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Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production. Brent Crude Futures rose 1.5% to $94.45 a barrel.

Oil prices climb more than $1 per barrel ahead of OPEC+ meeting today

Yet another Indian-American has now become the CEO of a top global firm coffee chain. Starbucks has appointed Laxman Narasimhan, the Chief Executive Officer of Ben Carson group as its next CEO. With this, Starbucks has chosen a consumer industry veteran to start a new path.

Starbucks names Laxman Narasimhan as the next CEO

US automobile major Ford is recalling a 198,000 SUVs in the country after 25 fire incidents were reported in these vehicles. There would be an additional recall for 1,175 Mustang Mach-e electric vehicles because of a manufacturing defect.

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A subsidiary of a well-known brand Phillips has agreed to pay over $24 million to resolve the alleged false claims over respiratory related medical equipment in the United States. A Phillips spokesperson has said that its subsidiary agreed to settle the claim to avoid required expense of litigation.

US: Phillips to pay to resolve claims over respiratory medical equipment

There could be some trouble for US-based software giant Microsoft as Britain's anti-trust regulator has started an additional probe on Microsoft Activision $69 billion merger.

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In signs of growing tensions over global semiconductor war, chip designer Nvidia said that US officials ordered it to seize exporting two of its top computing chips for Artificial Intelligence work to China.

US orders Nvidia to stop chip sales in China

Driven by soaring fuel prices caused by Russia's war in Ukraine, the yearly inflation rate in the Eurozone is up from 8.9 percent in July and is at its highest since records began.

Eurozone inflation hits a peak of of 9.1% in August

India's economy grew at its fastest pace of 13.5 percent year-on-year in the April to June quarter. A rebound in private consumption that's one of the key drivers of growth.

India's Q1 GDP grows at 13.5%, fastest pace in a year

Snap Inc said on Wednesday it will lay off 20% of all staff and shut down projects, including mobile games and novelties like a flying drone camera, as high inflation and a deteriorating economy ravage the advertising industry.

Snapchat to cut 20% of staff citing high inflation, deteriorating economy

Chip designer Nvidia Corp said on Wednesday that US&nbsp;officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country.

The announcement signals a major escalation of the US&nbsp;crackdown on China's technological capabilities as tensions bubble over the fate of Taiwan, where chips for Nvidia and almost every other major chip firm are manufactured.

Nvidia shares fell 6.6 per cent&nbsp;hours later. The company said the ban, which affects its A100 and H100 chips designed to speed up machine learning tasks, could interfere with completion of developing the H100, the flagship chip it announced this year.

Shares of rival Advanced Micro Devices Inc fell 3.7 per cent. An AMD spokesman told Reuters it had received new license requirements that will stop its MI250 artificial intelligence chips from being exported to China but it believes its MI100 chips will not be affected. AMD said it does not believe the new rules will have a material impact on its business.

Nvidia said US&nbsp;officials told it the new rule "will address the risk that products may be used in, or diverted to, a 'military end use' or 'military end user' in China".

The US&nbsp;Department of Commerce would not say what new criteria it has laid out for AI chips that can no longer be shipped to China but said it is reviewing its China-related policies and practices to "keep advanced technologies out of the wrong hands".

"While we are not in a position to outline specific policy changes at this time, we are taking a comprehensive approach to implement additional actions necessary related to technologies, end-uses, and end-users to protect US&nbsp;national security and foreign policy interests," a spokesperson told Reuters.

The Chinese foreign ministry responded on Thursday by accusing the United States of attempting to impose a "tech blockade" on China, while its commerce ministry said such actions would undermine the stability of global supply chains.

"The US&nbsp;continues to abuse export control measures to restrict exports of semiconductor-related items to China, which China firmly opposes," commerce ministry spokesperson Shu Jieting said at a news conference.

This is not the first time the US&nbsp;has moved to choke off Chinese firms' supply of chips. In 2020, former president Donald Trump's administration banned suppliers from selling chips made using US&nbsp;technology to tech giant Huawei without a special license.

Without American chips from companies like Nvidia and AMD, Chinese organizations will be unable to cost-effectively carry out the kind of advanced computing used for image and speech recognition, among many other tasks.

Image recognition and natural language processing are common in consumer applications like smartphones that can answer queries and tag photos. They also have military uses such as scouring satellite imagery for weapons or bases and filtering digital communications for intelligence-gathering purposes.

