Alibaba founder Jack Ma will give up his control of Chinese financial technology giant Ant Group. The decision, announced by Ant on Saturday, comes after the Chinese government’s severe regulatory crackdown on the company over the past two years. In late 2020, Beijing forced Ant, Alibaba’s fintech affiliate, to scrap its $37 billion initial public offering. The last-minute cancellation of the...
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The Electric electric vehicles
The Electric: Western Auto and Battery Makers’ Big Gamble on Indonesian Nickel
For much of the last century, metals companies have made stainless steel from nickel mined in Russia or the Philippines and smelted at temperatures up to 2,900 degrees. But demand for nickel is outstripping supplies because the metal is a key component in most electric vehicle batteries. So metals producers have turned to a new supplier—Indonesia, which possesses vast reserves of a previously...
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