In this week’s recap, Marcello talks about the recent events that is making Tesla, the automaker, at the top of the race in the electric vehicle contest; Operator of Texas’s power grid has wasked customers to preserve electricity to prevent blackouts facing the summer heatwave to come; US is the second country worldwide to give a green light on the production of Lad-grown meat.
Shares of Tesla surged +5.34% on Tuesday at $274.45 with Rivian being the latest automaker to announce a deal to access Tesla’s Supercharger network in the US & Canada, starting in the spring of 2024. It was reported on Wednesday that Texas will be the 1st U.S. state to mandate Tesla’s electric vehicle (EV) charging system, in a huge win for CEO Elon Musk who is working towards making the connector the industry wide standard.
FedEx Corporation traded lower Tuesday, after posting its fiscal 2023 Q4 results with shares falling -3.1% at around $223.00 in pre-market trading on Wednesday, after a revenue miss & weak profit guidance due to a continuously weakening demand & cost inflation pressures. The shipping giant reported total revenue of $21.9B for the quarter vs. $22.66B consensus. FedEx said it had already cut 29K US jobs over the past year, but issued a 2024 profit outlook that missed analyst expectations, as it continues to trim costs in the face of waning package delivery demand.
Argentina’s presidential election battle lines have hardened further after economy minister Sergio Massa entered the race in a dramatic twist to take on front runners including a conservative city mayor, ex-security czar & libertarian economist. After months of behind-the-scenes negotiations, a deadline for candidates closes Saturday night, marking the serious start of a race towards Oct. 22 general elections, to choose a leader who can steer the country out of economic crisis, with inflation galloping over +100%, rising poverty & dwindling foreign currency reserves.
Amazon said on Friday it will take its investments in India to $26B by 2030, adding $6.5B in new planned investments in an announcement made after CEO Andy Jassy met Prime Minister Narendra Modi in the United States. Although Jassy gave no breakdown, the announcement follows Amazon’s cloud computing unit Amazon Web Services (AWS) saying last month it will invest 1.06T rupees ($12.9B) in the country by the end of 2030.
Beijing topped 40 degrees Celsius (104F) on Saturday for a record 3rd day as the Chinese capital sweltered in extreme heat, while uncommonly high temperatures for June, hit an area the size of California in northern China. Until Saturday, the city of nearly 22M people had never seen 3 consecutive days above 40C, since setting up the southern observatory in 1951.
A debris field from the submersible Titan was found at the bottom of the North Atlantic on Thursday, by a robotic diving vehicle deployed from a Canadian search vessel, thus ending an intense 5-day international rescue effort.
Bitcoin surged to its highest level seen since the start of May in Tuesday mid-afternoon trading; The German government & Intel are expected to sign a deal over the U.S. chip-maker’s planned factory in Dresden.