EV maker VinFast signs first dealership in California
Vietnamese electric-vehicle maker VinFast on Wednesday announced its first dealership in California, and is set to begin operations this month.
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US closes probe into 2 million Nissan vehicles without seeking recall
WASHINGTON :A U.S. auto safety agency on Wednesday closed a seven-year-old investigation into 2.03 million Nissan Motor vehicles over issues related to rear suspension control arm failure without seeking a recall. The National Highway Traffic Safety Administration investigation, which covered 2013-2018 Nissan Altima and 2016-2018 Nissan Maxima vehicles, was opened in 2018 and upgraded to an engineering analysis in 2019. The probe reviewed whether the lower control arm of the rear suspension system could separate from the chassis due to corrosion posing safety risks. Nissan implemented a design change in January 2018 to improve the durability of the lower control arm. Nissan did not immediately comment on Wednesday. NHTSA said it reviewed about 1,300 reports of the issue and a small number of complaints suggested they had been in near crashes. Just one complaint said a vehicle made physical contact with another object, bumping into the trailer hitch of a truck. "Nissan acknowledges that a crack can develop in affected control arms due to stress loading from normal use and that salts commonly used for roadway snow and ice treatment may result in corrosion that exacerbates the progression of the crack," the agency said. Most reports occurred in salt-belt U.S. states prone to corrosion issues with vehicles averaging over 113,000 miles (181,856 km) at the time of failure. No injuries have been reported. More than 47,000 vehicles were repaired with a new part under a Nissan customer satisfaction campaign announced in 2019 and some vehicles received a warranty extension to 10 years. "With a declining trend of reports and Nissan's actions to implement a countermeasure and extended warranty coverage, further investigation of the issue does not appear to be warranted at this time," NHTSA said.
CNA
2 hours ago
- CNA
Circle surges as US Senate clears path for stablecoin regulation
Shares of Circle Internet jumped 16 per cent in morning trading on Wednesday after the U.S. Senate approved a milestone stablecoin bill, fueling hopes for broader adoption of what was once a niche corner of the crypto sector. A rare show of bipartisan support marks a turning point in the fractured debate over crypto oversight, and a breakthrough for a sector long stuck in regulatory limbo. Circle, the issuer of the second-largest stablecoin by market value, went public earlier this month in a blowout debut on the New York Stock Exchange. Its shares were last at $173.60, versus IPO price of $31. The company's flagship USDC stablecoin has a market value of around $61.4 billion, according to data from CoinGecko. The tokens have gained traction for offering crypto's convenience without its volatility. Pegged to currencies like the U.S. dollar, they aim to hold a stable value backed by reserves. The Republican-controlled House of Representatives must pass its version of the bill, known as the GENIUS Act, before it heads to President Donald Trump for approval. "Once passed into a law (likely the end of summer), we expect stablecoins to evolve from the money rail of crypto to the money rail of the internet," analysts at brokerage Bernstein said. Proponents say by setting clearer rules for issuing and managing dollar-pegged tokens, the bill could bring greater legitimacy to the sector. Several high-profile corporates are also reportedly exploring launching their own stablecoins. If signed into law, stablecoins will have to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. "Stablecoin adoption could also serve as a strong tailwind for major cryptocurrencies like bitcoin," analysts at brokerage KBW said. Stablecoins account for roughly $256 billion of the crypto sector's total $3.3 trillion market value, according to CoinMarketCap data.
CNA
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Stocks tick up, oil falls as uncertainty reigns on Middle East, Fed
(Corrects typographical error in headline) By Isla Binnie and Naomi Rovnick NEW YORK/LONDON :Wall Street indexes posted modest gains and oil prices dipped on Wednesday as investors weighed the impacts of a Middle East conflict and a U.S. rate decision on a global economy already grappling with uncertainty stemming from U.S. economic policy. Brent crude oil prices initially extended their recent rise as the Israel-Iran air war entered its sixth day, feeding concerns over global oil supply, before falling 1.52 per cent to $75.31 per barrel after U.S. President Donald Trump said Iran wanted to negotiate. Stock buyers made cautious inroads in early trading on Wall Street, giving a 0.50 per cent push to both the Dow Jones Industrial Average and the S&P 500 and a 0.56 per cent boost to the Nasdaq Composite. While geopolitics were the biggest immediate concern, other lingering doubts included a squabble over President Trump's tax bill, said Chris Maxey, Managing Director and Chief Market Strategist at New York-based Wealthspire. "Uncertainty began at the start of the year, and it felt like it just kept growing ... It's uncertain about what's coming next with respect to the (U.S.) tax package, what's going to happen with the Federal Reserve, what's going to happen in the Middle East," he said. "People are trying to digest all of this information without a huge amount of clarity," Maxey added. Trump declined to answer questions on whether the U.S. was planning to strike Iran or its nuclear facilities, saying: "Nobody knows what I am going to do." WATCH THE FED FOR CLUES The Fed is expected to keep its main funds rate steady on Wednesday in the 4.25 per cent-4.50 per cent range it has held since December. It is expected to issue projections, known as a dot plot, that signal it will not move decisively for months to come. Signs of fragility in the U.S. economy make for a challenging backdrop. U.S. retail sales fell by a larger-than-expected 0.9 per cent in May, data showed on Tuesday, the biggest drop in four months, while labour market indicators are showing weakness. "Markets are going to be closely watching the Fed's quarterly dot plot for clues on how and when the central bank will resume its cutting cycle," Insight Investment co-head of global rates Harvey Bradley said. "As tensions in the Middle East have the potential to threaten the inflation picture further, it cannot be ruled out that projections adjust to reflect just one rate cut this year,' he added. U.S. Treasury yields fell again on Wednesday, continuing a slide on Tuesday prompted by investors calculating that geopolitical risks abroad were greater than the chances the U.S. debt pile becomes unmanageable. The benchmark 10-year note was last yielding 2.6 basis points less, at 4.365 per cent, from 4.391 per cent late on Tuesday. The two-year yield, which is more sensitive to changes in expectations for Fed interest rates, fell 1.1 basis points to 3.939 per cent, from 3.95 per cent late on Tuesday.