Nvidia said it had booked $400 million in sales of the affected chips this quarter to China that could be lost if firms decide not to buy alternative Nvidia products. It said it plans to apply for exemptions to the rule.

Stacy Rasgon, a financial analyst with Bernstein, said the disclosure signaled that about 10% of Nvidia's data center sales were coming from China and that the hit to sales was likely "manageable" for Nvidia.

“It’s not (investment) thesis changing, but it’s not a good look,” Rasgon said. “What happens on both sides now is the question.”

Nvidia last week forecast a sharp drop in revenue for the current quarter on the back of a weaker gaming industry. It said it expected third-quarter sales to fall 17 per cent&nbsp;from the same period last year.

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Chip designer Nvidia Corp said on Wednesday that US officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country.

Chip designer Nvidia Corp said on Wednesday that US officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country. The announcement signals a major escalation of the US crackdown on China's technological capabilities as tensions bubble over the fate of Taiwan, where chips for Nvidia and almost every other major chip firm are manufactured. Nvidia shares fell 6.6 per cent hours later. The company said the ban, which affects its A100 and H100 chips designed to speed up machine learning tasks, could interfere with completion of developing the H100, the flagship chip it announced this year. Shares of rival Advanced Micro Devices Inc fell 3.7 per cent. An AMD spokesman told Reuters it had received new license requirements that will stop its MI250 artificial intelligence chips from being exported to China but it believes its MI100 chips will not be affected. AMD said it does not believe the new rules will have a material impact on its business. Nvidia said US officials told it the new rule "will address the risk that products may be used in, or diverted to, a 'military end use' or 'military end user' in China". The US Department of Commerce would not say what new criteria it has laid out for AI chips that can no longer be shipped to China but said it is reviewing its China-related policies and practices to "keep advanced technologies out of the wrong hands". "While we are not in a position to outline specific policy changes at this time, we are taking a comprehensive approach to implement additional actions necessary related to technologies, end-uses, and end-users to protect US national security and foreign policy interests," a spokesperson told Reuters. The Chinese foreign ministry responded on Thursday by accusing the United States of attempting to impose a "tech blockade" on China, while its commerce ministry said such actions would undermine the stability of global supply chains. "The US continues to abuse export control measures to restrict exports of semiconductor-related items to China, which China firmly opposes," commerce ministry spokesperson Shu Jieting said at a news conference. This is not the first time the US has moved to choke off Chinese firms' supply of chips. In 2020, former president Donald Trump's administration banned suppliers from selling chips made using US technology to tech giant Huawei without a special license. Without American chips from companies like Nvidia and AMD, Chinese organizations will be unable to cost-effectively carry out the kind of advanced computing used for image and speech recognition, among many other tasks. Image recognition and natural language processing are common in consumer applications like smartphones that can answer queries and tag photos. They also have military uses such as scouring satellite imagery for weapons or bases and filtering digital communications for intelligence-gathering purposes. Nvidia said it had booked $400 million in sales of the affected chips this quarter to China that could be lost if firms decide not to buy alternative Nvidia products. It said it plans to apply for exemptions to the rule. Stacy Rasgon, a financial analyst with Bernstein, said the disclosure signaled that about 10% of Nvidia's data center sales were coming from China and that the hit to sales was likely "manageable" for Nvidia. “It’s not (investment) thesis changing, but it’s not a good look,” Rasgon said. “What happens on both sides now is the question.” Nvidia last week forecast a sharp drop in revenue for the current quarter on the back of a weaker gaming industry. It said it expected third-quarter sales to fall 17 per cent from the same period last year.

US officials order Nvidia to halt sales of top AI chips to China

Reckitt Benckiser Chief Executive Laxman Narasimhan will step down at the end of September after three years in the role, the company said on Thursday, and will be replaced by insider and former BAT boss Nicandro Durante.

Shares in the maker of Durex condoms and Dettol cleaning products tumbled more than 4 per cent&nbsp;on the news, with JP Morgan analysts citing Narasimhan's sudden departure just when investor confidence in the group's turnaround is improving.

"It was a surprise to find out Reckitt’s CEO is stepping down, having only been in the role for three years and just starting to receive some credibility," said Tineke Frikee, fund manager at Reckitt shareholder Waverton Investment Management.

"It is surprising that it is immediate, rather than serving his notice period ... a handover period between Laxman and a new permanent CEO replacement would have been preferred."

