Volvo to sell only electric cars by 2030 with all sales going online
VOLVO has pledged to sell only electric cars by 2030 — and to switch all sales to online.
The Swedish firm said it will phase out all petrol and diesel cars — including hybrids — by the end of the decade.
It said online-only sales will create “transparent and set pricing”.
CEO Hakan Samuelsson said: “Instead of investing in a shrinking business, we choose to invest in the future — electric and online.”
The UK will ban sales of new petrol and diesel cars from 2030.
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Cathie Wood’s Ark Invest Buys over 250,000 Shares of Zoom Video
One of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge purchase on Tuesday. Accordingly this fund bought over 250,000 shares of Zoom Video Communications, Inc. (NASDAQ: ZM) shares on Tuesday, as the price of this ETF lost about 2% in Tuesday’s sell-off. Note that this ETF is up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 255,621 shares of Zoom Video. At Tuesday’s closing price this would have valued this purchase at roughly $95 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 151% in the last year.
Zoom Video is not a product of the pandemic, but its success most certainly is. The video conferencing company has seen a remarkable surge in the use of its products. It remains to be seen if this success continues if and when the spread of COVID-19 slows and people begin to return to offices. Its other challenge is that it faces a number of well-regarded competitors, some of which also have large installed customer bases.
Zoom demonstrated its dominance in the industry when it reported its most recent quarterly earnings. Revenue rose 369% to $882.5 million. As Zoom tries to prove its staying power, it has over $4.2 billion in cash and securities, an impressive bankroll.
Its stock is up roughly 230% this year to a market cap of about $109 billion. If video conferencing remains a backbone of 21st century communications, Zoom should continue to prosper.
Racist social media abuse continues to plague UK football
(CNN Business)An Instagram bug briefly hid likes from some of its users on Tuesday, after the company accidentally expanded a long-running test of the feature.
“We’ve been testing a new experience to hide likes on… posts,” a spokesperson for Facebook (FB), which owns Instagram, told CNN Business. “We unintentionally added more people to the test today, which was a bug — we’re fixing this issue and restoring like counts to those people as soon as possible.”
Several users reported seeing the change on their profiles Tuesday, with the number of likes replaced with the phrase “and others.”
Instagram has been running limited tests of that change for years — in 2019, the company said it would start removing the number of likes from a limited number of accounts in Canada. Instagram has not provided a timeline for when it expects the hidden likes to roll out widely.
While followers wouldn’t be able to see the total number of likes a post received, the owner of the account still could, Instagram said at the time. Users could click to see a full list of the accounts who liked the post, but they wouldn’t be able to see a number highlighting how many people liked it.
Instagram framed the move as a way to help reduce pressure to rack up likes on the platform. Likes, which appear as hearts on Instagram, are often used as a measure of popularity.
— CNN Business’ Kaya Yurieff contributed to this report.
‘Daily Show’ Taunts Cuomo Brothers With Embarrassingly Awkward Supercut Video
CNN’s Chris Cuomo is coming under fire for saying this week that he “obviously” can’t report on his brother, New York Gov. Andrew Cuomo (D), who has been accused of sexual misconduct by three women.
“Obviously, I am aware of what is going on with my brother. And obviously I cannot cover it because he is my brother,” Chris Cuomo said Monday night.
He was immediately called out for a shifting standard, given his regular interviews with his big brother during the early days of the coronavirus pandemic.
Now Trevor Noah’s team at “The Daily Show” is getting in on the act with a supercut video of the two’s on-air moments that seem especially awkward now:
CNN said last month that it allowed the interviews at the time because of the “extraordinary” circumstances of the COVID-19 pandemic but said Chris Cuomo would no longer interview his brother.
Multiple rockets land at Iraq's Ain al-Asad air base that hosts U.S., coalition forces – two security sources
(Reuters) – Multiple rockets landed on Tuesday at Iraq’s Ain al-Asad air base that hosts United States, coalition and Iraqi forces, two security sources said.
No casualties have been reported so far, the sources said.
Ain al-Asad air base is located in western Anbar province.
Dialog Semiconductor Q4 Profit Rises – Quick Facts
Dialog Semiconductor Plc. (DLGNF.PK,DLGS) reported that its net income for the fourth-quarter rose 29% to US$57.8 million, from last year’s US$44.8 million, due to the increase in operating profit and the lower effective tax rate. Earnings per share increased 33% to US$0.81 from the prior year.
Underlying net income was 21% higher year-on-year. Underlying earnings per share was 24% higher year-on-year to US$1.26 from the previous year.
Operating profit was US$69.9 million, 30% above the prior year, mainly due to the higher revenue and gross margin partially offset by the incremental operating expenses from the acquisitions of Adesto and Creative Chips, as well as cost savings.
Revenue was 15% above the fourth-quarter of 2019 at US$439 million mostly due to strong performance across the product portfolio offsetting the expected decline in licensed main PMICs.
Excluding the contribution of Adesto, revenue was 10% above the fourth-quarter of 2019.