Money

U.S. to add more Chinese firms to blacklists – FT

Published

2 years ago

December 16, 2021

ticker NEWS

Shares in Chinese healthcare and technology firms tumbled on Wednesday after a report that the United States would add more Chinese firms, including the largest commercial drone maker and biotech firms, to investment and export blacklists this week. Francis Maguire reports.

The world’s biggest commercial drone maker looks set to go on a U.S. investment blacklist.

DJI is among eight firms added, according to the Financial Times newspaper.

It says the U.S. Treasury Department is targeting DJI and others after allegations they were involved in surveillance of the country’s Uyghur Muslim minority.

China’s Foreign Ministry criticised the reported move.

“We urge certain people in the U.S. to abandon the Cold War mentality and ideological prejudice, and stop the abuse of state power to unreasonably suppress China’s specific fields and enterprises.”

A DJI spokesperson declined to comment on the report.

Though they did link to a statement from a year ago, when the company claimed it had done nothing to justify a move against it.

The Financial Times also reported the U.S. commerce department would place a number of Chinese firms on a so-called ‘entity list’.

That would restrict exports to those companies by U.S. businesses.

Shares in related firms skidded in Wednesday trade.

Chinese healthcare stocks were down 3.2% in afternoon trade, and the sell-off was even sharper in Hong Kong, at 7.6%.

Another major Chinese AI start-up, SenseTime, was also added to the Treasury blacklist just days ago.

The company was then forced to postpone its $767 million Hong Kong IPO.

Money

There’s a 50/50 chance of a 2024 recession

Published

3 hours ago

December 5, 2023

ticker NEWS

The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?

The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.

#ticker today #money

Money

Tesla insurance sued for ‘inflated’ premiums, judge rules

Published

7 hours ago

December 5, 2023

ticker NEWS

A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.

The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.

The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.

The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.

Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.

It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.

Money

Elon Musk mocks Paris Hilton’s cookware ad

Published

7 hours ago

December 5, 2023

ticker NEWS

Tech mogul Elon Musk couldn’t resist poking fun at Paris Hilton’s recent cookware ad campaign after her company suspended a mysterious “X” deal.

In a tweet that quickly went viral, Musk quipped that the ad “wasn’t super convincing.”

The tweet came shortly after Paris Hilton’s company, Hilton Home Collection, announced the suspension of an undisclosed partnership, leaving fans and followers speculating about the nature of the collaboration. While the reasons for the suspension remain unknown, Musk’s tweet added a humorous twist to the situation.

Musk’s lighthearted remark sparked a flurry of reactions on social media, with some users joining in on the jest and others expressing curiosity about the nature of the suspended deal. Meanwhile, Paris Hilton herself has yet to respond to Musk’s comment, leaving many wondering if there’s more to the story than meets the eye.