Narasimhan, 55, joined the company in September 2019 from PepsiCo and was the first external candidate to take the helm at Reckitt since it was formed in 1999.

He led the household goods maker through the pandemic, which boosted sales of its health and hygiene products, and as the company navigated a baby formula crisis in the United States.

He will be replaced by senior independent director Durante while the board "evaluates and selects the future leadership", Reckitt said in a statement.

Double-Whammy

"It's kind of a double whammy of uncertainty about what's ahead, given that (Narasimhan) was three years at the company and at a time when market conditions are tougher, especially for companies like Reckitt Benckiser, which are highly reliant on consumer spending," said Hargreaves Lansdown analyst Susannah Streeter.

Brazilian-Italian Durante previously led tobacco giant British American Tobacco (BAT) for eight years until 2019. He joined Reckitt's board in 2013.

The 66-year old will receive a salary of 1.1 million pounds ($1.3 million) as Reckitt CEO, the company said, adding that he is being appointed on a rolling contract with six months' notice on either side.

Reckitt, which also makes Nurofen tablets and Lysol cleaning products, will continue to implement its current strategy under Durante, the company added.

Narasimhan decided to leave for personal reasons and to relocate to the United States, having been approached with a new opportunity there, Reckitt said without elaborating.

He did not immediately respond to a request for comment via his LinkedIn account.

Chairman Chris Sinclair and the nomination committee have started the process to identify the "best&nbsp;long-term candidate to take Reckitt on its next phase of growth", the company said.

The British consumer goods group in July raised its annual revenue forecast after steep price increases helped the company to beat its second-quarter sales expectations.

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Reckitt Benckiser Chief Executive Laxman Narasimhan will step down at the end of September after three years in the role, the company said on Thursday, and will be replaced by insider and former BAT boss Nicandro Durante.

Reckitt Benckiser Chief Executive Laxman Narasimhan will step down at the end of September after three years in the role, the company said on Thursday, and will be replaced by insider and former BAT boss Nicandro Durante. Shares in the maker of Durex condoms and Dettol cleaning products tumbled more than 4 per cent on the news, with JP Morgan analysts citing Narasimhan's sudden departure just when investor confidence in the group's turnaround is improving. "It was a surprise to find out Reckitt’s CEO is stepping down, having only been in the role for three years and just starting to receive some credibility," said Tineke Frikee, fund manager at Reckitt shareholder Waverton Investment Management. "It is surprising that it is immediate, rather than serving his notice period ... a handover period between Laxman and a new permanent CEO replacement would have been preferred." Narasimhan, 55, joined the company in September 2019 from PepsiCo and was the first external candidate to take the helm at Reckitt since it was formed in 1999. He led the household goods maker through the pandemic, which boosted sales of its health and hygiene products, and as the company navigated a baby formula crisis in the United States. He will be replaced by senior independent director Durante while the board "evaluates and selects the future leadership", Reckitt said in a statement. Double-Whammy "It's kind of a double whammy of uncertainty about what's ahead, given that (Narasimhan) was three years at the company and at a time when market conditions are tougher, especially for companies like Reckitt Benckiser, which are highly reliant on consumer spending," said Hargreaves Lansdown analyst Susannah Streeter. Brazilian-Italian Durante previously led tobacco giant British American Tobacco (BAT) for eight years until 2019. He joined Reckitt's board in 2013. The 66-year old will receive a salary of 1.1 million pounds ($1.3 million) as Reckitt CEO, the company said, adding that he is being appointed on a rolling contract with six months' notice on either side. Reckitt, which also makes Nurofen tablets and Lysol cleaning products, will continue to implement its current strategy under Durante, the company added. Narasimhan decided to leave for personal reasons and to relocate to the United States, having been approached with a new opportunity there, Reckitt said without elaborating. He did not immediately respond to a request for comment via his LinkedIn account. Chairman Chris Sinclair and the nomination committee have started the process to identify the "best long-term candidate to take Reckitt on its next phase of growth", the company said. The British consumer goods group in July raised its annual revenue forecast after steep price increases helped the company to beat its second-quarter sales expectations.

Dettol maker Reckitt Benckiser announces 'surprise' departure of CEO Narasimhan

Amazon and Google criticized Microsoft's cloud computing changes on Tuesday, saying they limit competition and discourage customers from switching to rival cloud service providers.

