If you’re interested in the world markets and how various industries are performing in 2021, simply continue reading to learn about some of the hottest business news stories this week.
Ford starts production on electric Mustangs in China:
Ford which is a US based auto company has started production on its first electric Mustangs in China. A move, to compete with Tesla’s electric vehicles as well as electric vehicles from various Chinese car manufacturers.
Tesla’s profits disappoint investors:
Despite Tesla producing and delivering record numbers of vehicles in the fourth quarter of 2020, Tesla’s profits have underwhelmed their investors.
Cambodia starts pumping oil after a 15 year hiatus:
Cambodia seeks to boost its GDP after resuming oil pumping, after a 15 year hiatus. The Cambodian government claims that they will use the money generated from selling their oil, on their health sector and education sector. It is hoped that the profits from Cambodia’s fledgling oil industry will help Cambodia’s economy recover from the devastation of the 2020 coronavirus pandemic.
American Airlines prepares to sell 1 billion dollars of stock:
As a result of the continuing Coronavirus pandemic, American Airlines has chosen to sell 1 billion dollars of stock in order to quickly boost liquidity. American Airlines board hopes that they’ll be able to stock pile enough cash to get through the rest of the pandemic. As travel is still restricted and the company continues to post disappointing financial results. In general the travel industry in the United States has suffered phenomenal losses and American based Airlines posted 34 billion dollar losses at the end of the 2020 fiscal year. As well as selling 1 billion dollars worth of stock American Airlines has also wanted their employees to expect job losses. Despite the fact that other airlines such as Delta, plans to rehire 400 of its redundant pilots.
Johnson and Johnson announce the progress of their own coronavirus vaccine:
Pharmaceutical giant Johnson and Johnson have recently announced the effectiveness of their own coronavirus vaccine which is currently undergoing trials in the United States. So far, the vaccine has provided antibodies to 60% of its test subjects.
A new cryptocurrency Dogecoin makes international headlines:
Due to the forum Reddit, a new cryptocurrency which was first created as a joke, Dogecoin has made international headlines. As a Reddit sub group decided to encourage individuals on the internet to invest in Dogecoin in order to inflate its price. In a similar manner to the way that internet users inflated the price of Game Stop shares. Dogecoin is named after the doge mean which featured a Shiba Inu and was popular in 2012. As a result of the financial prank, Reddit users were able to increase the value of Dogecoin by a staggering 7.1 billion dollars.
Bitcoin’s price skyrockets due to Elon Musk’s support:
After the world’s richest man Elon Musk tweeted about being a Bitcoin investor, the price of Bitcoin skyrocketed and the share price for one Bitcoin increased to above $38,000.
So if you enjoy keeping up to date with the latest business news, hopefully you’re now up to date with the latest business news around the world. Especially if you’re interested in how the pandemic is effecting various countries and businesses.