Business

The American chief executive officer of Barclays, Jes Staley, has stepped down with immediate effect as British regulators are investigating his relationship with disgraced financier Jeffrey Epstein. The bank said that C S Venkatakrishnan, who is commonly known as Venkat, will take over as CEO. Venkat was promoted last year to run the markets division of the bank. Earlier, he was chief risk officer at Barclays. However, the appointment is subject to regulatory approval. The bank and the outgoing CEO were made aware of the ‘preliminary conclusions’ of a probe by the Financial Conduct Authority (FCA) or the United Kingdom and the Bank of England’s Prudential Regulation Authority (PRA) recently. These preliminary findings are the result of two years of investigation into the matter. The investigation was launched in 2020. The bank also said that investigation was into how Staley had characterized his relationship with late Mr Jeffrey Epstein to the employees of Barclays. The regulators are also investigating how Barclays described that relationship in response to the FCA. However, the bank emphasized that there are no findings in the two-year-long investigation that Staley was aware of any of the alleged crimes of Mr Epstein. This was the main question that cemented Barclay’s stand to support its group chief executive when he was arrested in the summer of 2019.

“Keeping in mind those conclusions and Staley’s intention to contest them, the Board and Staley have reached an agreement that he will be stepping down from his role as Group Chief Executive as well director of Barclays with immediate effect,” the bank said. The development had its impact on the market as the shares of Barclays were trading 1.2 per cent lower after the announcement was made. Wealthy financier and convicted pedophile Epstein was arrested in July 2019. He was charged with sex trafficking by the United States federal prosecutors. However, he hanged himself a month later in a New York jail cell while awaiting trial. Barclays has maintained that the regulatory process still has to run its full course and therefore it will not be appropriate for the bank to make comments on the preliminary conclusions of the investigation. It is worth mentioning that Staley took over as CEO of the bank in October 2015. And Staley has previously said that his relationship with the convicted multimillionaire ended in late 2015. Staley has also said that ‘he regrets his relationship with Epstein.’ Before joining Barclays, Staley worked for more than three decades at JPMorgan. He served as head of JPMorgan’s investment banking division. He came in touch with Epstein in early 2000. At that time he was made head of JPMorgan’s private bank.

“He was already a client of the bank. I just tried to maintain the relationship during my time at JP Morgan. But that ended as soon as left JPMorgan,” Staley had said in February 2020. Staley has told the Barclays board that both were not in contact ever since he became CEO of the bank in December 2015. When asked to comment on the preliminary conclusions, a spokesperson for the FCA and PRA said that ‘regulators are not known for making comments on ongoing investigations or regulatory proceedings.’ There are reports that Staley has told the bank staff in an internal memo that he did not want them to be distracted from his ‘personal response’ to the investigations. “I will not be with all you of you for the next chapter of the banks’ story, but you all must know that I will be cheering your success from the sidelines,” Staley said. This is not the first time when the Wall Street veteran has run into trouble with the UK regulators. He was fined USD 870,000 by the FCA after it emerged that he had tried to identify a whistleblower at Barclays. He had tried to find out the person who had written an anonymous letter that raised concerns about the bank’s senior employee. He had apologized for that and admitted that ‘it was a mistake.’ The bank had clawed back around USD 680,000 from his 2016 pay over the incident.

Spotify has been continuously registering an increase in the number of paid subscribers. The music streaming company now has 172 million paid subscribers. This is up by around 19 percent when compared to the same period last year. Also, the number of paid subscribers has seen an increase of 4 percent when compared to the previous quarter. In the last quarter, the number of paid subscribers was 165 million. The streaming platform has also seen an upward trend in terms of monthly active users. The number of active users in this quarter is 381, which is up from 365 million active subscribers in the last quarter. These figures are in line with what the company we’re expecting in the third quarter.

The growth shows that Spotify continues to be the biggest music streaming platform in the world. Although its competitors Apple Music and Amazon Music are not very regular when it comes to releasing the number of subscribers, data collected by Music Ally has put their subscriber counts at 55 million and 60 million respectively. This is not even half of the number of subscribers Spotify has. Moreover, the company has announced that it is expecting to cross the 400 million monthly active users mark by the end of this year. Also, the company is hopeful of having 177 million premium subscribers at the end of the above-mentioned period.

The other notable thing is that the average revenue per user has increased to USD 5.03 from USD 4.98 in the last quarter. This is equal to a 4 percent year-over-year increase. The average revenue per user has increased as a result of price increases from the company. Overall, Spotify has registered a profit of USD 2.23 million in this quarter. Whereas in the same quarter last year, it had registered a loss of USD 117.3 million. Podcast advertising revenue has also contributed to revenue growth. This has increased to 13 percent from 10 percent of total revenue. The company too has said that it has seen an increase in the number of users engaging with podcasts. The amount of podcasts on Spotify has increased to 3.2 million from 2.9 million. Spotify claims that it is now the number one platform for podcasts in the United States.

