• Ferrari launches EV model in 2025

      Ferrari launches EV model in 2025

      Italy’ popular sports carmaker announced plans to join the global low carbon trend by introducing its own all-electric model, ANSA reported. The company’s chairman John Elkann told reporters that the carmaker will have a fully electric car by 2025. “We are continuing to execute our electrification strategy in a highly disciplined way,” Elkann said. “Our interpretation and application of these technologies both in motorsport and in road cars is a huge opportunity to bring the uniqueness and passion of Ferrari to new generations.”

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    • Delta eyes summer bookings as losses surge to $1.2bn

      Delta eyes summer bookings as losses surge to $1.2bn

      US carrier Delta Airlines announced bigger than expected loss in the first three months of this year, AP reported. The negative result went as high as 1.2 billion dollars, but the airline still expressed optimism over rising ticked bookings for late summer as Covid-19 restrictions start to ease in most industrial countries.

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    • Citibank dumps operations in 13 countries

      Citibank dumps operations in 13 countries

      US financial giant Citigroup announced it was restructuring operations and cutting consumer banking activities of its banking arm Citibank in 13 markets in Asia, Europe and the Middle East, BBC reported. The operations in those markets will be directed to four financial hubs in a move to improve market performance and boost returns. However Citibank confirmed it would continue to offer products and services to big clients and institutions.

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    • Self-driving Cruise startup attracts $2.75bn

      Self-driving Cruise startup attracts $2.75bn

      US Cruise self-drive startup announced it had managed to raise additional 2.75 billion dollars in a funding round targeted at big key investors, Reuters reported. The latest operation boosts the market valuation of Cruise to over 30 billion dollars. The results of the funding round were released shortly after rival TuSimple announced plans for an IPO.

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    • China GDP spikes by 18.3% in Q1 2021

      China GDP spikes by 18.3% in Q1 2021

      Chinese economy posted a robust growth in the first three months of this year edging up to 18.3%, AP reported quoting official statistics data. The rapid growth is attributed to a rebound from the pandemic crisis, but overall growth is running out of steam with key sectors like manufacturing seen stable at pre-Covid-19 levels with their advance being bound by several factors including the trade war with US.

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    • BlackRock assets top $9 trillion as Q1 profits surge

      BlackRock assets top $9 trillion as Q1 profits surge

      The world’s largest asset manager BlackRock announced very optimistic financial data and surpassed the expectations of independent experts, Reuters reported. The net inflows to BlakRock’s various funds exceeded 172 billion dollars, far above the Wall Street expectations. Net income rose to $1.2 billion, or $7.77 per share, in the three months ended 31 March, from $1.03 billion, or $6.60 per share, a year earlier. The reading was above the Refinitiv IBES estimate of $7.64 per share. BlackRock’s assets under management rose to a record $9 trillion in the quarter, compared with $6.47 trillion a year earlier.

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    • Bank of America profit rises to $8.1bn in Q1q 2021

      Bank of America profit rises to $8.1bn in Q1q 2021

      The post-pandemic economic recovery allowed Bank of America to spur its credit activities and post a profit of 8.1 billion dollars for the first quarter of 2021, Reuters reported. The positive financial results came as the bank unfolded funds that had been kept stashed for emergency operations as the pandemic was seen deteriorating economy. But with those fears behind its back, Bank of America was allowed it to release billions from its loan-loss reserves.

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    • TSMC Q1 profit surges to $4.9bn on acute chip shortage

      TSMC Q1 profit surges to $4.9bn on acute chip shortage

      The leading producer of processor chips TSMC announced robust growth of its sales and profits in the first three months of 2021, driven by strong demand amid global chip shortage, AP reported. The Taiwanese company is the world’s biggest contract manufacturer of processor chips. It noted that quarterly profit rose by 16.7% compared to the same period of 2020. Profit after tax rose to $4.9 billion for the three months ending in March. Total revenue rose to$12.8 billion.

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    • Ireland probes Facebook over privacy concerns

      Ireland probes Facebook over privacy concerns

      Ireland announced it had launched another investigation against the social network Facebook over concerns linked to violation of European privacy rules, Reuters reported. The probe is linked to privacy data of more than 500,000 users which was reportedly dumped online. The information included details of personal information about personal wealth as well as passwords.

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    • Swedish EV maker raises $550m

      Swedish EV maker raises $550m

      The Swedish maker of electric vehicles Polestar announced it had managed to attract some 550 million dollars in external funding in a bid to support production and output capacity, Reuters reported. The firm has earmarked plans to launch a new model in the near future. Polestar is controlled by Volvo and its parent Chinese firm Geely. The company benefited from the overall positive investor sentiment to producers of electric cars such as Tesla and Nio.

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