Amazon, Google criticizes Microsoft's cloud computing changes

Goldman Sachs, one of the leading US financial service companies has some grim analysis for the United Kingdom. The financial firm says inflation in the country could exceed to as much as 20 percent next year if oil prices fail to cool down.

UK Inflation could top 20% next year: Goldman Sachs

Japan's factories extended expansion and output to a second month in July as motor vehicle production improved, marking a positive start to the third quarter for manufacturers in broader economic activity.

Japan's factories expand output for a second month in July

Troubles for Tesla CEO Elon Musk aren't over, a California owner of a Tesla model 3 sued the electric vehicle maker. In a proposed class action over cars suddenly stopping for non-existent obstacles, calling it a frightening and dangerous nightmare.

Tesla hit with proposed class action over phantom braking issue

Philips said on Monday that it has expanded an earlier recall of some respiratory machines to a total of 1,700 devices globally due to possible contamination of a plastic component with a non-compatible material.

Philips expands respiratory devices recall

South Korea stated that it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures.

South Korean government announces first cut in 13 years

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities.

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities. Ravi Menon, who is the managing director of the Monetary Authority of Singapore (MAS), said at an event on Monday (August 29) that surveys show that consumers across the world are trading in cryptocurrencies. He said it is increasing with each day despite the warnings and measures shared by the government authorities and experts. ALSO READ | Charging EV in 10 minutes may be possible, but electric vehicle adoption depends on more such options He said, "They seem to be irrationally oblivious about the risks of cryptocurrency trading. Adding frictions” on retail access to cryptocurrencies was an area the MAS was contemplating." "These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading," Menon said at a seminar titled "Yes to digital asset innovation, No to cryptocurrency speculation." Menon also said that MAS is mulling over customer suitability tests and also restricting the use of leverage and credit facilities for the trading of cryptocurrencies. He added that the monetary authority regards cryptocurrencies as unsuitable for use as money and as "highly hazardous" for retail investors. But he further noted that since crypto trading is not bound by borders, putting bans on retail access to crypto might not work. ALSO READ | The HMS Prince of Wales breaks down a day after leaving Portsmouth Speculating on price movements via a trading account, or buying and selling the underlying coins via an exchange are the activities involved in Cryptocurrency trading. He said, "With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies." In several instances, the Singaporean monetary authority has been criticised for unclear rules and positions. The trading experts have also said that there is a tedious licensing regime. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Singapore planning to restrict retail access to cryptocurrencies amid a rise in trading

Japan's Suzuki motors dominates India's car market and will set up a new global research and development company in Asia's third largest economy. The company will also continue to invest in the country aggressively at a time when the US-based automakers such as ford and general motors have decided to quit India.

Suzuki to set up new R&D company in India

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signaled interest rates would be kept higher for longer to bring down soaring inflation.

US Dollar hits 20-year high as Fed flags higher rates for longer

Democratic US Senator Elizabeth Warren said on Sunday that she was very worried that the Federal Reserve was going to tip the nation's economy into recession and that interest rate hikes would put people out of work.

US Senator: Fed will tip US into recession

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

The dollar index scaled to a fresh two-decade peak of 109.4 in early Asia trade, with greenback strength pushing other major currencies to new lows and putting pressure on its emerging markets counterparts.

The dollar hit 138.59 against the Japanese yen in the early Asia trade, the highest since July 21. It was last up 0.59% to 138.485. The offshore yuan similarly fell to a fresh two-year low of 6.9321 per dollar.

Sterling fell to a 2-1/2-year low of $1.1656 and was last down 0.5% to $1.16715, while the euro fell 0.36% to $0.9929.

The moves extended dollar gains made on Friday when Powell warned there'd be "some pain" for households and businesses as it will take time for the Fed to control inflation.

"Powell made it clear that there is no dovish pivot as some market participants had expected," Carol Kong, senior associate for currency strategy and international economics at Commonwealth Bank of Australia.

"I think for this week, the (US&nbsp;dollar index) is going to track even higher towards 110 points, just as market participants continue to price in more aggressive tightening cycles by the major central banks."

Markets are now pricing in about a 64.5% chance of a 75 basis point rate hike at the next Fed meeting in September.

Despite the potential for a hike that big at the European Central Bank's September policy meeting, the euro has struggled with investors more focused on an energy crisis in the bloc.

