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Foxconn Forms JV With Geely Autos To Build Cars For Other Automakers

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The Chairman of Foxconn Technology Group stated that the partnership aligns with the company’s visions and reemphasizing the leading position Foxconn holds in today’s technology ecosystem. 

Foxconn Technology Co Ltd (TPE: 2354) is yet solidifying its plans to get engrafted in the auto industry by forming a mutual Joint Venture with Chinese auto giant Geely Automobile Holdings Ltd (HKG: 0175) for the design and manufacturing of autos for other car manufacturers. According to a press release from Foxconn, the new Joint Venture will see the companies join hands to provide OEM and customized consulting services relating to whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms to global automotive enterprises and ridesharing companies.

The Joint Venture as revealed in the press release will have equal ownership of 50% each from both companies but with a different number of board members from each of the respective automotive firms. While the Chairman of the board as well as two other members will come from Foxconn, Zhejiang Geely Holding Group will provide the remaining two members making a five-man board.

The JV is expected to pursue its auto development initiatives using the CASE (Connected, Autonomous, Shared, and Electrified) technologies as its benchmark.

“This alliance between Geely Holding and Foxconn represents a milestone in the cooperation between the automotive industry and ICT industry. With Foxconn’s globally leading R&D technologies, intelligent manufacturing, and hardware-software integration capabilities, the two parties form a highly complementary partnership that allows us to better serve and meet the diverse needs of different customers, and offer the most advanced, fastest, full value-chain vehicle production service platform,” said Young-way Liu, Chairman of Foxconn Technology Group.

Liu also noted that the partnership aligns with the company’s visions and reemphasizing the leading position Foxconn holds in today’s technology ecosystem.

Following the JV partnership news, the shares of Hon Hai Precision Industry Co., Ltd (TPE: 2317), the parent company of Foxconn technologies soared by 2.40% to 106.5 Taiwanese Dollars at the time of writing. Geely Auto shares surged 1.08% to 32.70 Hong Kong dollars.

Foxconn and Geely JV Is a New Leap in Auto Company Partnerships

With many technology companies aiming at making their debut to tap into the potentials inherent in the electric vehicle market, a sizeable number of these companies are seeking alliances to make their dreams a reality.

While a number of these partnerships including that between Foxconn and Chinese EV startup Byton have made the headlines in recent times, the collaboration between Foxconn and Geely comes off as a new leap in the order of partnerships reported lately. Besides the fact that both firms will pull resources together to nurture the growth of the new firm, both already have extensive global supply networks that can spin the new venture and its intended offerings into higher relevance in no time.

“Foxconn’s professional capabilities, rich experience, and global layout in the ICT industry offer important insight for the transformation and evolution of the automotive industry. Geely Holding Group will give full play to its advantages in the automotive fields of design, engineering, R&D, intelligent manufacturing, supply chain management, and quality control while joining forces with Foxconn to develop together and explore new pathways for transforming, improving, and achieving high-quality development of the manufacturing industry,” said Daniel Donghui Li, CEO of Zhejiang Geely Holding Group.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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GameStop (GME) Surges by Over 50% Now amid C-suite Shake-Up

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GameStock (GME) stock has started its way higher again, gaining over 100% yesterday.

GameStop Corp (NYSE: GME) saw its share price surging by 103% on Wednesday as investors reacted positively to the resignation of the financial chief officer of the company. The shares also took another 83% surge in the after-hours trade of Wednesday according to the available data. The investors proceeded to push the price of the premarket trade on Thursday with a 44% surge. As the trading is going on today, GME stock is rising by 51% now.

It is said that investors and traders are hoping for a resurgence amid the expected resignation of the financial Chief Officer Jim Bell. It was disclosed that the decision was forced by the board and Ryan Cohen, a GameStop Corp investor and the co-founder of Chewy, an online pet and food retailer. This is expected to be done on March 26.

In a filing with the Securities and Exchange Commission (SEC), the company denied all allegations of forcing Bell out due to a disagreement on something related to the company’s operation. They stated emphatically that the resignation has nothing to do with contention relating to GameStop’s policies, operation, or practices which include accounting principles and practices. This is contrary to the reports that Cohen spearheaded an attack to get him out of the company to execute the transition online.

Cohen owns over 12% of the stocks of GameStop Corp through his company RC Ventures. Somewhere in November 2020, Cohen allegedly wrote a letter to the board of GameStop criticizing the executive team to force them to build a perfect e-commerce platform. In the letter, he stated that GameStop (GME) needs to evolve into a technological company that delights investors. Not just that, it should also deliver a top-notch digital experience instead of priding itself in being just a video retailer that only focuses on a brick-and-mortar footprint. Bell was the first casualty of Cohen’s leadership shakeup.

