In today’s top stories, the Pathfinder Minerals board has questioned the company’s ability to continue if the sale of subsidiary IM Minerals doesn’t go through. Elsewhere, chip firm Arm is focusing on developing commercially viable products ahead of its IPO later this year, while Nvidia shares are riding high on its most recent revenue forecast. The Chinese foreign ministry has firmly rejected Microsoft’s allegations that a Beijing-sponsored hacker group has been undermining US communications infrastructure. In automotives, British EV start-up Arrival is winding up its UK operations with a view to relocating to the US and taking advantage of Inflation Reduction Act subsidies, while Toyota is to allow transition financing for hybrid vehicles.
Arm slims down ahead of listing
SoftBank-owned [9984.T] chip firm Arm shuttered its flagship tech division, as it scales back “blue sky” research ahead of its IPO later this year. The company is now focusing on developing commercially viable products. Chipmaker Nvidia [NVDA], meanwhile, issued a revenue forecast which vastly exceeded Wall Street expectations: the company says it expects sales to hit $11bn in the three months to the end of July, based on a tsunami of demand for the chips needed to power generative artificial intelligence, such as Chat GPT.
Microsoft accuses Chinese government on hacking
According to Microsoft [MSFT], since mid-2021 a hacking group sponsored by the Chinese government — and codenamed ‘Volt Typhoon’ — has been undermining communications infrastructure and infiltrating organisations by way of vulnerabilities in the cybersecurity platform FortiGuard The Chinese foreign ministry has firmly rejected the accusations, however.1 Meanwhile, Margrethe Vestager, the EU’s competition chief, has said that the bloc’s decision to approve Microsoft’s purchase of Activision Blizzard [ATVI], after the UK had rejected it, raises “important questions”.
UK EV start-up chases IRA boost
China-based Gotion High Tech [002074.SZ] has announced its intention to mass produce electric vehicle (EV) batteries with a 1000km range, which is approximately twice the current standard. The company, a Volkswagen [VOW3.DE] supplier, unveiled its L600 LMFP Astroinno battery at its annual technology conference, and said production will begin next year.2 Elsewhere in the EV space, after announcing a SPAC merger in April, British start-up Arrival has said it is winding up its UK operations, with a view to relocating to the US and taking advantage of Inflation Reduction Act subsidies.3
Toyota weights up transition financing
The Japanese car giant has said that it will allow transition financing for hybrid vehicles. This is in line with the Ministry of Economy, Trade, and Industry’s (METI) attempts to boost investment in greener technology, to which end it has created roadmaps for the transition of different sectors; the roadmap for the automotive industry was released in March. Toyota’s [7203.T] decision may open the door for other automakers to follow suit. The METI has highlighted that the car industry accounts for 16% of the country’s CO2 emissions.
Has Pathfinder lost its way?
The Pathfinder Minerals [PFP L] share price has fallen after its board admitted doubts about the company’s ability to continue if the sale of its 100%-owned subsidiary IM Minerals doesn’t go through. The mining company expects the deal will be completed soon, however, having agreed to the sale to Acumen Advisory Group in March. An aspect of the deal is that Acumen will subsequently advance a legal claim against the government of Mozambique on the part of Pathfinder.
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