Elon Musk said on Thursday that Tesla Inc’s (TSLA.O) factory in Nevada was a target of a “serious” cybersecurity attack, confirming a media report that claimed an employee of the company helped the Federal Bureau of Investigation(FBI) thwart the attack.

News website Teslarati said that the electric carmaker was the unnamed company in a statement issued by the U.S. Department of Justice on Tuesday about a Russian national's arrest, in connection with a planned attack on an unidentified company.

“This was a serious attack,” Musk said in a tweet, in response to the Teslarati article.

The Justice Department said that Egor Igorevich Kriuchkov, 27, a Russian national, was arrested and charged with conspiracy to intentionally cause damage to a protected computer by trying to recruit an employee to introduce a malware into a system.

The malware was aimed at extracting data from the network and then to threaten the company for ransom money, the statement said.

According to the Justice Department, Kriuchkov had promised the employee an incentive of $1 million upon introducing the malware into the system.

But the employee alerted the FBI, who were successful in thwarting the attack, a complaint filed by the FBI’s Las Vegas Field Office showed.

source:Reuters

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Tesla's battery supplier says it's made a huge breakthrough in battery technology that could power electric-vehicle sales for years to come.

Contemporary Amperex Technology Ltd., the Chinese car-battery giant that supplies Tesla and Volkswagen, is ready to produce a battery that can last 16 years and 2 million kilometers, or 1.24 million miles, the company's chairman, Zeng Yuqun, told Bloomberg over the weekend.

Zeng said the company was ready to start fulfilling orders for the battery but didn't disclose whether anyone had bought any yet. He added that the battery cost about 10% more than average EV batteries.

Battery life is one of the main areas holding back widespread EV adoption, and a long-lasting battery could be transformative for the industry. Batteries are the most expensive part of EVs, so if one with a longer life could be transferred into a new car, it could significantly lower the price. Bloomberg said warranties on EV batteries cover roughly 150,000 miles or eight years.

Reuters reported in May that Tesla was making a million-mile battery with CATL. Sources told Reuters that Tesla planned to launch the new battery in China first as part of a wider strategy to reposition the company. Tesla did not immediately respond to Business Insider's question about whether the battery announced by CATL was developed jointly.

In his interview with Bloomberg, Zeng seemed upbeat about the industry's prospects, which took a downturn with the coronavirus pandemic. "The pandemic may have a lasting effect throughout 2020," he said, "but won't be a major factor next year."

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Tesla's mercurial co-founder and CEO, Elon Musk, has revealed that he is open to the idea of sharing the company's electric vehicle technology and manufacturing capabilities with its competitors. Responding to a tweet by Teslarati, the billionaire tweeted, " Tesla is open to licensing software and supply powertrains and batteries. We're just trying to accelerate sustainable energy, not crush the competition."

In addition to the tweet, Musk also indicated that he would be even open to the idea of sharing Tesla's self-driving car technology called "Autopilot". Replying to a follower on the same Twitter thread, he cryptically responded "sure".

Musk has already pledged that Tesla will open-source all its patents. He views the use of sustainable energy as a critical tipping point against the battle for climate change. Musk has continuously reiterated this stance. He initially penned a blog post on Tesla's website back in 2014.

Tesla even managed to book a profit of $104 million in Q2 of 2020 despite lockdowns at its manufacturing facility with its core market of the US, being the worst impacted country by the coronavirus pandemic. It also marked the first time Tesla had booked a profit for four quarters in a row.

 

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Ant Group’s planned sale of up to $30 billion worth of shares is set to revive fortunes for Hong Kong Exchanges and Clearing Ltd (HKEX) which fell to the fifth rank as a destination for initial public offerings (IPOs) in the first half of 2020.

China’s dominant mobile payments firm and fintech arm of Alibaba Group Holding Ltd on Tuesday filed for a dual-listing in Hong Kong and on Shanghai’s STAR Market in what could be the world’s largest IPO.

The IPO comes as Beijing’s imposition of security law in Hong Kong and Washington’s consequent termination of some agreements with the territory has triggered questions about Hong Kong’s future as a financial hub.

Hong Kong was the world’s top listing venue in 2019, due to Alibaba’s $12.9 billion secondary listing there, but ranked third for IPOs, Refinitiv data showed. It was top for IPOs in 2018.

For IPOs in the first half of 2020, Hong Kong fell to fifth behind the Nasdaq, New York Stock Exchange, the year-old STAR Market and the broader Shanghai Stock Exchange.

Few large-sized IPOs are in the pipeline for rest of the year at Hong Kong’s rival bourses.

Ant has not disclosed how much it expects to raise in each of its Hong Kong and Shanghai offerings.

“Hong Kong provides access to international institutional investors and convertible currency, whereas Shanghai may allow broad participation by domestic investors,” said Drew Bernstein, co-chairman of advisory Marcum Bernstein & Pinchuk.

Technology companies account for 25.1% of Hong Kong’s benchmark Hang Seng Index by value, Hong Kong Stock Exchange (HKEX) data showed, from just 8.6% in 2015.

“The Hong Kong market is changing and internet giants are increasingly replacing property companies and financial institutions,” said capital markets consultant Philippe Espinasse.

HKEX declined to comment on Ant’s listing. When Ant announced its plans on July 20, HKEX Chief Executive Charles Li said the deal would affirm Hong Kong “as the world’s leading international IPO market”.

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Source: Reuters
 

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Walmart Inc (WMT.O) is partnering with Microsoft Corp (MSFT.O) in the software maker’s bid for Bytedance-owned TikTok, the world’s largest retailer said on Thursday.

ByteDance has been in talks to sell TikTok’s North American, Australian and New Zealand operations which could be worth $25 billion to $30 billion to companies including Microsoft and Oracle (ORCL.N), people with knowledge of the matter have told Reuters.

U.S. President Donald Trump has demanded that China’s ByteDance, which owns TikTok globally, sell its U.S. operations, citing potential national security risk due to the vast amount of private data the app is compiling on U.S. consumers.

“We are confident that a Walmart and Microsoft partnership would meet both the expectations of U.S. TikTok users while satisfying the concerns of U.S. government regulators,” the retailer said in a statement.

The two companies are two years into a five-year partnership as part of the retailer’s push for wider use of cloud and artificial intelligence.

Walmart said TikTok’s integrated e-commerce and advertising capabilities in other markets “is a clear benefit to creators and users in those markets.”

The retailer’s shares were up about 4.4% on the news.

source:reuters

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