Month: September 2020

(Bloomberg) — A spike in electricity prices last week in the U.K. is raising questions about how well the network operator is balancing the grid and at what cost to consumers.Electricity prices surged to more than 10 times the average following a market warning from National Grid Plc on Sept. 15. The network manager said calm weather and warm temperatures were set to lower the supply buffer it keeps to ensure there’s enough power in the system. At the same time, the company was paying a nuclear station not to generate.The incident is threatening to elevate the highly technical practices …read more […]

U.S. gold futures were down 0.5% at $1,900.20 on Tuesday. “Resurfacing of the coronavirus and the fear that European countries will again go into lockdowns are triggering safe-haven buying in the dollar index and because of that we have seen correction in the gold prices,” said Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade. …read more […]

As of today, starting in the province of Saskatchewan, recreational customers can purchase cannabis products at CannMart.com without a prescription. …read more […]

General Electric announced plans to cease making coal-fired power plants to focus on its core renewable energy and power generation businesses. The stock dropped almost 8% on Monday.General Electric (GE) said the exit from its steam power business may include divestitures, site closings, job cuts and other considerations for publicly held subsidiaries. At the same the company committed to work with customers on current obligations as it pursues the exit.The exit is part of GE’s strategy to invest in its core renewable energy generation businesses, and to make electricity more affordable, reliable, accessible, and sustainable. However, GE steam power will …read more […]

Nvidia (NVDA) has apologized to customers following the hotly-anticipated launch of its GeForce RTX 3080 launch last week.NVDA called the launch “simultaneously the best GPU launch ever and the most frustrating” after the GeForce RTX 3080 sold out almost instantly.“We expected the best ever demand for the RTX 30-series, but the enthusiasm was overwhelming. We were not prepared for this level, nor were our partners. We apologize for this” it wrote on September 21.Indeed, the Nvidia store was inundated with over 10 times the traffic of its previous generation launch, the chip maker revealed.“The reception to our NVIDIA Ampere architecture …read more […]

(Bloomberg) — Hotels, pipelines, convenience stores and automaker bonds are among the assets being bought by some of the world’s biggest asset managers as they look for value in a world thrown into turmoil by the coronavirus pandemic.In interviews with sovereign wealth funds, pension firms and asset managers across Asia and Europe that collectively manage about $3.4 trillion, one thing was clear: many of them are avoiding the overheated stock market.The most common outlook was one of caution. They are mindful that much of the rebound in markets and private-company valuations is thanks to ultra-low interest rates, massive central bank …read more […]

Intel Corp has received licences from U.S. authorities to continue supplying certain products to Huawei Technologies, an Intel spokesman said on Tuesday. This week the state-backed China Securities Journal said Intel had received permission to supply Huawei. Last week China’s Semiconductor Manufacturing International Corporation confirmed it had also sought permission to continue servicing Huawei. …read more […]

Optimism that vaccines are on the way to end the coronavirus pandemic has been a major factor in this year’s U.S. stock resurgence. A UBS analysis found that about 40% of the market’s gains since May can be pegged to hopes for vaccines to protect against COVID-19, which has killed over 960,000 worldwide and rocked the global economy. Global efforts to develop a vaccine are coming to a head, with late-stage data on trials by companies such as Pfizer Inc and Moderna Inc possible as soon as October or November. …read more […]

Walmart is getting into business lending — with some help from Goldman Sachs. …read more […]

Britain is assessing the impact of the sale of chip designer Arm to U.S. company Nvidia , including commitments to keep its head office and staff in Cambridge, Eastern England, digital minister Caroline Dinenage said. Nvidia, the biggest U.S. chip company by market capitalisation, has agreed to buy Arm from Japan’s SoftBank for $40 billion. …read more […]

China’s markets regulator said on Tuesday it has fined a group of 45 firms, including Luckin Coffee, a combined 61 million yuan ($8.98 million) for acts linked to Luckin’s falsification of financial records and misleading of the public. China’s finance ministry said earlier this year that Luckin booked 2.25 billion yuan of sales through fake coupons from April 2019 to end of 2019. The ministry’s investigation also found that Luckin inflated other figures including its revenue, costs and profit in that same period. …read more […]

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk on Monday dashed hopes surrounding the automaker’s ability to reach self-sufficiency in batteries until at least 2022.What Happened: Musk said on Twitter that the unveil at the event scheduled for Tuesday would affect long-term production especially of Semi, Cybertruck, and Roadster but “what we announce will not reach serious high-volume production until 2022.”The billionaire entrepreneur added that the automaker didn’t intend to phase out battery cell purchases from suppliers like Panasonic Corp (OTC: PCRFY), LG Chem Ltd (OTC: LGCLF), or CATL, as has been widely speculated.Instead, Musk estimates that even if the suppliers …read more […]

(Bloomberg) — The TikTok sale saga reached an apparent conclusion over the weekend when President Donald Trump approved a deal. The agreement would allow Oracle Corp. and Walmart Inc. to buy a minority stake in a new joint entity, called TikTok Global. “I have given the deal my blessing,” Trump said.But the harmony was short-lived. Just one day after Trump promised “no Chinese involvement,” TikTok owner Beijing-based ByteDance Ltd. said it would retain 80% control over the new company.By contrast, Oracle said that ByteDance would eventually relinquish its shares. In a statement to the Wall Street Journal, Oracle Executive Vice …read more […]

Many analysts and industry officials expected Musk to unveil battery improvements at the widely-anticipated event, extending the automaker’s lead over General Motors , Volkswagen and other rivals. In a tweet ahead of the event scheduled for Tuesday, Musk said: “This affects long-term production, especially Semi, Cybertruck & Roadster, but what we announce will not reach serious high-volume production until 2022.” Musk also said Tesla intends to increase battery cell purchases from suppliers Panasonic , South Korea’s LG Chem and China’s CATL , and possibly with other partners as well. …read more […]

(Bloomberg) — Apple Inc. Chief Executive Officer Tim Cook said he’s been impressed by employees’ ability to operate remotely and predicted that some new work habits will remain after the pandemic.During an interview at The Atlantic Festival on Monday, Cook said Apple created products including new Apple Watches and iPads that are launching on time this year, despite the need for most employees to work away from the office due to Covid-19.Cook said he doesn’t believe Apple will “return to the way we were because we’ve found that there are some things that actually work really well virtually.”The comments contrast …read more […]