The Sun Cable export initiative, which is sponsored by two of Australia’s greatest billionaires, has received formal backing from the Indonesian government, opening the door for its transit through the archipelago on its route to Singapore. The project formally called as Australia-Asia PowerLink will require up to $US2.58 billion in domestic investment, according to the Indonesian government in Jakarta. Sun Cable intends to build a solar facility at Tennant Creek in the Northern Territory using 5B’s Maverick technology. The 70-year venture, backed by tech innovator Mike Cannon-Brookes and mining magnate Andrew Forrest, envisions exporting renewable energy generated at a massive solar farm near Tennant Creek in the Northern Territory via a 4200-kilometer underwater cable, supplying clean energy to contend with imported natural gas. A massive battery would power the project, assuring a steady supply of carbon-free energy to the city-state. Sun Cable projected the cost at $30 billion or more on Wednesday, up from $22 billion earlier this year.

According to CEO David Griffin, this is owing to a major expansion of both the solar farm and the batteries, which have been increased to 17-20 gigatonnes and 36-42 gigatonnes-hours, respectively. Sun Cable intends to spend $1 billion in Indonesia throughout the project’s development phase, which will last from 2024 to 2028. Once functional, another $US1.5 billion will be spent, including a maritime maintenance station in Indonesia. The business has obtained a subsea development license and expects to complete the required environmental licensing with the Indonesian government by 2023. “One investment that is fully supported by the government is a renewable energy transmission system,” the Indonesian government said. “The Indonesian government, in partnership with Australia, sponsors one of the world’s largest renewable energy projects, the Australia-Asia PowerLink (AAPowerLink).” The government also expressed hope that the investment will enhance its performance within the ASEAN bloc in terms of meeting carbon-reduction objectives. ASEAN has set an aim of sourcing 23 percent of its energy from renewable sources. The Indonesian government expects that the project would hasten the growth of the country’s fledgling lithium battery sector. “There is a potential to buy electric cells for industrial businesses in Indonesia totaling $US600 million, or around 8.5 trillion rupiahs,” the report stated.

Exports to Singapore are expected to begin in 2028, but the financiers required to complete the project have yet to be found. Because of the project’s magnitude, it has the capacity to push the Asian region’s shift to sustainable technologies, as well as establish a new export sector for Australia, support employment, and the NT and federal economies. However, such an intercontinental underwater cable would be the world’s longest, posing huge engineering problems as well as necessitating cross-border collaboration among national governments. According to Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, the project would have a significant economic impact. Since his re-election to a second five-year term in 2019, Indonesian President Joko Widodo has made courting foreign direct investment a top goal. In the face of strong domestic resistance, his government has sought to remove protectionist policies. The Omnibus Law, which was approved last year, amended labor regulations and introduced a fund for overseas investors to engage in infrastructure. Penny Williams, Australia’s Ambassador to Indonesia, would want to see additional Australian companies follow Sun Cable to Indonesia. “Academic institutions, hospitals, training & development, and even internship possibilities are all part of this endeavor.

According to Mr. Griffin, the initiative aims to “create a step-change in the Indo-potential Pacific’s to realize net-zero aspirations and economic development powered by sustainable energy.” He stated that the project would produce up to $2 billion in exportation for Australia every year, equivalent to the dairy export sector, and would result in more than $8 billion in direct investment in Australia. The project’s previous planned capacity included a 14 GW solar power plant and 30 GWh of storage capacity, however, Mr. Griffin said increasing demand for power in Singapore and the cost advantages from a larger capacity justified the upgrading.

With the holidays just around the corner, retail giants are bracing for the surge in demand. They are also looking to hire additional employees for the busy holiday season. One such company is Walmart which is hiring around 150,000 employees for its stores across the United States. Most of the employees hired by the company would be permanent and full-time, the company said in a blog. Some positions may be filled by part-time workers. The company would also offer extra hours to employees working at various stores during the holiday season.

The announcement comes days after rival Target announced its decision to provide more work hours to its retail employees. These offers are being announced by retailers amid the shortage of manpower in the country. Apart from pay raises, retailers are offering other incentives as well. This is being done to retain the existing workforce and lure more workers. Companies are leaving no stone unturned to make sure that they would have sufficient workers during the holiday shopping season. These retailers usually witness huge footfall during this period, which starts just a day after Thanksgiving and continues into early January.

The retail giant has increased wages three times this year. After this, the average hourly wage being paid to its employees in the United States is around USD 16.40. There are some other benefits that the company is offering. Walmart has recently announced to cover college tuition fees of its employees, just like its rivals. Walmart is also looking to hire 20,000 additional permanent employees for its supply chain facilities. These hiring has been announced as more and more people are adopting curbside pickup and delivery ever since the coronavirus pandemic struck. Almost all the retail companies are facing a shortage of employees and hiring new workers ahead of the festive season is a big task for them. Earlier, Target had announced that it would hire fulfillment experts to improve the support of in-store pickup. These employees will also better the service where store workers bring customer orders to their cars.

