Latest news for Nippon Seiki Co (OTC:NSEIF) Stock

Nippon Seiki Co Ltd is a manufacturer of automobile components sold on aftermarkets. The range of products include instrument clusters for automobiles and motorcycles and other applications for head-up displays; level, revolution, pressure, and temperature sensors; household appliances, office and factory automation appliances; and passive LCD and OLED display products. On the aftermarkets, Nippon Seiki sells its product under its private label Defi. The company generates the majority of its revenue from automotive instruments, with a focus on Japan, the Americas, and the rest of Asia.

NIPPON SEIKI CO LTD by Nippon Seiki Company Ltd.

Nippon Seiki Co Ltd

The Securities and Exchange Commission (SEC) has filed charges against brothers Jonathan and Tanner Adam, along with their respective companies, for allegedly operating a <a href="https://now.benzinga.com/watch-out-5-famous-pyramid-schemes/">$60 million Ponzi scheme</a> that affected over 80 investors nationwide.
What Happened: According to the SEC&#8217;s <a href="https://www.sec.gov/newsroom/press-releases/2024-107">complaint</a> filed on Aug. 26 in the United States District Court for the Northern District of Georgia, the Adam brothers, residents of Angleton, Texas, and Miami, Florida, respectively, are accused of fraudulently soliciting investors from January 2023 to June 2024.
The brothers allegedly promised returns of up to 13.5 percent monthly through a cryptocurrency arbitrage trading scheme.
The SEC alleges that Jonathan Adam falsely claimed to have created a &#8220;bot&#8221; for identifying arbitrage opportunities on a crypto asset trading platform. 
Investors were told their funds would be used in a lending pool to finance &#8220;flash loans&#8221; for these trades through smart contracts. The brothers reportedly assured investors that their funds were safe barring a global market meltdown.
However, the SEC contends that no such lending pool existed. Instead, the complaint alleges that millions of dollars of investor funds were used to pay returns to existing investors and to support the brothers&#8217; lavish lifestyles.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40586797/top-trader-makes-1-9m-in-august-but-rues-difficult-conditions-this-month-required-absolute">Top Trader Makes $1.9M In August But Rues Difficult Conditions: &#8216;This Month Required Absolutely Perfect Execution&#8217;</a>
Tanner Adam is accused of using investor money for payments on a $30 million Miami condominium, while Jonathan Adam allegedly spent at least $480,000 on various vehicles.
The complaint further alleges that Jonathan Adam misrepresented his background to gain investor trust, failing to disclose previous convictions on three counts of securities fraud.
The SEC has obtained emergency asset freezes against the brothers and their companies, GCZ Global LLC and Triten Financial Group LLC. 
The commission is seeking permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.
What&#8217;s Next: The developments in this case and others like it are expected to be significant topics of discussion at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry experts will explore the intersection of technology and investor protection.
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Image: Shutterstock

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Gary Gensler-Led SEC Charges Brothers With $60M Crypto-Related Ponzi Scheme

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WestPark Capital analyst Casey Ryan reiterates SentinelOne (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) with a Buy and maintains $34 price target.

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Keybanc analyst Tim Rezvan initiates coverage on Diversified Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DEC#NYSE">DEC</a>) with a Overweight rating and announces Price Target of $18.

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Keybanc Initiates Coverage On Diversified Energy with Overweight Rating, Announces Price Target of $18

Cryptocurrency industry veteran and BitMEX co-founder Arthur Hayes on Wednesday suggested that the Federal Reserve&#8217;s upcoming monetary policy decisions could be strategically aligned with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40470626/crypto-industry-awaits-kamala-harriss-stance-as-election-season-heats-up">November U.S. presidential election</a>.
What Happened: Hayes argues that the incumbent Democrats may leverage monetary policy to stimulate the stock market in the run-up to the polls.
&#8220;When politics precedes economics, I become more confident in my predictions,&#8221; Hayes <a href="https://cryptohayes.substack.com/p/sugar-high">stated</a> in his blog post. &#8220;That is because of Newtonian Political Physics &#8211; a politician in power wishes to stay in power. They will do whatever is necessary, regardless of the economic conditions, to get re-elected.&#8221;
Hayes contends that despite relatively strong economic indicators, Federal Reserve Chair Jerome Powell has signaled a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40520730/if-jerome-powell-signals-rate-cuts-on-friday-what-does-that-mean-for-crypto">willingness to cut interest rates</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
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This move, according to Hayes, is not necessarily driven by economic necessity but could be influenced by political considerations.
&#8220;The economy shall not want for cheap and plentiful filthy fiat money,&#8221; Hayes provocatively remarked, suggesting that the Fed&#8217;s actions might be aimed at maintaining a bullish stock market sentiment as the election approaches.
The analysis points to several factors that could contribute to favorable liquidity conditions in the financial markets, including global central banks reducing the price of money, U.S. Treasury actions to increase dollar liquidity, and the potential use of the Treasury General Account to &#8220;juice markets.&#8221;
In a previous <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40377612/arthur-hayes-predicts-100-000-for-bitcoin-due-to-us-treasury-actions">blog post</a>, Hayes suggested that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could reach $100,000 due to monetary stimulus by the Federal Reserve.
As the financial world grapples with these potential market-moving factors, industry leaders and experts are set to convene at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
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Image created using artificial intelligence with Midjourney.

