BUSINESS

TES;LA CUTS US PRICES FOR 3 ELECTRICAL VEHICLE MODELS

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Tesla knocked $2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk.

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THE BLACK NOVEMBER

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November, often associated with the transition from autumn to winter and the anticipation of holidays, has occasionally been marred by economic downturns, earning the moniker "Black November." This term reflects periods of financial instability, impacting economies worldwide.

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CHIP COSTS SURGE AS TAIWAN DECLARES PRICE INCREASE

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The company's expansion into Arizona with a new plant, expected to commence full-scale production this year, is a significant step towards diversifying the semiconductor supply chain. This move is particularly relevant given the current geopolitical tensions and the need for a more resilient supply chain, highlighted by recent events such as the Taiwan earthquake.

CC Wei, TSMC's CEO, has indicated that customers requiring chips to be manufactured in specific locations will need to bear the additional costs. This statement reflects the challenges faced in today's fragmented global market, where production costs can vary widely depending on the region.

In a show of support for TSMC's efforts to expand its manufacturing base, the U.S. government has pledged $6.6 billion in funding through the CHIPS Act. This has led TSMC to increase its investment in the U.S. from $40 billion to $65 billion. The Taiwan Stock Exchange CEO has emphasized the importance of Taiwan in the AI supply chain, highlighting the island's crucial role in the stability and advancement of AI technologies.

The financial markets have reacted quickly to Israel's limited strike against Iran, with stock futures falling sharply. The Dow Jones, S&P 500, and Nasdaq all saw declines, while oil prices experienced a surge, with Brent crude exceeding $90 a barrel. This market behavior underscores the sensitivity of financial markets to geopolitical unrest and the search for stability during times of uncertainty.

Taiwan's strategic importance in the semiconductor industry is underscored by its significant contributions to global technology and AI advancements. The recent developments have brought to light the vulnerability of global supply chains and the necessity for strategic investments to mitigate risks. The interconnectedness of the tech and financial sectors means that semiconductor supply directly influences device costs and market stability.

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WILL YOU DRIVE A XIAOMI?

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Chinese smartphone manufacturer Xiaomi has entered the electric vehicle (EV) market by launching its first EV and accepting orders. At the launch event, Xiaomi's CEO Lei Jun announced that the standard SU7 model will be priced at 215,900 yuan ($29,872; £23,663), while the Max version will cost 299,900 yuan. The company received more than 50,000 orders within the first 27 minutes of sales. Xiaomi's entry into the EV market comes amid a slowdown in sales growth globally, resulting in a price war.

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GOOGLE FIRES 28 EMPLOYEES, FOR POLICY BREACH DURING PROTESTS

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In a bold assertion of its workplace policies, Google has terminated 28 employees for their involvement in protests over the company's $1.2 billion contract with the Israeli government. The employees, part of a sit-in at Google's New York and California offices, they were accused of violating the company's code of conduct and policies on harassment, discrimination, retaliation, standards of conduct, and workplace concerns.

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IS SAMSUNG THE NEW IPHONE?

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According to IDC, a research firm, global smartphone shipments dropped by 10% in the first quarter of 2024 due to increasing competition among Android smartphone makers. However, the total number of global smartphone shipments still increased by 7.8% to 289.4 million units from January to March. Samsung emerged as the top phone maker, with a 20.8% market share, pushing Apple to second place with a 17.3% market share.

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BANK OF AMERICA FACES CONTROVERSIES AMIDST DEBANKING ALLEGATIONS AND DISCRIMINATIVE PRACTICES

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Bank of America has been thrust into the legal and political limelight. The institution stands accused of "de-banking" individuals based on their political and religious affiliations—a practice that involves denying services or closing accounts. This issue was spotlighted by the case of John Eastman, a lawyer who advised former President Donald Trump, whose accounts were terminated by Bank of America and USAA amidst the fallout from his role in the 2020 election.

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GENERATIVE AI SCALES UP TO A VALUATION OF $60 BILLION

The valuation of generative AI (GenAI) has been a topic of considerable interest in the tech industry, with recent estimates placing its market value at an impressive $60 billion. This figure is drawn from a comprehensive analysis by McKinsey, which highlights the significant economic potential of GenAI across various industries.

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