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BMW Warns on Price War at IAA Mobility Show
BMW [BMW.DE] CEO Oliver Zipse warned that plans to ban combustion engine cars are pushing EU automakers into a price war with Chinese rivals such as BYD [1211.HK]— a war they cannot win. He spoke ahead of the IAA Mobility conference in Munich this week, where the number of Chinese companies has more than doubled within two years. Volkswagen [VOW3.DE] announced it has set up half of a targeted 40,000 electric vehicle fast chargers.
Is the UAE Ready to Double Down on Gaming?
The United Arab Emirates (UAE) has taken a step closer to becoming the first Gulf state to legalise casinos by setting up a federal body to regulate gaming. Wynn Resorts [WYNN] is building a $3.9bn gaming resort in the country, and last month said it was expecting to receive a licence soon. According to Angela Hanlee, a senior gaming and hospitality analyst for Bloomberg Intelligence, the UAE could eventually bring in $6.6bn of gaming revenue every year.
Cybercriminals Target German Regulator
German banking regulator BaFin was hit by a distributed denial of service attack on Friday, a cybercrime whereby hackers flood a given server with traffic, preventing users from accessing sites and online services. The attack prompted a series of defensive measures, which limited access to the BaFin site, and as of Monday the regulator is working to restore full functionality. BaFin has repeatedly warned of the dangers of cybercrime.
New Huawei/SMIC Chinese-made Chip
Bloomberg reports that Huawei and Semiconductor Manufacturing International Corporation (SMIC) [0981.HK], China’s top chipmaker, have collaborated on a 7-nanometer processor. Designed to power Huawei’s latest smartphone, the chip is an indication that Beijing is making progress on circumventing US export curbs by developing its domestic semiconductor industry. “It's a pretty important statement for China,” TechInsights Vice Chair Dan Hutcheson said: “SMIC’s technology advances are on an accelerated trajectory”.
Leo Lithium Stock Plummets on Mali Suspension
Shares of Leo Lithium [LLL.AX] dropped 50.9% on Monday, after the Australian miner announced that Malian authorities have suspended operations of unrefined lithium ore at its Goulamina mine, a joint venture with China’s Ganfeng Lithium Group [002460.SZ]. The firm said that the suspension would not cause any delays further down the line: “Mining continues as per the pre-existing plan and mined ore is being stockpiled,” it said.
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