$BTC

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General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading slightly lower premarket Wednesday. Samsung SDI Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSDIY#OTC">SSDIY</a>) completed and finalized a deal with General Motors to form a joint venture (JV) to supply electric vehicle (<a target="_blank" href="https://www.samsungsdi.com/sdi-now/sdi-news/3942.html?pageIndex=1&amp;pagesize=15&amp;idx=3942" rel="noreferrer noopener">EV</a>) batteries in the U.S.
The partnership involves a $3.5 billion investment to build a battery cell manufacturing plant with an initial annual production capacity of 27 GWh, targeting mass production by 2027. The company anticipates future expansions to increase capacity to 36 GWh.
This joint venture will help Samsung SDI establish a presence in the North American EV market and expand its customer base for these high-quality, safe batteries.
The JV will be located on a 680-acre site in New Carlisle, Indiana, and is expected to create over 1,600 jobs, boosting the local economy.
The new plant will produce NCA-based high-performance nickel-rich prismatic batteries for GM&#8217;s upcoming electric vehicles.
SAMSUNG SDI CEO Yoon-ho Choi said, &#8220;SAMSUNG SDI will make best efforts to support GM enhance its leadership in the EV market with the company&#8217;s PRiMX battery products featuring &#8216;Super Gap&#8217; technology.&#8221;
GM Chair and CEO, Mary Barra stated, &#8220;The EV market and GM sales will continue to grow as more customers experience our EVs, the charging infrastructure builds out and we expand into more segments.&#8221;
In April 2023, Samsung SDI and GM initially announced the JV <a target="_blank" href="https://www.benzinga.com/markets/equities/23/04/31982430/general-motors-samsung-sdi-plan-3b-battery-plant-in-us" rel="noreferrer noopener">would cost over $3 billion</a>. The companies stated that the plant will have more than 30 GWh of capacity and expected to begin operations in 2026.
Investors can gain exposure to GM via&nbsp;the First Trust Nasdaq Transportation ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and the Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are down 0.18% at $49.16 premarket at the last check Wednesday.
Photo by Jonathan Weiss on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Abercrombie &amp; Fitch (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anf#NYSE">ANF</a>) reported quarterly earnings of $2.50 per share which beat the analyst consensus estimate of $2.22 by 12.61 percent. The company reported quarterly sales of $1.130 billion which beat theAbercrombie &amp; Fitch (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) reported quarterly earnings of $2.50 per share which beat the analyst consensus estimate of $2.22 by 12.61 percent. The company reported quarterly sales of $1.130 billion which beat the analyst consensus estimate of $1.101 billion by 2.66 percent. This is a 20.81 percent increase over sales of $935.345 million the same period last year.

Abercrombie & Fitch Q2 2024 Adj. EPS $2.50 Beats $2.22 Estimate, Sales $1.134B Beat $1.101B Estimate

California has been blazing the trail regarding electric vehicles (EVs), setting a high bar that most other states are still trying to reach. With over 1.1 million EVs registered and 3,026 EVs per 100,000 people, California is not just leading the pack – it's defining it.&nbsp;
California's commitment to green energy is also reflected in its network of over 15,000 EV charging stations, accounting for nearly 29% of all charging stations in the country.
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Highest EV Adoption Rates (EVs per 100,000 people):
<ul>
<li>California: 3,026 </li>
<li>Washington: 1,805 </li>
<li>Hawaii: 1,686 </li>
<li>Oregon: 1,422 </li>
<li>Colorado: 1,405 </li>
<li>Nevada: 1,379 </li>
<li>New Jersey: 1,349 </li>
</ul>
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But while California is miles ahead in the race to electrification, some states are struggling to get off the starting line. Two states, Mississippi and North Dakota, have the fewest EVs per 100,000 people, showing a stark contrast in EV adoption across the United States.
Lowest EV Adoption Rates (EVs per 100,000 people):
<ul>
<li>Mississippi: 110 </li>
<li>North Dakota: 112</li>
<li>West Virginia: 144 </li>
<li>Louisiana: 165 </li>
<li>South Dakota: 169 </li>
<li>Wyoming: 185 </li>
</ul>
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In Mississippi, there are just 110 EVs for every 100,000 people. North Dakota isn't doing much better, with only 112 EVs per 100,000 people. That&#8217;s much lower than states like California, which has 3,026 EVs per 100,000 people, Washington with 1,805, and Hawaii with 1,686.
So, why is there such a big difference? There are several reasons. Price is a big one as electric vehicles are often more expensive than U.S. Immigration and Customs Enforcement vehicles. States like California have also been pushing for EVs for a long time <a href="https://www.benzinga.com/news/23/08/33882593/california-adds-2-000-ev-credit-for-residents-heres-how-much-you-can-save-now">by offering incentives</a>, investing in infrastructure, and creating policies that encourage people to switch to electric cars. For example, one of the biggest programs, the Clean Vehicle Rebate Project (CVRP), pays up to $12,000 to retire an eligible internal combustion vehicle and buy a qualified EV.
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Lifestyle and geography also play a role. Long drives between towns in rural states are common, so the current range of many EVs might be seen as less practical than traditional gasoline vehicles.
The slow growth in EV adoption in these states reminds us that while the nation as a whole is moving toward a greener future, the pace of change remains uneven. As the federal government pushes for more widespread EV adoption with programs like the National Electric Vehicle Infrastructure (NEVI) plan, which includes <a href="https://www.benzinga.com/partner/biotech/24/08/40504885/redhills-opaganib-shows-diabetes-and-obesity-potential-with-positive-in-vivo-results">billions in funding for expanding EV infrastructure</a>, there's hope that even states with low adoption rates will see an increase in EV numbers in the coming years.
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