Online On-Demand Home Services Market to grow by $ 4,730 Billion during 2021-2025 | Insights on COVID-19 Impact Analysis, Key Drivers, Trends, and Products Offered by Major Vendors

Yahoo Finance
Google will spend $7 billion and add 10,000+ jobs in 2021: Alphabet CFO Ruth Porat
The investment defies concerns over a potential tech pullback in 2021 as widespread vaccination allows Americans to spend more time outside their homes, and it positions Google as a major private sector contributor to the economic recovery from the COVID-19 downturn.
5h ago
CoinDesk
Thai Central Bank Warns Against ‘Illegal’ Use of Baht-Denominated Stablecoin
The Bank of Thailand has deemed any activity involving the THT stablecoin "illegal" on the basis it violates the nation's Currency Act.
6h ago
Reuters
Oil falls 2% as inventories rise and vaccine rollout stalls
Oil prices fell for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic. Brent crude fell $1.47, or 2.16%, to $66.53 a barrel by 1341 GMT. U.S. oil was down $1.50, or 2.32%, at $63.10 after shedding 0.3% in the previous session.
13h ago
MarketWatch
Dow ends above 33,000 for first time after Fed signals no interest rate hikes through 2023
U.S. stocks closed higher Wednesday, shrugging off earlier losses, after Federal Reserve policy makers said no interest rate hikes were expected through 2023, even if inflation overshoots 2%.
19h ago
CoinDesk
Bitcoin Price Gets Fed Boost but Bond Yields Could Play Spoilsport: Analysts
The Federal Reserve has strengthened bitcoin's appeal as an inflation hedge, opening doors for a continued price rally.
4h ago
Bloomberg
Baidu Raises $3.1 Billion From Second Listing in Hong Kong
(Bloomberg) -- Chinese search engine Baidu Inc. raised HK$23.9 billion ($3.1 billion) in its Hong Kong share sale, sealing the latest in a string of blockbuster equity offerings in the financial hub.The company priced its sale of 95 million shares at HK$252 each, according to a filing Wednesday. That represents a nearly 3% discount to Baidu’s Tuesday closing price in New York of $266.78.One of Baidu’s American depositary shares is equal to eight of the ordinary shares being listed in Hong Kong.Nasdaq-listed Baidu follows online car-sales website Autohome Inc. in seeking a trading foothold in Hong Kong, after a wave of such share sales in 2020 which saw some $17 billion raised. Other companies looking at selling shares in the city include Tencent Music Entertainment Group and video site Bilibili Inc.At $3.1 billion, Baidu’s listing is the biggest such homecoming of a U.S.-traded Chinese company in Hong Kong since NetEase Inc.’s June 2020 offering, which raised HK$24.3 billion. A growing cohort of Chinese firms have been seeking to expand their investor bases closer to home amid deteriorating relations between the world’s two biggest economies.The trend has boosted the listing volumes for Hong Kong’s bourse, which now has a growing contingent of technology firms trading in the city. Globally, initial public offerings are on track for a record first quarter, thanks to a U.S.-led boom in blank-check companies, even as volatility has increased in markets following concerns about rising inflation.Once one of China’s tech leaders, Baidu is now playing catch-up as the country’s internet users increasingly shift from desktop to mobile. In recent years the company has spent billions of dollars in areas such as language learning and autonomous driving, betting on smart devices and vehicles of the future.Bank of America Corp., CLSA Ltd. and Goldman Sachs Group Inc. are joint sponsors of the offering, while China International Capital Corp., UBS Group AG and CCB International Holdings Ltd. are joint global coordinators. Baidu’s shares are due to start trading in Hong Kong on March 23, according to Wednesday’s statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
Bloomberg
China Facing Shortages Seeks to Cut Corn and Soymeal Use in Feed
(Bloomberg) -- China, the world’s biggest importer of corn and soybeans, is seeking to reduce their use in livestock feed in an attempt to curb the country’s dependence on foreign supplies, according to an official publication.The top global pork producer has been buying record amounts of both commodities as demand for animal feed, cooking oil and industrial products outstrips the nation’s ability to produce them. China is tackling the issue by boosting support for farmers, raising productivity and reducing wastage, but demand continues to expand driven by economic growth and affluence.The agriculture ministry has drafted a plan to partly replace usage of corn and soybean meal with alternatives such as rice, wheat, potatoes and other oilseed meals, the China Swine Industry Journal said, posting an official ministry document, but gave no details on the target for substitution.The country’s corn demand may exceed 300 million tons by the year 2030, while soybean consumption could hit 120 million tons, which will have a huge impact on food security, the Journal said, citing unidentified experts. The U.S. Department of Agriculture estimates corn consumption at 289 million tons in 2020-21 and soybean demand at 116.7 million tons.The domestic corn market climbed to a record in January on increasing use of the grain for hog feed and for refining into starches and syrups, and on depleted state stockpiles. The government has encouraged feed mills to purchase wheat and rice from state stockpiles to replace corn.The country’s soybean imports exceeded 100 million tons in 2020 and corn shipments were more than 11 million tons. The USDA expects corn imports to reach 24 million tons in 2020-21, more than triple a year earlier.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
5h ago
Bloomberg
Credit Suisse Replaces Varvel, Halts Bonuses Amid Client Furor
