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According to a report by Kyodo News on September 21st, an expert meeting convened by the Japanese Ministry of Defense to fundamentally strengthen its defense capabilities concluded a report on the 19th and submitted it to Defense Minister Gen Nakatani. The report proposes relaxing current regulations that restrict the export of only five categories of defense equipment for non-combat purposes and flexibly revising the Defense Force Development Plan. Furthermore, the report calls for discussions on utilizing "next-generation propulsion systems" beyond past precedents, considering nuclear energy, to enable submarines to remain submerged for extended periods of time.GAC International reported on September 21st that on September 19th, GAC International and its Cambodian partner, TH Group, officially signed a cooperation agreement for a KD plant. Located in Kampong Chhnang Province in central Cambodia, the Cambodian KD plant is being built to GACs strict standards with a total investment of approximately US$19 million. The plant plans to have four assembly lines with an annual production capacity of 15,000 units. Construction is expected to be completed in December 2025, with mass production officially commencing in January 2026.On September 21st, Hong Kong SAR Financial Secretary Paul Chan Mo-po stated today (21st) that the Northern Metropolitan Area is a key vehicle for Hong Kongs industrial restructuring, enabling the coordinated development of the "finance + innovation and technology + trade" multi-engine. The Development and Operation Model Design Group, led by Chan, will hold its first meeting this month. He emphasized that the core of the Northern Metropolitan Area development work is "targeted and flexible." This means clearly tying the development of the Northern Metropolitan Area to the implementation of industrial development, with this as the goal of all work. The group will actively explore innovative, flexible, and feasible solutions across various aspects, including legal frameworks, administrative procedures, and financing options, to accelerate the promotion of the Northern Metropolitan Area and the influx of industry, thereby accelerating the realization of the Northern Metropolitan Areas development goals.According to Singapores Lianhe Zaobao on September 21st, the White House announced on September 20th that a new rule for H-1B visas, effective September 21st, will impose a $100,000 fee on each application, but will not apply to re-entry by existing visa holders. The report, citing Reuters, reported that White House spokeswoman Carolyn Levitt posted on social media platform X on the 20th: "This is not an annual fee, but a one-time fee that applies only to applications." Levitt also stated that H-1B visa holders currently abroad will not be charged the $100,000 fee upon re-entry. The White House claims the fee is intended to level the playing field for American workers, who are being displaced by low-wage foreign labor. The White House stated that the $100,000 fee could be waived in individual H-1B visa applications if it is in the national interest.On September 21st, US President Trump again called on European countries to "stop buying" Russian oil, claiming this would further pressure Putin to end the Russia-Ukraine conflict. In a dinner speech at Mount Vernon, Virginia, Trump stated, "European countries are still buying oil from Russia—that shouldnt be happening, right?" This marked his latest day of accusing European allies of energy procurement. Following a meeting with British Prime Minister Starmer on Thursday, Trump expressed his willingness to increase economic pressure on Moscow, but only if those he supports do not also buy Russian oil. Trump, on the spot, pressured US Ambassador to NATO Whitaker, "They have to stop buying Russian oil. Ambassador Whitaker wont allow this to continue for much longer." Faced with the stalemate in the Russia-Ukraine conflict, Trump reiterated his disappointment with Putin, emphasizing that "with just a little more tightening of oil price controls, the war will be over."

Electric Car Maker Canoo Has 'Significant Doubts' About Going Concern Due to Cash Shortage

Haiden Holmes

May 11, 2022 10:18

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Canoo Inc, a manufacturer of electric vehicles, issued a warning to investors on Tuesday that it may not be able to pay its financial obligations, stating that it was attempting to obtain more capital but that it had "serious uncertainty" about its viability.


The warning came as the Texas-based corporation posted a net loss of $125.4 million for the first quarter. After-hours trading saw a decline of 13%, following a drop of 5% during the day.


Canoo's liquidity crisis exemplifies the challenge electric vehicle (EV) startups have in scaling up expensive car production in the face of competition from Tesla (NASDAQ:TSLA) Inc and traditional automakers investing billions in new technology and plants.


Canoo reported having approximately $105 million in cash at the end of March, less than the $120 million it burnt in operational expenses during the first quarter of the year. First-quarter capital expenditures of $28.4 million on zero dollars in revenue demonstrate the need for more finance.


Tony Aquila, chairman and chief executive officer of Canoo, stated in a statement, "We have been open about our concept of raising money prudently, and we will maintain this disciplined approach."


Aquila stated that Canoo has more than $600 million in available resources to fund the launch of vehicle production, as well as "considerable experience sourcing capital in difficult markets."


Canoo reported that as of March 31, it had produced 39 Gamma vans and received 17,500 pre-orders with an estimated value of $750 million. During a Tuesday earnings call, executives stated that the company is producing up to 12 vehicles per week and that it is primarily focused on fleet customers.


NASA awarded the business a contract in April to construct vehicles that will transport humans to the launch pad for the planned Artemis mission to the moon.

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