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The Suzuki Jimny Heritage edition got sold out in a record 2 days. Celebrating its success, Suzuki has now introduced the same Heritage edition for the Jimny XL, which is the 5-door model of the small offroader. The Suzuki Jimny XL Heritage edition features cosmetic enhancements amping up its vintage appeal among the cult Jimny following.

 
Coming to the cosmetic enhancements, the Jimny XL Heritage edition features Heritage body decals that wrap around the side and rear profiles. Red front and rear mud flaps further enhance the visual appeal of the offroader while also improving its vintage stance. Moreover, the exterior bears the same features as the regular model, which includes LED projector headlights, blacked-out 15-inch alloy wheels and tail-mounted spare wheel with blacked-out cover.

 
On the inside, the Jimny XL Heritage edition brings a cargo tray in addition to the interior Heritage pack. Furthermore, it packs the same features as the regular Jimny, which include a 9.0-inch touchscreen infotainment system with wireless Android Auto and Apple CarPlay, amber-backlit instrument cluster, automatic climate control, multi-functional steering wheel and more.

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Coming to its powertrain, the Jimny XL features the same 1.5L naturally-aspirated petrol engine as the regular Jimny. Its 4-cylinder engine puts out 102PS of power at 6000rpm and 130Nm of torque at 4000rpm. Unlike the higher variants of the Jimny 3-door and Jimny XL, the Jimny XL Heritage edition comes only with a 5-speed manual transmission.&nbsp;

 
Needless to say, the Jimny XL Heritage edition comes with Suzuki’s AllGrip Pro four-wheel-drive system as standard. The part-time four-wheel-drive system ensures that the Jimny tackles all kinds of tricky terrain with ease. While it doesn’t come with manually-lockable differentials, the Jimny XL offers brake-locking differentials at either ends, which use braking force to channel power to the wheel with low traction in tricky situations.

 
The Suzuki Jimny XL Heritage edition is limited to 500 units and following the success of the Jimny Heritage edition, the XL should also run out of stock soon. Hence, if you want to drive home the Jimny XL Heritage edition, you better be quick to ring the bell at your nearest Suzuki Australia dealership. 
&nbsp;

The Suzuki Jimny Heritage edition got sold out in a record 2 days. Celebrating its success, Suzuki has now introduced the same Heritage edition for the Jimny XL, which is the 5-door model of the small offroader.

The Suzuki Jimny Heritage edition got sold out in a record 2 days. Celebrating its success, Suzuki has now introduced the same Heritage edition for the Jimny XL, which is the 5-door model of the small offroader. The Suzuki Jimny XL Heritage edition features cosmetic enhancements amping up its vintage appeal among the cult Jimny following. Coming to the cosmetic enhancements, the Jimny XL Heritage edition features Heritage body decals that wrap around the side and rear profiles. Red front and rear mud flaps further enhance the visual appeal of the offroader while also improving its vintage stance. Moreover, the exterior bears the same features as the regular model, which includes LED projector headlights, blacked-out 15-inch alloy wheels and tail-mounted spare wheel with blacked-out cover. On the inside, the Jimny XL Heritage edition brings a cargo tray in addition to the interior Heritage pack. Furthermore, it packs the same features as the regular Jimny, which include a 9.0-inch touchscreen infotainment system with wireless Android Auto and Apple CarPlay, amber-backlit instrument cluster, automatic climate control, multi-functional steering wheel and more. Also Read: BYD Shark hybrid pickup launched in Mexico as US hikes EV tariffs Coming to its powertrain, the Jimny XL features the same 1.5L naturally-aspirated petrol engine as the regular Jimny. Its 4-cylinder engine puts out 102PS of power at 6000rpm and 130Nm of torque at 4000rpm. Unlike the higher variants of the Jimny 3-door and Jimny XL, the Jimny XL Heritage edition comes only with a 5-speed manual transmission. Needless to say, the Jimny XL Heritage edition comes with Suzuki’s AllGrip Pro four-wheel-drive system as standard. The part-time four-wheel-drive system ensures that the Jimny tackles all kinds of tricky terrain with ease. While it doesn’t come with manually-lockable differentials, the Jimny XL offers brake-locking differentials at either ends, which use braking force to channel power to the wheel with low traction in tricky situations. The Suzuki Jimny XL Heritage edition is limited to 500 units and following the success of the Jimny Heritage edition, the XL should also run out of stock soon. Hence, if you want to drive home the Jimny XL Heritage edition, you better be quick to ring the bell at your nearest Suzuki Australia dealership.

Limited-run Suzuki Jimny XL Heritage edition launched in Australia

TBO Tek Ltd saw a spectacular debut on the Indian stock exchanges, with its share price soaring during Wednesday's trading. <o:p></o:p>

The company's shares are listed at a remarkable premium, opening at ₹1426 apiece on the National Stock Exchange (NSE) and ₹1380 apiece on the Bombay Stock Exchange (BSE), delivering over 50 per cent listing gains to fortunate allottees. <o:p></o:p>

Despite the promising start, TBO Tek's share price experienced a downward trend as profit-booking ensued, leading to a dip from its intraday high of ₹1455.95 on NSE to an intraday low of ₹1275 within a few hours of its debut.<o:p></o:p>

Market experts had anticipated major listing gains for TBO Tek shares, urging investors to consider their strategies carefully. <o:p></o:p>

A report by Mint cited DK Mudaraddi, a research analyst at Stoxbox, who recommended holding onto the shares for potential future gains, citing the company's capital-efficient business model and consistent performance. <o:p></o:p>

“Leveraging its capital-efficient business model, TBO Tek Ltd has consistently delivered strong returns on equity and assets, signalling operational excellence and financial prudence," Mint quoted him as saying. <o:p></o:p>

Meanwhile, Amit Goel, Co-Founder &amp; Chief Global Strategist at Pace 360, underlined TBO Tek's position as a leading player in the global travel and tourism industry, suggesting investors explore medium to long-term opportunities.<o:p></o:p>

However, TBO Tek's listing gains took a hit as its share price retraced, erasing a major portion of the initial surge. <o:p></o:p>

Shares traded flat throughout the day, hovering around the listing price on both NSE and BSE. <o:p></o:p>

The stock, which had listed at a premium of 55 per cent over its issue price, struggled to maintain its momentum amidst market volatility. <o:p></o:p>

Despite the mixed sentiments among market participants, some analysts suggested holding onto the stock for its long-term growth potential, driven by its technological leadership in the online travel sector<o:p></o:p>

The initial public offering (IPO) of TBO Tek garnered interest from investors, witnessing strong subscription numbers across categories. <o:p></o:p>

Offered in the price band of ₹875-920 per share, the IPO raised over ₹1,550.81 crore, including a fresh share sale and an offer-for-sale (OFS). <o:p></o:p>

The overwhelming response to the IPO, with subscriptions exceeding 86 times overall, highlighted investor confidence in TBO Tek's prospects. <o:p></o:p>

The company's strong position in the global travel and tourism industry, along with its comprehensive platform catering to both suppliers and buyers, contributed to the IPO's success.<o:p></o:p>

A Business Today report cited Prashanth Tapse, Senior VP (Research) at Mehta Equities, who advised investors to consider booking profits amidst the current market conditions. <o:p></o:p>

"Despite muted market sentiments, TBO Tek listed in line with our expectations," he said. <o:p></o:p>

Tapse reiterated the importance of aligning investment decisions with market dynamics, particularly in light of TBO Tek's strong subscription demand and listing performance. <o:p></o:p>

Established in 2006, TBO Tek, formerly known as Tek Travels, operates as a travel distribution platform, facilitating transactions across various currencies and offering comprehensive support to sellers and buyers.<o:p></o:p>

TBO Tek Ltd saw a spectacular debut on the Indian stock exchanges, with its share price soaring during Wednesday's trading. The company's shares are listed at a remarkable premium, opening at ₹1426 apiece on the National Stock Exchange (NSE) and ₹1380 apiece on the Bombay Stock Exchange (BSE), delivering over 50 per cent listing gains to fortunate allottees.

TBO Tek Ltd saw a spectacular debut on the Indian stock exchanges, with its share price soaring during Wednesday's trading. The company's shares are listed at a remarkable premium, opening at ₹1426 apiece on the National Stock Exchange (NSE) and ₹1380 apiece on the Bombay Stock Exchange (BSE), delivering over 50 per cent listing gains to fortunate allottees. Despite the promising start, TBO Tek's share price experienced a downward trend as profit-booking ensued, leading to a dip from its intraday high of ₹1455.95 on NSE to an intraday low of ₹1275 within a few hours of its debut. Market experts had anticipated major listing gains for TBO Tek shares, urging investors to consider their strategies carefully. A report by Mint cited DK Mudaraddi, a research analyst at Stoxbox, who recommended holding onto the shares for potential future gains, citing the company's capital-efficient business model and consistent performance. “Leveraging its capital-efficient business model, TBO Tek Ltd has consistently delivered strong returns on equity and assets, signalling operational excellence and financial prudence," Mint quoted him as saying. Meanwhile, Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, underlined TBO Tek's position as a leading player in the global travel and tourism industry, suggesting investors explore medium to long-term opportunities. However, TBO Tek's listing gains took a hit as its share price retraced, erasing a major portion of the initial surge. Shares traded flat throughout the day, hovering around the listing price on both NSE and BSE. The stock, which had listed at a premium of 55 per cent over its issue price, struggled to maintain its momentum amidst market volatility. Despite the mixed sentiments among market participants, some analysts suggested holding onto the stock for its long-term growth potential, driven by its technological leadership in the online travel sector The initial public offering (IPO) of TBO Tek garnered interest from investors, witnessing strong subscription numbers across categories. Offered in the price band of ₹875-920 per share, the IPO raised over ₹1,550.81 crore, including a fresh share sale and an offer-for-sale (OFS). The overwhelming response to the IPO, with subscriptions exceeding 86 times overall, highlighted investor confidence in TBO Tek's prospects. The company's strong position in the global travel and tourism industry, along with its comprehensive platform catering to both suppliers and buyers, contributed to the IPO's success. A Business Today report cited Prashanth Tapse, Senior VP (Research) at Mehta Equities, who advised investors to consider booking profits amidst the current market conditions. "Despite muted market sentiments, TBO Tek listed in line with our expectations," he said. Tapse reiterated the importance of aligning investment decisions with market dynamics, particularly in light of TBO Tek's strong subscription demand and listing performance. Established in 2006, TBO Tek, formerly known as Tek Travels, operates as a travel distribution platform, facilitating transactions across various currencies and offering comprehensive support to sellers and buyers.

TBO Tek share price dips after bumper debut: Investors weigh options amidst market volatility

Aadhar Housing Finance Ltd saw a fluctuating debut on the stock exchanges, ultimately closing 4.6 per cent higher at ₹329.45 per share on the National Stock Exchange (NSE) after its listing on Wednesday. <o:p></o:p>

Although there was high anticipation, the stock opened flat at the issue price of ₹315, indicating recent volatility in the equity markets. <o:p></o:p>

According to reports, analysts had projected a stronger debut, attributing it to healthy subscription numbers and the company's promising prospects in the affordable housing finance sector. <o:p></o:p>

A report by CNBC TV18 cited Prashanth Tapse of Mehta Equities, who remains optimistic about Aadhar Housing Finance's long-term potential. <o:p></o:p>

He cited its reasonable asset quality, healthy return ratios and the growth prospects of the affordable low-income housing segment, driven by government initiatives such as housing for all and infrastructure status for affordable housing. <o:p></o:p>

He recommended investors to adopt a 'Hold' strategy for the stock from a long-term perspective. <o:p></o:p>

The housing finance company's initial public offering (IPO), which was open for subscription from May 8 to May 10, raised ₹3,000 crore at the upper end of the price band. <o:p></o:p>

The offer comprised a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of ₹2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. <o:p></o:p>

Despite trimming the IPO size from ₹5,000 crore to ₹3,000 crore, Aadhar Housing Finance aimed for a successful listing and a solid debut on the market.<o:p></o:p>

Aadhar Housing Finance's business model revolves around offering a range of mortgage-related loan products, catering primarily to the low-income housing segment. <o:p></o:p>

The company targets economically weaker and low-to-middle-income customers, providing small-ticket mortgage loans for residential and commercial properties. <o:p></o:p>

As of September 30, 2023, the company had a network of 471 branches, including 91 sales offices.<o:p></o:p>

Financially, Aadhar Housing Finance has shown strong performance, with gross assets under management (AUM) reaching ₹19,865.2 crore at the end of December FY24, marking a 20 per cent increase over the previous year. <o:p></o:p>

The company recorded a net profit of ₹544.8 crore for FY23, reflecting a year-on-year growth of 22.5 per cent.<o:p></o:p>

Additionally, its net interest income increased by 28.6 per cent to ₹1,244.3 crore, with a net interest margin (NIM) expansion of 110 basis points at 8 per cent during the same period. <o:p></o:p>

Aadhar Housing Finance Ltd saw a fluctuating debut on the stock exchanges, ultimately closing 4.6 per cent higher at ₹329.45 per share on the National Stock Exchange (NSE) after its listing on Wednesday.

Aadhar Housing Finance Ltd saw a fluctuating debut on the stock exchanges, ultimately closing 4.6 per cent higher at ₹329.45 per share on the National Stock Exchange (NSE) after its listing on Wednesday. Although there was high anticipation, the stock opened flat at the issue price of ₹315, indicating recent volatility in the equity markets. According to reports, analysts had projected a stronger debut, attributing it to healthy subscription numbers and the company's promising prospects in the affordable housing finance sector. A report by CNBC TV18 cited Prashanth Tapse of Mehta Equities, who remains optimistic about Aadhar Housing Finance's long-term potential. He cited its reasonable asset quality, healthy return ratios and the growth prospects of the affordable low-income housing segment, driven by government initiatives such as housing for all and infrastructure status for affordable housing. He recommended investors to adopt a 'Hold' strategy for the stock from a long-term perspective. The housing finance company's initial public offering (IPO), which was open for subscription from May 8 to May 10, raised ₹3,000 crore at the upper end of the price band. The offer comprised a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of ₹2,000 crore by promoter BCP Topco VII Pte Ltd, an affiliate of Blackstone Group Inc. Despite trimming the IPO size from ₹5,000 crore to ₹3,000 crore, Aadhar Housing Finance aimed for a successful listing and a solid debut on the market. Aadhar Housing Finance's business model revolves around offering a range of mortgage-related loan products, catering primarily to the low-income housing segment. The company targets economically weaker and low-to-middle-income customers, providing small-ticket mortgage loans for residential and commercial properties. As of September 30, 2023, the company had a network of 471 branches, including 91 sales offices. Financially, Aadhar Housing Finance has shown strong performance, with gross assets under management (AUM) reaching ₹19,865.2 crore at the end of December FY24, marking a 20 per cent increase over the previous year. The company recorded a net profit of ₹544.8 crore for FY23, reflecting a year-on-year growth of 22.5 per cent. Additionally, its net interest income increased by 28.6 per cent to ₹1,244.3 crore, with a net interest margin (NIM) expansion of 110 basis points at 8 per cent during the same period.

Aadhar Housing Finance shares close 4.6 pc higher post listing, falls short of analyst expectations

Volkswagen, along with a car owners' group in Italy, has resolved a longstanding legal dispute related to the "dieselgate" emissions scandal, agreeing to a settlement exceeding EUR 50 million (USD 54 million). This marks a significant development in the aftermath of the emissions fraud scandal that rocked the automotive industry in 2015.

Agreement details

The settlement amounting to 50 millions euro, will be paid to more than 60,000 Italian consumers within the year and each driver may receive up to EUR 1100, said the Italian consumer association Altroconsumo. This agreement heralds the end of litigation proceeding that has been ongoing since 2015 and gives a solution to all the parties involved as has been confirmed by Volkswagen’s Italian arm.

Background on dieselgate

The "dieselgate" scandal occurred in 2015 and it turned out that VW group had put illegal software into the cars to affect the emission results, causing the biggest catastrophe the automotive sector experienced. The fallout has resulted in substantial financial repercussions for the German automaker, with fines, refits, and legal expenses totalling over EUR 32 billion.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/hero-motocorps-market-valuation-surpasses-inr-1-lakh-crore-as-shares-surge-721571">Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge</a>

Statement from Volkswagen

Volkswagen's Italian branch acknowledged its commitment to putting clients' interests first in Italy, suggesting that the settlement has become a conclusion to many years of drawn-out legal proceedings and a satisfactory solution for all the stakeholders is jointly being envisaged. The statement of the company reiterates the fact that the company is working closely to reduce the crisis that was caused by the emissions scandal.

Scope of settlement

The agreement includes people who owned Volkswagen, Audi, Skoda, and SEAT vehicles that were fitted with EA189 diesel engines within the period of 2009 till 2015. Altroconsumo launched class action lawsuit against Volkswagen in 2015 which was supported by sister organizations in Belgium, Spain and Portugal under Euroconsumers brand, that was aimed to grant equitable compensation to all the dieselgate victims globally.

Euroconsumers' position

Els Bruggeman, Head of Euroconsumers Policy and Enforcement, noted that all the dieselgate casualties need equal treatment in all the affected countries and they must be rightfully compensated. This statement in no doubt puts forward the idea that it is a case of equal respect for all the individuals which are involved in the emissions scandal.

This settlement in Italy which is part of the "dieselgate" legal struggles between Volkswagen and the Italian judicial system is a very crucial milestone in the company's effort to put the effects of the emissions scandal behind it. This settlement extends compensations to the owners of the vehicles and sends a signal to the world signalling the end of the long drawn legal battle of recent years. It is yet another milestone in resolving the most critical controversy of recent times involving the automotive industry.

(Inputs from Reuters)

Volkswagen, along with a car owners' group in Italy, has resolved a longstanding legal dispute related to the "dieselgate" emissions scandal, agreeing to a settlement exceeding EUR 50 million (USD 54 million).

Volkswagen, along with a car owners' group in Italy, has resolved a longstanding legal dispute related to the "dieselgate" emissions scandal, agreeing to a settlement exceeding EUR 50 million (USD 54 million). This marks a significant development in the aftermath of the emissions fraud scandal that rocked the automotive industry in 2015. Agreement details The settlement amounting to 50 millions euro, will be paid to more than 60,000 Italian consumers within the year and each driver may receive up to EUR 1100, said the Italian consumer association Altroconsumo. This agreement heralds the end of litigation proceeding that has been ongoing since 2015 and gives a solution to all the parties involved as has been confirmed by Volkswagen’s Italian arm. Background on dieselgate The "dieselgate" scandal occurred in 2015 and it turned out that VW group had put illegal software into the cars to affect the emission results, causing the biggest catastrophe the automotive sector experienced. The fallout has resulted in substantial financial repercussions for the German automaker, with fines, refits, and legal expenses totalling over EUR 32 billion. Also Read: Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge Statement from Volkswagen Volkswagen's Italian branch acknowledged its commitment to putting clients' interests first in Italy, suggesting that the settlement has become a conclusion to many years of drawn-out legal proceedings and a satisfactory solution for all the stakeholders is jointly being envisaged. The statement of the company reiterates the fact that the company is working closely to reduce the crisis that was caused by the emissions scandal. Scope of settlement The agreement includes people who owned Volkswagen, Audi, Skoda, and SEAT vehicles that were fitted with EA189 diesel engines within the period of 2009 till 2015. Altroconsumo launched class action lawsuit against Volkswagen in 2015 which was supported by sister organizations in Belgium, Spain and Portugal under Euroconsumers brand, that was aimed to grant equitable compensation to all the dieselgate victims globally. Euroconsumers' position Els Bruggeman, Head of Euroconsumers Policy and Enforcement, noted that all the dieselgate casualties need equal treatment in all the affected countries and they must be rightfully compensated. This statement in no doubt puts forward the idea that it is a case of equal respect for all the individuals which are involved in the emissions scandal. This settlement in Italy which is part of the "dieselgate" legal struggles between Volkswagen and the Italian judicial system is a very crucial milestone in the company's effort to put the effects of the emissions scandal behind it. This settlement extends compensations to the owners of the vehicles and sends a signal to the world signalling the end of the long drawn legal battle of recent years. It is yet another milestone in resolving the most critical controversy of recent times involving the automotive industry. (Inputs from Reuters)

Volkswagen settles "dieselgate" legal battle in Italy for EUR 50 mn

Canara Bank's stock market witnessed a surge in buying activity yesterday as shares soared by 5 per cent, coinciding with the implementation of a 1:5 stock split. <o:p></o:p>

This long-anticipated move, approved by the bank's board earlier this year, aimed to enhance liquidity in Canara Bank's shares and make them more accessible to retail investors. <o:p></o:p>

The stock split, effective yesterday, saw Canara Bank shares reaching an intraday high of ₹118.90 per share on the National Stock Exchange (NSE), marking a notable increase from the adjusted close price of ₹113.30 per share on Tuesday. <o:p></o:p>

Stock market experts are optimistic about the implications of the stock split on Canara Bank's future performance. <o:p></o:p>

The move is expected to amplify trade volume and attract more investors due to the bank's attractive valuations. <o:p></o:p>

Post-split, Canara Bank shares are trading at a promising PE multiple of approximately 1.47, indicating efficient management of funding costs by the PSU bank. <o:p></o:p>

Analysts foresee a further surge in Canara Bank shares, presenting a potential opportunity for investors.<o:p></o:p>

A Mint report cited Saurabh Jain, the Vice President—Research at SMC Global Securities, who underlined the importance of Canara Bank's cost of funding amidst current interest rate trends. <o:p></o:p>

"Canara Bank's CASA ratio, though lower than its peers, indicates a promising low cost of funding and high income in the upcoming quarters," Mint quoted him as saying. <o:p></o:p>

This advantage is expected to position Canara Bank favourably compared to its peers in the banking sector.<o:p></o:p>

Canara Bank's recent financial performance adds to the positive sentiment surrounding the stock. <o:p></o:p>

The PSU lender reported an 18 per cent growth in standalone net profit, amounting to ₹3,757 crore for the quarter ended March 2024, compared to ₹3,174 crore in the same period last year. <o:p></o:p>

Additionally, the company's Board recommended a dividend of ₹16.10 per share, accounting for 161 per cent of face value each, for the financial year 2023-24.<o:p></o:p>

With regards to shareholding, the Government of India holds a 63 per cent stake in Canara Bank, while the remaining 37 per cent is in the public's hands. <o:p></o:p>

Over the past year, Canara Bank stock has delivered impressive returns of 92 per cent to investors, with a 33 per cent gain recorded in the current calendar year. <o:p></o:p>

Technical charts indicate that the stock is currently positioned below all its exponential moving averages and hovering around the 43 mark on RSI, as per Trendlyne analysis.<o:p></o:p>

Canara Bank's stock market witnessed a surge in buying activity yesterday as shares soared by 5 per cent, coinciding with the implementation of a 1:5 stock split.

Canara Bank's stock market witnessed a surge in buying activity yesterday as shares soared by 5 per cent, coinciding with the implementation of a 1:5 stock split. This long-anticipated move, approved by the bank's board earlier this year, aimed to enhance liquidity in Canara Bank's shares and make them more accessible to retail investors. The stock split, effective yesterday, saw Canara Bank shares reaching an intraday high of ₹118.90 per share on the National Stock Exchange (NSE), marking a notable increase from the adjusted close price of ₹113.30 per share on Tuesday. Stock market experts are optimistic about the implications of the stock split on Canara Bank's future performance. The move is expected to amplify trade volume and attract more investors due to the bank's attractive valuations. Post-split, Canara Bank shares are trading at a promising PE multiple of approximately 1.47, indicating efficient management of funding costs by the PSU bank. Analysts foresee a further surge in Canara Bank shares, presenting a potential opportunity for investors. A Mint report cited Saurabh Jain, the Vice President—Research at SMC Global Securities, who underlined the importance of Canara Bank's cost of funding amidst current interest rate trends. "Canara Bank's CASA ratio, though lower than its peers, indicates a promising low cost of funding and high income in the upcoming quarters," Mint quoted him as saying. This advantage is expected to position Canara Bank favourably compared to its peers in the banking sector. Canara Bank's recent financial performance adds to the positive sentiment surrounding the stock. The PSU lender reported an 18 per cent growth in standalone net profit, amounting to ₹3,757 crore for the quarter ended March 2024, compared to ₹3,174 crore in the same period last year. Additionally, the company's Board recommended a dividend of ₹16.10 per share, accounting for 161 per cent of face value each, for the financial year 2023-24. With regards to shareholding, the Government of India holds a 63 per cent stake in Canara Bank, while the remaining 37 per cent is in the public's hands. Over the past year, Canara Bank stock has delivered impressive returns of 92 per cent to investors, with a 33 per cent gain recorded in the current calendar year. Technical charts indicate that the stock is currently positioned below all its exponential moving averages and hovering around the 43 mark on RSI, as per Trendlyne analysis.

Canara Bank shares surge 5 per cent after stock split, experts predict further upside

The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before.

The Dow was up 106 points, or 0.3%, at 40,014, in midday trading. It made its last leap of 10,000 points in about three and a half years, as the U.S. economy and corporate profits crawled out of the crash caused COVID-19. They’ve continued to hold up so far despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.

The S&amp;P 500 index, which is much more widely followed on Wall Street and dictates the performance of many more 401(k) accounts than the Dow, was 0.2% higher, as of 11:40 a.m. Eastern time. The Nasdaq composite was up 0.2%. They also had rallied on Wednesday to all-time highs.

Walmart was one of the strongest forces lifting the market, and it rose 6% after reporting stronger profit for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given.

Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation, even if it’s not as bad as before, and more expensive credit-card payments, particularly those making lower incomes.

Target, which reports its quarterly results next week, climbed following Walmart’s report, along with other retailers like Dollar General and Dollar Tree. Each added at least 2.4%.

Chubb climbed 3.8% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.

Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades.

A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived.

Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession. Yields were holding edging higher Thursday following some mixed data on the economy.

One report showed slightly more workers applied for unemployment benefits last week than economists expected, though the number remains low compared with history. Others said homebuilders broke ground on fewer projects last month than expected, manufacturing growth in the mid-Atlantic region was weaker than hoped and import prices rose more than forecast.

“Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

The yield on the 10-year Treasury ticked up to 4.36% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.77% from 4.72%.

On the losing end of Wall Street, Deere fell 3.2% despite reporting stronger profit for its latest quarter than expected. It cut its forecast for profit over the full fiscal year below analysts’ estimates, as farmers buy fewer tractors and other equipment.

Homebuilders fell following the weaker-than-expected report on housing starts. They gave back some of their big gains the day before, when hopes for lower mortgage rates had sent them sharply higher. Lennar fell 2.1%, and D.R. Horton slipped 2%.

GameStop and AMC Entertainment slid for a second straight day, pulling back further from their jaw-dropping starts to the week. They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects.

GameStop fell 25.2%, though it’s still up nearly 69% for the week so far. AMC Entertainment lost 13.9%.

Under Armour swung from an early loss to a slight gain after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It was up 1.1%.

In stock markets abroad, indexes were modestly lower in much of Europe after mostly rising in Asia. Hong Kong’s Hang Seng jumped 1.6% after reopening following a holiday, while Japan’s Nikkei 225 rose 1.4%.

The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before. The Dow was up 106 points, or 0.

The Dow Jones Industrial Average topped the 40,000 level for the first time Thursday, as U.S. stocks drifted higher to add to their records set a day before. The Dow was up 106 points, or 0.3%, at 40,014, in midday trading. It made its last leap of 10,000 points in about three and a half years, as the U.S. economy and corporate profits crawled out of the crash caused COVID-19. They’ve continued to hold up so far despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived. The S&P 500 index, which is much more widely followed on Wall Street and dictates the performance of many more 401(k) accounts than the Dow, was 0.2% higher, as of 11:40 a.m. Eastern time. The Nasdaq composite was up 0.2%. They also had rallied on Wednesday to all-time highs. Walmart was one of the strongest forces lifting the market, and it rose 6% after reporting stronger profit for the latest quarter than analysts expected. It also said its revenue for the year could top the forecasted range it had earlier given. Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation, even if it’s not as bad as before, and more expensive credit-card payments, particularly those making lower incomes. Target, which reports its quarterly results next week, climbed following Walmart’s report, along with other retailers like Dollar General and Dollar Tree. Each added at least 2.4%. Chubb climbed 3.8% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer. Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once or twice this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades. A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived. Treasury yields have eased in May as hopes rose that the economy could hit the hoped-for sweet spot, where it cools enough because of high interest rates to stifle inflation but not so much that it causes a bad recession. Yields were holding edging higher Thursday following some mixed data on the economy. One report showed slightly more workers applied for unemployment benefits last week than economists expected, though the number remains low compared with history. Others said homebuilders broke ground on fewer projects last month than expected, manufacturing growth in the mid-Atlantic region was weaker than hoped and import prices rose more than forecast. “Today’s numbers were in line with the overall theme of the week — nothing dramatic, but showing signs of a steady-to-cooling economy,” said Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. The yield on the 10-year Treasury ticked up to 4.36% from 4.35% late Wednesday. The two-year yield, which moves more closely with expectations for action by the Fed, rose to 4.77% from 4.72%. On the losing end of Wall Street, Deere fell 3.2% despite reporting stronger profit for its latest quarter than expected. It cut its forecast for profit over the full fiscal year below analysts’ estimates, as farmers buy fewer tractors and other equipment. Homebuilders fell following the weaker-than-expected report on housing starts. They gave back some of their big gains the day before, when hopes for lower mortgage rates had sent them sharply higher. Lennar fell 2.1%, and D.R. Horton slipped 2%. GameStop and AMC Entertainment slid for a second straight day, pulling back further from their jaw-dropping starts to the week. They’ve been moving more on excitement drummed up by investors than any changes to their financial prospects. GameStop fell 25.2%, though it’s still up nearly 69% for the week so far. AMC Entertainment lost 13.9%. Under Armour swung from an early loss to a slight gain after it warned that its revenue will be likely down by “a low double-digit percentage rate” this upcoming fiscal year, citing weaker demand from wholesalers and “inconsistent execution across our business.” The company announced a restructuring plan to cut costs and also announced a program to buy back up to $500 million of its stock. It was up 1.1%. In stock markets abroad, indexes were modestly lower in much of Europe after mostly rising in Asia. Hong Kong’s Hang Seng jumped 1.6% after reopening following a holiday, while Japan’s Nikkei 225 rose 1.4%.

Stock market today: Dow tops 40,000 for the first time as Wall Street drifts higher

Mercedes-Benz has cancelled the next-generation platform for the luxury segment amidst poor sales and slow growth of the EV market. Reports suggest that the new platform, which is internally codenamed, MB.EA Large was supposed to be launched in 2028. With an estimated development cost of between USD 4.3 billion and USD 6.5 billion, the German carmaker has decided to scrap its plans and cut down the massive investment.

 
Speaking of sales figures, Mercedes-Benz’s electric arm, dubbed Mercedes-EQ, sold over 43,000 EVs in the US last year. While the figure may sound good, it fails to impress when taking into account the sales of other EV players, with the emerging ones like Rivian outselling the German giant.&nbsp;

 
The situation is further deteriorated by the slow growth or rather, decline in growth of electric vehicles. Speaking of the US car market, the first quarter of 2024 witnessed a growth dip of 4.5% in EV sales. It is worth mentioning that while the MB.EA Large platform has been scrapped, Mercedes-EQ will continue to develop the smaller MB.EA Medium platform, which will underpin the next-generation EQC SUV and sedan.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/chinas-nio-launches-onvo-l60-suv-to-challenge-tesla-model-y-722052">China's Nio launches Onvo L60 SUV to challenge Tesla Model Y</a>

 
Since the carmaker has reportedly decided to not develop a next-gen platform altogether, it has concrete plans to upgrade the current platform. The EV platform underpinning the EQE and EQS SUV and sedan, will soon get 800V architecture as well as more energy-dense battery cells. The electric motors will also become more efficient, thereby boosting the real-world driving range.

 
Moreover, the carmaker will continue to infuse money in the development of the MMA platform, designed to power both all-electric and combustion propulsions. This platform is said to underpin smaller and affordable models like CLA, GLA and even AMG as well as commercial segment models.&nbsp;

 
Furthermore, the German carmaker also revised its EV sales targets for the decade. The earlier-anticipated target of achieving over 50% sales with EVs by 2025 has now been shifted to 2030 considering the slow growth of the EV market. Additionally, the carmaker has also postponed the plan of having only electric vehicles on sale by 2030.&nbsp; 
&nbsp;

Mercedes-Benz has cancelled the next-generation platform for the luxury segment amidst poor sales and slow growth of the EV market. Reports suggest that the new platform, which is internally codenamed, MB.

Mercedes-Benz has cancelled the next-generation platform for the luxury segment amidst poor sales and slow growth of the EV market. Reports suggest that the new platform, which is internally codenamed, MB.EA Large was supposed to be launched in 2028. With an estimated development cost of between USD 4.3 billion and USD 6.5 billion, the German carmaker has decided to scrap its plans and cut down the massive investment. Speaking of sales figures, Mercedes-Benz’s electric arm, dubbed Mercedes-EQ, sold over 43,000 EVs in the US last year. While the figure may sound good, it fails to impress when taking into account the sales of other EV players, with the emerging ones like Rivian outselling the German giant. The situation is further deteriorated by the slow growth or rather, decline in growth of electric vehicles. Speaking of the US car market, the first quarter of 2024 witnessed a growth dip of 4.5% in EV sales. It is worth mentioning that while the MB.EA Large platform has been scrapped, Mercedes-EQ will continue to develop the smaller MB.EA Medium platform, which will underpin the next-generation EQC SUV and sedan. Also Read: China's Nio launches Onvo L60 SUV to challenge Tesla Model Y Since the carmaker has reportedly decided to not develop a next-gen platform altogether, it has concrete plans to upgrade the current platform. The EV platform underpinning the EQE and EQS SUV and sedan, will soon get 800V architecture as well as more energy-dense battery cells. The electric motors will also become more efficient, thereby boosting the real-world driving range. Moreover, the carmaker will continue to infuse money in the development of the MMA platform, designed to power both all-electric and combustion propulsions. This platform is said to underpin smaller and affordable models like CLA, GLA and even AMG as well as commercial segment models. Furthermore, the German carmaker also revised its EV sales targets for the decade. The earlier-anticipated target of achieving over 50% sales with EVs by 2025 has now been shifted to 2030 considering the slow growth of the EV market. Additionally, the carmaker has also postponed the plan of having only electric vehicles on sale by 2030.

Mercedes reportedly cancels development for next-gen EV platform

Google on Tuesday highlighted its commitment to artificial intelligence (AI) by revealing a range of new AI products at its annual I/O developer conference.

The announcements, including new AI hardware made specifically for cloud users, follow competitors' recent AI breakthroughs.

Earlier this month, Amazon-backed Anthropic unveiled its first enterprise product, while OpenAI debuted a new AI model and a desktop version of ChatGPT.

AI-Powered Improvements and Add-Ons

The tech giant has updated its Gemini AI model, which now comprises the Gemini 1.5 Pro and Gemini 1.5 Flash.&nbsp; While the Flash model is more affordable and intended for minor tasks like summarizing conversations, captioning movies, and extracting data from documents, the Pro version can handle large amounts of data, such as summarizing 1,500 pages of text.

With its expanded translation skills to 35 languages, Gemini is a formidable rival to Apple's Siri and will eventually take the place of Google Assistant on Android phones.

Creative AI Generative Models

New generative AI models have also been showcased during the conference, including Imagen 3 for text-to-image generation and Google Veo for high-definition video production that produces lifelike visuals with fewer visual artefacts. Selected developers will have access to these tools, which will also be incorporated into Google's Vertex AI platform, which is used to train and run AI apps.

With interactive audio explanations, the "Audio Overviews" function can also produce audio summaries from text inputs, improving the user experience.

Improved Search Features

Google Search is about to undergo a major overhaul with the launch of "AI Overviews", which offer concise explanations of intricate search terms. This innovation, which goes live in the United States on Monday, will provide summarized data, such as multi-step task procedures, at the top of search results. Future upgrades will let users ask inquiries via photos or videos and provide multimodal search choices with assistant-like planning skills.

AI Incorporation into Google Workspace

Users of Google Workspace will be able to manage and search through work papers and email threads with the help of a new feature called "AI Teammate", which will integrate AI. This helper offers thorough support for project management and decision-making by summarizing and analysing data from multiple Workspace apps.

The Future AI Assistant, Project Astra

Project Astra, created by Google's DeepMind AI section, seeks to be the company's version of J.A.R.V.I.S., the all-knowing AI assistant from the Marvel Universe. Currently a prototype, Astra may engage in real-time via video and voice, providing seamless conversational assistance. This ambitious initiative is scheduled to be integrated into Gemini later this year.

AI Hardware Advances

Google has revealed Trillium, their sixth-generation TPU (tensor processing unit), which will be available to cloud customers in late 2024. This gear is critical for carrying out complicated AI functions. Google will also provide Nvidia's Blackwell GPUs in early 2025, as part of a long-standing cooperation with Nvidia to improve its AI infrastructure for enterprise developers.

Google on Tuesday highlighted its commitment to artificial intelligence (AI) by revealing a range of new AI products at its annual I/O developer conference. The announcements, including new AI hardware made specifically for cloud users, follow competitors' recent AI breakthroughs.

Google on Tuesday highlighted its commitment to artificial intelligence (AI) by revealing a range of new AI products at its annual I/O developer conference. The announcements, including new AI hardware made specifically for cloud users, follow competitors' recent AI breakthroughs. Earlier this month, Amazon-backed Anthropic unveiled its first enterprise product, while OpenAI debuted a new AI model and a desktop version of ChatGPT. AI-Powered Improvements and Add-Ons The tech giant has updated its Gemini AI model, which now comprises the Gemini 1.5 Pro and Gemini 1.5 Flash. While the Flash model is more affordable and intended for minor tasks like summarizing conversations, captioning movies, and extracting data from documents, the Pro version can handle large amounts of data, such as summarizing 1,500 pages of text. With its expanded translation skills to 35 languages, Gemini is a formidable rival to Apple's Siri and will eventually take the place of Google Assistant on Android phones. Creative AI Generative Models New generative AI models have also been showcased during the conference, including Imagen 3 for text-to-image generation and Google Veo for high-definition video production that produces lifelike visuals with fewer visual artefacts. Selected developers will have access to these tools, which will also be incorporated into Google's Vertex AI platform, which is used to train and run AI apps. With interactive audio explanations, the "Audio Overviews" function can also produce audio summaries from text inputs, improving the user experience. Improved Search Features Google Search is about to undergo a major overhaul with the launch of "AI Overviews", which offer concise explanations of intricate search terms. This innovation, which goes live in the United States on Monday, will provide summarized data, such as multi-step task procedures, at the top of search results. Future upgrades will let users ask inquiries via photos or videos and provide multimodal search choices with assistant-like planning skills. AI Incorporation into Google Workspace Users of Google Workspace will be able to manage and search through work papers and email threads with the help of a new feature called "AI Teammate", which will integrate AI. This helper offers thorough support for project management and decision-making by summarizing and analysing data from multiple Workspace apps. The Future AI Assistant, Project Astra Project Astra, created by Google's DeepMind AI section, seeks to be the company's version of J.A.R.V.I.S., the all-knowing AI assistant from the Marvel Universe. Currently a prototype, Astra may engage in real-time via video and voice, providing seamless conversational assistance. This ambitious initiative is scheduled to be integrated into Gemini later this year. AI Hardware Advances Google has revealed Trillium, their sixth-generation TPU (tensor processing unit), which will be available to cloud customers in late 2024. This gear is critical for carrying out complicated AI functions. Google will also provide Nvidia's Blackwell GPUs in early 2025, as part of a long-standing cooperation with Nvidia to improve its AI infrastructure for enterprise developers.

Google I/O 2024: AI goes mainstream in this year's meet

London-based Ineos Automotive has launched its first limited edition vehicle, the Grenadier 1924, to celebrate the 100 years of existence of the iconic clothing brand Belstaff. Founded in Stoke-on-Trent in 1924, Belstaff is a British heritage apparel brand known for making waterproof outerwear, riding, and racing gear. Sir Jim Ratcliffe, the CEO of British chemical conglomerate Ineos, purchased the brand and saved it from the brink of collapse in 2017.

The&nbsp;‘1924’&nbsp;in the&nbsp;off-roader's&nbsp;name is not only a reference to&nbsp;Belstaff’s&nbsp;year of inception but also to the total production run of the car. Only 1,924 units of the limited edition Grenadier will&nbsp;be produced, and each one will carry its production serial number imprinted on distinctive Belstaff centenary badging.

Since its launch in 2022, the Grenadier has partnered with the apparel brand to offer two feature packages based on iconic Belstaff jackets, the Trialmaster and Fieldmaster. Based on the flagship Fieldmaster package, the Grenadier 1924 features a dark green finish on the dashboard, centre console, overhead console, switchgear and door cards, as well as a black saddle leather trim on the steering wheel, handbrake and passenger grab handle, complemented by dark grey headlining.

The limited edition off-roader is immediately identifiable by its Magic Mushroom and Inky Black exterior colour theme, 17-inch diamond-cut two-tone alloy wheels and a de-chromed black grille trim with front and rear skid plates in dark grey.

Also Read: <a href="https://www.wionews.com/sports/british-billionaire-jim-ratcliffe-to-buy-25-stake-in-manchester-united-pledges-to-invest-300-million-673188">British billionaire Jim Ratcliffe to buy 25% stake in Manchester United, pledges to invest $300 million</a>

Sharing her thoughts on the Grenadier 1924, Lynn Calder, CEO of Ineos Automotive, said,&nbsp;“Style that lasts a century deserves to&nbsp;be celebrated&nbsp;and&nbsp;the Grenadier 1924 is both great-looking and a seriously assured drive. Belstaff has&nbsp;been trusted&nbsp;by generations of bikers, sportspeople and trendsetters, so we know&nbsp;we're&nbsp;in good company.”

The Grenadier 1924 will&nbsp;make its public debut&nbsp;at a centenary event from 24th-28th May in Stoke-on-Trent, England. Order books for the limited-run SUV will open on 26th June 2024.

London-based Ineos Automotive has launched its first limited edition vehicle, the Grenadier 1924, to celebrate the 100 years of existence of the iconic clothing brand Belstaff.

London-based Ineos Automotive has launched its first limited edition vehicle, the Grenadier 1924, to celebrate the 100 years of existence of the iconic clothing brand Belstaff. Founded in Stoke-on-Trent in 1924, Belstaff is a British heritage apparel brand known for making waterproof outerwear, riding, and racing gear. Sir Jim Ratcliffe, the CEO of British chemical conglomerate Ineos, purchased the brand and saved it from the brink of collapse in 2017. The ‘1924’ in the off-roader's name is not only a reference to Belstaff’s year of inception but also to the total production run of the car. Only 1,924 units of the limited edition Grenadier will be produced, and each one will carry its production serial number imprinted on distinctive Belstaff centenary badging. Since its launch in 2022, the Grenadier has partnered with the apparel brand to offer two feature packages based on iconic Belstaff jackets, the Trialmaster and Fieldmaster. Based on the flagship Fieldmaster package, the Grenadier 1924 features a dark green finish on the dashboard, centre console, overhead console, switchgear and door cards, as well as a black saddle leather trim on the steering wheel, handbrake and passenger grab handle, complemented by dark grey headlining. The limited edition off-roader is immediately identifiable by its Magic Mushroom and Inky Black exterior colour theme, 17-inch diamond-cut two-tone alloy wheels and a de-chromed black grille trim with front and rear skid plates in dark grey. Also Read: British billionaire Jim Ratcliffe to buy 25% stake in Manchester United, pledges to invest $300 million Sharing her thoughts on the Grenadier 1924, Lynn Calder, CEO of Ineos Automotive, said, “Style that lasts a century deserves to be celebrated and the Grenadier 1924 is both great-looking and a seriously assured drive. Belstaff has been trusted by generations of bikers, sportspeople and trendsetters, so we know we're in good company.” The Grenadier 1924 will make its public debut at a centenary event from 24th-28th May in Stoke-on-Trent, England. Order books for the limited-run SUV will open on 26th June 2024.

Limited edition Ineos Grenadier 1924 celebrates Belstaff’s centenary

The most recent Consumer Price Index (CPI) statistics for April showed a more marked decline in retail sales and a little moderating of core inflation, which sparked rumours about potential future rate-cutting actions by the Federal Reserve.&nbsp; The S&amp;P 500 began sharply higher after the news, indicating optimism in the market.

CPI Inflation Data Highlights

The overall consumer price index gained 0.3 per cent in April, meeting economists' estimates. The year-over-year CPI inflation rate fell to 3.4 per cent, as expected. Core CPI, which excludes volatile food and energy costs, was up 0.3 per cent month on month, with the annual rate falling to 3.6 per cent from 3.8 per cent in March, continuing the drop from its 40-year peak of 6.6 per cent in September 2022.

Retail Sales Performance

Retail sales in April did not rise by the 0.4 per cent that was predicted; instead, they stayed flat. Excluding automobiles, retail sales increased by 0.2 per cent, in line with projections; however, the initially reported 1.1 per cent gain in non-auto retail sales was later revised down to 0.9 per cent.

Detailed CPI Breakdown

In April, energy costs increased by 1.1 per cent, but food prices remained unchanged. Costs for food consumed outside the home increased by 0.3 per cent, offsetting a 0.2 per cent decrease in costs for food consumed within.

There was a decline of 0.4 per cent in the price of new vehicles and a 1.4 per cent decrease in the price of used cars and trucks.

The cost of housing increased steadily, as both rent and owner's equivalent rent increased by 0.4 per cent. By comparison, rates at hotels and motels decreased by 0.2 per cent. While airline tickets decreased by 0.8 per cent, the cost of medical care and transportation services increased by 0.4 per cent and 0.9 per cent, respectively.

Fed Rate-Cut Implications

The core PCE price index, which is the Fed's main indication of inflation, increased by 0.24 per cent in April.

With the likelihood of a rate cut by the July 31 meeting falling to 31 per cent from 33 per cent, market reactions modified expectations for a rate cut by the Fed. On the other hand, the likelihood of a rate cut by September 18 rose from 68 per cent to 71 per cent.

Market Response

After the release of the CPI report, the S&amp;P 500 increased by 0.8 per cent and reached a record intraday high. This increase comes after Tuesday's advances fuelled by statistics on healthcare inflation from the producer price index that were encouraging.

The index closed barely 0.15 per cent below its record high set on March 28. Furthermore, the yield on the 10-year Treasury dropped seven basis points to

4.37 per cent.&nbsp;

The most recent Consumer Price Index (CPI) statistics for April showed a more marked decline in retail sales and a little moderating of core inflation, which sparked rumours about potential future rate-cutting actions by the Federal Reserve.

The most recent Consumer Price Index (CPI) statistics for April showed a more marked decline in retail sales and a little moderating of core inflation, which sparked rumours about potential future rate-cutting actions by the Federal Reserve. The S&P 500 began sharply higher after the news, indicating optimism in the market. CPI Inflation Data Highlights The overall consumer price index gained 0.3 per cent in April, meeting economists' estimates. The year-over-year CPI inflation rate fell to 3.4 per cent, as expected. Core CPI, which excludes volatile food and energy costs, was up 0.3 per cent month on month, with the annual rate falling to 3.6 per cent from 3.8 per cent in March, continuing the drop from its 40-year peak of 6.6 per cent in September 2022. Retail Sales Performance Retail sales in April did not rise by the 0.4 per cent that was predicted; instead, they stayed flat. Excluding automobiles, retail sales increased by 0.2 per cent, in line with projections; however, the initially reported 1.1 per cent gain in non-auto retail sales was later revised down to 0.9 per cent. Detailed CPI Breakdown In April, energy costs increased by 1.1 per cent, but food prices remained unchanged. Costs for food consumed outside the home increased by 0.3 per cent, offsetting a 0.2 per cent decrease in costs for food consumed within. There was a decline of 0.4 per cent in the price of new vehicles and a 1.4 per cent decrease in the price of used cars and trucks. The cost of housing increased steadily, as both rent and owner's equivalent rent increased by 0.4 per cent. By comparison, rates at hotels and motels decreased by 0.2 per cent. While airline tickets decreased by 0.8 per cent, the cost of medical care and transportation services increased by 0.4 per cent and 0.9 per cent, respectively. Fed Rate-Cut Implications The core PCE price index, which is the Fed's main indication of inflation, increased by 0.24 per cent in April. With the likelihood of a rate cut by the July 31 meeting falling to 31 per cent from 33 per cent, market reactions modified expectations for a rate cut by the Fed. On the other hand, the likelihood of a rate cut by September 18 rose from 68 per cent to 71 per cent. Market Response After the release of the CPI report, the S&P 500 increased by 0.8 per cent and reached a record intraday high. This increase comes after Tuesday's advances fuelled by statistics on healthcare inflation from the producer price index that were encouraging. The index closed barely 0.15 per cent below its record high set on March 28. Furthermore, the yield on the 10-year Treasury dropped seven basis points to 4.37 per cent.

What the latest consumer price data tells us about the US economy

At the 76th Cannes Film Festival, BMW, the official automotive partner of the event for a third consecutive year, revealed an unusual one-off creation. Touted as the first vehicle in the&nbsp;brand’s&nbsp;history to&nbsp;be designed&nbsp;using exclusive materials from&nbsp;the world of&nbsp;haute couture, the BMW XM Mystique Allure is the latest product of the collaboration between BMW and British supermodel Naomi Campbell. The partnership took off last year with the&nbsp;“Dare to be You”&nbsp;launch campaign for the BMW XM.

Against the backdrop of the French portside resort, Naomi Campbell presented the XM Mystique Allure, a creation inspired by her, to an audience of selected guests before making her way in the car to the red carpet. Sharing her thoughts on the collaboration, Naomi said,&nbsp;“Witnessing&nbsp;BMW's&nbsp;vision for the XM Mystique Allure come to life has been&nbsp;truly&nbsp;incredible. I feel deeply honoured to have&nbsp;sparked the inspiration for&nbsp;their first-ever high-fashion show car, which stands as a unique masterpiece in every aspect.”

Taking inspiration from&nbsp;Naomi’s&nbsp;favourite colour, the XM Mystique&nbsp;Allure’s&nbsp;exterior showcases a deeply saturated ultramarine&nbsp;shade,&nbsp;accentuated by a lustrous matte finish.&nbsp;Featuring rich velvet and shimmering&nbsp;‘frozen metallic’&nbsp;sequins, the&nbsp;vehicle’s&nbsp;surface casts hues ranging from intense violet to deep ultramarine. The interior, including the rear M Lounge, is draped in purple velvet.

Also Read: <a href="https://www.wionews.com/business-economy/bmw-m4-competition-xdrive-launched-in-india-717561">BMW M4 Competition xDrive launched in India</a>

The use of&nbsp;materials from the high fashion industry&nbsp;isn’t&nbsp;the only bespoke treatment on the vehicle. Designers have also added to the XM Mystique Allure a&nbsp;bespoke&nbsp;adaptation of the BMW IconicSounds Electric co-developed with renowned film score composer Hans Zimmer.

For the unaware, the BMW XM is the first model since the legendary M1 sports car to be developed from the ground up by BMW M GmbH.&nbsp;Powered by the M Hybrid system,&nbsp;the XM is also the first hybrid vehicle from&nbsp;BMW’s&nbsp;M division.&nbsp;In its range-topping Label Red guise, the plug-in hybrid XM offers an output of about 737bhp, making it the most powerful series-production road car from BMW M.

At the 76th Cannes Film Festival, BMW, the official automotive partner of the event for a third consecutive year, revealed an unusual one-off creation. Touted as the first vehicle in the brand’s history to be designed using exclusive materials from the world of haute couture, the BMW XM Mystique Allure is the latest product of the collaboration between BMW and British supermodel Naomi Campbell.

At the 76th Cannes Film Festival, BMW, the official automotive partner of the event for a third consecutive year, revealed an unusual one-off creation. Touted as the first vehicle in the brand’s history to be designed using exclusive materials from the world of haute couture, the BMW XM Mystique Allure is the latest product of the collaboration between BMW and British supermodel Naomi Campbell. The partnership took off last year with the “Dare to be You” launch campaign for the BMW XM. Against the backdrop of the French portside resort, Naomi Campbell presented the XM Mystique Allure, a creation inspired by her, to an audience of selected guests before making her way in the car to the red carpet. Sharing her thoughts on the collaboration, Naomi said, “Witnessing BMW's vision for the XM Mystique Allure come to life has been truly incredible. I feel deeply honoured to have sparked the inspiration for their first-ever high-fashion show car, which stands as a unique masterpiece in every aspect.” Taking inspiration from Naomi’s favourite colour, the XM Mystique Allure’s exterior showcases a deeply saturated ultramarine shade, accentuated by a lustrous matte finish. Featuring rich velvet and shimmering ‘frozen metallic’ sequins, the vehicle’s surface casts hues ranging from intense violet to deep ultramarine. The interior, including the rear M Lounge, is draped in purple velvet. Also Read: BMW M4 Competition xDrive launched in India The use of materials from the high fashion industry isn’t the only bespoke treatment on the vehicle. Designers have also added to the XM Mystique Allure a bespoke adaptation of the BMW IconicSounds Electric co-developed with renowned film score composer Hans Zimmer. For the unaware, the BMW XM is the first model since the legendary M1 sports car to be developed from the ground up by BMW M GmbH. Powered by the M Hybrid system, the XM is also the first hybrid vehicle from BMW’s M division. In its range-topping Label Red guise, the plug-in hybrid XM offers an output of about 737bhp, making it the most powerful series-production road car from BMW M.

Cannes Film Festival: Velvet-covered BMW XM Mystique Allure unveiled

Chinese electric vehicle maker Nio has launched the first model under its lower-priced brand Onvo which aims to renew rivalry with Tesla and the likes. Deliveries of the Onvo L60 is slated to begin in September. The new electric SUV will pose direct challenge to the world's best-selling EV - the Model Y. It has been priced from 219,900 yuan (USD 30,476), which is 12% below the price of Tesla's Model Y which starts at 249,900 yuan in China.&nbsp;

Not just Tesla; with the Onvo L60, Nio also plans to take on Toyota RAV4 electric vehicle. While introducing the electric car in Shanghai, Nio's CEO William Li said that the brand will provide family cars that balance customer experience and ownership costs. Li added, "RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars."

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/tesla-to-cut-around-600-more-jobs-in-california-721794">Tesla to cut around 600 more jobs in California</a>

Ai Tiecheng, president of the Onvo brand informed that the L60 electric SUV comes equipped with an in-house 900-volt fast-charging system and has an average energy consumption of 12.1 kilowatt-hours (kwh) per 100 kilometers, which is slightly lower than Tesla's Model Y. &nbsp;The car is also being touted as more spacious than the Model Y.

Customers of the Onvo brand will also benefit from the wide network of more than 1,000 battery swapping stations and 25,000 public chargers belonging to Nio. The company is also offering an EV battery rental programme, which makes the ownership of the vehicle even more flexible.

Further, thanks to its lower price tag and better features, the Onvo brand could also help Nio expand outside China. However, expansion in Europe could be overshadowed by an ongoing anti-subsidy probe that the EU has launched into EV imports from China.

In a related development, Nio has struck a deal with native rival BYD to source batteries for the Onvo lineup, after it abandoned plans to produce batteries in-house. This step will help it reduce costs amid a fierce price war in China's ultra-competitive EV market.

(with inputs from Reuters)

 
&nbsp;

Chinese electric vehicle maker Nio has launched the first model under its lower-priced brand Onvo which aims to renew rivalry with Tesla and the likes. Deliveries of the Onvo L60 is slated to begin in September.

Chinese electric vehicle maker Nio has launched the first model under its lower-priced brand Onvo which aims to renew rivalry with Tesla and the likes. Deliveries of the Onvo L60 is slated to begin in September. The new electric SUV will pose direct challenge to the world's best-selling EV - the Model Y. It has been priced from 219,900 yuan (USD 30,476), which is 12% below the price of Tesla's Model Y which starts at 249,900 yuan in China. Not just Tesla; with the Onvo L60, Nio also plans to take on Toyota RAV4 electric vehicle. While introducing the electric car in Shanghai, Nio's CEO William Li said that the brand will provide family cars that balance customer experience and ownership costs. Li added, "RAV4 and Model Y were the benchmark for family cars in their time. With technologies evolving and people’s understanding in smart EVs deepening, today it’s time for us to redefine the new standards for family cars." Also Read: Tesla to cut around 600 more jobs in California Ai Tiecheng, president of the Onvo brand informed that the L60 electric SUV comes equipped with an in-house 900-volt fast-charging system and has an average energy consumption of 12.1 kilowatt-hours (kwh) per 100 kilometers, which is slightly lower than Tesla's Model Y. The car is also being touted as more spacious than the Model Y. Customers of the Onvo brand will also benefit from the wide network of more than 1,000 battery swapping stations and 25,000 public chargers belonging to Nio. The company is also offering an EV battery rental programme, which makes the ownership of the vehicle even more flexible. Further, thanks to its lower price tag and better features, the Onvo brand could also help Nio expand outside China. However, expansion in Europe could be overshadowed by an ongoing anti-subsidy probe that the EU has launched into EV imports from China. In a related development, Nio has struck a deal with native rival BYD to source batteries for the Onvo lineup, after it abandoned plans to produce batteries in-house. This step will help it reduce costs amid a fierce price war in China's ultra-competitive EV market. (with inputs from Reuters)

China's Nio launches Onvo L60 SUV to challenge Tesla Model Y

<o:p></o:p>US Treasury Secretary Janet Yellen reassured American consumers that the latest round of tariffs on Chinese goods will not lead to price hikes domestically.<o:p></o:p>

Speaking on the PBS NewsHour, Yellen noted that the new tariffs aim to shield US firms and workers without burdening consumers.<o:p></o:p>

"I don’t believe that American consumers will see any meaningful increase in the prices that they face," Yellen stated on Tuesday.<o:p></o:p>

Earlier in the day, the White House announced a series of tariff increases targeting semiconductors, batteries, solar cells, and critical minerals, adding to previously reported hikes on steel, aluminium, and electric vehicles. <o:p></o:p>

These measures are expected to impact approximately $18 billion in current annual imports.<o:p></o:p>

Economists often view tariffs as a tax on consumers. <o:p></o:p>

Yellen acknowledged that some tariffs imposed during former President Donald Trump's administration had adverse effects on US consumers and businesses. <o:p></o:p>

However, she argued that the new tariffs are different as they aim to protect key sectors of the US economy and secure supply chains, ultimately leading to lower product prices in the long run.<o:p></o:p>

Yellen highlighted the importance of safeguarding American workers and companies from the consequences of China's overcapacity in strategic industries. <o:p></o:p>

"It’s very important to protect our workers and our firms in these strategic sectors from the kind of dumping that results when China develops massive overcapacity in these areas," she explained.<o:p></o:p>

Regarding the electric vehicle (EV) market, where Chinese production is significantly cheaper, Yellen expressed confidence that US firms would eventually reduce costs through increased production experience. <o:p></o:p>

"Over time, as our firms develop experience in producing these cars, prices will come down," she added.<o:p></o:p>

In response to the US tariff hikes, Chinese authorities announced plans to implement "resolute measures" but did not provide specific details on their retaliatory actions. <o:p></o:p>

Yellen expressed hope that Beijing would react rationally to the targeted tariffs. "We have a deep trade and investment relationship with China," she said. <o:p></o:p>

"We think most of it is beneficial both to America and also to China, and most of it is unproblematic and uncontroversial."<o:p></o:p>

Yellen's remarks come amid ongoing US-China trade tensions, with both countries seeking to balance protective measures and economic collaboration.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

US Treasury Secretary Janet Yellen reassured American consumers that the latest round of tariffs on Chinese goods will not lead to price hikes domestically. Speaking on the PBS NewsHour, Yellen noted that the new tariffs aim to shield US firms and workers without burdening consumers.

US Treasury Secretary Janet Yellen reassured American consumers that the latest round of tariffs on Chinese goods will not lead to price hikes domestically. Speaking on the PBS NewsHour, Yellen noted that the new tariffs aim to shield US firms and workers without burdening consumers. "I don’t believe that American consumers will see any meaningful increase in the prices that they face," Yellen stated on Tuesday. Earlier in the day, the White House announced a series of tariff increases targeting semiconductors, batteries, solar cells, and critical minerals, adding to previously reported hikes on steel, aluminium, and electric vehicles. These measures are expected to impact approximately $18 billion in current annual imports. Economists often view tariffs as a tax on consumers. Yellen acknowledged that some tariffs imposed during former President Donald Trump's administration had adverse effects on US consumers and businesses. However, she argued that the new tariffs are different as they aim to protect key sectors of the US economy and secure supply chains, ultimately leading to lower product prices in the long run. Yellen highlighted the importance of safeguarding American workers and companies from the consequences of China's overcapacity in strategic industries. "It’s very important to protect our workers and our firms in these strategic sectors from the kind of dumping that results when China develops massive overcapacity in these areas," she explained. Regarding the electric vehicle (EV) market, where Chinese production is significantly cheaper, Yellen expressed confidence that US firms would eventually reduce costs through increased production experience. "Over time, as our firms develop experience in producing these cars, prices will come down," she added. In response to the US tariff hikes, Chinese authorities announced plans to implement "resolute measures" but did not provide specific details on their retaliatory actions. Yellen expressed hope that Beijing would react rationally to the targeted tariffs. "We have a deep trade and investment relationship with China," she said. "We think most of it is beneficial both to America and also to China, and most of it is unproblematic and uncontroversial." Yellen's remarks come amid ongoing US-China trade tensions, with both countries seeking to balance protective measures and economic collaboration. (With inputs from Bloomberg)

Yellen asserts new China tariffs won't spike US prices: Report

North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters. <o:p></o:p>

This illicit activity follows a hack on the HTX cryptocurrency exchange late last year, marking a major case in a broader pattern of North Korean cyber thefts targeting digital currency platforms.<o:p></o:p>

The UN monitors reported to the Security Council sanctions committee that they have been investigating 97 suspected North Korean cyberattacks on cryptocurrency firms from 2017 to 2024, with total stolen funds amounting to approximately $3.6 billion. <o:p></o:p>

The $147.5 million laundered in March was linked directly to the HTX exchange breach, based on data from crypto analytics firm PeckShield and blockchain research firm Elliptic.<o:p></o:p>

In 2024 alone, the monitors have scrutinised 11 cryptocurrency thefts valued at $54.7 million, noting that many of these attacks might have been inadvertently facilitated by small crypto-related companies hiring North Korean IT workers. <o:p></o:p>

These workers, operating abroad, reportedly generate substantial income for the isolated nation, which continues to face severe international sanctions aimed at curbing its nuclear and missile programs.<o:p></o:p>

North Korea, officially known as the Democratic People's Republic of Korea (DPRK), has been under UN sanctions since 2006. <o:p></o:p>

Despite these measures, the country has continued to find ways to finance its prohibited activities, including through cybercrime and the use of virtual currency mixers like Tornado Cash. <o:p></o:p>

The US sanctioned Tornado Cash in 2022 for allegedly supporting North Korean money laundering activities.<o:p></o:p>

In 2023, two of its co-founders were charged with facilitating over $1 billion in illicit transactions, including for a North Korean cybercrime group.<o:p></o:p>

Virtual currency mixers like Tornado Cash function by blending cryptocurrencies from various users, obscuring the origin and ownership of the funds. <o:p></o:p>

This makes them attractive tools for laundering stolen cryptocurrency. <o:p></o:p>

Lawyers for Tornado Cash co-founder Roman Storm, who pleaded not guilty to US charges in September, did not immediately respond to requests for comment.<o:p></o:p>

The UN sanctions monitors faced a setback when their mandate expired at the end of April due to a Russian veto against its renewal. <o:p></o:p>

Despite this, some monitors submitted incomplete work, including the findings on North Korea’s cryptocurrency activities, to the Security Council's North Korea sanctions committee.<o:p></o:p>

In addition to cyber theft, the UN monitors have been investigating reports of Russia releasing $9 million of North Korea's frozen assets and allowing Pyongyang to open an account at a Russian bank in South Ossetia. <o:p></o:p>

This arrangement is reportedly aimed to enhance North Korea’s access to international banking networks.<o:p></o:p>

Furthermore, the monitors observed continued maritime activities suggesting ongoing arms trade between North Korea and Russia. <o:p></o:p>

Ships suspected of carrying weapons have been seen travelling between North Korea’s Rajin port and Russian ports like Vladivostok and Vostochny. <o:p></o:p>

China has also been implicated, with a North Korean vessel reportedly undergoing maintenance at China’s Ningbo port.<o:p></o:p>

The US and its allies have accused North Korea of supplying weapons to Russia for use in the ongoing conflict in Ukraine, a charge both Moscow and Pyongyang deny. <o:p></o:p>

However, both nations have committed to deepening their military cooperation.<o:p></o:p>

In an additional report last month, UN monitors confirmed that debris from a missile that landed in Kharkiv, Ukraine, in January was from a North Korean Hwasong-11 series ballistic missile. <o:p></o:p>

This highlights North Korea’s ongoing missile development and potential involvement in global conflicts.<o:p></o:p>

North Korea’s evasion of UN sanctions continues to be a significant issue. <o:p></o:p>

The monitors documented 208 voyages by North Korean cargo ships suspected of offloading coal in Chinese waters, often through ship-to-ship transfers. <o:p></o:p>

Chinese Coast Guard vessels were observed in proximity to these transfers, raising questions about enforcement and compliance with international sanctions.<o:p></o:p>

The Chinese mission to the UN did not immediately respond to requests for comment on these findings. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters.

North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters. This illicit activity follows a hack on the HTX cryptocurrency exchange late last year, marking a major case in a broader pattern of North Korean cyber thefts targeting digital currency platforms. The UN monitors reported to the Security Council sanctions committee that they have been investigating 97 suspected North Korean cyberattacks on cryptocurrency firms from 2017 to 2024, with total stolen funds amounting to approximately $3.6 billion. The $147.5 million laundered in March was linked directly to the HTX exchange breach, based on data from crypto analytics firm PeckShield and blockchain research firm Elliptic. In 2024 alone, the monitors have scrutinised 11 cryptocurrency thefts valued at $54.7 million, noting that many of these attacks might have been inadvertently facilitated by small crypto-related companies hiring North Korean IT workers. These workers, operating abroad, reportedly generate substantial income for the isolated nation, which continues to face severe international sanctions aimed at curbing its nuclear and missile programs. North Korea, officially known as the Democratic People's Republic of Korea (DPRK), has been under UN sanctions since 2006. Despite these measures, the country has continued to find ways to finance its prohibited activities, including through cybercrime and the use of virtual currency mixers like Tornado Cash. The US sanctioned Tornado Cash in 2022 for allegedly supporting North Korean money laundering activities. In 2023, two of its co-founders were charged with facilitating over $1 billion in illicit transactions, including for a North Korean cybercrime group. Virtual currency mixers like Tornado Cash function by blending cryptocurrencies from various users, obscuring the origin and ownership of the funds. This makes them attractive tools for laundering stolen cryptocurrency. Lawyers for Tornado Cash co-founder Roman Storm, who pleaded not guilty to US charges in September, did not immediately respond to requests for comment. The UN sanctions monitors faced a setback when their mandate expired at the end of April due to a Russian veto against its renewal. Despite this, some monitors submitted incomplete work, including the findings on North Korea’s cryptocurrency activities, to the Security Council's North Korea sanctions committee. In addition to cyber theft, the UN monitors have been investigating reports of Russia releasing $9 million of North Korea's frozen assets and allowing Pyongyang to open an account at a Russian bank in South Ossetia. This arrangement is reportedly aimed to enhance North Korea’s access to international banking networks. Furthermore, the monitors observed continued maritime activities suggesting ongoing arms trade between North Korea and Russia. Ships suspected of carrying weapons have been seen travelling between North Korea’s Rajin port and Russian ports like Vladivostok and Vostochny. China has also been implicated, with a North Korean vessel reportedly undergoing maintenance at China’s Ningbo port. The US and its allies have accused North Korea of supplying weapons to Russia for use in the ongoing conflict in Ukraine, a charge both Moscow and Pyongyang deny. However, both nations have committed to deepening their military cooperation. In an additional report last month, UN monitors confirmed that debris from a missile that landed in Kharkiv, Ukraine, in January was from a North Korean Hwasong-11 series ballistic missile. This highlights North Korea’s ongoing missile development and potential involvement in global conflicts. North Korea’s evasion of UN sanctions continues to be a significant issue. The monitors documented 208 voyages by North Korean cargo ships suspected of offloading coal in Chinese waters, often through ship-to-ship transfers. Chinese Coast Guard vessels were observed in proximity to these transfers, raising questions about enforcement and compliance with international sanctions. The Chinese mission to the UN did not immediately respond to requests for comment on these findings. (With inputs from Reuters)

North Korea launders $147.5 million in stolen cryptocurrency, UN experts reveal

The US Department of Justice (DOJ) announced on Tuesday that Boeing has violated its 2021 deferred prosecution agreement related to the fatal crashes of its 737 MAX aircraft in 2018 and 2019, which claimed 346 lives. <o:p></o:p>

This breach exposes Boeing to potential criminal prosecution and further intensifies its ongoing corporate crisis.<o:p></o:p>

In a court filing in Texas, the DOJ stated that Boeing failed to "design, implement, and enforce a compliance and ethics program to prevent and detect violations of US fraud laws throughout its operations." <o:p></o:p>

This determination follows a January 5 incident where a panel blew off a new Boeing 737 MAX 9 jet during an Alaska Airlines flight, raising fresh concerns about the company's safety and quality protocols.<o:p></o:p>

The DOJ's assessment means Boeing could face significant financial penalties and heightened oversight. <o:p></o:p>

The department has directed Boeing to respond by June 13, with a decision on prosecution expected by July 7. <o:p></o:p>

The outcome could include extending the original agreement, imposing additional fines, or requiring Boeing to plead guilty, which could impact its ability to secure government contracts.<o:p></o:p>

Boeing acknowledged receiving the DOJ's notification and asserted its belief that it has complied with the terms of the agreement. <o:p></o:p>

"We believe that we have honoured the terms of that agreement, and look forward to the opportunity to respond to the Department on this issue," Boeing stated. <o:p></o:p>

The company pledged to engage with the DOJ transparently, particularly regarding the Alaska Airlines incident.<o:p></o:p>

The January blowout incident occurred just two days before the expiration of the 2021 deferred prosecution agreement, which had required Boeing to pay $2.5 billion and implement extensive compliance measures. <o:p></o:p>

This agreement followed a criminal investigation into Boeing's actions surrounding the two deadly crashes.<o:p></o:p>

The Justice Department's determination has sparked reactions from various stakeholders. <o:p></o:p>

During a US Senate hearing in April, a Boeing engineer alleged that the company took dangerous manufacturing shortcuts and ignored safety concerns, accusations that Boeing disputes. <o:p></o:p>

Family members of crash victims and their lawyers have long argued that Boeing failed to meet the compliance overhaul stipulated in the 2021 deal.<o:p></o:p>

Paul Cassell, a lawyer representing victims' families, praised the DOJ's decision as a critical step toward accountability. <o:p></o:p>

Erin Applebaum, another lawyer for victims' families, expressed satisfaction with the DOJ's actions and called for a subsequent prosecution.<o:p></o:p>

The DOJ plans to meet with victims' families and their lawyers on May 31 to discuss the decision. <o:p></o:p>

Under the 2021 agreement, US officials have six months from the deal's January 7 expiration to decide on prosecuting Boeing. <o:p></o:p>

Possible outcomes include extending the settlement, imposing additional oversight, or pursuing criminal charges. <o:p></o:p>

The DOJ's stance on corporate wrongdoing has become stricter under President Joe Biden, exemplified by the hefty fines and guilty plea from Sweden's Ericsson for violating a similar agreement in 2019.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The US Department of Justice (DOJ) announced on Tuesday that Boeing has violated its 2021 deferred prosecution agreement related to the fatal crashes of its 737 MAX aircraft in 2018 and 2019, which claimed 346 lives.

The US Department of Justice (DOJ) announced on Tuesday that Boeing has violated its 2021 deferred prosecution agreement related to the fatal crashes of its 737 MAX aircraft in 2018 and 2019, which claimed 346 lives. This breach exposes Boeing to potential criminal prosecution and further intensifies its ongoing corporate crisis. In a court filing in Texas, the DOJ stated that Boeing failed to "design, implement, and enforce a compliance and ethics program to prevent and detect violations of US fraud laws throughout its operations." This determination follows a January 5 incident where a panel blew off a new Boeing 737 MAX 9 jet during an Alaska Airlines flight, raising fresh concerns about the company's safety and quality protocols. The DOJ's assessment means Boeing could face significant financial penalties and heightened oversight. The department has directed Boeing to respond by June 13, with a decision on prosecution expected by July 7. The outcome could include extending the original agreement, imposing additional fines, or requiring Boeing to plead guilty, which could impact its ability to secure government contracts. Boeing acknowledged receiving the DOJ's notification and asserted its belief that it has complied with the terms of the agreement. "We believe that we have honoured the terms of that agreement, and look forward to the opportunity to respond to the Department on this issue," Boeing stated. The company pledged to engage with the DOJ transparently, particularly regarding the Alaska Airlines incident. The January blowout incident occurred just two days before the expiration of the 2021 deferred prosecution agreement, which had required Boeing to pay $2.5 billion and implement extensive compliance measures. This agreement followed a criminal investigation into Boeing's actions surrounding the two deadly crashes. The Justice Department's determination has sparked reactions from various stakeholders. During a US Senate hearing in April, a Boeing engineer alleged that the company took dangerous manufacturing shortcuts and ignored safety concerns, accusations that Boeing disputes. Family members of crash victims and their lawyers have long argued that Boeing failed to meet the compliance overhaul stipulated in the 2021 deal. Paul Cassell, a lawyer representing victims' families, praised the DOJ's decision as a critical step toward accountability. Erin Applebaum, another lawyer for victims' families, expressed satisfaction with the DOJ's actions and called for a subsequent prosecution. The DOJ plans to meet with victims' families and their lawyers on May 31 to discuss the decision. Under the 2021 agreement, US officials have six months from the deal's January 7 expiration to decide on prosecuting Boeing. Possible outcomes include extending the settlement, imposing additional oversight, or pursuing criminal charges. The DOJ's stance on corporate wrongdoing has become stricter under President Joe Biden, exemplified by the hefty fines and guilty plea from Sweden's Ericsson for violating a similar agreement in 2019. (With inputs from Reuters)

Boeing faces potential prosecution over breach of 2021 737 MAX agreement

Hero MotoCorp, a leading company in the Indian two-wheeler market, saw a huge increase in its share prices, which resulted in a landmark achievement as its market value reached the INR 1 lakh crore figure for the first time in its history.

Share price surge

On Tuesday, the shares of Hero MotoCorp went up by 3%, making the winning run for the fifth consecutive session. This surge propelled the stock to hit a new 52-week high of INR 5,050 per share on the Bombay Stock Exchange (BSE). Similarly, on the National Stock Exchange (NSE), the stock also reached a 52-week high, closing at INR 5,050 apiece.

Market capitalization milestone

This performance of Hero MotoCorp's shares resulted in the company's market capitalization exceeding INR 1 lakh crore. At the close of trading, the company's market valuation stood at INR 1,00,803.27 crore on BSE and INR 1,00,965.21 crore on NSE, signifying a significant milestone in its financial journey.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/chinese-lidar-maker-hesai-group-sues-us-government-over-allegations-721202">Chinese lidar maker Hesai Group sues U.S. government over allegations</a>

Trading volume and market indices

The heightened investor interest was reflected in the robust trading volume, with 49,178 equity shares exchanged on BSE and 13.35 lakh shares on NSE. Additionally, the broader market indices also witnessed positive movement, with the benchmark BSE Sensex surging by 328.48 points (0.45%) to settle at 73,104.61, and the NSE Nifty gaining 113.80 points to reach 22,217.85.

Strategic collaborations and financial performance

Hero MotoCorp's recent partnership with the Open Network for Digital Commerce(ONDC) is intended to make the customers' life easier and more accessible by using digital platforms. The company's involvement in the open network at the beginning will be mainly on two-wheeler parts, accessories, and merchandise, which shows its readiness to adopt digital transformation.

Moreover, the company's financial performance has been robust, with a notable 16.3% increase in consolidated profit after tax for the fourth quarter ended March 31, 2024. This growth saw the company's consolidated profit after tax rise to INR 943.46 crore compared to INR 810.8 crore in the corresponding period last year. Similarly, consolidated revenue from operations witnessed a healthy growth; reaching INR 9,616.68 crore, up from INR 8,434.28 crore in the same period a year ago.

Analysis and outlook

The rise in Hero MotoCorp's share prices and market valuation is due to various reasons such as the strong investor confidence in the company's growth prospects, strategic initiatives and positive financial performance. Through the constant innovation and expansion of its product range, together with the digital transformation, the company is on its way to keep its pace in the market and at the same time strengthen its position as a leading force in the Indian automotive industry.

Hero MotoCorp, a leading company in the Indian two-wheeler market, saw a huge increase in its share prices, which resulted in a landmark achievement as its market value reached the INR 1 lakh crore figure for the first time in its history.

Hero MotoCorp, a leading company in the Indian two-wheeler market, saw a huge increase in its share prices, which resulted in a landmark achievement as its market value reached the INR 1 lakh crore figure for the first time in its history. Share price surge On Tuesday, the shares of Hero MotoCorp went up by 3%, making the winning run for the fifth consecutive session. This surge propelled the stock to hit a new 52-week high of INR 5,050 per share on the Bombay Stock Exchange (BSE). Similarly, on the National Stock Exchange (NSE), the stock also reached a 52-week high, closing at INR 5,050 apiece. Market capitalization milestone This performance of Hero MotoCorp's shares resulted in the company's market capitalization exceeding INR 1 lakh crore. At the close of trading, the company's market valuation stood at INR 1,00,803.27 crore on BSE and INR 1,00,965.21 crore on NSE, signifying a significant milestone in its financial journey. Also read: Chinese lidar maker Hesai Group sues U.S. government over allegations Trading volume and market indices The heightened investor interest was reflected in the robust trading volume, with 49,178 equity shares exchanged on BSE and 13.35 lakh shares on NSE. Additionally, the broader market indices also witnessed positive movement, with the benchmark BSE Sensex surging by 328.48 points (0.45%) to settle at 73,104.61, and the NSE Nifty gaining 113.80 points to reach 22,217.85. Strategic collaborations and financial performance Hero MotoCorp's recent partnership with the Open Network for Digital Commerce(ONDC) is intended to make the customers' life easier and more accessible by using digital platforms. The company's involvement in the open network at the beginning will be mainly on two-wheeler parts, accessories, and merchandise, which shows its readiness to adopt digital transformation. Moreover, the company's financial performance has been robust, with a notable 16.3% increase in consolidated profit after tax for the fourth quarter ended March 31, 2024. This growth saw the company's consolidated profit after tax rise to INR 943.46 crore compared to INR 810.8 crore in the corresponding period last year. Similarly, consolidated revenue from operations witnessed a healthy growth; reaching INR 9,616.68 crore, up from INR 8,434.28 crore in the same period a year ago. Analysis and outlook The rise in Hero MotoCorp's share prices and market valuation is due to various reasons such as the strong investor confidence in the company's growth prospects, strategic initiatives and positive financial performance. Through the constant innovation and expansion of its product range, together with the digital transformation, the company is on its way to keep its pace in the market and at the same time strengthen its position as a leading force in the Indian automotive industry.

Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge

The People's Bank of China (PBOC) maintained its key policy rate on Wednesday, opting to keep the rate for its medium-term lending facility (MLF) unchanged. <o:p></o:p>

This decision comes as per the market expectations and reflects the central bank's focus on maintaining currency stability amidst economic challenges.<o:p></o:p>

The PBOC announced that it would keep the rate on 125 billion yuan ($17.28 billion) of one-year MLF loans at 2.50 per cent, consistent with the previous operation. <o:p></o:p>

Analysts suggest that the central bank's move to hold the MLF rate steady underlines its priority to stabilise the yuan, despite recent economic signals that might warrant more aggressive policy stimulus. <o:p></o:p>

China has seen an unexpected credit contraction in April, adding to arguments for increased support to strengthen the world's second-largest economy.<o:p></o:p>

This decision comes just days before the finance ministry is set to release the first batch of 1 trillion yuan in ultra long-term special treasury bonds. <o:p></o:p>

The timing is important as it indicates the central bank's cautious approach to monetary policy amid bigger economic pressures.<o:p></o:p>

The Chinese yuan has depreciated by approximately 1.9 per cent against the US dollar this year, influenced by relatively low yields compared to other global economies. <o:p></o:p>

This depreciation adds another layer of complexity to China's monetary policy decisions as it balances internal economic support with external currency stability.<o:p></o:p>

In late April, the Communist Party's Politburo indicated that Beijing would enhance economic support through various monetary and fiscal policies. <o:p></o:p>

These measures include potential cuts in interest rates and bank reserve requirement ratios (RRR), signalling a proactive stance to stimulate economic growth.<o:p></o:p>

Economists at ING noted the combination of low inflation, credit contraction, slowing money supply growth, and weak private sector investment as strong indicators for the need for rate cuts. <o:p></o:p>

They suggested that real interest rates remain too high and that RRR cuts are losing their effectiveness. <o:p></o:p>

However, they also pointed out that stabilising the currency has been a significant consideration this year, with policymakers likely preferring to wait for global rate cuts before initiating their own.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The People's Bank of China (PBOC) maintained its key policy rate on Wednesday, opting to keep the rate for its medium-term lending facility (MLF) unchanged. This decision comes as per the market expectations and reflects the central bank's focus on maintaining currency stability amidst economic challenges.

The People's Bank of China (PBOC) maintained its key policy rate on Wednesday, opting to keep the rate for its medium-term lending facility (MLF) unchanged. This decision comes as per the market expectations and reflects the central bank's focus on maintaining currency stability amidst economic challenges. The PBOC announced that it would keep the rate on 125 billion yuan ($17.28 billion) of one-year MLF loans at 2.50 per cent, consistent with the previous operation. Analysts suggest that the central bank's move to hold the MLF rate steady underlines its priority to stabilise the yuan, despite recent economic signals that might warrant more aggressive policy stimulus. China has seen an unexpected credit contraction in April, adding to arguments for increased support to strengthen the world's second-largest economy. This decision comes just days before the finance ministry is set to release the first batch of 1 trillion yuan in ultra long-term special treasury bonds. The timing is important as it indicates the central bank's cautious approach to monetary policy amid bigger economic pressures. The Chinese yuan has depreciated by approximately 1.9 per cent against the US dollar this year, influenced by relatively low yields compared to other global economies. This depreciation adds another layer of complexity to China's monetary policy decisions as it balances internal economic support with external currency stability. In late April, the Communist Party's Politburo indicated that Beijing would enhance economic support through various monetary and fiscal policies. These measures include potential cuts in interest rates and bank reserve requirement ratios (RRR), signalling a proactive stance to stimulate economic growth. Economists at ING noted the combination of low inflation, credit contraction, slowing money supply growth, and weak private sector investment as strong indicators for the need for rate cuts. They suggested that real interest rates remain too high and that RRR cuts are losing their effectiveness. However, they also pointed out that stabilising the currency has been a significant consideration this year, with policymakers likely preferring to wait for global rate cuts before initiating their own. (With inputs from Reuters)

China's central bank holds steady on key policy rate amid economic uncertainty

Alphabet Inc, Google's parent company, has announced an advancement in artificial intelligence (AI) technology with the launch of its latest AI data centre chip, Trillium. <o:p></o:p>

This sixth-generation chip promises to be nearly five times faster than its predecessor, bringing a boost in computational power and efficiency for AI applications.<o:p></o:p>

In a press briefing on Tuesday, Alphabet CEO Sundar Pichai noted the explosive growth in demand for machine learning capabilities. <o:p></o:p>

"Industry demand for machine learning computation has grown by a factor of 1 million in the last six years, roughly increasing 10-fold every year," Pichai said.<o:p></o:p>

He highlighted Google's decade-long goal to perfect AI chip technology, positioning the company to meet this increasing demand.<o:p></o:p>

The Trillium chip represents one of the few credible alternatives to Nvidia’s dominant processors in the AI data centre market. <o:p></o:p>

Currently, Nvidia holds approximately 80 per cent of this market, with the majority of the remainder occupied by various iterations of Google's tensor processing units (TPUs). <o:p></o:p>

Unlike Nvidia, Google does not sell its chips directly but offers access through its cloud computing platform, making these powerful processors available to a broad range of users.<o:p></o:p>

According to Google, the Trillium chip delivers 4.7 times better computing performance compared to the TPU v5e, a chip designed for generating text and media from large AI models. <o:p></o:p>

Additionally, the Trillium processor boasts a 67 per cent increase in energy efficiency over its predecessor, a crucial improvement in reducing operational costs and environmental impact.<o:p></o:p>

The new chip, which will be available to Google's cloud customers in late 2024, achieves its performance gains through enhanced high-bandwidth memory capacity and overall bandwidth. <o:p></o:p>

This advancement addresses a significant bottleneck in AI model performance, which relies heavily on vast amounts of advanced memory.<o:p></o:p>

Engineers at Google have designed the Trillium chips to be deployed in pods of 256 chips, with scalability reaching up to hundreds of pods. <o:p></o:p>

This modular approach allows for flexible and powerful configurations tailored to the needs of various AI workloads, enhancing the versatility and reach of Google's AI infrastructure.<o:p></o:p>

&nbsp;(With inputs from Reuters)<o:p></o:p>

Alphabet Inc, Google's parent company, has announced an advancement in artificial intelligence (AI) technology with the launch of its latest AI data centre chip, Trillium.

Alphabet Inc, Google's parent company, has announced an advancement in artificial intelligence (AI) technology with the launch of its latest AI data centre chip, Trillium. This sixth-generation chip promises to be nearly five times faster than its predecessor, bringing a boost in computational power and efficiency for AI applications. In a press briefing on Tuesday, Alphabet CEO Sundar Pichai noted the explosive growth in demand for machine learning capabilities. "Industry demand for machine learning computation has grown by a factor of 1 million in the last six years, roughly increasing 10-fold every year," Pichai said. He highlighted Google's decade-long goal to perfect AI chip technology, positioning the company to meet this increasing demand. The Trillium chip represents one of the few credible alternatives to Nvidia’s dominant processors in the AI data centre market. Currently, Nvidia holds approximately 80 per cent of this market, with the majority of the remainder occupied by various iterations of Google's tensor processing units (TPUs). Unlike Nvidia, Google does not sell its chips directly but offers access through its cloud computing platform, making these powerful processors available to a broad range of users. According to Google, the Trillium chip delivers 4.7 times better computing performance compared to the TPU v5e, a chip designed for generating text and media from large AI models. Additionally, the Trillium processor boasts a 67 per cent increase in energy efficiency over its predecessor, a crucial improvement in reducing operational costs and environmental impact. The new chip, which will be available to Google's cloud customers in late 2024, achieves its performance gains through enhanced high-bandwidth memory capacity and overall bandwidth. This advancement addresses a significant bottleneck in AI model performance, which relies heavily on vast amounts of advanced memory. Engineers at Google have designed the Trillium chips to be deployed in pods of 256 chips, with scalability reaching up to hundreds of pods. This modular approach allows for flexible and powerful configurations tailored to the needs of various AI workloads, enhancing the versatility and reach of Google's AI infrastructure. (With inputs from Reuters)

Google unveils Trillium chip, marking a quantum leap in AI data centre performance

Artificial Intelligence is shaping the world like never before. No country has been untouched by the rising tide of AI across industries. India is no exception to this trend.

Recent data from tech staffing service Teamlease Digital reveals startling facts about India's tryst with AI.

Here are five key takeaways:

1) The AI adoption rate in India stands at nearly 48 per cent. AI adoption is expected to grow by an additional 5 to 7 per cent in the ongoing financial year, which began on April 1. Nearly 75 per cent of Indian companies are actively looking to integrate AI into their business operations over the next year.

2) The AI adoption rate is not uniform across industries. The banking, finance and insurance (BFSI) sector has a 68 per cent adoption rate, while the figure stands at 60-65 per cent for the tech industry. Apart from them, only the pharmaceutical &amp; healthcare sector has an adoption rate of over 50 per cent.

3) Manufacturing (28 per cent), infra &amp; transport (20-22 per cent), and media &amp; entertainment sectors have lagged behind in adopting the technology. In fact, the AI adoption rate in the media and entertainment industry stands at just 12 per cent.

4) Currently, AI is a $6.1 billion market in India. Tech service providers comprise 60 per cent of the AI market share, while Global Capacity Centres and tech-enabled service providers make up eight and seven per cent of the market respectively. AI is expected to be a $20 billion market by 2028, growing with a CAGR of over 26 per cent over the next four years.

5) AI growth in India faces a big roadblock -- the lack of qualified AI professionals. As per the data, the demand-supply gap in AI talent stands at 51 per cent. "There is an urgent need for skilled AI professionals to meet the growing demands of organisations integrating AI into their operations," Krishna Vij, Business Head of TeamLease Digital, tells WION.

Artificial Intelligence is shaping the world like never before. No country has been untouched by the rising tide of AI across industries. India is no exception to this trend.

Artificial Intelligence is shaping the world like never before. No country has been untouched by the rising tide of AI across industries. India is no exception to this trend. Recent data from tech staffing service Teamlease Digital reveals startling facts about India's tryst with AI. Here are five key takeaways: 1) The AI adoption rate in India stands at nearly 48 per cent. AI adoption is expected to grow by an additional 5 to 7 per cent in the ongoing financial year, which began on April 1. Nearly 75 per cent of Indian companies are actively looking to integrate AI into their business operations over the next year. 2) The AI adoption rate is not uniform across industries. The banking, finance and insurance (BFSI) sector has a 68 per cent adoption rate, while the figure stands at 60-65 per cent for the tech industry. Apart from them, only the pharmaceutical & healthcare sector has an adoption rate of over 50 per cent. 3) Manufacturing (28 per cent), infra & transport (20-22 per cent), and media & entertainment sectors have lagged behind in adopting the technology. In fact, the AI adoption rate in the media and entertainment industry stands at just 12 per cent. 4) Currently, AI is a $6.1 billion market in India. Tech service providers comprise 60 per cent of the AI market share, while Global Capacity Centres and tech-enabled service providers make up eight and seven per cent of the market respectively. AI is expected to be a $20 billion market by 2028, growing with a CAGR of over 26 per cent over the next four years. 5) AI growth in India faces a big roadblock -- the lack of qualified AI professionals. As per the data, the demand-supply gap in AI talent stands at 51 per cent. "There is an urgent need for skilled AI professionals to meet the growing demands of organisations integrating AI into their operations," Krishna Vij, Business Head of TeamLease Digital, tells WION.

AI adoption rising in India but talent shortage a worry: Data 

Amidst decreasing sales and an intensifying price war, Tesla revealed its plan to lay off another 601 employees in California in a notice to the state government. The job cuts began a month ago and the automaker is on a roll to cut costs.

On April 15, Tesla CEO Elon Musk announced that the carmaker would cut “more than 10 per cent” of its total workforce, more than 14,000 jobs, in order to be “lean, innovative and hungry”.

According to sources familiar with the matter, since Musk wanted to slash 20% of its headcount, the electric vehicle maker has since then, conducted several rounds of job cuts.

The urgency of the shift was highlighted by Tesla reporting a decline of almost 10 per cent in revenues in the first quarter of this year, its first year-on-year quarterly drop since the start of 2020. The share price has more than halved from its November 2021 peak of just under USD 410 a share.

The latest round of layoffs would have a direct impact on employees at Tesla’s facilities in Palo Alto and Fremont, California. According to the Worker Adjustment and Retraining Notification (WARN), Tesla said that the layoffs would be implemented during the 14-day period beginning June 20, 2024.

Last month, the electric car maker said that it would lay off 6,020 people in California and Texas, as part of the headcount cuts. The industry-wide job reduction also included 285 employees at its Buffalo, New York facilities that consisted of the labelling team for its Autopilot driver assistance software and the ones that make fast-charging equipment.&nbsp;

Musk disbanded Tesla's Supercharger team on April 30.&nbsp;

Tesla’s supercharger system is among the largest charging networks in the world and was one the reasons the company enjoyed such a commanding lead over rival carmakers for so long. &nbsp;

He has shut down the division that runs Tesla’s Supercharger business, dismissed two senior executives Rebecca Tinucci, and Daniel Ho and fired hundreds more staff as the electric car maker continues its restructuring amid a sharp downturn in the EV market. 
&nbsp;

Amidst decreasing sales and an intensifying price war, Tesla revealed its plan to lay off another 601 employees in California in a notice to the state government.

Amidst decreasing sales and an intensifying price war, Tesla revealed its plan to lay off another 601 employees in California in a notice to the state government. The job cuts began a month ago and the automaker is on a roll to cut costs. On April 15, Tesla CEO Elon Musk announced that the carmaker would cut “more than 10 per cent” of its total workforce, more than 14,000 jobs, in order to be “lean, innovative and hungry”. According to sources familiar with the matter, since Musk wanted to slash 20% of its headcount, the electric vehicle maker has since then, conducted several rounds of job cuts. The urgency of the shift was highlighted by Tesla reporting a decline of almost 10 per cent in revenues in the first quarter of this year, its first year-on-year quarterly drop since the start of 2020. The share price has more than halved from its November 2021 peak of just under USD 410 a share. The latest round of layoffs would have a direct impact on employees at Tesla’s facilities in Palo Alto and Fremont, California. According to the Worker Adjustment and Retraining Notification (WARN), Tesla said that the layoffs would be implemented during the 14-day period beginning June 20, 2024. Last month, the electric car maker said that it would lay off 6,020 people in California and Texas, as part of the headcount cuts. The industry-wide job reduction also included 285 employees at its Buffalo, New York facilities that consisted of the labelling team for its Autopilot driver assistance software and the ones that make fast-charging equipment. Musk disbanded Tesla's Supercharger team on April 30. Tesla’s supercharger system is among the largest charging networks in the world and was one the reasons the company enjoyed such a commanding lead over rival carmakers for so long. He has shut down the division that runs Tesla’s Supercharger business, dismissed two senior executives Rebecca Tinucci, and Daniel Ho and fired hundreds more staff as the electric car maker continues its restructuring amid a sharp downturn in the EV market.

Tesla to cut around 600 more jobs in California

Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle start-up after selling more than 7,000 units of its first model- the SU7 sedan, in April, according to industry data.

Xiaomi's entry into China's packed EV market is poised to further turn over the world's largest auto market, where companies are already locked in a fierce price war amid weakening demand.

The company is an established household name in China for its popular smartphones and home appliances.

It has now joined newcomers such as Nio and Xpeng as new automakers focused on EV production. The category excludes legacy brands like Volkswagen and established EV makers such as Tesla, BYD and Geely.

In its first month of sales since its late March launch, Xiaomi sold 7,058 SU7s. The company targets deliveries of over 100,000 units this year, attempting to achieve an average of 11,618 units per month for the rest of the year.

Read More: <a href="https://www.wionews.com/business-economy/hero-motocorps-market-valuation-surpasses-inr-1-lakh-crore-as-shares-surge-721571">Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge</a>

Xiaomi's estimated monthly sales of more than 11,000 units for the remainder of the year, placed&nbsp;itself in a tight-knit competition with Volkswagen, which has fared better than most other foreign legacy auto brands in competing with Chinese EV players.

China’s local champion BYD topped the country’s EV sales rankings with 120,234 units last month. Sales were largely driven by affordable models much cheaper than the SU7.

U.S. giant Tesla netted 31,421 units in Model 3 and Y sales in April. Xiaomi's base model SU7 is about $4,000 cheaper than the base model of Tesla's Model 3 in China. As EV makers grapple with growing competition in the China market, many companies are now targeting overseas markets.

China's EV market is becoming crowded by an increasing number of start-ups that include pure EV manufacturers such as Nio and Xpeng; as well as EV sub-brands, from traditional automakers including GAC's Aion and Geely's Zeekr.

Huawei-backed Harmony Intelligent Mobility Alliance (HIMA) is also among the new upstarts. Some Huawei vehicles such as the Aito M5 and M9 come in both extended-range and pure EV variants and both versions are counted as EVs.

Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle start-up after selling more than 7,000 units of its first model- the SU7 sedan, in April, according to industry data.

Chinese smartphone maker Xiaomi has become the country's eighth-largest electric vehicle start-up after selling more than 7,000 units of its first model- the SU7 sedan, in April, according to industry data. Xiaomi's entry into China's packed EV market is poised to further turn over the world's largest auto market, where companies are already locked in a fierce price war amid weakening demand. The company is an established household name in China for its popular smartphones and home appliances. It has now joined newcomers such as Nio and Xpeng as new automakers focused on EV production. The category excludes legacy brands like Volkswagen and established EV makers such as Tesla, BYD and Geely. In its first month of sales since its late March launch, Xiaomi sold 7,058 SU7s. The company targets deliveries of over 100,000 units this year, attempting to achieve an average of 11,618 units per month for the rest of the year. Read More: Hero MotoCorp's market valuation surpasses INR 1 lakh crore as shares surge Xiaomi's estimated monthly sales of more than 11,000 units for the remainder of the year, placed itself in a tight-knit competition with Volkswagen, which has fared better than most other foreign legacy auto brands in competing with Chinese EV players. China’s local champion BYD topped the country’s EV sales rankings with 120,234 units last month. Sales were largely driven by affordable models much cheaper than the SU7. U.S. giant Tesla netted 31,421 units in Model 3 and Y sales in April. Xiaomi's base model SU7 is about $4,000 cheaper than the base model of Tesla's Model 3 in China. As EV makers grapple with growing competition in the China market, many companies are now targeting overseas markets. China's EV market is becoming crowded by an increasing number of start-ups that include pure EV manufacturers such as Nio and Xpeng; as well as EV sub-brands, from traditional automakers including GAC's Aion and Geely's Zeekr. Huawei-backed Harmony Intelligent Mobility Alliance (HIMA) is also among the new upstarts. Some Huawei vehicles such as the Aito M5 and M9 come in both extended-range and pure EV variants and both versions are counted as EVs.

Xiaomi secures 8th largest EV startup in China after SU7 launch

Alfa Romeo has pulled the wraps off the new Giulia and Stelvio Quadrifoglio Super Sport models. It’s a limited-run special series celebrating Alfa Romeo’s first win at the 1928 Mille Miglia in the 6C 1500 Super Sport.

Alfa Romeo has pulled the wraps off the new Giulia and Stelvio Quadrifoglio Super Sport models. It’s a limited-run special series celebrating Alfa Romeo’s first win at the 1928 Mille Miglia in the 6C 1500 Super Sport. Only 275 Giulia Quadrifoglio Super Sport and 175 Stelvio Quadrifoglio Super Sport units will be produced for global sales, giving the special series a combined production run of just 450 units. The Super Sport models have received numerous exterior changes. For example, they feature a new Centro Stile-developed Quadrifoglio logo, which features a black background (instead of the traditional white) for the first time in over 100 years. The use of carbon fibre can be seen in the ‘V’ on the famed scudetto and outer rear-view mirrors. The Giulia Quadrifoglio Super Sport also comes with an optional carbon fibre roof. Both Super Sport models also come with the iconic Alfa Romeo Teledial alloy wheels (19-inch on the Giulia and 21-inch on the Stelvio), and black-painted brake callipers. The Stelvio is available in two colour options – tri-coat Etna Red or metallic Vulcano Black – while the Giulia gets an additional option of Alfa White. The new ‘3+3’ design headlamps feature adaptive full-LED matrix lighting with anti-glare. The Super Sport models showcase an all-black interior theme with red contrast stitching. A bespoke carbon fibre finish featuring a 3D red weave pattern can be found on the dashboard, central tunnel, and door panels. The front headrests feature the Alfa Romeo and Super Sport logos stitched in red, and just below them, each car’s production number (1 of 275, for example) is stitched in black. Also Read: Limited-run Suzuki Jimny XL Heritage edition launched in Australia Mechanically, not much has changed. Both Super Sport models continue with the 2.9-litre twin-turbo V6 engine from the standard models, developing 513bhp. The optional Akrapovič sports exhaust system is part of the standard fitment here. Order books for the Giulia and Stelvio Quadrifoglio Super Sport are open, with both models priced from £82,815 and £91,835, respectively.

Limited-edition Alfa Romeo Quadrifoglio Super Sport models revealed

Chinese EV maker BYD has unveiled the Shark mid-size hybrid-electric pickup truck in Mexico, marking the first time that the company has launched a new product outside its home country. The firm's Chief of Americas, Stella Li said that Mexico was chosen because of the rapid growth in demand for pickup trucks in the country. The pickup truck strengthens the EV maker's foothold in the North American market posing a rivalry to the likes of Ford, General Motors and Toyota.&nbsp;

Exterior and Interior highlights:

BYD Shark features a full-width LED light bar in the front with a large BYD logo mounted on the radiator grille. Thanks to the Black cladding around, the pickup truck gives off-roading vibes. On the inside, there is a 12.8-inch rotating infotainment screen which is complemented by a 10.25-inch digital gauge cluster. Features like 12-inch heads-up display, wireless Apple CarPlay and Android Auto connectivity and bidirectional charging are offered on the vehicle.

Platform highlights:

In terms of dimensions, BYD Shark measures 214 inches long, 77.5 inches wide and 75.5 inches tall with a wheelbase of 128.3 inches. The pickup truck's maximum towing and payload capacities are 5,511 pounds and 1,840 pounds, respectively. BYD Shark rides on a body-on-frame platform, which the company calls DMO. DM stands for Dual Mode (hybrid) and O stands for off-road.

Engine highlights:

Shark's plug-in hybrid system houses the 1.5-liter turbo engine with two electric motors, one on each axle, delivering a combines power of 430 hp. The pickup truck can do 0-62 miles per hour in 5.7 seconds. The vehicle makes use of BYD's renowned in-house blade battery technology.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/surge-in-global-prices-stalls-chinas-imports-of-russian-aluminium-721657">Surge in global prices stalls China’s imports of Russian aluminium</a>

US hikes EV tariffs:

The Shark unveil comes hours after US President Joe Biden announced increase in tariffs on Chinese imports over unfair competitive practices, leading to import duties on Chinese products quadrupling to over 100%. However, BYD's regional chief dismissed that these tariffs affect the company by saying that it is not eyeing the US market.&nbsp;

Li, in an interview to Reuters, stated that BYD plans to build a manufacturing plant in Mexico. "We don't have plans to go to the U.S. market, so this announcement does not impact us at all. When we build a Mexican plant, we only consider the Mexican market and other countries' markets, we have not considered the US," she added.

BYD eyeing EV plant in Mexico:

Li informed that the company has already shortlisted potential sites for building BYD's plant in Mexico and that the facility will be centrally-located in the Latin American country. She added that a "deeper dialogue" was needed to make the final decision and that could happen by the end of the year. BYD's Mexican plant is expected to have a capacity of 150,000 vehicles per year and could take up to two to three years to be operational.&nbsp;

Chinese automakers have been growing their presence in Mexico since 2017 as one of 10 cars sold in Mexico last year was from a Chinese automaker. MG Motors, a unit of SAIC dominated nearly half the Mexican market in the mentioned time period.&nbsp;

However, US Trade Representative Katherine Tai later said that the country is also weighing tariffs on imports from Mexico. Last month, Mexico's federal government too came under pressure from the US to keep Chinese automakers away by refusing to offer incentives such as low-cost public land or tax cuts for investment in EV production.

 
&nbsp;

Chinese EV maker BYD has unveiled the Shark mid-size hybrid-electric pickup truck in Mexico, marking the first time that the company has launched a new product outside its home country.

