Connect with us

Technology

Korea Fair Trade Commission Calls Out Tesla For False Advertisement of Vehicles

Published

on

Tesla Model 3 - Investors King

Korea Fair Trade Commission (KFTC) has called out automotive company Tesla for the false advertisement of its vehicles.

The commission which handles antitrust cases disclosed that Tesla exaggerated the features and capabilities of its vehicles on its local website which it found misleading to customers.

It disclosed that Tesla exaggerated the performance of its superchargers, the driving ranges of its cars on a single charge, and their fuel cost-effectiveness.

Some Tesla consumers have disclosed that the driving range of most of its vehicles drops by up to 40 percent in cold temperatures when batteries need to be heated.

Therefore, the South Korean anti-trust regulator stated that it would impose a $2.2 million (2.85 billion won) fine on Tesla citing its failure to inform customers about the shorter driving range of its vehicles in low temperatures amongst other false details on its website.

Many regulators have disclosed that Tesla’s Semi-autonomous feature is still in the beta testing stage, but continues to use customers as test subjects which doesn’t sit right.

This is not the first time Tesla will be sued for false advertising. Recall that on September 15, 2022, a lawsuit was filed in a California Northern District Court, alleging that Tesla falsely advertised its ADAS known as Autopilot, and its FSD software.

The lawsuit alleges that Tesla and its CEO Elon Musk have been deceitfully advertising its ADAS tech as either fully functioning or close to being “solved” since 2016, despite knowing full well that the capabilities of Autopilot and FSD doesn’t live up to the hype.

The automotive company currently has a market capitalization of 385.98 billion, and recently reported a delivery of 1.3 million vehicles in 2022, while it produced a total of 1.37 vehicles.

Meanwhile, the company stock fell over 60% last year, as investors express concerns that Musk’s takeover of Twitter which he purchased in October for $44 billion has been a distraction.

Continue Reading
Comments

Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

Published

on

Robinhood

Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

Continue Reading

Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

Published

on

Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

Continue Reading

Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

Published

on

MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending