International News 06/02
-
Toyota's hybrid car options have given the company an advantage over its competitors who rely solely on electric vehicles.
Hybrid vehicles, such as the Toyota RAV4 Hybrid, are gaining popularity as consumers choose them over pure electric vehicles due to concerns about limited charging infrastructure. This trend has put Toyota in a favourable position, with the company expected to outperform competitors who have focused solely on full electrification. Factors such as high interest rates and economic uncertainty have led electric vehicle manufacturers to reduce production targets and warn of slowing sales growth. However, Toyota, which relies on a combination of electric and hybrid vehicles, is expected to provide a more favourable earnings report. This illustrates that although there is a demand for electric vehicles due to their speed and torque, many consumers still consider hybrids to be more practical and suitable for their needs, particularly for long-distance travel.
Gemini Crypto Exchange in the United States has declared bankruptcy and has begun selling its assets.
Crypto lender Genesis has filed for bankruptcy in the US Bankruptcy Court. The bankruptcy filing will allow for the sale of assets and seek permission to monetise creditor interests. The motion filed by Genesis also aims to defend its interests in two Ethereum Grayscale trusts, which are securities that provide investors with exposure to crypto assets. Genesis has requested an expedited bankruptcy hearing on this matter. Genesis filed for bankruptcy after settling a lawsuit with the US Securities and Exchange Commission regarding the now-defunct Gemini Earn lending program. The company is currently developing a liquidation plan to reimburse customers with either cash or cryptocurrency, depending on the currency they deposited in the Earn program. It is important to note that the Earn programme was suspended during the cryptocurrency market crash in November 2023, which resulted in legal disputes between Genesis, Gemini, and Genesis' parent company Digital Currency Group.
Jeff Bezos plans to sell up to 50 million Amazon shares by 31 January next year.
Amazon.com founder Jeff Bezos plans to sell up to 50 million shares in the company, worth around $8.6 billion, within the next year. The announcement comes as Amazon reported higher than expected sales for the holiday quarter, leading to an 8% rise in its shares. The sale plan was adopted in November 2020 and will be completed by January 2025, subject to certain conditions. This move comes after Bezos stepped down as CEO and assumed the position of Executive Chairman earlier this year. Bezos, currently the world's third richest person with a net worth of $185 billion, has seen Amazon's stock rise over 80% in the past year, outperforming the S&P 500 index.