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Today in the Market (6/9/2023)

Good Evening! On Friday, there was an increase in the stock market as investors analyzed a merger between two major American automakers and anticipated the upcoming decision by the Federal Reserve regarding interest rate increases.

The S&P 500, Nasdaq Composite, and Dow Jones all saw small gains to finish off the week up by 0.11%, 0.16%, and 0.13% respectively. 

ANOTHER ONE JOINS!

General Motors (GM) recently announced its collaboration with Tesla (TSLA) to capitalize on Tesla’s Supercharger Network for electric vehicles. This may sound familiar… The announcement was made just two weeks afterward to Ford’s (F) announcement of a corresponding collaboration with Tesla, which aimed at assisting in providing access for Ford automobiles to Tesla’s charging infrastructure.

When will this happen? Beginning in 2024, General Motors drivers will be granted access to the Tesla Supercharger Network, although requiring the utilization of an adapter in the initial phase. It is projected that GM will equip its electric vehicles with a NACs inlet by 2025, enabling them to connect to Tesla Superchargers directly.

What is Tesla Game? Tesla’s collaboration with another company shows its efforts to capitalize on its early entry into the electric vehicle market, particularly as the demand for its products faces challenges. According to a group of industry analysts who spoke with Yahoo Finance, the collaboration between Tesla and Ford is expected to have a favorable impact on Tesla’s revenue in the future.

BASED OFF INCOME?

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A male individual in Finland was subjected to a penalty of €121,000 (equivalent to approximately $130,000) due to his violation of exceeding the speed limit by 20 miles per hour. What is the reason for the high cost? In Finland, the calculation of speeding tickets is based on the individual’s income.

How does it work? The system referred to as the “day fine” involves the multiplication of half of the perpetrator’s daily earnings by a specific number of days, which grows with respect to the severity of the offense. The individual who received a significant penalty was Anders Wiklöf, the creator of Wiklöf Holding, a corporation worth millions of dollars, and recognized as one of the wealthiest individuals in Finland (hence the large speedy ticket).

Why does it matter? Last month, a plan that would make parking fees proportionate to income was proposed in the New York City Council in an effort to address the city’s affordability issue and reclaim some of the $1 billion in unpaid parking and speeding citations

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