Morning Beat: Tesla Motors Inc (TSLA), Apple Inc. (AAPL), and Baidu Inc (ADR) (BIDU)
Tesla Motors Inc (NASDAQ:TSLA)’s battery business has received a major boost in Australia. The government having rolled out a new initiative that seeks to install more energy storing batteries in homes.
The government plans to install around 200 battery storage units at start as part of the Next Generation Energy Pilot program. The local government is using the program to test market before expanding it to cover more than 5000 homes.
Reposit Power is one of the local startup included in the program. Homeowners buying Tesla Motors Inc (NASDAQ:TSLA) Powerwall or LG RESU will be able to save about $2,323 per solar system, as part of the program.
Apple Inc. (NASDAQ:AAPL) is facing a new headache, Chinese authorities having shut down its iBooks and iTunes service in the country. Last month, regulators introduced a new set of rules that are believed to have prompted the shutdown. The new regulations stipulate the kind of content that can be published as well as who can produce it.
It is unclear whether the two services will be back, Apple Inc. (NASDAQ:AAPL) having stated it is working to sort out any underlying issues. The shutdown is, however, a big blow given that China is the company’s second-biggest market.
The shutdown comes barely six months after Apple launched the services in the country. The move is seen as an attempt by Beijing to limit the amount of influence that the technology company has on the population.
Baidu Inc (ADR) (NASDAQ:BIDU) has raised $155 million in capital for its video business in a spin-off that will result in the unit operating as an affiliate, rather than a subsidiary. The company’s representative has also said the service will be separate from online video service iQiyi and group buying service Nuomi.
Baidu Video Business, which claims to have 300 monthly viewers, will now focus on movies as well as professionally made TV content. The spinoff of the video business comes six months after the search giant let go its student Q&A app Zuoyebang.
Unlike Baidu Inc (ADR) (NASDAQ:BIDU), which has been on a spin-off spree, rival internet giant Alibaba Group Holding Ltd (NYSE:BABA) has been on an acquisition spree. The e-commerce giant is currently finalizing a $3.5 billion takeover of Youku Tudou.
Daimler AG (OTCMKTS:DDAIF) becomes the latest automaker to attract interest from regulators over emissions generated by its diesel cars. The US Department of Justice has asked the automaker to carry out an internal probe on its emission certification process of some of its vehicles.
Traders have already reacted to the news, sending the stock crashing by as much as 5%. A point of concern is that the DOJ is working alone in this case, given that it collaborated with the Environmental Protection Agency on the Volkswagen case.
It is still unclear what triggered the DOJ request. However, Daimler AG (OTCMKTS: DDAIF) had initially told analysts at BNP Paribas that it was struggling to get emissions certification for some of its sport utility cars.
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