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Tesla had not rolled out two of its most expensive cars – the Model X and Model S so far this year, CNN reported. CNN received no response from Tesla for questions regarding the reasons for not producing the models. Tesla Temporarily Shuts Production Of Model X And Model S However, the automaker went on to hit a production record in its most recent quarter, rolling out 180,338 Model 3 sedans and Model Y SUVs, that were less expensive models that made up around 90% of the company’s overall sales in 2020. The output overtook Tesla’s previous record set in…
April opened to a rally, and according to strategists the momentum could continue as the month progressed. According to the jobs report this Friday by the U.S. Labor Department which had come in as surprisingly strong Friday there were 916,000 job additions in March, as against the 675,000 projected by economists. Strong Jobs Report Expected To Power Stocks Next Week According to commentators, the week ahead was expected to be rather quiet. A few economic reports and Federal Reserve speakers would fill the calm ahead of the earnings season. The service sector survey by the Institute for Supply Management was…
President Joe Biden proposed a $2 trillion infrastructure package on Wednesday with his administration shifting focus on bolstering the post-pandemic economy, CNBC reported. President Biden Unveils $2 Trillion Infrastructure Package The president’s plan outlined Wednesday provided for around $2 trillion in spending over eight years. The plan would increase the corporate tax rate to 28% for its funding. In a union hall speech in Pittsburg, Biden termed it a vision to create the most resilient, the strongest, innovative economy in the world and millions of well-paying jobs along with it. According to the White House, the tax hike coupled with…
A meeting of the group of the most powerful oil producers in the world is set for Thursday to decide on the output policy’s next phase, CNBC reported. OPEC+ as the group is sometimes called, consisting of OPEC and non-OPEC partners have a virtual meeting scheduled from 1 p.m. London time. OPEC+ Group To Decide On Output Policy In Meeting On Thursday In a bid to curb oversupply and support prices, the OPEC+ alliance had been cutting production by just over 7 million barrels per day. An additional 1 million barrels per day had been voluntarily added to…
It was intended as joke for the promotion of a new electric car but instead of smiles, Volkswagen ended up raising hackles, CNN reported. The luxury car maker is in a spot over its “Voltswagen” name change marketing gag and according to commentators it could mean some trouble with the authorities. They say it could be construed as a breach of US securities law over attempts to mislead investors. Volkswagen Gag Could Land It In Trouble With SEC Say Analysts According Charles Whitehead, Myron C Taylor Alumni Professor of Business Law at Cornell Law School, it was not the…
Sumo Citrus, a Japanese fruit was introduced into the US in 2011 and had since then slowly become popular and could now be seen everywhere one might look for it, CNN reported. According to Jerry Callahan, group vice president of produce and floral at the grocery store chain Albertsons, when he first tasted the fruit nine years ago, he was convinced it was something special and that it would become something of a rage with consumers. Callahan who has a keen eye for spotting trends said he had eaten a lot of fruit, but he described the Sumo Citrus as unique. He said there was just nothing like…
With online shopping accelerating in the pandemic a space race is now on for building warehousing facilities to sustain the rapid growth of ecommerce companies, CNN reported. Former golf courses, office buildings, vacated shopping malls were all getting snapped up in the big push for space to service online orders. Online Retailers In Race For Warehouse Space To Service Orders According to commercial real estate services firm CBRE, demand for big-box, industrial facilities- distribution centers or warehouses of 200,000 square feet or more rose to a record high in North America last year. With transactions for the spaces totaling 349.3…
Nomura and Credit Suisse warned that first-quarter results, would take significant hits as they started exiting positions with a large U.S. hedge that failed to honor margin calls last week, CNBC reported. Nomura, Credit Suisse Warn Of Hits From US Hedge Fund Positions While the fund was not named by either Nomura or Credit Suisse, according to reports, the fire sale was tied to Archegos Capital Management. According to Credit Suisse’s trading update prior to the opening of he market, the Zurich-based lender said a number of other banks were also hit and had started exiting their positions with the…
The National Aeronautics and Space Administration last year completed two decades of International Space Station operations. However, as age catches up with the floating research laboratory, NASA is looking to private companies for setting up such labs in low Earth orbit, CNBC reported. NASA Unveils $400 Million Program To Allow Private Companies Build New Space Stations With the Commercial LEO Destinations (CLD) projects, the space organization unveiled recently, up to $400 million has been planned to be awarded to four companies in 2021 Q4 to start development of private space stations. The initiative is aimed at building on the success…
With the Suez Canal blocked by a container ship stuck sideways, efforts are on to free the ship, as dredging crews work to remove massive amounts of sand and tugboats set to be pressed in on Saturday to help with the salvage operations. Global Trade Takes Major Hit As Attempts To Free Ever Given Continue Dredging crews are engaged in digging away in the sand in a bid to free the stuck container ship, and restore operations over one of the busiest shipping routes. The container ship Ever Given, has been stuck since Tuesday causing a traffic jam with more…