As part of its efforts to enhance its influence in the region, China has sought to join a crucial Asia-Pacific trade deal. The announcement comes only one day after a landmark security agreement between the United States, the United Kingdom, and Australia was achieved. The United States established the deal that finally became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to offset China’s hegemony. However, former President Donald Trump withdrew the United States from it in 2017. In a letter to New Zealand’s trade minister, Damien O’Connor, Chinese commerce minister, Wang Wentao stated that China has filed its application to join the free trade agreement.

The pact’s administrative headquarters is in New Zealand. As per the Chinese Ministry of Commerce, Mr. Wang and Mr. O’Connor then conducted a conference call to determine upcoming procedures after China’s application. The initial Trans-Pacific Partnership (TPP) was pushed by then-President Barack Obama as an economic union to counter China’s growing dominance in the Asia-Pacific. The United Kingdom formally began discussions to join the CPTPP in June, while Thailand has also expressed willingness in signing the agreement. Joining the CPTPP would be a significant step forward for China, particularly after signing the Regional Comprehensive Economic Partnership (RCEP) with 14 other nations in November 2020.

The RCEP is the world’s biggest commercial bloc, with members including South Korea, China, Japan, Australia, as well as New Zealand. China’s declaration that it has officially sought to join the CPTPP comes only one day after the United Kingdom, the United States, and Australia signed a historic security treaty in an effort to offset Beijing’s dominance in the Asia-Pacific region. This deal will allow Australia to develop nuclear-powered submarines for the first time, utilizing technology shared by the United States and the United Kingdom. According to experts, the agreement, which will also encompass artificial intelligence and other technologies, is Australia’s largest defense collaboration in decades.

Toyota Tundra has been one of the most reliable vehicles ever since it was launched in 1999. It recently got a place as one of the highest quality new full-size pickup in the 2021 JD Power Initial Quality Study. The company has now unveiled an overhauled version of the pickup. Dubbed as 2022 Tundra, the full-size pickup is expected to be available at dealerships later this year. While the bolder look is clearly visible, the vehicle has been updated with new technologies and will be more powerful. But the one thing that is expected to surprise many is the engine providing more power to the pickup truck is not a V-8 engine. Instead, the company is now offering two versions of a 3.5 twin-turbo V-6 engine. Out of the two options, one is a hybrid version that will produce up to 437 horsepower and 583 foot-pounds of torque. When compared to the 2021 Tundra, the overhauled version of the vehicle will be capable of producing up to 56 more horsepower than that offered by the V-8 engine. It will also offer a 45 percent increase in torque than the previous version. The normal engine will generate up to 389 horsepower. Both the versions will be paired with a 10-speed automatic transmission.

Commenting on the new Tundra pickup truck, senior vice president of Toyota’s product development office Mike Sweers said that the company has adopted a fresh transformational approach while developing the new version of its extremely popular vehicle. “We took a fresh transformational approach in the development of new version. We cautiously mull over several things we had previously done,” Sweers said. The company would stop selling the 2021 model of Tundra with an 8-cylinder engine. The reason behind this change is that twin-turbo V-6 engines have proved their efficiency in pickup trucks. Also, several automakers are drifting towards smaller engine configurations. The reason behind it is that smaller engines have higher efficiency. Ford Motor surprised many by introducing such an engine. Termed as Ecoboost, the engine was provided in the company’s best-selling pickup F-150. The engine was such a hit that the American carmaker added other Ecoboost engines to its truck lineup. The trend is getting popular and auto manufacturers are offering alternative powertrains amid an influx of all-electric pickups. Experts feel that customers are now flexible when it comes to alternative powertrains. Customers are not running behind V-8 engines and are happy with alternatives. They are happy as long as the engine and the propulsion system are providing them whatever is required to run their truck.

The company has not released the pricing details as of now. Toyota is expected to reveal these details at a later date. It must be noted that starting price of the 2021 Tundra is USD 38,420. Toyota has shared other details about the pickup truck. The company has said that the top payload capacity of the 2022 Tundra is 1,940 pounds. It will have a maximum towing capacity of 12,000 pounds. This is an increase of 11 percent and 18 percent respectively. The 2022 Tundra will available in several bed lengths and the options would be 5.5 feet, 6.5 feet, and 8.1 feet. Continuing with the trend of offering bigger screens in the vehicles, Toyota has provided a 14-inch touch screen as an upgrade. The company has developed a new audio system that is set to make its debut with the 2022 Tundra. In terms of looks, the Tundra looks bolder and offers a more rugged design. The vehicle has a massive front grille that covers the majority of the front of the vehicle. The vehicle has sleeker headlights.

Ahead of the expected increase in coronavirus vaccine booster shots, CVS Pharmacy is looking to fill 25,000 across the United States. These people will be hired during a one-day hiring event this month. The hiring event will be held on September 24. The hiring by the Woonsocket-based pharmacy chain also comes ahead of annual flu shots. According to the company, the majority of hiring will be for “full-time, part-time and temporary licensed pharmacists, trained pharmacy technicians and nurses.” Apart from these, the company would be also hiring more retail store associates.