(Bloomberg) -- Credit Suisse Group AG raced to contain the widening fallout from the collapse of Greensill Capital as it acknowledged defaults are coming in a $10 billion group of now-frozen funds that the bank touted for their safety.Facing client furor and regulatory probes over the collapse of the short-term debt funds, the Swiss bank demoted one of its top executives, withheld bonuses for others and separated the asset management unit at the center of the scandal from the much more valuable wealth unit.Chief Executive Officer Thomas Gottstein, who has largely shied away from making deep changes since taking over a year ago, is contending with threats of litigation and demands from regulators to hold more capital as the crisis renews questions about risk management and controls. Clients from rich individuals in the Middle East to Swiss pension funds are expressing their anger over potential investment losses, threatening key relationships far beyond the asset management business.“There remains considerable uncertainty regarding the valuation of a significant part of the remaining assets,” the bank said in its annual report on Thursday. “The portfolio manager has been informed that certain of the notes underlying the funds will not be repaid when they fall due.”The bank has so far returned about $3.1 billion to investors and said it has an additional $1.25 billion in cash across the four funds.As part of the changes announced Thursday, Eric Varvel, who oversaw asset management from the U.S., will be replaced next month by Ulrich Koerner, until recently the head of the fund unit at rival UBS Group AG. The payout and vesting of variable compensation for a number of senior employees involved in the Greensill debacle -- up to and including the executive board -- is on hold so the bank can reconsider it.Asset management will become a separate unit, with Koerner reporting directly to CEO Gottstein. Varvel will work alongside Koerner in the coming months and then focus on his other roles as CEO of the bank’s U.S. holding company and chairman of the investment bank. The changes cap two frenzied weeks in which the bank launched an internal probe, brought in outside help to deal with regulators’ queries and sought to calm investors by returning cash portions of the funds.In most cases when an asset manager has to liquidate a fund, losses are borne by the investors. But for Credit Suisse, which sold the products across business units, the case isn’t as clear-cut. The funds were used to invest money for retirees, the bank pitched them to corporate treasurers and insurers, and offered them to rich families as an alternative to cash.Credit Suisse sold a disproportionate amount of the funds -- more than $1 billion -- through its private banking arm in the Middle East, according to people familiar with the matter. It was part of a push to move rich Middle Easterners, who frequently hold large amounts of money in Switzerland, out of costly cash deposits and into fee-generating investments.Some of the Swiss bank’s most important clients in the Gulf also borrowed against their holdings in the funds to amplify returns, the people said, asking for anonymity to discuss internal information. These clients are now facing the dual problem of potential losses in the Greensill-linked funds and possibly calls to put up more collateral for their borrowings.The situation has left Credit Suisse bankers in the region scrambling to salvage client relationships, without being able to answer key questions about the extent of possible losses and who will end up paying for them.At home in Switzerland, where Credit Suisse is a top provider of investment management services for retirees, at least one pension plan has been pressuring the bank and local politicians to ensure they’re made whole, according to a person familiar with the matter. The pension is asking why the bank didn’t take action despite warning signs, the person said.A spokesperson for Credit Suisse declined to comment.Varvel’s replacement marks the highest-level shakeup so far in the wake of the Greensill debacle, after the bank temporarily removed a number of lower-ranking managers while it conducts the probe. A Credit Suisse veteran of almost three decades, he took over as head of asset management in 2016, pursuing a “barbell strategy” of focusing on alternative investments on the one hand, and cheaper, passive instruments on the other.While he was able to boost assets under management, the unit has been in the spotlight for the wrong reasons recently. On top of the issues with the Greensill-linked funds, setbacks include a $450 million impairment on a stake in York Capital Management, the closure of two re-insurers backed by the unit’s insurance-linked securities strategy, and a 24 million-franc charge on seed capital for a real estate vehicle.The Greensill-linked funds initially invested in loans backed by invoices that would be paid in a matter of weeks or months, making them relatively safe. But as they grew into a $10 billion strategy, they strayed from that pitch and much of the money was lent against expected future invoices, for sales that were merely predicted, Bloomberg has reported.Credit Suisse rated the flagship fund the safest on a scale of one to seven, in part because many of the assets were insured. A high-octane version of the fund that didn’t use insurance was still given the second-safest rating in investor documents. Credit Suisse decided to freeze them after a major insurer of the assets refused to continue coverage.Some investors are now threatening legal options, Credit Suisse said. Edouard Fremault, a partner at Deminor in Brussels, a company that funds investment-recovery litigation, said his firm has already been approached by around 10 investors in the funds. The investors are private and corporate clients of Credit Suisse in the U.K. and Switzerland, according to a person familiar.Credit Suisse earlier this week warned it may take a financial hit related to Greensill. Questions also remain surrounding the bank’s decision to further its exposure to the former billionaire financier by providing a $140 million bridge loan last fall, and whether Chief Risk Officer Lara Warner played a key role. The bank has said she only learned of Greensill’s problems securing insurance cover for its supply chain finance loans on Feb. 22, about a week before Credit Suisse gated the funds.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2h ago
