Chinese smartphone company Xiaomi has announced the launch of its first electric car, the SU7, in an attempt to compete with established players like Tesla in the fiercely competitive electric vehicle market in China. The CEO of Xiaomi, Lei Jun, revealed that the SU7 will be priced significantly lower than Tesla’s Model 3, igniting a
Global Finance
UBS CEO Sergio Ermotti made a whopping 14.4 million Swiss francs in 2023, a staggering amount that equals $15.9 million in the US. This massive sum comes after his unexpected return to lead the Swiss banking giant once again. Ermotti stepped back into the role following the absorption of troubled competitor Credit Suisse. The announcement
The Financial Conduct Authority (FCA) in Britain recently announced guidelines for financial services companies and social media influencers regarding the creation of memes related to cryptocurrencies and other investments. This move by the FCA aims to combat the increasing number of scams in the financial sector. The FCA stressed the importance of ensuring that marketing
The cocoa market has been experiencing a significant surge in prices, with futures for May delivery hitting a record high of $10,030 per metric ton. This marks the first time that cocoa prices have surpassed the $10,000 mark, representing a substantial 3.9% increase. The surge in cocoa prices can be attributed to a variety of
The recent decision by the Central Bank of Nigeria to raise its key interest rate by 200 basis points has sparked discussions about its potential impact on the country’s economy. Governor Olayemi Cardoso cited the need to continue tightening monetary policy in order to combat runaway inflation as the primary reason for the rate hike.
Recent reports have revealed that one of the Binance executives who was detained in Nigeria has managed to escape custody, adding a new layer of complexity to an already intricate situation. In addition, the Nigerian government has taken a drastic step by filing four new charges of tax evasion against the global cryptocurrency exchange. These
The private equity landscape in Asia Pacific experienced a significant decline in total deal value last year, reaching its lowest point since 2014. This decrease was primarily attributed to a combination of factors such as slowing economic growth, high interest rates, and volatile public markets. Fundraising also dropped to a 10-year low, reflecting the challenges
Roundhill Investments is taking a bold step by introducing two new exchange-traded funds to the market. The first fund will focus on companies within the health care sector that are responsible for GLP-1 drugs. This move comes at a time where rapid advancements in pharmaceuticals are expected, making it an exciting space to keep an
In the world of high-profile investments, sovereign wealth funds have been eager to secure a stake in Anthropic, the cutting-edge artificial intelligence startup that is making waves in the industry. However, one notable absentee from this investment frenzy is Saudi Arabia. Anthropic has made the decision to exclude potential funding from the Saudis due to
The recent surge in immigration into the U.S. is proving to be beneficial for the economy, according to Joyce Chang, chair of global research at JPMorgan. Despite facing global challenges, the U.S. economy is displaying resilience, with the Federal Reserve raising its GDP growth projection to 2.1% for 2024. This increase comes after the economy
The trade tensions between Europe and Beijing are expected to increase as China’s manufacturing capabilities in strategic industries continue to grow rapidly. Jens Eskelund, the president of the European Union Chamber of Commerce in China, expressed his concerns by calling it a “slow-motion train accident.” He emphasized that Europe cannot stand by and watch as
Ethiopia’s largest bank, the state-owned Commercial Bank of Ethiopia, is facing a major setback as it tries to recover millions of dollars lost due to a technical glitch over the weekend. Reports from local media indicate that more than $40 million was withdrawn from the bank or transferred to other financial institutions after customers were