The announcement comes close on the heels of recommendations of an advisory panel of the United States Food and Drug Administration. The advisory panel recommended a third booster dose to those above the age of 65 years. The panel said that these people can get the Pfizer-BioNTech coronavirus vaccine as a booster dose. However, the advisory panel was not in the favour of booster shots for every eligible patient and voted against it. Commenting on the hiring, company’s executive vice preside Neela Montgomery said that the CVS always need more staffer during flu season but this year they looking to hire even more.

CVS said the new staff would help in administering Covid-19 booster shots along with supporting flu vaccinations. “While the booster shots are awaiting regulatory approval, the process to vaccinate those who are yet to receive Covid-19 jabs will continue. The new staff will also help patients who are seeking testing at our locations across America,” it said. The companies in the health sector continue to need more staff because of the continued presence of Covid-19. According to data from the Centers for Disease Control and Prevention, 83 per cent of people over the age of 65 are fully vaccinated. This means around 45 million people would be eligible for booster shots. Meanwhile, the number of positive cases is once again on the rise. This time it is mainly because of the more dangerous Delta variant of Covid-19.

Jeff Bezos has already pledged USD 10 billion to fight climate change under Bezos Earth Fund. The world’s richest man has now said that he would give USD 1 billion this year to conserve land and aquatic ecosystems. Amazon founder and chairman had started Bezos Earth fund last year and has pledged to donate the above-mentioned amount to activists, scientists, and others who are working to address the issues of climate change. The Amazon founder has set the goal of spending this fund by 2030. Following the announcement of funds for conservation, Bezos is likely to support activists working towards landscape restoration and food system transportation.

According to Bezos Earth Fund, the latest round of grants will be used to ‘create, expand, manage and monitor areas on earth that are protected and conserved.’ The fund is planning to start with the Congo Basin in Central Africa. This has been a key area of biodiversity and carbon stocks. Apart from this, the fund will focus on the tropical Pacific Ocean and tropical Andes Basin. Bezos said that the world was much better 500 years ago and efforts should be made to restore that beauty. “500 years ago, we enjoyed unspoiled forests, breathed fresh air, have clean rivers. Everything was better than today. We can and we must reverse this anomaly,” he said in a statement.

The grant has been announced but it is not clear which organization will get this. But one thing is sure that it would be prioritized in those areas where local communities and indigenous populations are the main focus of the conservation programs. Bezos Earth Fund said that there are certain other things that will be considered while giving the fund. Meanwhile, the fund has announced that it would give around USD 203 million to organizations taking forward climate justice among other causes. The fund will be given by the end of this year. The fund had awarded around USD 791 million in grants last year. This grant was distributed among 16 organizations. Among the prominent names that received the fund are the World Wildlife Fund and the Nature Conservancy.

Arizona has decided to divest state funds from Unilever over its subsidiary’s decision to stop selling its ice cream in Israeli-occupied territories. The decision is a result of anti-Israel boycott laws that bar Arizona from investing in businesses that are taking part in boycotts of Israel. The announcement has been made by Arizona Treasurer Kimberly Yee. The decision announced by Yee was mandated by a 2019 state law. The law prohibits the state government agencies from holding investments or doing business of more than USD 100,000 with any company that boycotts Israel or its territories. The state has already reduced its investment in the company, which owns Ben & Jerry’s, by USD 90 million in June. The state would reduce the investment in Unilever to zero by September 21. The information has been shared with Richard Williams of Unilever Investor Relations via an email sent by Yee. This is when Ben & Jerry’s has maintained that the decision is not a boycott. The company had announced earlier this year that it would stop selling ice cream in east Jerusalem and the West Bank by the end of 2022.

Ben & Jerry’s, which is based in Vermont, said that the company hears and recognizes the concerns shared by its trusted partners and fans. “We strongly believe that this is inconsistent with our values for the company’s ice cream to be sold in the Occupied Palestinian Territory,” the company said in a statement. Arizona seems to be the first state with such laws or regulations that are on the path of being fully divested from Unilever following the decision announced by Ben & Jerry’s. Yee said that an ultimatum was given to Unilever in August. “Unilever was warned about consequences in case it fails to comply with Arizona law. The company chose to face consequences,” Yee said. Under the law, Arizona is not allowed to invest or sign any kind of contract with anyone boycotting Israel. This is defined as any action that is intended to limit the investment in Israel. Commenting on the development, Unilever said the decision does not reflect an endorsement of the BDS movement. “Unilever acquired Ben & Jerry’s in the year 2000. It has always been the part of the acquisition agreement that we recognize and accept the decisions taken by its independent board,” the company said. The ice cream company has been insisting that it is still doing business in the country.

Laura Peterson, public relations manager for Ben & Jerry’s, said that the company is not boycotting Israel. “We are going to stay in Israel despite the fact that the company will no longer sell ice cream in the Occupied Palestinian Territory. We will very much stay in Israel but through a different business arrangement,” Peterson said. The board had earlier said that staying in the occupied territories was ‘inconsistent with the company’s values.” Israel reacted strongly to the development. The country even urged US governors to take strict action against the company under anti-boycott laws. Meanwhile, Illinois warned the company of action after the company’s board decided the move. Similarly, Florida and some other states are taking action against the company. But US groups who have extended support to Israel are divided over the move. They are not sure if taking action against the company would be appropriate. It must be noted that Arizona law was enacted in the year 2016. It was later revised in 2019.

