Porsche to decide soon on Bugatti future – CEO

WEISSACH, Germany (Reuters) – Volkswagen will soon decide on the future of its luxury brand Bugatti, Oliver Blume, Volkswagen management board member and CEO of Porsche AG, said on Monday.

Volkswagen in March said it was working on a strategic partnership with Croatian electric hypercar maker Rimac, which will likely result in a joint venture between Porsche and Rimac, with Porsche as a minority partner.

Gold Rebounds As Fed Jitters Ease

Gold prices rose on Monday, as a deepening slide in longer-term U.S. Treasury yields on the prospect of a less accommodative U.S. monetary policy boosted the allure of the non-yielding metal.

Spot gold rose over 1 percent to $1,782.50 per ounce, while U.S. gold futures were up 0.7 percent at $1,782.05.

Bullion prices slumped about 6 percent last week to mark their worst week since March 2020 after the U.S. Federal Reserve surprised markets with its hawkish statement.

The yellow metal is supported by a fall in yields, with benchmark U.S. Treasury yields falling to their lowest since March 3.

The U.S. dollar hovered just below the 10-week high touched on Friday versus major peers after St. Louis Fed President James Bullard said that inflation risks may force the Fed to raise rates as early as next year added to worries.

The rapid economic growth is bringing faster-than-expected inflation, which could warrant a liftoff in late 2022, Bullard said in an interview with CNBC on Friday.

Separately, Minneapolis Federal Reserve President Neel Kashkari said on Friday he wants to keep the Fed’s benchmark short-term interest rate near zero at least through the end of 2023.

MediciNova Reports Positive Results In Phase 2 Trial Of MN-166 In Alcohol Use Disorder – Quick Facts

Biopharmaceutical company MediciNova, Inc. (MNOV) announced Monday positive results from a Phase 2 trial of MN-166 (ibudilast) in alcohol use disorder (AUD).

This study was a randomized, double-blind, placebo-controlled Phase 2 trial to evaluate the effect of 14 days of ibudilast treatment on mood, heavy drinking, and neural reward signals in individuals with AUD. A total of 52 AUD patients were enrolled in this trial.

MN-166 (ibudilast) is a small molecule compound that inhibits phosphodiesterase type-4 (PDE4) and inflammatory cytokines, including macrophage migration inhibitory factor (MIF).

According to the study, Ibudilast, relative to placebo, reduced the odds of heavy drinking across time by 45%. Ibudilast also reduced alcohol craving compared to placebo on non-drinking days. Ibudilast attenuated alcohol cue-elicited activation in the ventral striatum (VS) compared to placebo.

Alcohol use disorder (AUD) is a prevalent and disabling psychiatric disorder with limited treatment options. AUD is a chronic relapsing brain disease characterized by compulsive alcohol use, loss of control over alcohol intake, and a negative emotional state when not using alcohol.

Hyundai Motor Completes Acquisition Of Boston Dynamics From SoftBank

South Korean automaker Hyundai Motor Co., Ltd. (HYMLF.OB,HYMTF.OB) Monday said it has completed the acquisition of a controlling interest in Boston Dynamics from SoftBank Group Corp. (SFTBY.PK,SFTBF.PK).

The deal was closed after receiving regulatory approvals and other customary closing conditions. The deal valued the mobile robot firm at $1.1 billion. Additional financial details were not disclosed.

Hyundai Motor currently holds an 80 percent stake in Boston Dynamics and SoftBank, through one of its affiliates, retains the remaining 20 percent stake.

Hyundai Motor and Boston Dynamics will create a robotics value chain, from robot component manufacturing to smart logistics solutions. Additionally, the company will support Boston Dynamics’ continued expansion of its product line and global sales and service footprint.

With the purchase of Boston Dynamics, Hyundai Motor said it takes a major step toward its strategic transformation into a Smart Mobility Solution Provider. The company has invested substantially in the development of future technologies, including autonomous driving, artificial intelligence or AI, Urban Air Mobility or UAM, smart factories and robots.

Boston Dynamics launched sales of its first commercial robot, Spot in June of 2020 and now has hundreds of robots operating in a variety of industries. The company also recently unveiled Stretch, its first commercial robot specifically designed for warehouse facilities and distribution centers.

1987 Buick GNX muscle car sold for record $275,000

1987 Buick GNX muscle car driven just 8.5 miles sold for $200,000

A 1987 Buick GNX muscle car that has only been driven 8.5 miles was sold for $200,000.

A time capsule 1987 Buick GNX has set a new auction record for the model.

(Barrett-Jackson)

The muscle car has just 8.7 miles on the odometer was sold for $275,000 at Barrett-Jackson’s Las Vegas auction.

The black coupe is one of just 547 like it that were built and was one of the quickest cars in the world when it was new, thanks to a turbocharged 3.8-liter V6 engine that could outgun the V8-powered cars of its day.

(Barrett-Jackson)

Its 0-60 mph time, as tested by Car and Driver, was 4.6 seconds and bested only by the Porsche 911 Turbo’s 4.5 second sprint.

The Vegas car is believed to be the lowest-mileage example and has spent its entire life on display and in storage.

The auction price eclipses a previous record of $220,000 paid in 2017 for the 547th GNX produced.