Hi
How are you doing? I hope you’re holding up well. What a *insert-the-right-adjective-here* week!! Like What??? …How is your wallet doing or should I mind my business!!?? because fam!
…but unto the nuggets of the day.
More Electric Vehicles!
We are intimately aware that the competition in the EV industry is steep and tight to the neck. [E literally choke!] Hence, in the battle for market share, Ford is planning to ‘collabo’ (in Don Jazzy’s voice) with Korea’s battery maker, SK Innovation, to build two new North American factories. The goal of the deal is to help Ford produce enough batteries for 600,000 electric vehicles per year by 2025. The joint venture called BlueOvalSK is the start of Ford’s plan to vertically integrate key parts of the electric vehicle supply chain. The companies say they have signed a memorandum of understanding, but details on the ownership structure and factory locations have yet to be worked out.
Also this past week, President Biden was seen driving an all electric Ford pick-up F-150 truck… You know, pull up in your Lambo, Joe. Come through! The president plans to spend $15 billion to build a half-million electric vehicle charging stations by 2030, as well as offer billions in unspecified tax credits and rebates to cut the cost of the vehicles and make them more appealing to buyers.
We barely have electricity-capable homes in Nigeria, what do you think the future of electric vehicles in Nigeria is?
4 for 1 Nvidia
If you’ve owned any computing gadget in a while, you probably have used an Nvidia processor in it (or not, cos lawd knows I ain’t checking for no chips *side eye*). The graphics-chip maker, on Friday, announced a four-for-one stock split.
Quick one on stock splits, according to investopedia:
One side says a stock split is a good buying indicator, signaling the company’s share price is increasing and doing well. While this may be true, a stock split simply has no effect on the fundamental value of the stock and poses no real advantage to investors.
This split is coming days before the company releases its Q1 results of 2021. As presumed, Nvidia stocks jumped on the news. The company had its last stock split in 2014 and it is hoping to get an approval from its shareholders on the 3rd of June for this new stock split. If approved, each Nvidia shareholder on record at the close of business on June 21 will receive three additional shares of common stock for every share held. Nvidia stocks will begin trading on the split-adjusted basis on July 20.
On Thursday, Nvidia stock jumped 3.9% to $584.50 as semiconductor stocks rallied.
Noble Pursuit or Self-Seeking Move, China!?
China! China!! China!!! What can I say…?! Sigh. We thought it was over with Elon’s Bitcoin tweet, but yea, nope! China showed up on the scene and with big, but sad news.
“We are cracking down on illegal bitcoin mining.”
China contributes to, at least, 75% of bitcoin mining across the world, so it really makes you wonder… is this a noble, holy & chaste pursuit or are we just here on vibes and insha allah? Lol I kid [but only a little]. Bitcoin fell to as low as $36,000 insanely respecting a -10% loss. Come to find out that China’s crackdown is majorly to boost the country’s own digital yuan. [Bustedddd!!!]
The People’s Bank of China announced that financial services companies and payment services were banned from pricing or conducting business in virtual currencies also this week. According to Wall Street Journal, China is positioning its digital yuan for international use, which although some analysts see as a potential, might challenge the strength of U.S. dollar’s long standing dominance, in the long term.
You know China by now…
Minimum Wage
Bank of America announced last week that it plans to raise the wages of its lowest-paid employees to $25 an hour (that’s about N12,125 per hour.) The raises by the bank are expected to impact 50,000 employees (~30%) of its workforce in the US, who work in jobs such as those in consumer bank, technology, operations, and staff support functions as well as other areas. For context, Bureau of Labor Statistics data show that the national median pay for tellers is a little over $15 an hour, and customer representatives make a little over $17 per hour.
Excuse my while I count my imaginary coins.
Later, fam!
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