Chinese EV maker BYD has unveiled the Shark mid-size hybrid-electric pickup truck in Mexico, marking the first time that the company has launched a new product outside its home country. The firm's Chief of Americas, Stella Li said that Mexico was chosen because of the rapid growth in demand for pickup trucks in the country. The pickup truck strengthens the EV maker's foothold in the North American market posing a rivalry to the likes of Ford, General Motors and Toyota. Exterior and Interior highlights: BYD Shark features a full-width LED light bar in the front with a large BYD logo mounted on the radiator grille. Thanks to the Black cladding around, the pickup truck gives off-roading vibes. On the inside, there is a 12.8-inch rotating infotainment screen which is complemented by a 10.25-inch digital gauge cluster. Features like 12-inch heads-up display, wireless Apple CarPlay and Android Auto connectivity and bidirectional charging are offered on the vehicle. Platform highlights: In terms of dimensions, BYD Shark measures 214 inches long, 77.5 inches wide and 75.5 inches tall with a wheelbase of 128.3 inches. The pickup truck's maximum towing and payload capacities are 5,511 pounds and 1,840 pounds, respectively. BYD Shark rides on a body-on-frame platform, which the company calls DMO. DM stands for Dual Mode (hybrid) and O stands for off-road. Engine highlights: Shark's plug-in hybrid system houses the 1.5-liter turbo engine with two electric motors, one on each axle, delivering a combines power of 430 hp. The pickup truck can do 0-62 miles per hour in 5.7 seconds. The vehicle makes use of BYD's renowned in-house blade battery technology. Also Read: Surge in global prices stalls China’s imports of Russian aluminium US hikes EV tariffs: The Shark unveil comes hours after US President Joe Biden announced increase in tariffs on Chinese imports over unfair competitive practices, leading to import duties on Chinese products quadrupling to over 100%. However, BYD's regional chief dismissed that these tariffs affect the company by saying that it is not eyeing the US market. Li, in an interview to Reuters, stated that BYD plans to build a manufacturing plant in Mexico. "We don't have plans to go to the U.S. market, so this announcement does not impact us at all. When we build a Mexican plant, we only consider the Mexican market and other countries' markets, we have not considered the US," she added. BYD eyeing EV plant in Mexico: Li informed that the company has already shortlisted potential sites for building BYD's plant in Mexico and that the facility will be centrally-located in the Latin American country. She added that a "deeper dialogue" was needed to make the final decision and that could happen by the end of the year. BYD's Mexican plant is expected to have a capacity of 150,000 vehicles per year and could take up to two to three years to be operational. Chinese automakers have been growing their presence in Mexico since 2017 as one of 10 cars sold in Mexico last year was from a Chinese automaker. MG Motors, a unit of SAIC dominated nearly half the Mexican market in the mentioned time period. However, US Trade Representative Katherine Tai later said that the country is also weighing tariffs on imports from Mexico. Last month, Mexico's federal government too came under pressure from the US to keep Chinese automakers away by refusing to offer incentives such as low-cost public land or tax cuts for investment in EV production.

BYD Shark hybrid pickup launched in Mexico as US hikes EV tariffs

Argentina has reduced its benchmark interest rate for the sixth time under President Javier Milei, reflecting confidence in the country's slowing inflation and a strategy to shrink the central bank’s debt-laden balance sheet. <o:p></o:p>

According to Bloomberg News, the central bank announced on Tuesday that the key rate was lowered from 50 per cent to 40 per cent, continuing a downward trend from a peak of 133 per cent last December.<o:p></o:p>

Since Milei took office on December 10, Argentina’s monthly inflation has shown signs of easing, dropping to 8.8 per cent in April from a 26 per cent in December. <o:p></o:p>

Milei's economic team projects that consumer price increases will further decline to 3.8 per cent by September, a forecast more optimistic than the 5.8 per cent anticipated by analysts in a central bank survey.<o:p></o:p>

Despite these monthly improvements, Argentina’s annual inflation rate remains alarmingly high at 289.4 per cent as of April, marking the highest level in nearly three decades. <o:p></o:p>

This persistent inflationary pressure underscores the complexity of the economic challenges facing Milei’s administration.<o:p></o:p>

The latest rate cut follows the International Monetary Fund’s (IMF) staff approval of the eighth review of Argentina’s $44 billion financial program. <o:p></o:p>

If endorsed by the IMF’s executive board, this approval would provide Argentina with approximately $800 million to help meet its debt obligations to the IMF.<o:p></o:p>

Milei’s approach to monetary policy contrasts with the IMF’s typical advice, which generally advocates for maintaining real positive interest rates. <o:p></o:p>

However, Argentine officials argue that reducing borrowing costs will enable the central bank to manage its balance sheet more effectively by absorbing excess liquidity. <o:p></o:p>

This step is seen as crucial before the eventual lifting of capital controls.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Argentina has reduced its benchmark interest rate for the sixth time under President Javier Milei, reflecting confidence in the country's slowing inflation and a strategy to shrink the central bank’s debt-laden balance sheet.

Argentina has reduced its benchmark interest rate for the sixth time under President Javier Milei, reflecting confidence in the country's slowing inflation and a strategy to shrink the central bank’s debt-laden balance sheet. According to Bloomberg News, the central bank announced on Tuesday that the key rate was lowered from 50 per cent to 40 per cent, continuing a downward trend from a peak of 133 per cent last December. Since Milei took office on December 10, Argentina’s monthly inflation has shown signs of easing, dropping to 8.8 per cent in April from a 26 per cent in December. Milei's economic team projects that consumer price increases will further decline to 3.8 per cent by September, a forecast more optimistic than the 5.8 per cent anticipated by analysts in a central bank survey. Despite these monthly improvements, Argentina’s annual inflation rate remains alarmingly high at 289.4 per cent as of April, marking the highest level in nearly three decades. This persistent inflationary pressure underscores the complexity of the economic challenges facing Milei’s administration. The latest rate cut follows the International Monetary Fund’s (IMF) staff approval of the eighth review of Argentina’s $44 billion financial program. If endorsed by the IMF’s executive board, this approval would provide Argentina with approximately $800 million to help meet its debt obligations to the IMF. Milei’s approach to monetary policy contrasts with the IMF’s typical advice, which generally advocates for maintaining real positive interest rates. However, Argentine officials argue that reducing borrowing costs will enable the central bank to manage its balance sheet more effectively by absorbing excess liquidity. This step is seen as crucial before the eventual lifting of capital controls. (With inputs from Bloomberg)

Argentina slashes interest rates to 40 per cent amid slowing inflation

A recent spike in global aluminium prices has led Chinese buyers to temporarily hold off on importing the metal from Russia, despite both nations' efforts to deepen trade ties, Bloomberg News reported.<o:p></o:p>

This hesitation comes after sanctions were imposed by the UK and US on Russian base metals, which were expected to drive more aluminium sales to China, the world's largest consumer of the metal.<o:p></o:p>

Despite the alignment between Moscow and Beijing, the commercial reality of high prices is causing friction. <o:p></o:p>

Traders have reported that Chinese buyers are reluctant to meet the increased costs, and Russian sellers are not offering discounts, supported by steady demand elsewhere in Asia. <o:p></o:p>

Additionally, logistical issues, such as bottlenecks in Russian rail transport, are complicating efforts to boost shipments to China.<o:p></o:p>

The timing of these developments is notable as Russian President Vladimir Putin is visiting China at the invitation of President Xi Jinping to reinforce their "no-limits" partnership. <o:p></o:p>

The announcement of Putin’s visit has already had a positive impact on the market, with shares of Russia’s leading aluminium producer, United Co. Rusal International PJSC, rising by as much as 6.4 per cent in Hong Kong on Tuesday. <o:p></o:p>

However, Rusal declined to comment on the ongoing trade dynamics.<o:p></o:p>

Amid growing isolation from Western markets due to the invasion of Ukraine, Russia has turned to China as a key buyer of its commodities. <o:p></o:p>

This shift has allowed Chinese importers to secure discounts on essential raw materials, often using yuan instead of dollars to bypass international sanctions. <o:p></o:p>

Aluminium trade has seen growth, with Rusal’s revenue from China jumping to 23 per cent last year from just 8 per cent in 2022. <o:p></o:p>

Russian aluminium exports to China more than doubled in the first quarter to 393,000 tons, according to Chinese customs data.<o:p></o:p>

However, the window of opportunity, known as the arbitrage window, has closed due to the rising world prices driven by Western sanctions. <o:p></o:p>

Analyst Li Jiahui from Shanghai Metals Market noted that there have been very few trades in Russian aluminium on the spot market due to import losses. <o:p></o:p>

He also mentioned that the overall imports from Russia in April and May are likely to decline.<o:p></o:p>

To attract Chinese buyers, Russian producers would need to offer larger discounts, but they might be unwilling to do so given the solid demand from other markets such as Southeast Asia, Japan, and South Korea.<o:p></o:p>

Meanwhile, China's slowing economy has also been a drag on metals demand. <o:p></o:p>

However, this could change as the peak season for aluminium consumption approaches, potentially narrowing the price gap between local and international markets.<o:p></o:p>

In other related news, President Joe Biden recently announced tariff hikes on a range of Chinese imports, aimed at boosting domestic manufacturing in critical sectors. <o:p></o:p>

Additionally, China’s CMOC Group Ltd. is under scrutiny by a top US official for allegedly using "predatory" tactics to lower prices of cobalt by flooding the market with the metal from Congolese mines. <o:p></o:p>

Despite overcapacity issues in China’s battery industry, producers of raw materials essential for energy transition continue to thrive.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

A recent spike in global aluminium prices has led Chinese buyers to temporarily hold off on importing the metal from Russia, despite both nations' efforts to deepen trade ties, Bloomberg News reported.

A recent spike in global aluminium prices has led Chinese buyers to temporarily hold off on importing the metal from Russia, despite both nations' efforts to deepen trade ties, Bloomberg News reported. This hesitation comes after sanctions were imposed by the UK and US on Russian base metals, which were expected to drive more aluminium sales to China, the world's largest consumer of the metal. Despite the alignment between Moscow and Beijing, the commercial reality of high prices is causing friction. Traders have reported that Chinese buyers are reluctant to meet the increased costs, and Russian sellers are not offering discounts, supported by steady demand elsewhere in Asia. Additionally, logistical issues, such as bottlenecks in Russian rail transport, are complicating efforts to boost shipments to China. The timing of these developments is notable as Russian President Vladimir Putin is visiting China at the invitation of President Xi Jinping to reinforce their "no-limits" partnership. The announcement of Putin’s visit has already had a positive impact on the market, with shares of Russia’s leading aluminium producer, United Co. Rusal International PJSC, rising by as much as 6.4 per cent in Hong Kong on Tuesday. However, Rusal declined to comment on the ongoing trade dynamics. Amid growing isolation from Western markets due to the invasion of Ukraine, Russia has turned to China as a key buyer of its commodities. This shift has allowed Chinese importers to secure discounts on essential raw materials, often using yuan instead of dollars to bypass international sanctions. Aluminium trade has seen growth, with Rusal’s revenue from China jumping to 23 per cent last year from just 8 per cent in 2022. Russian aluminium exports to China more than doubled in the first quarter to 393,000 tons, according to Chinese customs data. However, the window of opportunity, known as the arbitrage window, has closed due to the rising world prices driven by Western sanctions. Analyst Li Jiahui from Shanghai Metals Market noted that there have been very few trades in Russian aluminium on the spot market due to import losses. He also mentioned that the overall imports from Russia in April and May are likely to decline. To attract Chinese buyers, Russian producers would need to offer larger discounts, but they might be unwilling to do so given the solid demand from other markets such as Southeast Asia, Japan, and South Korea. Meanwhile, China's slowing economy has also been a drag on metals demand. However, this could change as the peak season for aluminium consumption approaches, potentially narrowing the price gap between local and international markets. In other related news, President Joe Biden recently announced tariff hikes on a range of Chinese imports, aimed at boosting domestic manufacturing in critical sectors. Additionally, China’s CMOC Group Ltd. is under scrutiny by a top US official for allegedly using "predatory" tactics to lower prices of cobalt by flooding the market with the metal from Congolese mines. Despite overcapacity issues in China’s battery industry, producers of raw materials essential for energy transition continue to thrive. (With inputs from Bloomberg)

Surge in global prices stalls China’s imports of Russian aluminium

US EV maker Tesla has settled a lawsuit by a former factory employee who alleged that she was fired by the company for complaining about severe sexual harassment, Reuters reported. The electric carmaker has a series of sex and race discrimination lawsuits pending against it. Soon after Tyonna Turner and Tesla informed the district judge of the settlement, Judge William Orrick in San Francisco dismissed the 2023 lawsuit. However, the terms of settlement were not disclosed.

Turner was employed at Tesla's flagship assembly plant in Fremont, California, where the company is accused in a number of lawsuits of failing to address rampant harassment of Black and female workers. This appears to be the first settlement in a series of sexual harassment cases filed against the company since 2021. Both representatives of Tesla and Turner did not immediately respond to requests for comment by Reuters.

Also Read:<a href="https://www.wionews.com/business-economy/protestors-try-to-attack-german-tesla-factory-clash-with-police-720996">&nbsp;Protestors try to attack German Tesla factory, clash with police</a>

The lawsuit by Turner had alleged that in the nearly two years that she worked at the Fremont plant, she was harassed about 100 times. This included stalking by a male coworker who often followed her around the factory. She claimed that when she complained, a supervisor told her, "That's just how people are." Following this, in September 2022, Turner was fired in retaliation for reporting the harassment and a workplace injury.

Last August, judge Orrick rejected Tesla's bid to send the case to private arbitration, citing a 2022 federal law that bars mandatory arbitration of sexual harassment and assault claims. At least six other cases pending against Tesla in California state court are similar to what Turner's lawsuit alleged.

Other lawsuits faced by Tesla include tolerance of widespread racial discrimination at the Fremont plant and other facilities, including claims from a US anti-discrimination agency. There is a separate case by its California counterpart and a class action on behalf of 6,000 Black workers which claim that they were subjected to constant racial slurs and graffiti.&nbsp;

The lawsuits also allege that they were assigned less desirable jobs and retaliated against for complaining. However, Tesla has said it does not tolerate discrimination and has fired workers who were found to have engaged in racist conducts.

US EV maker Tesla has settled a lawsuit by a former factory employee who alleged that she was fired by the company for complaining about severe sexual harassment, Reuters reported.

US EV maker Tesla has settled a lawsuit by a former factory employee who alleged that she was fired by the company for complaining about severe sexual harassment, Reuters reported. The electric carmaker has a series of sex and race discrimination lawsuits pending against it. Soon after Tyonna Turner and Tesla informed the district judge of the settlement, Judge William Orrick in San Francisco dismissed the 2023 lawsuit. However, the terms of settlement were not disclosed. Turner was employed at Tesla's flagship assembly plant in Fremont, California, where the company is accused in a number of lawsuits of failing to address rampant harassment of Black and female workers. This appears to be the first settlement in a series of sexual harassment cases filed against the company since 2021. Both representatives of Tesla and Turner did not immediately respond to requests for comment by Reuters. Also Read: Protestors try to attack German Tesla factory, clash with police The lawsuit by Turner had alleged that in the nearly two years that she worked at the Fremont plant, she was harassed about 100 times. This included stalking by a male coworker who often followed her around the factory. She claimed that when she complained, a supervisor told her, "That's just how people are." Following this, in September 2022, Turner was fired in retaliation for reporting the harassment and a workplace injury. Last August, judge Orrick rejected Tesla's bid to send the case to private arbitration, citing a 2022 federal law that bars mandatory arbitration of sexual harassment and assault claims. At least six other cases pending against Tesla in California state court are similar to what Turner's lawsuit alleged. Other lawsuits faced by Tesla include tolerance of widespread racial discrimination at the Fremont plant and other facilities, including claims from a US anti-discrimination agency. There is a separate case by its California counterpart and a class action on behalf of 6,000 Black workers which claim that they were subjected to constant racial slurs and graffiti. The lawsuits also allege that they were assigned less desirable jobs and retaliated against for complaining. However, Tesla has said it does not tolerate discrimination and has fired workers who were found to have engaged in racist conducts.

Tesla settles sexual harassment lawsuit by factory worker