Month: February 2023
David Malpass quits World Bank
The US is the World Bank’s largest shareholder and a major source of its funding. An American has led the institution since its start in the 1940s, when it was created to help rebuild Europe in the aftermath of the Second World War. The president of the World Bank will step down from his post
$2bn of Tesla shares donated to charity
Tesla chief executive Elon Musk says he donated around $1.95bn (£1.6bn) worth of shares in his electric carmaker to charity last year. It is not the first time Mr Musk, who has an estimated net worth of $197.5bn, has given Tesla stock to charity. He donated around $5.74bn worth of shares in 2021, according to
China-US semi-conductors war
In October, Washington announced that it would require licences for companies exporting chips to China using US tools or software, no matter where they are made in the world. The US has been pushing the Netherlands and Japan to adopt similar restrictions. Major computer chip equipment maker ASML says a former employee in China stole
Tesla recalls 363,000 cars
Officials from the National Highway Traffic Safety Administration (NHTSA) met with Tesla in January to raise concerns about the “full self-driving beta” software, Tesla is updating its self-driving software after US safety officials raised concerns that it could allow drivers to exceed speed limits or travel through intersections unsafely. The recall affects nearly 363,000 vehicles
building green steel plants across Europe
Steel is usually made in a process that starts with blast furnaces. Fed with coking coal and iron ore, they emit large quantities of carbon dioxide and contribute to global warming. The production of steel is responsible for around 7% of the world’s greenhouse gas emissions. A small military town in Sweden’s frozen north is
Deportation of Ukrainian children to Russia
The new report states that Russian forces have allegedly moved a minimum of 6,000 Ukrainian children to Russian camps and facilities for forced adoptions and military training. The study found at least 32 centres dedicated to re-education and two military training camps both dedicated to educating Ukrainian children. Russia has denied the Allegations, what is
Sri Lanka IMF bailout
Even after leading creditors and the Paris Club have assured that they will re-structure debt of Sri Lanka, the International Monetary Fund (IMF) bailout has not been cleared yet due to unclear assurance given by other creditors including China to restructure debt of Sri Lanka. An IMF spokesperson said that they welcome the recent statement
Japan controls on semiconductor exports to China
Last year, the U.S. imposed a broad ban on semiconductor trade with China. It also asked Japan and the Netherlands, which are home to leading semiconductor equipment manufacturers, to agree to the ban in order to contain such production in China. China-bound exports of equipment essential for the manufacture of advanced semiconductors are expected to
South Korean cryptocurrency boss Do Kwon charged with fraud
US financial regulators have charged failed South Korean cryptocurrency boss Do Kwon and his company Terrraform Labs with “orchestrating a multi-billion dollar crypto asset securities fraud”. Globally, investors in TerraUSD and Luna lost an estimated $42bn, according to blockchain analytics firm Elliptic. It triggered a sell-off in major cryptocurrencies such as Bitcoin, Ethereum and Tether.
YouTube resigns
YouTube CEO Susan Wojcicki is stepping down after nine years in the role. Ms Wojcicki became involved with Google when the founders, Sergey Brin and Larry Page, set up shop in the garage of her home in Silicon Valley in 1998, becoming the company’s first marketing manager a year later. A Google employee for nearly