Bill Gates has gained more control over the Four Seasons Hotels and Resorts as his investment firm Cascade has acquired a controlling interest for USD 2.21 Billion. The luxury hotel has announced that Cascade has increased its stake to 71.25 percent from 47,5 percent. As per the deal, Cascade Investments, a private investment firm founded by Gates, has purchased half of the stake belonging to Saudi prince Alwaleed bin Talal. The Saudi prince had collaborated with Gates in 2007 to take the luxury hotel chain and resort private for USD 3.4 billion. This is the first major deal of Gates since he split his fortune with ex-wife Melinda French.

Gates shared ownership of the hotel with the Saudi prince for more than a decade. But now Gates’ investment vehicle is increasing its stakes. The deal values Four Seasons at USD 10 billion. This is including the debt. According to Kingdom Holding Company of the Saudi Prince, it is hopeful of having a gain of USD 1.5 billion on 24 percent stake that it is selling to Gates’ investment firm. Four Seasons was founded by Isadore Sharp in the year 1960. Sharp would continue to have his 5 percent stake in Four Seasons, which now has over 120 hotels and resorts along with 46 residential properties in around 50 countries.

When Gates and Alwaleed bin Talal invested in the company, it was operating 74 hotels, which has now almost doubled. The hotel chain entered public markets in 1997. But the company decided to go private through a transaction under an agreement between Gates’ Cascade, the Saudi Prince’s KHG, and Sharp. Cascade is being looked after by Michael Larson who has a crucial role to play in bolstering the wealth of Gates couple over the year. It is because of Larson that the Gates couple could primarily focus on their philanthropic work. He is the one who is managing USD 50 billion endowments of the Bill & Melinda Gates Foundation.

Amid a logistics problem caused as a result of the coronavirus outbreak, China’s economy slowed down this month. From 50.4 in July, an official survey of industrial activity dropped to 50.1 in August. Even though it was slightly beyond the 50-point expansion threshold, it was nevertheless the lowest pace of development since the pandemic’s outbreak in 2009. For the first time since April 2020, the Caixin manufacturing Purchasing Managers’ Index (PMI) dropped to 49.2 in August. More worrisome is that service sectors, which already represent a large share of the world’s second-biggest economy, the Purchasing Managers’ Index for non-manufacturing fell to 47.5 from 53.3 in July.

Despite the pandemic, China’s GDP grew last year while others fell. Officials took drastic steps to slow the infection rates, this included shutting down cities, banning flights, and stopping commerce. The Delta variant has been contained as a result of the tough and inflexible policy but at the price of economic operations. As a result of “travel restrictions reinstituted and customers being more apprehensive amidst the ongoing viral flare-up,” he said the non-manufacturing PMI fell. Things have gotten worse as a result of ongoing supply system issues throughout the world Supply chains are further disrupted by container constraints, industrial closures in Vietnam, and the consequences of harbor shutdowns in China.  A dock worker who worked at the Ningbo-Zhoushan Port, south of Shanghai tested positive for Covid-19, causing the port to be closed for weeks, contributing to the delay induced by a prior shutdown.

Evans-Pritchard stated, “The survey breakdown continues to show indicators of supply constraints, with delivery delays increasing as businesses continue to draw out their raw material stockpiles.” The country is also grappling with a slew of other issues, such as cholera epidemics, and Beijing has also launched a major crackdown against companies, which has affected various businesses such as the tech industry, private schools, etc., have gotten restricted by the crackdown. Oanda’s Jeffrey Halley, a senior market analyst for the Asia Pacific, said that the crackdowns, particularly in IT and education, “are hurting both unemployment worries among those impacted and general market optimism as fears of further interventions increase.” As long as Covid cases in China remain in control, Evans-Pritchard anticipated most of the deterioration recorded on Tuesday to recover. “Even with the instability created by China’s recent viral outbreak, the economy appears to be returning to normal,” he said. Information regarding more of such aspects affecting marketplaces around the world can be found at various research platforms.

As per Canoo’s second-quarter financial report, the business has recruited hundreds of people and is closing in on the manufacturing date, but crucial hurdles like securing a battery source persist. Canoo’s financial report came only a few weeks after the firm announced VDL Nedcar as their lifestyle vehicle’s contract production partner at the inaugural investor affairs day. Canoo projected at the moment that perhaps the Redcar factory could produce 1,000 vehicles for America as well as European countries in 2022, with a goal of 15,000 units by 2023. CEO Tony Aquila stated in Monday’s earnings conference that the business now expects 25,000 vehicles in 2023. Canoo also offered information on its intentions to establish a United States-based manufacturing facility for its pickup trucks as well as multifunctional delivery vehicles, which it refers to as a “mega microfactory.” The electric vehicle company revealed plans to open its first plant in Oklahoma in June.

To facilitate the plant and Phase 2 of production, the state legislature has contributed $300 million in non-dilutive monetary incentives. In Monday’s earnings conference, Aquila stated, “This two-pronged approach is critical for a couple of reasons.” “Collaborating with Redcar as a new OEM will enable us to fine-tune our production process. It will enable us to geologically broaden our production activities and place us to enhance our, products and volumes to acclimate to shifting market requirements and create distribution flexibility while enhancing our production expertise, which will be implemented in our Oklahoma production facility. Within the first 36 months, Aquila estimates that approximately a third of Oklahoma’s investment will be accessible. This funding will aid the company’s growth as it enters the Gamma phase, which indicates that Canoo is nearing its debut date.

Canoo grew its staff from 230 to 656 workers in a year, with software and hardware developers accounting for 70% of the total. The startup’s operational expenditures have surged from $19.8 million to $104.3 million years over year, with R&D accounting for most of the increase. The spike in pre-revenue expenditures indicates that Canoo is making effort toward its manufacturing targets. Canoo is in the last stages of choosing a construction manager, architect, and engineering company, according to Aquila, and will probably have further construction updates before the end of this quarter. In the third quarter, the firm is still looking for a battery supplier, a move that is becoming extremely relevant as most OEMs look to limit their supply system through strategic partnerships. Data regarding various company collaborations in the EV market are abundantly available online. The leisure vehicle is undoubtedly nearer to manufacturing, although Aquila claimed preorders for Canoo’s other 2 vehicles, the pickup truck as well as the multifunctional delivery vehicle, are the most desired out of the 9,500 non-binding refundable orders placed.

Walmart has started to prepare for the upcoming holiday shopping rush and has announced that it is planning to hire around 20,000 employees. The retail giant said that the employees hired will be both permanent full-time and part-time workers. The big-box retailer said that the roles will be in the supply chain. The employees will work across the distribution centers of the company. They will also work at fulfillment centers and transportation offices. It said that the new hiring will support the growth of the company. It will provide an average wage of USD 20.37 per hour to supply chain associated, the company said in the corporate blog post. Walmart will hold a special hiring event for this and it will be organized on September 8 and 9.

Walmart is hiring more workers as companies are facing a staff crunch. There is fierce competition among companies for workers ever since the coronavirus struck. As companies face problems in hiring the required workforce, Walmart has sweetened the deal by offering special bonuses to those working in warehouses. Walmart also announced recently that it would cover 100 percent college tuition and textbook costs. The pandemic has also halted manufacturing and congested ports across the globe have resulted in delays. Not only this, it resulted in items going out of stock and higher prices for the products. These things have put retailers in a situation where they are worried whether they would be able to fulfill higher demands during the peak season of gift-giving. This is especially when more and more people are opting for online shopping.

Meanwhile, Walmart has decided to ramp up the supply chain and has increased investment for it. The company is also adding advanced and high-tech automated systems at selected locations. This will help the company pick and pack online grocery orders. Earlier in August, the company said that it has witnessed a strong surge in demand for back-to-school supplies, luggage, apparel, and more. Commenting on the increase in demand, Walmart’s Chief financial officer Brett Biggs said that the company has increased lead times for orders. The company has now hired dedicated vessels to reduce the time period of import.

Electric car manufacturer Rivian Automotive has started the paperwork with regulators for an initial public offering (IPO). With this, Amazon-backed EV startup is set to join the list of publicly traded companies. The list is growing at a fast pace with Ford, Tesla, and General Motors already on the list. The company said that it has confidentially filed papers with the Securities and Exchange Commission (SEC). The California-based company said is still working on calculating its size and price range. The IPO will take place after the regulator completes its standard review process. Rivian, which has companies like Soros Fund Management, Amazon, and BlackRock as major investors, has not commented on the development so far.

Reports suggest that the company would seek evaluation of over USD 70 billion. If this happens, the EV startup would have a bigger market capitalization than General Motors. This would be significant as General Motors is the largest automaker in the United States. But it would be nothing when compared to Tesla, the leading electric vehicle manufacturer. Tesla has a market cap of around USD 700 billion. The company is reportedly planning on building a pickup truck that would compete with Rivian’s R1T truck. Rivian is also working on SUV R1S.

Rivian shot to fame when Amazon announced that it would purchase around 100,000 electric vehicles from the startup. The e-commerce giant said that it would use these vehicles like delivery trucks. Earlier in July, Rivian raised USD 2.5 billion in a fundraising round. The funding was led by Amazon and For Motor. Rivian CEO RJ Scaringe said that the company is stepping towards the production of vehicles and hence it is important to push Rivian to the next phase of growth. “The funds will help Rivian to scale new vehicle program. It is also necessary for the global expansion of the company,” the CEO said. The company has raised more than USD 10 billion since 2019. Rivian is likely to start delivery of its much-awaited trucks in September. The SUV is expected to be delivered in the fall.

Citadel has apparently decided to pull around USD 500 million from Melvin Capital Management. According to a person privy with the development, the money that is being redeemed is of the USD 2 billion invested in Melvin. The Citadel funds and firm partners are reportedly planning to withdraw money in the third quarter. This will scale back the investment into Gabe Plotkin’s hedge fund. A total of USD 2.75 billion was invested in Melvin’s hedge fund earlier in January this year. Out of this, USD 750 million was invested from Point72 Asset Management. In exchange for a rare monthly investment, the two companies received a three-year dominant revenue share. Reports suggest that the capital of Point72 will remain unchanged after the pull-out. So far no one has commented on the development.

Melvin was founded by Gabe Plotkin, former star portfolio manager of billionaire Steve Cohen. Melvin remained one of the top-performing hedge funds in recent years until the portfolio was overturned because of the misfortune of the meme stock. While some hedge funds managed to get benefitted from unprecedented market movements, Melvin lost over 50 percent within few weeks. The loss is estimated to be around USD 6 billion. New York-based Melvin still has assets worth USD 11 billion. The firm has also recently raised new funds and has been hiring new employees and adding office space.

Plotkin, considered to be one of Wall Street’s most successful traders in the past few years, has made some big gains by both investing in stocks and taking aggressive positions against companies. Melvin earned 70 percent of its profit from its bearish wagers. It had posted annual returns of 30 percent between 2014 and 2020, which is considered good in the market. As per the confidential documents released by Melvin, it held put options on several additional stocks at the end of the last year.

NASA has put on hold the ambitious lunar lander contract. The contract was awarded to private aerospace company SpaceX. SpaceX is owned by Elon Musk. NASA has asked SpaceX to suspend the work on the lunar lander. The development comes after Blue Origin sued NASA. Blue Origin is owned by Jeff Bezos. The company has filed a lawsuit against NASA’s decision to award the lunar lander contract to SpaceX. The contract worth USD 3 billion has been suspended by NASA for the second time. Earlier, the space agency had put the contract on hold after Blue Origin and Dynetics had moved to the Government Accountability Office against the awarding of the contract.

Reports say that NASA has voluntarily decided to suspend the contract temporarily. The suspension will remain in place till November 1. Blue Origin and Dynetics had earlier said that NASA’s selection procedure was not fair. This forced NASA to suspend the contract. NASA granted a go-ahead to SpaceX after the Government Accountability Office cleared it. It squashed Blue Origin’s challenge. The GAO in its ruling said that NASA complied with contracting law in deciding the awarding of the contract. Both Blue Origin and Dynetics were also bidding for the lunar lander contract. Dynetics is an IT firm. Its major clients are NASA and the Department of Defense. The lunar lander contract is a part of the Artemis program that will see humans returning to the Moon after 50 years.

Blue Origin in its lawsuit has asked urged for pausing the contract. It said that the lawsuit will create competition and ensure fairness in the awarding of the contract. According to Blue Origin, NASA violated its own procedure while making the selection. NASA had earlier hinted that it will select two lunar lander prototypes for development. It was likely that both SpaceX and Blue Origin will get a chance. But the funding cut by the US Congress forced the space agency to pick one between SpaceX over Blue Origin. The latest lawsuit is likely to cause further delay in launching the Artemis program. The agency has will launch three Moon-bound spacecraft under the Artemis program in 2021, 2023, and 2024. The last one will take two humans including the first woman to Moon. This will be the first crewed Moon mission after Apollo 17 which was launched in 1972.

Private aerospace company SpaceX has offered NASA to develop the necessary equipment required to send astronauts to the Moon. SpaceX is a private aerospace company. It is owned by space enthusiast Elon Musk. The firm has offered its services to expedite the work for the development of spacesuits. If NASA accepts SpaceX’s services, this will help the space agency to get the ambitious Artemis program back on schedule. The mission is facing an imminent delay as NASA spacesuits are unlikely to be ready in the prescribed time. The space agency had in 2019 directed to develop all the necessary equipment that will be required for sending astronauts back to the Moon under its Artemis program.

However, complications delayed the development of equipment. As a result, a delay is now looming over the Artemis schedule. NASA has plans to launch three Moon-bound spacecraft. The first will be an uncrewed spacecraft. It will be launched in 2021. It will return to Earth after orbiting the Moon. The second will be a crewed spacecraft. NASA has proposed to launch the spacecraft in 2023. The crewed spacecraft will circle the Moon and return to Earth. This will also be the first crewed spacecraft that will travel beyond Earth’s orbit after 50 years. The last spacecraft that flew beyond Earth’s orbit was Apollo 17 in 1972. The third and final spacecraft will be launched in 2024 under the Artemis program. It will see two astronauts landing on the lunar surface.

According to NASA, the new Exploration Extravehicular Mobility Units spacesuits may not be ready by the time the agency prepares for the launch of spacecraft. Notably, the development of spacesuits started in 2007 as part of the Constellation Program. The crewed program was, however, canceled by NASA in 2009. The efforts to develop spacesuits gained momentum in 2017 when NASA launched the xEMU project. Astronauts aboard the ISS currently use these spacesuits for spacewalks. But these spacesuits require technological advancements. NASA wants to develop a next-generation spacesuit that can be used in other missions as well.

