Plus, Pepsi to take delivery of first Tesla Semi trucks Dec. 1
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The Biden administration released a range of export controls on Friday aimed at stemming China’s technological and military advances. The controls include a measure that prevents China from getting semiconductor chips manufactured worldwide with U.S. equipment. Some of the rules go into effect immediately. More: - The new rules also build on existing restrictions on companies like Lam Research and Applied Materials.
- They require the firms to stop all equipment shipments to Chinese-owned factories producing advanced logic chips.
- The new measures are considered the most significant shift in U.S. policy toward shipping technology to China since the 1990s.
- According to technology and cybersecurity expert Jim Lewis, the move could set China back years.
- The controls also block shipments of a broad array of semiconductor chips for use in Chinese supercomputing systems.
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BNB Chain, a blockchain linked to crypto exchange Binance, suffered a $570M hack. According to Binance CEO Changpeng Zhao, the tokens were stolen from a blockchain bridge used in the BNB Chain, formerly known as Binance Smart Chain. Binance is the world's largest crypto exchange. More: - Crypto hackers have increasingly been targeting blockchain bridges, which are used to transfer cryptocurrencies between different applications.
- According to researcher Chainalysis, about $2B has been stolen in 13 different bridge attacks, mostly this year.
- BNB Chain supports BNB, formerly known as Binance Coin, which is the world's fifth-largest token with a market value of over $45B.
- Following the hack, BNB Chain suspended its blockchain for several hours before resuming at around 2:30 a.m. ET.
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Nissan Motor wants its partner Renault to divest a portion of its stake in the Japanese car company as part of a reorganization strategy with the French car company. The negotiations include an offer for Nissan to join Renault’s new electric vehicle unit. Executives from both firms have been traveling between Japan and France to iron out details. More: - An announcement is expected as early as November if an agreement is reached.
- Renault plans to create two separate units with the company: one to manage its new focus on EVs and the other for its traditional combustion engine and hybrid assets.
- The French automaker plans to have at least a 51% stake in the new EV unit, with Nissan owning a stake if it decides to invest.
- According to sources, Nissan has made several demands in exchange for participating in Renault’s new EV venture.
- Notably, Nissan wants Renault to sell down part of its 43% stake in the Japanese car company.
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PepsiCo confirmed it would start taking delivery of Tesla’s Semi trucks on Dec. 1. The food and beverage giant would be the first company to receive its order of the electric vehicle. PepsiCo said it would use the trucks at its Frito-Lay plant in Modesto, California, and its beverage factory in Sacramento. More: - PepsiCo reserved 100 electric Semi trucks in 2017, aiming to cut fuel costs and carbon emissions.
- The company aims to achieve net-zero emissions by 2040.
- According to PepsiCo CEO Ramon Laguarta, transportation accounts for about 10% of the company’s greenhouse gas emissions.
- PepsiCo’s fleet traveled 1.2 billion miles in 2021.
- Elon Musk, via Twitter on Thursday, announced that the trucks were being produced and the vehicles would have a 500-mile range.
- Tesla and PepsiCo didn’t share how many trucks the beverage company would receive in December.
- Other companies who have placed orders for the electric truck include UPS, Walmart Canada, and Sysco.
- The truck is expected to cost $180,000 but would qualify for a tax incentive of up to $40,000.
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The Twitter vs. Elon Musk trial set for Oct. 17 in Delaware Chancery Court has been postponed. Chancellor Kathaleen McCormick granted Musk’s request for a stay on the trial and gave both parties until Oct. 28 to close the deal, or the trial will resume in November. Chancellor McCormick had previously denied Musk’s request to postpone the trial. More: - According to court filings, Musk’s lawyers argued that the trial would distract Musk’s team from securing the financing necessary to close the deal.
- Twitter’s lawyers responded by saying Musk’s request was an invitation for further mischief and delay.
- Both parties were due to go to trial in Delaware Chancery Court on Oct. 17.
- Twitter sued Elon Musk in July after the Tesla CEO said he was terminating their agreement to buy the social media platform.
- Twitter lawyers also noted that earlier on Thursday, a representative of one of the leading banks involved in the deal testified that Musk had yet to send them a borrow notice and had not communicated to them that he intended to close the transaction.
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The U.S. unemployment rate fell to 3.5% in September from 3.7% in August. According to the Labor Department, the U.S. job market added a seasonally adjusted 263,000 jobs last month, beating expectations. However, the labor-force participation rate fell to a seasonally adjusted 62.3% from 62.4% in August. More: - The leisure and hospitality sector led the increase, adding 83,000 jobs in September.
- The sector is still 1.1 million jobs short of its February 2020 pre-pandemic levels.
- Professional and business services added 46,000 jobs, while health care gained 60,000.
- Manufacturing rose by 22,000, and construction gained 19,000.
- The strong labor report signals a possible fourth consecutive 0.75% rate increase from the Fed, which has been raising rates to bring down inflation.
- The futures prices tied to the Fed's policy rate implied a 92% chance that the Fed would increase its benchmark rate to a range of 3.75% to 4% at its November meeting.
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Quick Hits - Google Ventures(GV) leads a $35M round investing in Courier’s notification system, joining Twilio, Slack, Bessemer, and Matrix Partners as investors. *
- Bank of America has agreed to pay bond insurer Ambac Financial Group $1.84B concluding a drawn-out legal battle over Ambac’s purchase of mortgage lender Countrywide during the 2008 financial crash.
- Chinese EV manufacturer Nio said it would only offer leases for its vehicles when it launches in four European markets this year. Consumers would be able to lease the cars for €1,199 to €1,295 ($1,171 to $1,264) a month, depending on the length of the lease.
- Walmart is laying off about 1,500 workers at its e-commerce fulfillment center on Fulton Parkway in Atlanta, Georgia.
- Air France and Airbus are heading to trial with the families of individuals killed on a June 2009 flight from Rio de Janeiro to Paris.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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