Jeffery Equity Thinks Bell Have No Issue with GameStop (GME)

Jefferies Equity analyst, Stephanie Wissink in a statement to the client’s acknowledged the effort of Bell during his tenure in the administrative setup of the company. It can be recalled that there was a sharp fall in sales during the late stages of the final hardware cycles. During that period, Mr. Bell led a series of actions that helped to protect the GME equity.

Wissink believes that the expected resignation of Bell was mutual, none Immediate, and not a product of misunderstandings or disagreement between him and the board as activist settlement mostly follows leadership changes. It was also disclosed that instead of looking for a CFO replacement with a retail background, the company will consider someone with a tech background as their primary focus is on e-commerce growth.

Bell refused to comment on the reports of his resignation. Currently, the company has consulted an executive search firm to find a Financial Chief who has the ability and the qualification to drive the company to its expected transformation.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Nash: Bridging Gap between Fiat and Crypto

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Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet.

Nash specializes in providing the best fiat/crypto gateway services for both retail and business customers, combining the lowest prices and fees with high-security wallets. This exchange service is fully licensed to operate in Europe.

For BTC, ETH, NEO and USDC, Nash offers 0% fees. This is possible because Nash operates its own crypto-crypto exchange. Nash’s unique Layer-2 exchange provides the same performance as centralized exchanges without taking custody of funds.

For other crypto assets, tradeable on Layer 1 user wallets, Nash charges just 1% fees, with no hidden slippage fees.

What’s more, Nash provides the safest software wallet by using secure multi-party computation (MPC) technology. MPC ensures a user’s full private key is never used to sign transactions and allows for security policies like address whitelists. Nash never has control over user funds.

On the business side, Nash offers its fiat gateway services as a white-label solution for third parties. Fees remain as low as 1%, with no tricks like huge asset mark-ups. Nash is a highly competitive solution for projects seeking a licensed fiat gateway for their platform and token.

Nash Link is a solution for merchants to accept cryptocurrency without setting up a blockchain wallet. Nash pays merchants the exact fiat price they set in their preferred national currency (€, £ or $) with 0% fees, managing risk around price volatility This is also possible thanks to Nash’s Layer-2 exchange.

In 2021, Nash will expand into digital banking services. High-interest DeFi-staking products will go live in Q2. In Q3, Nash will offer national currency checking accounts (with IBANs) on its platform. These will enable an even simpler savings product where users can easily deposit cash and lock it in a DeFi-powered crypto savings account. With a debit card arriving in Q4, Nash will seamlessly integrate traditional and crypto finance by the end of the year.

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Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.



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Fed Chairman Jerome Powell Said They Would ‘Engage with Public’ on Digital Dollar

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The Federal Reserve chairman said that they would opt for a public-centric approach on cryptocurrencies, however, would proceed with the digital dollar developments only after weighing the risks it poses to the US financial system.

While the CBDC developments across the world are catching up with the pace, everyone is closely monitoring any developments coming from the US. On Wednesday, February 24, disclosed additional details about their plans on the digital dollar. Speaking before the House Committee on Financial Services, Jerome Powell said that the US Federal Reserve would further “engage with the public” on the digital dollar this year. This is for the first time that Powell has given an official timeline for America’s CBDC developments.

Talking about the digital dollar project, Powell said:

“This is going to be an important year. This is going to be the year that we engage with the public pretty actively including some public events that we are working on, which I’m not going to announce today.”

Powell on Digital Dollar

Instead of taking upfront decisions and going to the public, Powell said the Fed would take an alternative approach. Rather, the Fed will directly talk to American citizens regarding the tradeoffs associated with the digital dollar project. Powell said:

“There are both policy questions and technical questions that relate between those two and they’re very challenging questions. We’re going to have a public dialogue … in the meantime we’re working on technical challenges and also collaborating and sharing work with other central banks around the world.”

However, Powell also maintains a cautious stand simultaneously. He stated that things will proceed further only after analyzing the risks to the stability of the US financial system. He also added that the digital dollar design should not “undermine … healthy market function.”

India Working on Its CBDC Project

On Wednesday, India’s central bank governor Shaktikanta Das said that the RBI has started its procedural developments to launch its digital currency in the country soon. “While we cannot guess the date of its launch, it is receiving our full attention,” he said.

However, Das has raised concerns that the use of public cryptocurrencies can undermine the country’s financial stability. The views of India’s monetary authority have been fundamentally opposed to the use of digital currencies. there have also been reports of introducing a ban for crypto use in India.

However, Das added that the Indian central bank is not opposed to the blockchain framework, the underpinning technology for cryptocurrencies. Instead, he added that they will leverage the blockchain’s benefits.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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