Tesla to ‘recall’ over 285,000 cars in China due to faulty software

Tesla to ‘recall’ over 285,000 cars in China due to faulty software
Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. (Reuters/File)
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Updated 26 June 2021

Tesla to ‘recall’ over 285,000 cars in China due to faulty software

Tesla to ‘recall’ over 285,000 cars in China due to faulty software
  • Tesla would contact affected users to upgrade their vehicle’s software remotely for free

BEIJING: Electric car giant Tesla will “recall” over 285,000 cars from the Chinese market after an investigation found issues with its assisted driving software that could cause road collisions, a government regulator announced late Friday.
Tesla would contact affected users to upgrade their vehicle’s software remotely for free, a State Administration of Market Regulation (SAMR) notice said, adding that it affects some imported and domestically manufactured Model 3 and Model Y vehicles.
“The recall plan was filed with the State Administration of Market Regulation, and it was decided to recall the following vehicles from today,” SAMR said.
The order is the latest blow to the American self-driving car pioneer, which has come under growing regulatory scrutiny in China due to several deadly collisions involving Tesla vehicles in recent months.
“Due to issues with the cruise control system... the driver can easily activate the cruise control function by mistake,” the Chinese government agency said in the notice.
“A sudden increase in vehicle speed will occur, which could... in extreme cases, cause a collision, posing safety hazards.”
The carmaker has also been targeted by numerous social media complaints from Chinese users regarding quality and service issues, culminating in a high-profile customer protest at the Shanghai Auto Show in April.
The cruise control function, which “matches the speed of your car to that of the surrounding traffic” is a key part of Tesla’s Autopilot assisted driving function, according to the manufacturer’s website.
Tesla’s road in China appeared to be paved with gold after founder Elon Musk was granted rare permission to build a wholly owned factory in Shanghai that has allowed it to accelerate to the head of the pack in China’s huge electric car market.
The company is hugely popular in China, where it sells one out of every four of its cars.
The firm announced last month it would be setting up a data center in China, following user backlash over fears that their data could be passed over to the US.
Tesla shares fell almost 8 percent upon the news during US trading hours Friday.


Price of oil surges past $80-a-barrel landmark

Price of oil surges past $80-a-barrel landmark
Updated 29 September 2021

Price of oil surges past $80-a-barrel landmark

Price of oil surges past $80-a-barrel landmark
  • OPEC urges investment in production

DUBAI: The price of oil surged above $80 a barrel on Tuesday amid soaring demand from global economies and increasingly tight supply.
Brent crude, the global benchmark, jumped past the psychologically significant landmark for the first time in three years, after five days of rising prices.
Oil analysts believe the surge could have a long way to go. Christyan Malek, head of oil and gas at US bank JP Morgan, told Arab News: “The bull case suggests that oil could hit more than $100 a barrel by 2023, though it could reach that level within the next six to 12 months.”
Another US banking giant, Goldman Sachs, this week forecast a price of $90 a barrel for Brent by the end of this year.
Oil has risen in price by more than 90 percent over the past year as the output strategy of OPEC+ — the oil alliance led by Saudi Arabia and Russia — drained the global oil glut that depressed prices in 2020.
Global crude inventories that ballooned during the pandemic have shrunk to their lowest levels since January 2020 as the biggest oil consumers, the US and China, fuel their recovery.
Several other factors are also behind the recent run. Robin Mills, chief executive of consultancy Qamar Energy, said it was down to “gas shortages and revived demand colliding with US hurricanes and maintenance delays.”
Adding to the upward pressure on prices, oil demand will grow sharply in the next few years as economies recover from the pandemic, OPEC forecast in its World Oil Outlook published on Tuesday.
“Energy and oil demand have picked up significantly in 2021 after the massive drop in 2020,” OPEC Secretary-General Mohammad Barkindo said. “Continued expansion is forecast for the longer term.”
Oil use will rise by 1.7 million barrels per day in 2023 to 101.6 million bpd, OPEC said, adding to robust growth already predicted for 2021 and 2022, and pushing demand back above the pre-pandemic 2019 rate.
The organization said the world must continue investing in oil production to avert an energy shortage, despite the transition to renewables. Upstream oil capital spending dropped by nearly 30 percent to about $240 billion last year because of the pandemic.
“It is clear that underinvestment remains one of the great challenges for the oil industry,” Barkindo said. “Without the necessary investments, there is the potential for further volatility and a future energy shortfall.”
Nevertheless, OPEC is upbeat about its prospects. “Oil is still expected to retain its No. 1 position in the energy mix,” Barkindo said.