Russian state energy giant Gazprom is expected to halt natural gas supplies to Europe via its main pipeline from Aug. 31 to September&nbsp;2 for maintenance.

"Fears over a complete shutdown of Russian gas are going to keep euro/dollar heavy and below parity," said CBA's Kong.

The risk-sensitive Australian and New Zealand dollars were likewise weighed down by fear that aggressive rate hikes around the world will put the brakes on economic growth.

The Aussie was down 0.55% to $0.6853, while the kiwi hit a new one-month low of $0.6105 and last traded 0.33% lower at $0.6113.

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar index scaled to a fresh two-decade peak of 109.4 in early Asia trade, with greenback strength pushing other major currencies to new lows and putting pressure on its emerging markets counterparts. The dollar hit 138.59 against the Japanese yen in the early Asia trade, the highest since July 21. It was last up 0.59% to 138.485. The offshore yuan similarly fell to a fresh two-year low of 6.9321 per dollar. Sterling fell to a 2-1/2-year low of $1.1656 and was last down 0.5% to $1.16715, while the euro fell 0.36% to $0.9929. The moves extended dollar gains made on Friday when Powell warned there'd be "some pain" for households and businesses as it will take time for the Fed to control inflation. "Powell made it clear that there is no dovish pivot as some market participants had expected," Carol Kong, senior associate for currency strategy and international economics at Commonwealth Bank of Australia. "I think for this week, the (US dollar index) is going to track even higher towards 110 points, just as market participants continue to price in more aggressive tightening cycles by the major central banks." Markets are now pricing in about a 64.5% chance of a 75 basis point rate hike at the next Fed meeting in September. Despite the potential for a hike that big at the European Central Bank's September policy meeting, the euro has struggled with investors more focused on an energy crisis in the bloc. Russian state energy giant Gazprom is expected to halt natural gas supplies to Europe via its main pipeline from Aug. 31 to September 2 for maintenance. "Fears over a complete shutdown of Russian gas are going to keep euro/dollar heavy and below parity," said CBA's Kong. The risk-sensitive Australian and New Zealand dollars were likewise weighed down by fear that aggressive rate hikes around the world will put the brakes on economic growth. The Aussie was down 0.55% to $0.6853, while the kiwi hit a new one-month low of $0.6105 and last traded 0.33% lower at $0.6113.

Dollar hits 20-year high as Fed flags higher rates for longer

Telecom companies Ericsson and Nokia have given deadlines for exiting the Russian market. While the Swedish giant will be winding down its operations in the coming months, its Finnish rival Nokia will bring down shutters by the year-end.

Telecom companies Ericsson and Nokia have given deadlines for exiting the Russian market. While the Swedish giant will be winding down its operations in the coming months, its Finnish rival Nokia will bring down shutters by the year-end. "By the end of the year, the vast majority of our employees in Russia will have moved on from Nokia, and we have vacated all of our offices. We will retain a formal presence in the country until the legal closure is completed." stated a Nokia spokesperson. It is pertinent to note that Ericsson had sent its 400-odd Russian employees on paid leave earlier this year while earmarking a sum of $95 million related to the moving expenses in its accounts book. WATCH | Gravitas: Russia becomes the world's most sanctioned country × Meanwhile, Nokia, which housed over 2,000 employees in the country had closed most operations, barring the maintenance of critical networks to fulfil the obligations. Ericsson and Nokia join the long list of more than 300 global companies to have exited the Russian market, ever since it invaded Ukraine. As reported by WION, on Sunday, US-based multinational technology giant Dell Technologies announced that it had completely ceased its operations in Russia. Read more: Few weeks after closing offices, Dell winds up its operations in Russia for good The company had halted the sales of its products and services in February, before closing the offices in mid-August. "Back in February, we made the decision to not sell, service, or support products in Russia, Belarus, and the Donetsk and Luhansk regions of Ukraine, in addition to the already embargoed Crimea," Dell spokesman Mike Siemienas was quoted as saying by Reuters. As reported extensively by WION, brands like McDonald's, Starbucks, Coca-Cola, Zara, H&M, and Netflix have all suspended operations in Russia. Spotify and Amazon have also hit a pause on their services in the country. Read More: McDonald's to leave Russia after more than three decades over Ukraine conflict Meanwhile, Citi bank, Goldman Sachs, IBM, Intel, Snapchat and Twitter are few of the other banking and technological giants to turn their backs on Russia. (With inputs from agencies) WATCH WION LIVE HERE:

A day after Dell, Ericsson and Nokia announce plans to wind operations in Russia

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. It’s likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has huge factories that make its most popular models such as the Accord, CR-V and Civic.

