Exclusive: Tesla readies revamped Model 3 with project ‘Highland’ -sources

Nov 28 (Reuters) – Tesla (TSLA.O) is developing a revamped version of Model 3, according to four people with knowledge of the effort, as the top EV maker aims to cut production costs and boost the appeal of the five-year -old electric sedan. One focus of the redesign codenamed “Highland” is to reduce the number … Read more

Exclusive: China set to fine Ant Group over $1 billion, signaling revamp nears end-sources

HONG KONG, Nov 22 (Reuters) – Chinese authorities are poised to impose a fine of more than $1 billion on Jack Ma’s Ant Group, said six sources with direct knowledge of the matter, setting the stage for ending the fintech company’s two-year long regulatory overhaul. The People’s Bank of China (PBOC), which has been driving … Read more

EXCLUSIVE Bankman-Fried’s FTX, parents bought Bahamas property worth $121 mln

FTX unit bought 7 condos in high-end resort for “key personnel” Bankman-Fried’s parents named owners of $16.4 mln vacation home Bankman and Fried tell Reuters: Seeking to return deed to FTX NEW PROVIDENCE, Bahamas, Nov 22 (Reuters) – Sam Bankman-Fried’s FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 … Read more

Chinese carmakers target more European sales with five-star EVs

SOLIHULL, England, Nov 21 (Reuters) – Chinese electric vehicle (EV) makers have set their sights on winning over European drivers and large corporate customers with more affordable cars that come with top safety ratings and lots of high-tech features. In the last few months, several Chinese EVs have received five-star European New Car Assessment Program … Read more

Younger Chinese are spurning factory jobs that power the economy

SHENZHEN, Nov 21 (Reuters) – Growing up in a Chinese village, Julian Zhu only saw his father a few times a year when he returned for holidays from his exhausting job in a textile mill in southern Guangdong province. For his father’s generation, factory work was a lifeline out of rural poverty. For Zhu, and … Read more

Exclusive: How FTX bought its way to become the ‘most regulated’ crypto exchange

FTX bought a 10% stake in IEX with an option to acquire 100% FTX spent $2 billion on ‘acquisitions for regulatory purposes’ Documents show FTX saw its regulatory status as a way of luring new capital from major investors Nov 18 (Reuters) – Before it collapsed this month, FTX stood apart from many rivals in … Read more

Exclusive: Tesla has considered exporting EVs from Shanghai to US, Canada

SHANGHAI, Nov 12 (Reuters) – Tesla has considered plans for exporting made-in-China electric vehicles to the United States and Canada, two people with knowledge of the planning told Reuters, a step that would connect its largest factory to North America, its largest market. Tesla has been evaluating whether Model 3 and Model Y electric vehicles … Read more

EXCLUSIVE At least $1 billion of client funds missing at failed crypto firm FTX – sources

FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda – sources Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda – sources Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for – sources Executives set up book-keeping “back door” that thwarted red flags … Read more

Exclusive: Behind FTX’s fall, battling billionaires and a failed bid to save crypto

Nov 10 (Reuters) – (This story contains language some readers may find offensive in paragraph 2) On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m sorry,” he told them. “I fucked up.” The reason for the mea culpa: His announcement half an hour earlier that … Read more

Morning Bid: Congress unswept, crypto a mess

A look at the day ahead in US and global markets from Mike Dolan. Running market assumptions of a Republican clean sweep of US Congress in Tuesday’s midterm elections appear wide of the mark so far from early results, leaving investors to ponder the implication for the 2024 race for the White House on top … Read more