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Your next rental car could be a Tesla, following a major deal with Hertz

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Tesla is driving at full speed, with the EV giant striking a major deal with rental car agent, Hertz

Elon Musk owned, Tesla has officially crossed a $1 trillion stock market valuation for the first time in its operating history…and it follows a major order from global rental car agency, Hertz

Hertz plans to order 100,000 new EVs for its fleet.

It is the biggest-ever order from rental car company Hertz, and a deal that has reinforced the electric car leader’s ambitions to top the entire auto industry in sales over the next decade.

But for Tesla and its investors, Hertz’s decision to order 100,000 Tesla vehicles by the end of 2022 showed electric vehicles are no longer a niche product, but will dominate the mass car market in the near future.

Tesla data will be stored in China

Tesla also appeared on Monday to be making progress resolving regulatory problems that threatened its business in China

The company stated that it had opened a new data and research center in Shanghai to comply with government requirements that data collected from vehicles within China, stay in the country.

Tesla now faces the daunting day-to-day challenge of becoming a high-volume automaker growing at a rate not seen since the early 1900s…when demand exploded for Henry Ford’s Model T.

Tesla is also trying to manage an order backlog for its vehicles as it continues to deal with extended supply chain disruptions. 

Investors and analysts, for now, are looking past the near-term challenges, with the latest deal struck between Tesla and Hertz set to only create more hype around its share price.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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World’s second-biggest fashion retailer blames Russia for 89% profit drop

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The Swedish fashion giant H&M says profits have dropped 89 per cent

They blame cost inflation, slow consumer spending and one-off expenses related to its exit from Russia.

Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion.

The Russian exit accounted for half of the decrease in profits, according to the retailer.

H&M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.

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How Disney beat Netflix at its own game

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When it comes to streaming, there’s a new sheriff in town.

Disney+ has quickly become a major force in the streaming wars, adding over 14 million new subscribers in its latest quarter. That’s a big jump from the 3 million it had just three months prior.

In comparison, Netflix lost nearly 1 million subscribers in the same period.

So what happened? How did Disney+ overtake Netflix so quickly?

There are a few factors at play.

For one, Disney+ has a lot of content that people want to watch. As well as its acquisition of 21st Century Fox, the service  has access to popular franchises like Star Wars, Marvel, and The Simpsons. That’s a big draw for people who are looking for something to watch.

In addition, Disney+ is much cheaper than Netflix. A subscription to Disney+ costs $6.99 per month, while a Netflix subscription starts at $8.99 per month. For people who are trying to save money, Disney+ is the more appealing option. Though Disney and Netflix have signalled they’re going to push up their prices.

Disney+ has been aggressive in marketing itself as the superior streaming service. The company has run a number of ads that compare its service favorably to Netflix. This has helped convince people to switch to Disney+.

The Disney effect

The Walt Disney Company launched Disney+ on November 12, 2019. The streaming service is available in the United States, Canada, the Netherlands, Australia, New Zealand, and Puerto Rico.

As of the second quarter of 2020, Netflix had nearly 221 million subscribers across 190 countries.

Factbox

What is the market share of Netflix? In the United States, Netflix has a market share of 37%. That means it is the most popular streaming service in the country.

When was Netflix founded? Netflix was founded on August 29, 1997, in Scotts Valley, California.

What type of company is Netflix? Netflix is a publicly-traded company. Its stock is traded on the Nasdaq under the ticker symbol NFLX.

What is the headquarters of Netflix? The headquarters of Netflix is located in Los Gatos, California.

Disney+ facts

Disney is spending $1 billion per year on its streaming service.

What is the market share of Disney+? In the United States, Disney+ has a market share of 24%.

When was Disney+ launched? Disney+ was launched on November 12, 2019.

What type of company is Disney? Disney is a publicly-traded company. Its stock is traded on the New York Stock Exchange under the ticker symbol DIS.

How much does Disney stock cost? As of August 2020, the price of one share of Disney stock is $115.76.

What is the headquarters of Disney? The headquarters of Disney is located in Burbank, California.

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The world’s largest online retailer gives staff a pay rise

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Workers at Amazon’s warehouse and transportation hubs are set to receive a pay rise

The world’s biggest online retailer says wages will increase to over 19 dollars, which is up from 18.

It’s part of a plan to help the company attract and retain workers in a very tight labor market.

Of course, the peak shopping season is also getting underway.

Amazon says the price increase will cost its company nearly one billion dollar in the next year alone.

The minimum for workers on an hourly wage will stay at 15 dollars.

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