Market

El Salvador became the first country to embrace Bitcoin on September 7, 2021, when it became legal tender. The move has converted the Central American country into the world’s first national experiment in using the often volatile currency, which is gaining popularity among investors and speculators throughout the world. Bitcoin’s price fell sharply after El Salvador announced the move, recovering slightly by early afternoon Tuesday. In 2001, El Salvador’s Law of Monetary Integration set a fixed rate of exchange between the U.S. dollar and that country’s monetary unit, the colon. While the colon technically remains legal tender, it is no

According to The Street Journal, Amazon plans to open several large physical retail locations in the U.S. that will operate akin to department stores, a step to help the tech company extend its reach in sales of clothing, household items, electronics and other areas, people familiar with the matter said. The plan to launch large stores will mark a new expansion for the online-shopping pioneer into bricks-and-mortar retail, an area Amazon has long disrupted. Amazon is stepping up its move into bricks-and-mortar retail Some of the first Amazon department stores are expected to be located in Ohio and California, the

Energy Transformation | Mercedes-Benz To Spend $47 Billion for Electric-Only Lineup LONDON — The European Union detailed on Wednesday how it will reduce greenhouse gas emissions in the coming years, with the plan potentially revolutionizing many sectors from air travel to shipping. The 27-member bloc has vowed to become carbon neutral by 2050 and to reduce its greenhouse gas emissions by at least 55% by 2030 from 1990 levels. The autos sector is one of the hardest hit by the new rules, with the commission proposing a de facto ban on diesel and gasoline cars by 2035. A senior EU

The global electric vehicle (EV) market is witnessing significant growth in the coming years as electric vehicle adoption rates rapidly escalate year-over-year across the globe. Therefore, this is considered a potential market for giants to invest in, typically Tesla. Most recently, Foxconn and Vingroup have also entered this new market. Terry Gou, founder of Foxconn. Simon Song/ South China Morning Post via Getty Image What is Foxconn? Foxconn is the world’s largest electronics contract assembler. As of 2012, Foxconn factories manufactured an estimated 40% of all consumer electronics sold worldwide. In order to strengthen the technology race, Foxconn began discussions

In the middle of May in 2021, Tesla CEO Elon Musk announced that the company is no longer accepting payments from its customers using Bitcoin due to concerns about “the rapid increase in fossil fuel usage from Bitcoin mining,”, which has led to fresh scrutiny of the cryptocurrency’s environmental impact. Back in February, U.S. Treasury Secretary Janet Yellen also warned about the environmental impact of Bitcoin, saying that Bitcoin mining creates “staggering” electricity consumption. Why is Musk worried? Musk pointed to data from researchers at the University of Cambridge showing that Bitcoin “mining” has seen a surge in electricity use

Erik Roth: We all know that not everything works—you have to test and learn. So what hasn’t worked? And how do you instill learning and experimentation into your culture? Anjali Sud: In order to succeed, you have to parse the things that require conviction from the things that have blind spots, which you should let go of. We acquired a company and had to shut down a business unit within a year. We tried to make it work—hard enough that I could say, “Even if we executed this at 100 percent, it is not going to work, because we are

Recently, in one of the episodes of the Inside the Strategy Room podcast, Erik Roth, who leads McKinsey’s innovation work globally, talks with Anjali Sud, CEO of Vimeo, about her experience reinventing the online video platform’s business model. Let’s explore how a Marketing Executive discovered an unexpected market opportunity, disrupted the company’s original business, and became CEO in the process. Erik Roth: Can you first explain what exactly Vimeo is and does? Anjali Sud: Vimeo is the world’s largest professional video platform and community. We are not a competitor of YouTube. We are not a viewing destination. We are a