Blue Origin has sued NASA. Blue Origin is a private aerospace agency. It is owned by Jeff Bezos. The company has sued NASA over the awarding of an Artemis contract. For its USD 2.9 billion Moon lander program, NASA has selected SpaceX. SpaceX is also a private aerospace agency. It is owned by Elon Musk. The contract is a part of the agency’s Artemis program. The decision to sue NASA comes after the Government Accountability Office denied Blue Origin’s challenge against the awarding of the contract. The Washington headquartered company had earlier protested NASA’s decision. Blue Origin in its lawsuit claimed flaws in NASA’s acquisition process. It said that the lawsuit will create competition and ensure fairness.

NASA had earlier picked up SpaceX for the Moon lander program. Both SpaceX and Blue Origin were bidding for the prestigious contract. Besides, Dynetics was also bidding for it. Dynetics is an IT company. NASA and the Department of Defense are its primary customers. After NASA awarded the contract to SpaceX, Blue Origin and Dynetics raised the matter with the Government Accountability Office. Following this, NASA asked SpaceX not to go ahead with the contract and asked Musk’s firm to wait for the accountability office’s decision. The office in July squashed Blue Origin’s protest. The verdict paved the way for SpaceX to resume the work.

According to the ruling passed by the accountability office, the space agency complied with contracting law while awarding the contract to SpaceX. The contract was about developing a lunar lander. NASA will use the lander to land astronauts on the lunar surface. NASA is planning to return humans to the Moon after 50 years. NASA has decided to launch three flights under its Artemis program. The third and final flight will take humans to Moon. The agency is aiming to launch the flight in 2024 that will see two astronauts including the first woman landing on Moon. However, Blue Origin’s lawsuit is likely to delay NASA’s plan to send astronauts to the Moon. NASA had hinted that it will select two lander prototypes that will be developed further. It was likely that both SpaceX and Blue Origin will get a chance to take forward their work. But a cut in funding by the US Congress forced the space agency to pick one between SpaceX over Blue Origin.

Tesla’s Model Y is undoubtedly is a popular segment from the electric vehicle maker. The company wants to increase the production of the car. Model Y is an electric SUV. Tesla has now sought permission from the Chinese government to produce more Model Y versions in the country. It has filed applications with the government. The company wants to cover the Chinese electric vehicles market. It sees huge growth potential. The Chinese market is emerging as one of the biggest global EV markets. Tesla in its plea said that it wants to produce five more versions of the SUV. The company wants a nod to start production at its Gigafactory Shanghai. The facility hosts the final assembly of Model 3 and Model Y. The company started deliveries of Model Y in China in January this year.

Tesla will start the production of five more versions once it receives the necessary approval. The company has plans to export some of the versions produced at the factory to other markets. Tesla is believed to be aiming at the markets where electric SUVs are yet to hit the roads. Notably, Tesla’s filing came soon after the government invited applications for new energy vehicle production in the country. Reports say that Tesla has moved batches of filings. It is believed that Tesla’s applications are related to new versions of the Model Y. The five versions of Model Y include two Standard Range versions. While one will have a domestically produced motor, the second one will see an imported motor.

Tesla has already launched a Standard Range of Model Y in China. However, the company is yet to begin the deliveries. It is targeting to start delivering the SUV from September. Tesla introduced the cheaper version of Model Y in the United States earlier this year. Notably, Model Y has dominated the global EV sales. It is Tesla’s star vehicle. It sold more than 76,000 units in the first half of 2021. Model Y is currently available in two configurations — Long Range and Performance. Both have dual-motor powertrains. This improves the vehicle’s energy efficiency and performance metrics.

Work from home has become a trend ever since the coronavirus pandemic struck. Several tech giants like Google and Facebook allowed their employees to work from remote locations as following norms of social distancing is one of the ways to keep COVID-19 at bay. But with vaccination drive picking pace and more and more people getting vaccinated, companies want people to report in offices. However, plans to call them have been again postponed amid a rising number of cases of Delta variant of COVID. Now there are reports that Google employees would see a change in their salaries if they opt for the permanent work from home option.

According to a company pay calculator, long commuters would be among the most affected. It is being done on an experimental basis but it could set the trend and other companies may follow it. Social media giant Facebook also decided to cut the salary of employees who are working from locations that are less expensive. Some smaller companies are following pay models which depend on locations. A Google spokesperson said that the company has always been giving a salary that is determined by location. “Our compensation has always been depended on the location of our employees and we pay at the top of the local market,” the spokesperson said.

According to Google’s internal salary calculator, seen by a news agency, shows that an employee working from Stamford, Connecticut is likely to get a 15 percent reduction in salary. While a colleague who will live in New York will continue to get the same pay even if he continues to work from home. Google has not clearly stated anything on this. It must be noted that several offices have openly expressed that they would their employees to come to the office. However, only those employees would be allowed to come to offices who are fully vaccinated. Several companies are encouraging their employees to get COVID-19 jabs at the earliest.