The joint venture is to be set up this year, with the closing of the deal subject to regulatory approval.

“Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon.

The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand, according to a joint statement.

<a href="https://www.wionews.com/videos/suzuki-to-set-up-new-rd-company-in-india-511051">WATCH |&nbsp;Suzuki to set up new R&amp;D company in India</a>

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Honda’s joint venture plant is part of a larger trend of automakers announcing US battery factories as they try to establish a domestic supply chain for the next generation of vehicle propulsion. Ford, General Motors, Toyota, Hyundai-Kia, Stellantis and VinFast have announced plans for 10 US battery plants.

A new US law gives them even more incentive to build batteries in North America. It includes a tax credit of up to $7,500 that could be used to defray the cost of purchasing an electric vehicle. But to qualify for the full credit, the electric vehicle must contain a battery built in North America with 40 per cent of the metals mined or recycled on the continent.

“Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Honda Chief Executive Toshihiro Mibe.

LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with US automakers General Motors and Ford Motor Co., as well as South Korea’s Hyundai Motor Group. The company is headquartered in Seoul, South Korea, but has operations across the world, including the US, China and Australia.

Demand for electric vehicles is expected to grow in the US and many other nations because of concerns about climate change and pollution, as well as rising gas prices. All of the world’s top automakers are strengthening their EV lineups.

LMC Automotive, a Detroit-area consulting firm, expects EVs to be 5.6 per cent of US new vehicle sales this year, rising to more than 36 per cent by 2030. Globally, LMC says 8.6 per cent of new vehicle sales will be electric this year, and that will jump to 33 per cent by 2030.

Honda is working with GM to co-develop electric vehicles including a Honda and Acura SUVs. The Honda is expected to go on sale in early 2024, followed soon by the Acura luxury brand. Honda also has said it plans to make its own electric vehicles later this decade.

WATCH WION LIVE HERE:&nbsp;

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Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday. The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. It’s likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has huge factories that make its most popular models such as the Accord, CR-V and Civic. The joint venture is to be set up this year, with the closing of the deal subject to regulatory approval. “Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon. The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand, according to a joint statement. WATCH | Suzuki to set up new R&D company in India × Honda’s joint venture plant is part of a larger trend of automakers announcing US battery factories as they try to establish a domestic supply chain for the next generation of vehicle propulsion. Ford, General Motors, Toyota, Hyundai-Kia, Stellantis and VinFast have announced plans for 10 US battery plants. A new US law gives them even more incentive to build batteries in North America. It includes a tax credit of up to $7,500 that could be used to defray the cost of purchasing an electric vehicle. But to qualify for the full credit, the electric vehicle must contain a battery built in North America with 40 per cent of the metals mined or recycled on the continent. “Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Honda Chief Executive Toshihiro Mibe. LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with US automakers General Motors and Ford Motor Co., as well as South Korea’s Hyundai Motor Group. The company is headquartered in Seoul, South Korea, but has operations across the world, including the US, China and Australia. Demand for electric vehicles is expected to grow in the US and many other nations because of concerns about climate change and pollution, as well as rising gas prices. All of the world’s top automakers are strengthening their EV lineups. LMC Automotive, a Detroit-area consulting firm, expects EVs to be 5.6 per cent of US new vehicle sales this year, rising to more than 36 per cent by 2030. Globally, LMC says 8.6 per cent of new vehicle sales will be electric this year, and that will jump to 33 per cent by 2030. Honda is working with GM to co-develop electric vehicles including a Honda and Acura SUVs. The Honda is expected to go on sale in early 2024, followed soon by the Acura luxury brand. Honda also has said it plans to make its own electric vehicles later this decade. WATCH WION LIVE HERE:

LG and Honda join hands to develop EV batteries for the US market

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high.

Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close.

It is down 58.7% from the year's high of $48,234 hit on March 28.

Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities.

"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday.

"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.

Bitcoin was last below $20,000 in mid-July.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year's high of $48,234 hit on March 28. Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower. The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities. "Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday. "European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added. Bitcoin was last below $20,000 in mid-July. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bitcoin dips below $20,000, down nearly 60% from its year-high