Electricity will power every new Volvo model starting in 2019, the Chinese-owned automaker making it the first major car manufacturer to pledge to leave the traditional combustion engine behind. Volvo said it will launch five fully electric vehicles between 2019 and 2021. Volvo said it will also introduce a host of new gas and diesel plug-in hybrids down the line. The company has yet to provide details on any of the models.
Gupta’s To Delist From JSE
Oakbay, which earned Atul Gupta a spot on the 2016 Sunday Times Rich List with a paper fortune of R10.7bn based on the company’s market capitalisation, has applied for the voluntary suspension of trading in its shares from the JSE after failing to secure a sponsor.
JSE Announces Job Cuts Due To Recession
The JSE says it will cut its workforce by 14% as part of a cost cutting programme which will include reducing its technology operating expenditure by a minimum of R70 million over a two-year period. Nicky Newton-King, CEO of JSE said: “globally, securities exchanges and other players in the financial services industry are adjusting the way in which they operate in response to changing regulatory requirements and the fast-pace of technological developments.
Zim Considers Legalising Marijuana Production
Zimbabwe is considering legalising the production of cannabis for medical purposes to lure investors keen to grow the drug, a cabinet minister says. Investment Promotion Minister Obert Mpofu says a Canadian firm has applied to the government for a permit to produce the drug, known locally as mbanje, in one of the country’s soon-to-be-set-up Special Economic Zones (SEZs).
Tesla Rolls Out First Model 3 Tesla
The Model 3, Tesla’s $35,000 electric gamechanger. A single black Model 3 rolled off the production line Friday with a serial number all its own, kicking off a company-defining six months is here. Tesla has already taken in roughly half a billion dollars in Model 3 deposits, at $1,000 apiece, and its proposed ramp-up schedule would have it rivaling well-established U.S. market peers like BMW and Mercedes by year’s end. The only thing standing between Tesla and being the world’s first mass-market electric carmaker is proving it can build, deliver, and service enormous numbers of these vehicles—without sacrificing quality.
Indicators : JSE 51’800 – Oil 46.66 – Rand/USD 13.33 – Rand/GBP 17.09 – Rand/EUR 15.16