Bloomberg
Binladin’s Debt Restructuring Is About to Get More Scrutiny
(Bloomberg) -- A debt restructuring proposal designed to prevent the collapse of construction giant Saudi Binladin Group may face more scrutiny from creditors.The lenders that want a bigger say in the process have held discussions with Rothschild & Co. and may decide to appoint the investment bank in the coming weeks, the people said, declining to be named because of the sensitivity of the matter.Talks are ongoing, and no final decisions have been made, the people said. Creditors may also choose to hire another adviser or none at all, they said.While it’s not unusual for creditors to seek an independent counsel, they are acting almost a year after Binladin hired Houlihan Lokey Inc. as an adviser for what would be one of the Middle East’s biggest debt revamps. The plan is a response to what banks deem to be the lack of transparency that surrounds the process and an approach by Houlihan that they fear will result in a one-sided deal, according to the people.Houlihan has warned that it would consider resorting to Saudi bankruptcy regulations to overcome any dissent among lenders, they said.Houlihan said lenders aren’t coming under pressure. “Absolutely no discussions have been had with creditors around use of available tools to implement the deal” as the firm is “working with the company and its stakeholders towards a comprehensive recapitalization,” said Arun Reddy, Houlihan’s managing director for the Middle East, Turkey and Africa.Rothschild declined to comment.A spokesperson for Binladin said in a statement that “positive discussions with creditors and lenders are advancing” as part of the company’s efforts “to comprehensively recapitalize its balance sheet” and improve operations.“Ongoing engagement with our stakeholder community is expected as we advance the company towards substantial market opportunities,” the spokesperson said.Construction GiantBinladin has been playing a key role in building most of Saudi Arabia’s infrastructure since the modern Saudi kingdom was founded in 1932.But it’s fallen on hard times in recent years, accumulating massive losses and debts as it found itself out of favor with the government in the aftermath of a crane accident in Mecca in 2015.The company has since cut tens of thousands of jobs, overhauled top management and reduced salaries to bring down costs. Lower oil prices further curbed the Saudi government’s spending power, deepening Binladin’s troubles.Binladin owes 32.9 billion riyals ($8.8 billion) to more than 50 banks, mostly Saudi and other Gulf lenders but also international heavyweights such as BNP Paribas SA, Deutsche Bank AG and Standard Chartered Plc, according to documents reviewed by Bloomberg.A rare public glimpse into the finances of the Middle East’s biggest construction group paints a complex picture of a company that has received billions in dollars in state support but at the same time is owed large amounts of money from the government for work that’s already been carried out.Although the company’s performance has started to stabilize before the pandemic, its net losses in 2017-2019 reached a cumulative 17.5 billion riyals, one of the documents showed.Seeking ConsensusHoulihan is looking to secure support this month from banks and the Saudi Finance Ministry, in addition to setting up a call for all of the company’s lenders.Binladin’s restructuring adviser has warned in its presentations that a liquidation of the company would have a “devastating impact” on Saudi Arabia’s construction sector and the company’s large workforce. It stated that suppliers, banks and the Saudi government -- which owns roughly a third of the company -- will all be hurt without creditors’ backing for the plan.By hiring an independent adviser like Rothschild, lenders are angling for a better deal and would more likely speak with one voice when dealing with Binladin and its advisers, said the people. It would also ensure that they receive equal treatment and discourage different banks from striking separate deals with the company, they said.Complicating the process, Binladin’s creditor group includes not only commercial banks that have extended roughly 200 different financing facilities, but also the Saudi government, trade creditors and various client liabilities.Risks AboundA Binladin bankruptcy would send shockwaves through the Gulf’s banking system and pose a serious setback to the kingdom’s ambitious economic reforms, which rely on major local companies to deliver its most ambitious projects.Adding another layer of complexity is Binladin’s part in developing the holy cities of Mecca and Medina, a key source of revenue for the Saudi rulers as a destination for millions of pilgrims each year before the global pandemic.Houlihan came onboard last year in an attempt to turn around the company and transform it into a national champion that can support the Saudi crown prince’s goals.The U.S. investment bank has submitted a debt proposal to lenders that gives not only an overview of Binladin’s financial challenges but also charts a possible path forward, allowing the company to turn around its fortunes within seven years and eventually enabling creditors to recoup some of their money, according to the documents.The revamp plan’s success also hinges on Binladin’s progress in securing payments for past work. It’s also counting on the company’s ability to benefit from Saudi Arabia’s plans to pump spending into various mega-projects.(Updates with Houlihan’s comment starting in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2h ago
Bloomberg
Griddy to Cancel Texas Power Bills If Customers Don’t Sue
(Bloomberg) -- Griddy Energy LLC has one final deal for Texans before the power seller shuts down for good: if its 29,000 former customers agree not to sue, the company will cancel electric bills that were about 300 times normal amid last month’s winter storm.On its first day in bankruptcy court, Griddy lawyers outlined a plan to liquidate, settle with customers and, possibly, arrange lawsuits against those that the company blames for its collapse. The company also won court permission to pay its remaining employees and other routine bills while the Chapter 11 case goes forward.U.S. Bankruptcy Judge Marvin Isgur called Griddy’s bankruptcy proposal “unique and really unprecedented.” Isgur, who has overseen some of the biggest corporate restructurings filed in recent years, pushed Griddy to ensure that customers understand how the bankruptcy case will affect their huge electric bills after first criticizing Griddy’s attempt to pay one of its lenders as the case goes forward.Customers face an average bill of about $1,100 because of the winter storm that sent power prices surging, Isgur said. If Griddy wants to cancel those charges in exchange for customers dropping potential lawsuits, the company must clearly let people know that before they vote on the proposal, Isgur said. Customers will be considered creditors who have a right to vote on the liquidation plan before Isgur decides whether to approve it.“This is a difficult case,” Isgur said. “I really am worried that we handle it properly.”Surging PricesGriddy filed for bankruptcy on Monday, blaming its woes on the Electric Reliability Council of Texas, which runs the state’s power grid. During the storm, Ercot, as it is known, pushed up wholesale power prices dramatically under rules Texas lawmakers have adopted that deregulated much of the state’s electric industry over the course of several decades. Griddy was barred from the state’s power markets in late February after failing to make a payment.Griddy charged wholesale prices instead of fixed ones. Knowing that rate structure would mean massive bills for its customers as power prices climbed, the company made the unusual move of pleading with them to switch to another provider in mid-February. Some customers who didn’t switch in time were stuck with bills for thousands of dollars.Isgur told the main lawyer suing Griddy on behalf of customers that the company deserves some credit for making that effort.“I’m not seeing someone here that set out to do something wrong,” Isgur said of the company. “But I may have someone here who may have done something wrong. It is way too early to make that determination.”Griddy will try to win final approval for its liquidation plan from Isgur within 85 days, Robin Spigel of Baker Botts said in court on behalf of the power company.One option being considered is to hire an administrator who would decide whether to file lawsuits to try to collect money that would go to Griddy’s creditors, Spigel said.The case is Griddy Energy LLC, 21-30923, U.S. Bankruptcy Court for the Southern District of Texas (Houston). To view the docket on Bloomberg Law, click here.(Updates with customer vote on liquidation plan in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
Reuters
U.S. bond worries remain after dovish Fed meeting
The prospect of higher U.S. Treasury yields remains a central focus of investors, even after the Federal Reserve assured markets it would keep measures in place to support growth despite expectations of a powerful economic rebound. Fed Chair Jerome Powell on Wednesday pledged to keep rates at record lows for years to come, despite expectations of a sharp acceleration in growth and inflation this year as the COVID-19 crisis ebbs.
10h ago
Bloomberg
Sanjeev Gupta’s Trophy Deal Shows How He Built a Shaky Empire on Debt
(Bloomberg) -- In early 2019, industrialist Sanjeev Gupta was trying to secure his biggest prize yet: a deal to buy a string of steel plants across Europe from ArcelorMittal SA. There was just one problem: he was struggling to find the cash.The European Commission insisted he invest more of his own money -- and take on less debt -- before it would approve the purchase. For Gupta, as on so many previous occasions, the answer came as a creative solution from financier Lex Greensill.Greensill’s company extended hundreds of millions of dollars of credit to Gupta’s businesses based on the inventories at his Australian assets. Problem solved, a few months later the ArcelorMittal deal was done.The tale of Gupta’s acquisition of the ArcelorMittal assets illustrates how the British-Indian entrepreneur built his empire by shuffling cash from one part of his business to another. The reporting, based on corporate filings spanning Australia, Singapore and the U.K., and interviews with two people with direct knowledge of the deal, suggests his ascent relied on clinching one deal after the next, raising new financing at every stage, and thus piling debt on top of debt -- much of it from Greensill.With his biggest lender now in insolvency, Gupta faces a reckoning. Without access to more Greensill financing, and with his ability to keep doing deals severely hampered, what will become of the so-called “savior of steel”?Range of ToolsGFG’s funding agreements reflected its strategy to improve operational and commercial performance at the assets, which represented a “a series of countercyclical investments,” a spokesman said in response to questions.