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Nikola shares up 45% after General Motors acquired 11% of electric truck maker

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Nikola shares up 45% after General Motors acquired 11% of electric truck maker

Nikola Motor Company Badger Pickup

Source: Nikola Motor Company

Nikola shares surged on Tuesday after General Motors announced that it was acquiring an 11% stake in the electric truck maker and will be producing its main electric fuel cell pickup, the Badger, by the end of 2022.

Nikola shares jumped about 45% premarket, while GM shares jumped nearly 9%.

GM gets a $ 2 billion stake in Nikola and the right to appoint one board member in exchange for in-kind services. GM will also become the exclusive worldwide supplier of fuel cells outside of Europe for Nikola for 7/8 trucks. Nikola manufactures trucks with battery and hydrogen.

“When we look at the possibility of continuing to leverage our technology – the Ultium battery platform system, as well as Hydrotec fuel cell technology – it’s a great test of our technology, and then bringing our engineering and manufacturing expertise to the table. , “GM CEO Mary Barra said in an interview with CNBC “Squeak box… “

Nikola’s founder and CEO, Trevor Milton, said the partnership gives Nicola access to proven GM parts, as well as her Ultium battery technology and multi-billion dollar fuel cell program.

“Nicola immediately gains decades of supplier and manufacturing knowledge, tried and tested ready-to-go electric vehicle powertrains, world-class engineering and investor confidence,” Milton said in a statement. “Most importantly, General Motors has a vital stake in Nikola’s success.”

Nikola began trading on June 4 following a reverse merger with VectoIQ, a publicly traded special purpose stock company led by former GM vice chairman Stephen Girski. The company’s shares have surged since its IPO, despite the fact that Nikola, founded in 2015, does not expect to generate earnings until 2021 and demonstrates that investors are ready to provide companies that promise the cars of the future.

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Kevin Stankevich of CNBC contributed to this article.

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Economy

These are the 10 most expensive products in the last week.

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These are the 10 most expensive products in the last week.

An analysis of the applied values ​​by DECO Proteste shows that the price of the basic food basket “is €207.80 this week, €24.17 more than it was on February 23rd”, but €1.21 less than in the previous month. a week.

From February 23 to September 21, meat has risen in price by 17.82% (up 5.75 euros), while pork chop today costs 25% more, that is, 1.11 euros.

As for fish, the consumer protection association points out that it is now 14.97% more expensive than before the Russian war against Ukraine, 9.03 euros more expensive.

The Consumer Protection Association monitors weekly prices for a basket of 63 staples, which includes items such as turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar. , ham, milk, cheese and butter.

This week, in the period from 14 to 21 September, the top ten products with the largest price increases were zucchini (up 10%), spiral pasta (up 8%), cereals (up 7%), plus 6%), Flemish cheese . (plus 5%), Biscuit Maria (plus 5%), orange (plus 5%), flour for cakes (plus 5%), tomato pulp (plus 5%) and horse mackerel (another 4%).

Looking at the period since February 23 this year, DECO Proteste shows that all food categories have shown price increases, with meat (up 17.82%) and fish (up 14.97%) standing out the most. However, there is also an increase in fruits and vegetables (up 14.65%), food products (up 10.23%), dairy products (up 11.15%) and frozen foods (up 2.48%).

In addition, the top 10 products that rose the most between February 23 and September 21 were broccoli (up 55%), cabbage (up 49%), whole chicken (up 33%), fresh hake (up 30%). %), cakes. flour (30% more), turkey steak (28% more), Maria cookies (27% more), pork chops (25% more), vegetable oil 100%, vegetable oil (plus 24%) and tomato pulp (plus 23%).

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This increase is explained by the fact that Portugal is “heavily dependent on foreign markets to guarantee the supply of cereals needed for domestic consumption”, which currently “represent only 3.5% of national agricultural production, mainly corn (56%), wheat ( 19%). %) and rice (16 percent).”

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and forces the country to import about 80% of grain. , notes DECO.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union come from, and Portugal has thus put even more pressure on the sector, which has been struggling for months with the effects of a pandemic and drought with a strong impact on production and stockpiling.

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

In addition, he points out that “a consistent increase in consumer prices, namely for such products as fuel and food, contributes to an increase in the rate of inflation.”

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Economy

Luxury Algarve Resort Changes Owner Two Years Before Opening – Turismo & Lazer

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Luxury Algarve Resort Changes Owner Two Years Before Opening - Turismo & Lazer

Singapore’s sovereign wealth fund GIC, one of the world’s largest investors, has bought a majority stake in SIG, owner of a €2.3 billion luxury resort chain, Eje Prime reported.

SIG manages the Sani and Ikos Resort brands, which will debut in Portugal in 2024 with the opening of the country’s first resort in Albufeira. It will be the group’s sixth hotel in Europe with active resorts in Spain and Greece.

According to a Spanish real estate newspaper, the Singapore fund’s deal included the purchase of British Oaktree, Goldman Sachs and Hermes GPE shares in SIG. The deal is expected to close in the last quarter of the year, with Andreas Andreadis and Mathieu Guillemin continuing to lead the company as CEO and Managing Partner, with Stavros Andreadis as Honorary Group Chairman.

The entry of the Singapore Fund will allow SIG to fulfill its plans for the next five years, which include investments of more than 900 million euros in new units in the Mediterranean.

SIG was established in 2015 and today owns ten resorts in Greece and Spain, with a total of approximately 2,750 rooms and suites.

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Economy

Do you have a diesel car and need to fill up? wait for monday

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Do you have a diesel car and need to fill up?  wait for monday

From this Monday, fuel prices will fall again, but this time only in the price of diesel fuel: in the main national oil companies, “the evolution of quotations in euros indicates a drop in prices to 2 cents per liter of diesel fuel, while 95th gasoline will maintain the registered price,” an industry source told Multinews.

The trend is also being replicated at private brand gas stations, which usually operate near hypermarkets, with “a sharp drop of 0.0187 euros per liter for diesel, while gasoline 95 will register the same trend, albeit slightly, 0.0025 euros – another source said.

So after all, filling a tank with 60 liters of diesel fuel costs 1.2 euros cheaper. In the petrol version, there is no change in the travel time to the service station.

According to official figures from the DGEG (Directorate General of Energy and Geology), both diesel and petrol 95 have been declining for four consecutive weeks. Recall that last week diesel fuel kept a higher price than gasoline 95 (1727 euros/l against 1695 euros), and this week this difference will disappear.

Also, according to DGEG data, the average price of regular diesel this Thursday was 1.752 euros per liter, while the average price of regular gasoline 95 was 1.693 euros per liter, indicating a downward trend. Average prices are based on data provided by over 2,400 stations across the country and include discounted prices.

This fuel price update takes into account the cost of a barrel of Brent oil on international markets. A barrel of oil has been trading at a low level for several weeks now. After peaking in the early days of the war in Ukraine, when oil hit $140 a barrel, fuel prices soared to record highs, the price of this “black gold” is now lower.

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