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Reddit Army shoots meme-stocks into stratosphere | TICKER VIEWS

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The Reddit retail-trading army is back bigger than ever, as is the meme-stock frenzy. Last time it was GameStop and now there’s a new player.

Shares in AMC Entertainment Holdings boomed to all-time highs across a wild trading session,

At one point the money-losing movie-theatre stocks rose 127 per cent. Its total gains this year topped three thousand per cent.

A few months ago AMC was on the brink of bankruptcy as the pandemic shut cinemas across America. The company isn’t making money but fundamentals apparently don’t matter to the retail investors, they’re after hedge fund short-selling pain.

Similar to GameStop, AMC is an unremarkable business but that didn’t prevent its stock price rising 95 per cent and closing at a record high of just over $62 USD.

Michele Scheider from Market Gauge says the trend will continue until one thing changes.

“I think it’ll rotate into the next thing, until we do see where the ability of hedge funds to manipulate these companies gets more regulated, and there isn’t so much fodder for the Reddit army to go after.”

It’s another example where Wall Street traders would be shaking their heads.

Michelle Schneider from MarketGuage says “it’s crazy” and “we know this can cripple companies”

AMC announced that it will reward the small-time supporters with goodies including special screenings and free popcorn.

FREE POPCORN WILL BE REWARDED TO AMC’S SMALL SUPPORTERS.

The other news of the week surrounded Elon Musk’s favourite: Doge Coin.

The joke cryptocurrency rose over 20% after the major exchange operator Coinbase allowed Doge to be traded on their platform.

It left Musk pretty chuffed and Schneider says the ‘joke’ isn’t that funny.

“There isn’t really a joke here. We still have a tremendous amount of adoption from different institutional companies that are using Bitcoin and other ‘joke’ coins as a currency.”

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Germany recalls Tesla models due to emergency fault

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Tesla is in the spotlight again, with Germany’s road traffic agency recalling models Y and 3 due to a fault in the automatic emergency call system

It’s a fault that could possibly impact around 59,000 vehicles globally.

Germany’s watchdog says a software flaw is causing a breakdown of the e-Call, a system designed to alert authorities after a serious accident.

The glitch follows the company delivered almost 18 per cent fewer electric vehicles in the second quarter than in the previous.

This is largely due to China’s Covid-19-related shutdowns and the ongoing supply chain crunch.

Meanwhile, CEO Elon Musk says Tesla’s new factories in both Texas and Berlin are “losing billions of dollars”.

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World’s first city to charge tourists for visiting

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If you’re lucky to be heading abroad this summer, a visit to the famous canals in Venice, Italy might be on your itinerary, but beware of new fees to come.

Venice will charge most of its visitors an entry fee from next year as it tries to tackle overcrowding.

The city’s tourism chief says Venice are pioneers and will be the first city in the world to apply a measure that could be revolutionary.

From mid January next year, day-trippers must book their visit online before travelling.

They will pay a basic fee of 3 euro, which will rise to 10 euro at peak times.

Tourism is bouncing back in Venice after the pandemic with daily visitors again often outnumbering the 50-thousand residents of the city centre.

The scheme will be closely watched by other popular tourist destinations, overwhelmed with travellers around the world.

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Pubs in UK declining by thousands, new research

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It’s no secret Brit’s love their Pub Grub, but plating up Bangers and Mash is a tradition on the decline

The number of pubs in England and Wales is continuing to fall, hitting its lowest level on record this year

After struggling through Covid the industry now faced soaring prices and higher energy costs, it warned.

There were just under 40-thousand pubs in June, down by 7,000 in the past decade, according to new research.

In fact, thousands of pubs have closed as younger people drink less, supermarkets sell cheaper alcohol and the industry complains of being too heavily taxed.

Pubs which had “disappeared” from the communities they once served had either been demolished or converted for other purposes, meaning that they were “lost forever”.

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