“We have used a range of financing tools, including bonds, bank loans and asset based financing to fund the business. We have significantly improved the performance of our major businesses and are benefiting from strong steel, iron ore and aluminium markets.”Spokespeople for Greensill and ArcelorMittal declined to comment.Back in July 2019, Gupta was triumphant. Declaring himself “extremely proud,” he announced he was the new owner of seven steel mills in Romania, Czech Republic and four other European nations.Behind the scenes, Gupta had been imploring his employees for months to find cash for the deal, according to one of the people. It’s not unusual for buyers to borrow to fund their deals. But usually they inject a minimum chunk of their own money -- or equity -- to cushion the risk taken by their lenders in case the value of the asset should fall.After Gupta drummed up the additional cash, Brussels, which was involved because the ArcelorMittal assets were being sold to satisfy a European Commission requirement, declared itself satisfied with Liberty as a buyer.In its assessment, the Commission noted that while Liberty’s original proposal had “raised concerns” because it “would have been highly leveraged,” in the final version of the deal the equity contribution had increased, and represented 30% to 40% of the purchase price.But in reality that contribution had come thanks only to another debt, the people said: the borrowing from Greensill against Gupta’s Australian assets.A filing from Liberty OneSteel (Primary) UK Ltd., a holding company for the assets, shows that a A$1 billion facility was agreed in late February 2019 against the Australian inventories. As of the end of June 2019, A$280 million of it had been drawn, a different filing shows. Another Gupta-owned Australian entity, Liberty Infrabuild Ltd., borrowed A$233 million, also against inventories, its accounts show.Based on exchange rates at the time, those two amounts added up to about $360 million.Meanwhile, another of Gupta’s myriad companies -- Singapore-registered Liberty Primary Steel & Mining Pte Ltd. -- injected $350 million into a newly formed holding company, which in turn consummated the deal with ArcelorMittal.A spokesperson for the European Commission declined to comment on the details of the transaction, saying that it “continues monitoring the implementation of the divestiture commitment by ArcelorMittal.”Announcing the deal’s completion, Gupta said the European steel mills would “form a key part of our global steel strategy.”But they also had a more immediate benefit: access to even more cash. Once again, the source of the financing was Greensill, but this time on an even larger scale: Gupta got 2.2 billion euros ($2.6 billion) in new credit facilities secured on the assets he had bought from ArcelorMittal, according to company filings -- far more than the 740 million euro sale price.The dizzying pace at which Gupta has executed deals over the past three years made it hard for anyone outside his inner circle to keep up with. With the new firepower generated by the ArcelorMittal deal and Greensill’s financial alchemy, he barely paused for breath.Two weeks after the deal closed, he bought back hundreds of millions of dollars in bonds from GAM Holding AG, allowing the fund manager to draw a line under a scandal that had claimed the job of its star trader Tim Haywood and threatened to engulf Greensill and Gupta.Within months, Gupta announced more deals: an Australian pipe manufacturer, a steel mill in Louisiana, and a Belgian aluminum plant.By August 2019, Gupta had repaid the borrowing against his Australian inventories. In its place, he agreed a new credit line with Greensill -- this time based on his Australian assets’ “future receivables,” according to a corporate filing.It was a type of financing Gupta would come to rely on more and more. In his witness statement on his company’s insolvency earlier this month, Lex Greensill said that Gupta’s group of companies, known as GFG Alliance, was “heavily dependent” on Greensill’s financing, “particularly finance through the future accounts receivable programs.”Read: Coal Miner’s Suit Shines Light On Greensill’s Unusual MethodsBy the second half of 2020, Greensill faced mounting pressure to reduce exposure to GFG.Around the same time, Gupta was gearing up for his most ambitious deal yet: an offer to buy the vast steelmaking operations of German giant Thyssenkrupp AG. If successful, the purchase would bring the promise of new financing -- this time, Gupta announced in October, from Credit Suisse Group AG.Just a month ago, the Thyssenkrupp deal fell apart, amid disagreements on value and also concerns about Gupta’s ability to finance the deal, Bloomberg reported at the time. Credit Suisse declined to comment.Shortly after, Gupta’s key financier, Greensill, filed for insolvency.With Gupta’s run of acquisitions brought to a halt, there’s still a vital deal left to do: the one to save his own company.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
7h ago
Yahoo Finance
This 118-year-old legendary auto parts maker is going public via a SPAC
Holley is poised to debut on the stock market after announcing a SPAC deal.
2d ago
Benzinga
Welcome To The Golden Age Of EVs
Tesla Inc (NASDAQ: TSLA) proved consumers would buy electric cars. Now, both traditional automakers and startups are tapping into that demand. EVs are expected to make about half of total global vehicle sales by 2030. EV penetration in Europe was already approaching one-fifth by the end of 2020. According to Financial Times, Ford Motor Co's (NYSE: F) electric sport-utility vehicle, the Mustang Mach-E, has begun eating into Tesla's market share in the U.S. while in Europe, the world's largest electric-car market, Volkswagen (OTC: VWAGY) beat Tesla to become the top-selling all-electric vehicle maker last year. Startups are able to compete Rivian is poised to become the first to deliver the world's first electric pickup truck as it plans to begin selling an electric SUV and electric pickup later this year. It fetched investments from the likes of Ford and Amazon (NASDAQ: AMZN) and raised $8 billion since 2019. Battery costs should be cut in half over the next half of a decade and growing costs for emissions reduction will help smaller players close the profit gap. Worksport (OTC: WKSP) is one such startup, it's TerraVis system is able to power pickups through solar powered tonneau covers but also used as a remote power source. Atlis Motor Vehicles and Hercules Electric Vehicles already signed up to have this technology configured for their anticipated electric pickups. Premium automakers are joining as well Sales of higher-end versions are concentrated in regions where electrification is progressing faster and premium automakers aren't going to miss benefiting from this trend. Even Aston Martin has promised it will build its battery sports car and sport utility vehicle from 2025. Both models will be not be made in plants of its partner Mercedes-Benz who owns 20% of the company but in Aston plants in the Midlands and Wales, while the UK is struggling to attract the investment it needs to secure the industry's future. Ferrari has committed to making battery models by 2030. VW-owned Bentley is planning a battery car for the middle of the decade. Meanwhile, McLaren and VW-owned Lamborghini have not set timelines but did reveal their plans to build their own supercars for the EV era. Tesla is not slowing down Tesla's market-share losses in the U.S. and Europe could indicate that competitive dynamics are starting to play out. But Tesla's kingdom is still growing after having delivered nearly half a million vehicles world-wide last year, up more than one-third from 2019, and it is aiming to grow at a faster pace in 2021. It's optimistic, flamboyant CEO with an aspiration for ‘grandiose' ideas, Elon Musk, just crowned himself as the "Technoking of Tesla" with Chief Financial Officer Zach Kirkhorn gaining the title of "Master of coin" with both changes effective Monday, in a filing with the Securities and Exchange Commission. After years of sluggish adoption, EVs are now poised for a sharp increase in sales. Moreover, a range of revolutionary new products could make ICE vehicles a thing of the past much sooner than anticipated. Welcome to the Golden EV Age. This article is not a press release and is contributed by IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com The post Welcome to the Golden Age of EVs appeared first on IAM Newswire. See more from BenzingaClick here for options trades from BenzingaOracle's Soft Guidance Overshadowed Strong ResultsThis Week's Earnings Repertoire© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
2d ago
CoinDesk
Bitcoin Drops 3% Ahead of Fed Meeting, Despite Bullish Chart Pattern
Bitcoin is falling, as caution ahead of the FOMC rate decision overshadows bullish chart pattern.
1d ago
Reuters
GameStop leads meme stocks lower, on track for sharp weekly drop
The company's shares were down 16.4% at $184, on track for their worst weekly performance since early February, with a drop of more than 30% since Friday's close. Other so-called meme stocks, popular with online retail traders, declined early in Tuesday's session, with cinema operator AMC Entertainment Holdings Inc down 8.6%, while headphones maker Koss Corp fell 7.1%. GameStop continues to retain a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%, in a short squeeze that shook hedge funds such as Melvin Capital.
2d ago
Reuters
Nokia sees pick up in margins as turnaround takes shape
Nokia, which announced thousands of job cuts this week, is forecasting a pick up in profit margins to 10%-13% in 2023 as new Chief Executive Pekka Lundmark charts a course to catch up with rivals in the race to deliver 5G networks. Nokia, which has lost out to Sweden's Ericsson and China's Huawei in the battle for work on next generation 5G networks, had last year cut its 2020 operating margin guidance to 9% from 9.5% and forecast 7%-10% for 2021. Lundmark, who took the helm in August, has introduced a new operating model with four business groups and plans to cut the workforce by 10,000 jobs in the next two years from about 90,000 employees now.
8h ago
Bloomberg
Biden’s Keystone Pipeline Halt Prompts Red States to Sue
(Bloomberg) -- Texas and other red states sued the Biden administration for canceling the $8 billion Keystone XL pipeline, stepping up a legal fight over the controversial pipeline that is extending into a third presidential administration.President Joe Biden lacks unilateral authority to change energy policy set by Congress, according to a complaint filed in a Texas federal court on Wednesday. The suit was filed by Texas Attorney General Ken Paxton and Montana Attorney General Austin Knudsen.“The executive’s unilateral decision to revoke the Keystone XL permit is contrary to the constitutional structure to which the states agreed at the time of ratification,” the states said. “The executive’s decision also encroaches upon the states’ abilities to steward and control the lands within their borders.”The states said in the complaint they will lose out on “tens of millions of dollars” in tax revenue from the construction and operation of the Keystone XL, In Montana, South Dakota, and Nebraska, the total estimated property tax from the Keystone XL project in the first full year of operations is approximately $55.6 million, according to the complaint.The pipeline permit, which would connect oil sands in Canada to U.S. refiners, was approved by the Trump administration in 2019 after previously being rejected by President Barack Obama. Biden issued an executive order revoking the Keystone XL pipeline’s cross-border presidential permit as soon as he entered office in January. The Keystone pipeline is backed by the Canadian government, construction and energy industries but opposed by environmentalists, tribes and some landowners.Attorneys general from 19 states, including Alabama, Missouri, Nebraska, North Dakota, Oklahoma, Ohio, Utah and Wyoming, joined in the Texas and Montana lawsuit.