunity for this company ... is tremendous because if you think about the end markets that we participate in — forget about share gain, forget about new product cycle. Just look at the end markets," Murphy told Jim Cramer in an interview. "The end markets, they have a big determination on a company's performance, especially in a cycle like this," he added. Automotive Automotive/industrial is the smallest of the five end markets for which Marvell reports results. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Nvidia CEO tries to soothe investor angst over gaming as new graphics cards are set to launch
▼ + stars: | 2022-09-20 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Fresh off the unveiling of Nvidia 's (NVDA) newest computer graphics card, CEO Jensen Huang on Tuesday tried to assuage investor concerns about the video gaming market, which has lately dogged the Club holding's stock. Still, Nvidia has accumulated too many computer graphics cards, Huang acknowledged, and said the semiconductor firm needed to address the issue. While those steps have led to short-term financial pain, the CEO suggested they were appropriate given the newest gaming chips are set to hit the market imminently . These latest computer graphics cards are hitting the market during a financially precarious moment for Nvidia's gaming business. "Of course, that resulted in Q2 and Q3 being a lot lower than we originally anticipated, but the overall gaming market remains solid," he added.

Earnings are a bit more subdued this week, but a number of Club stocks are in the news for other reasons. Here's our take on four headlines and whether they impact our investment thesis for each company. Meta Platforms The news: Meta Platforms (META) said Tuesday it successfully raised $10 billion in its first-ever corporate bond deal. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Ukraine's richest man announces his holding's exit from media business
▼ + stars: | 2022-07-11 | by ( Tom Balmforth | ) www.reuters.com time to read: +2 min

KYIV, July 11 (Reuters) - Ukraine's richest man, Rinat Akhmetov, said on Monday his investment company would exit its vast media business to conform with a law designed to curb the influence of "oligarchs", a move cheered by President Volodymyr Zelenskiy's office. In a statement sent to Reuters, Akhmetov said Media Group Ukraine would hand over the licences for its television channels and print media to the Ukrainian state, and cease online media, describing his decision tersely as "involuntary". "I made an involuntary decision that my investment company SCM will exit its media business," Akhmetov said, citing the legislation. Akhmetov said his SCM investment company was unable to sell its media business on market terms because of Russia's war in Ukraine and a six-month deadline given by the anti-oligarch legislation for the sale of media assets. Media Group Ukraine includes an array of television channels including Ukraine and Ukraine 24 that are among the most viewed in the country.

Search resuls for: "holding's"

7 mentions found