Saudi stock market continues upward momentum

Saudi stock market continues upward momentum
Updated 28 September 2021

Saudi stock market continues upward momentum

Saudi stock market continues upward momentum

RIYADH: The Saudi stock market ended Tuesday’s session in the green zone for the third consecutive session, amid broad gains for Saudi Aramco shares, which coincided with oil prices recording their highest levels since October 2018.

The Tadawul All Share Index rose 0.12 percent to close at 11,382 points.

Liquidity in the main market amounted to about SR8.9 billion.

The Saudi Aramco stocks also managed to record a 33 percent rise in its market price since March 2020, while the shares recorded gains of more than 3 percent since the beginning of this year.

SABIC's share also continued its gains for the third consecutive session.

On the other hand, STC shares fell 1.6 percent for the fifth consecutive session.

The parallel market index Nomu ended Tuesday’s session with a slight decrease of 5.25 points, or 0.02 percent, compared to the previous session, and closed at 23918.12 points. The liquidity amounted to about SR88.1 million.


Crypto coins prices seesaw amid growing debate on digital currencies: Market wrap

Crypto coins prices seesaw amid growing debate on digital currencies: Market wrap
Updated 28 September 2021

Crypto coins prices seesaw amid growing debate on digital currencies: Market wrap

Crypto coins prices seesaw amid growing debate on digital currencies: Market wrap

RIYADH: Bitcoin traded lower on Tuesday, falling by 4.21 percent to $41,503.71 at 6:58 p.m. Riyadh time, while Ether slipped down by 7 percent at $2,844.81, according to data from CoinDesk.

Crypto exchanges are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.

Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed to buy and trade cryptocurrencies on its main platform, to comply with local regulation.

The Monetary Authority of Singapore this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state's residents.

From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform.

In recent months, regulators in Britain, Italy and Hong Kong have said Binance units are not authorized to carry out some activities in their markets, and Malaysia’s financial regulator reprimanded the exchange for operating illegally there

 

Deposit

While cryptocurrency exchange Coinbase said its customers in the US will be able to use the direct deposit service for any percentage of their salary. They can also hold their dollars in dollars or instantly convert them into cryptocurrencies without fees.

“With direct deposit, customers can more easily access our crypto-first financial services and be ready for any trade or purchase,” Max Branzburg, vice president of product at Coinbase, said in a blog post.

“We’re determined to deliver the most trusted full suite of crypto-first financial services to our 68 million users.” 

 

Extreme views

JPMorgan CEO Jamie Dimon has spoken out about his stance on Bitcoin and cryptocurrencies, stating that anyone who borrows money to buy bitcoin is, in his opinion, a fool.

However, Dimon also acknowledged that there is a potential for the crypto sector to increase its value tenfold in the next years.

"I am not personally interested in bitcoin and am not a buyer. This does not mean that the price of Bitcoin cannot reach 10 times its price today in the next five years,” Dimon said in an interview with the Times of India.

 

Long road ahead

Anthony Scaramucci, CEO of Skybridge Capital, believes that there is still a long way to go for institutional investors to embrace bitcoin and cryptocurrency in general.

He stated in an interview with Bloomberg that according to his experience, most institutions are still not interested in cryptocurrency as an investment and only 10 percent are actively investing in cryptocurrency. While this may be a minority, it is a minority that has some influence.

“The institutions are not there. Anybody who’s telling you there’s institutional adoption into this space is not being totally honest or they’re seeing something that I’m not seeing,” Scaramucci said.


Saudia wins World’s Most Improved Airline award for 2021

Saudia wins World’s Most Improved Airline award for 2021
Updated 28 September 2021

Saudia wins World’s Most Improved Airline award for 2021

Saudia wins World’s Most Improved Airline award for 2021

RIYADH: Saudia has won the Skytrax award for the World’s Most Improved Airline for 2021, Saudi Press Agency reported. 

This award reflects an airline’s quality improvement in different areas. The Saudi airlines ranked 26 jumping 31 places in one year.

The national carrier earned this title for the second time. It first won the award in 2017. 


EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex
Updated 28 September 2021

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

RIYADH: The Royal Commission in Yanbu on Wednesday signed a $900 million investment agreement with EV Metals to establish and operate a factory for the production of electric battery chemicals.

The facility will be spread over 127 hectares and the investment volume is approximately SR3,375 million. The project is expected to create 494 jobs.