“The argument that transporting crude oil via pipeline is worse for the environment than by rail or shipment is preposterous and has been disproven numerous times, even by the Obama-Biden State Department,” said Oklahoma Attorney General Mike Hunter. “The Keystone Pipeline also will move the United States closer to energy independence.”Canadian pipeline giant TC Energy Corp. had sued the Obama administration in a Texas federal court, similarly arguing that Obama’s rejection of the project conflicted with the will of Congress. TC Energy dropped the suit in 2017, without resolution, after Trump granted a presidential permit.Alberta also threw its weight behind Keystone XL last year, committing $5.3 billion in investment and loans for the project.“Currently we are examining all options following the executive order, including looking at all avenues – including trade agreements – to recoup our investment if the project,” the Premier of Alberta’s office said in an emailed statement.If built, the pipeline would stretch some 1,200 miles (1,900 kilometers) from Alberta oil sands to Steele City, Nebraska, to connect with existing infrastructure to move oil to Gulf Coast refineries.The case is State of Texas v. Biden, 3:21-cv-00065, U.S. District Court, Southern District of Texas (Galveston).(Updates with background, details from complaint)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
14h ago
CoinDesk
Bitcoin Could Hit $115K by August, Pantera’s Morehead Writes
Bitcoin could be set for a price rally north of $100,000 this summer under Pantera's model.
2d ago
Bloomberg
National Grid Makes $11 Billion Deal in Move to Green Future
(Bloomberg) -- National Grid Plc agreed to buy PPL Corp.’s U.K. electricity distribution business for 7.8 billion pounds ($10.9 billion), a move that will transform the company as it prepares for a low-carbon future.The biggest U.K. utilities transaction in a decade highlights how crucial grids have become as nations figure out how to navigate the shift to electricity from fossil fuels.Distribution grids, the local networks that feed directly into homes and businesses, are at the heart of the energy transition. Smart homes with electric heating systems, as many as 30 million electric cars, and small-scale renewable generation will all be connected to local grids in coming decades.“This makes an awful lot of sense for the U.K. and National Grid in terms of the energy transition,” Chief Executive Officer John Pettigrew said in an interview. “We believe that the growth that we’re likely to see in the distribution sector is going to be stronger and more certain and longer than other elements of the energy sector.”In a separate deal, PPL is picking up Narragansett Electric Co. from National Grid for an equity value of $3.8 billion. The transactions mean PPL will shed its international unit and can focus on running U.S. utilities. The Allentown, Pennsylvania-based company said in August it was pursuing such a move, with an eye to increasing shareholder value.The sale follows those of U.S. rivals that sold or spun off non-utility assets in recent months while holding on to less-risky regulated power companies. Exelon Corp. said last month it would separate its power-generation business, and Public Service Enterprise Group Inc. is seeking to sell non-fossil fuel assets. Dominion Energy Inc. in July sold its gas pipeline and storage business to Berkshire Hathaway Inc.PPL will likely continue this transition with the cash it’s gaining from National Grid, said Nikki Hsu, a utilities analyst with Bloomberg Intelligence.“They probably will be acquiring more assets,” Hsu said.Future SalesNational Grid also announced it intends to sell its majority stake in its gas grid business later this year, as the fossil fuel comes under increasing scrutiny from investors and activists.The WPD sale drew interest from a wide range of companies. The government’s climate pledges are what’s attracting investors to distribution grids, according to Randolph Brazier, director of innovation and electricity systems at the Energy Networks Association.“Ultimately, it’s driven by net zero,” he said. “Because people are connecting all these new technologies to the distribution grid.”Local network businesses are about digitalization, decarbonization, and decentralization. They’re all underpinned by net zero, he said.Net-Zero TargetCompletion of the WPD deal, which will be funded with bridge financing through debt, is expected within the next four months and completion of the NECO aale is expected before the end of the first quarter of 2022. National Grid said it plans to start the sale process of its gas unit in the second half of this year.Once the deals complete, the National Grid portfolio will be 70% electricity and 30% gas, Pettigrew said. The fossil fuel is quickly becoming the next target of climate policies aimed at effectively eliminating emissions by 2050 in the U.K.Western Power provides electricity to more than 7.9 million U.K. customers in the Midlands, South West and Wales.National Grid has a commitment to reach net zero for scope one and two emissions. It plans to cut scope three emissions, on the energy carried through its networks to customers by 20% by 2030 from a 2016 baseline.Reducing the carbon in the fuel carried in its gas network is possible through hydrogen. The utility is currently looking at how it can switch from piping gas through its networks to clean-burning hydrogen to heat homes.“We view the transaction as a positive step for National Grid,” John Musk, analyst at RBC Europe Ltd said in a note. Adding that the market will need time “to digest” the deal.Shares rose 0.5% to 835.6 pence a share at 2:34 p.m. in London.(Updates with comment from analyst in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
17m ago

S&P 500

Dow 30

Nasdaq

Russell 2000

Crude Oil

Gold

Silver

EUR/USD

10-Yr Bond

GBP/USD

USD/JPY

BTC-USD

CMC Crypto 200

FTSE 100

Nikkei 225

Online On-Demand Home Services Market to grow by $ 4,730 Billion during 2021-2025 | Insights on COVID-19 Impact Analysis, Key Drivers, Trends, and Products Offered by Major Vendors | Technavio

Recommended Stories

Google will spend $7 billion and add 10,000+ jobs in 2021: Alphabet CFO Ruth Porat

Thai Central Bank Warns Against ‘Illegal’ Use of Baht-Denominated Stablecoin

Oil falls 2% as inventories rise and vaccine rollout stalls

Dow ends above 33,000 for first time after Fed signals no interest rate hikes through 2023

Bitcoin Price Gets Fed Boost but Bond Yields Could Play Spoilsport: Analysts

Baidu Raises $3.1 Billion From Second Listing in Hong Kong

China Facing Shortages Seeks to Cut Corn and Soymeal Use in Feed

Credit Suisse Replaces Varvel, Halts Bonuses Amid Client Furor

Binladin’s Debt Restructuring Is About to Get More Scrutiny

Griddy to Cancel Texas Power Bills If Customers Don’t Sue

U.S. bond worries remain after dovish Fed meeting

Sanjeev Gupta’s Trophy Deal Shows How He Built a Shaky Empire on Debt

This 118-year-old legendary auto parts maker is going public via a SPAC

Welcome To The Golden Age Of EVs

Bitcoin Drops 3% Ahead of Fed Meeting, Despite Bullish Chart Pattern

GameStop leads meme stocks lower, on track for sharp weekly drop

Nokia sees pick up in margins as turnaround takes shape

Biden’s Keystone Pipeline Halt Prompts Red States to Sue

Bitcoin Could Hit $115K by August, Pantera’s Morehead Writes

National Grid Makes $11 Billion Deal in Move to Green Future