Plus, China detains employees who work at a Foxconn factory central to Apple’s iPhone supply chain. And the SEC sues the crypto unit of a high-speed trading firm. Zoe Thomas hosts.
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[00:00:30] [SPEAKER_00]: Thursday, October 10.
[00:00:31] [SPEAKER_00]: I'm Zoe Thomas for The Wall Street Journal.
[00:00:34] [SPEAKER_00]: Tesla is expected to unveil the company's first driverless car and detail plans on a forthcoming robo-taxi service later today.
[00:00:44] [SPEAKER_00]: The move would put Tesla in direct competition with Alphabet's Waymo, which is already offering driverless rides in several cities.
[00:00:52] [SPEAKER_00]: Expectations are high among some analysts and investors that Tesla CEO Elon Musk will show off a functioning autonomous vehicle
[00:00:59] [SPEAKER_00]: and lay out specific plans for its launch, including the timing.
[00:01:03] [SPEAKER_00]: An early sketch of the car published in a biography of Musk shows an almond-shaped vehicle with two seats and no steering wheel or pedals.
[00:01:13] [SPEAKER_00]: Authorities in China have detained four Taiwanese employees who work at a Foxconn factory that is central to Apple's iPhone supply chain.
[00:01:21] [SPEAKER_00]: That's according to Taiwanese officials.
[00:01:23] [SPEAKER_00]: They were accused of an offense akin to breach of trust, although the exact nature of the allegations couldn't be determined.
[00:01:31] [SPEAKER_00]: That's according to one of the Taiwanese agencies responsible for managing relations with China.
[00:01:36] [SPEAKER_00]: Foxconn didn't reply to a request for comment, but Taiwan's Mainland Affairs Council quoted the company as saying it didn't suffer any financial loss connected to the actions of the employees.
[00:01:48] [SPEAKER_00]: Representatives from the local Chinese police department couldn't immediately be reached for comment.
[00:01:52] [SPEAKER_00]: Apple didn't reply to a request for comment.
[00:01:57] [SPEAKER_00]: And the Securities and Exchange Commission is suing the crypto unit of the high-speed trading giant DRW Holdings,
[00:02:04] [SPEAKER_00]: accusing the unit of violating investor protection laws.
[00:02:08] [SPEAKER_00]: The SEC claims the unit, called Cumberland DRW, failed to register as a securities dealer, according to the lawsuit.
[00:02:16] [SPEAKER_00]: Cumberland does business with hedge funds and other big market players.
[00:02:19] [SPEAKER_00]: That's unlike many of the crypto firms that the SEC has sued, which work with ordinary investors.
[00:02:26] [SPEAKER_00]: DRW said it plans to fight the lawsuit, calling it an incredibly frustrating and disappointing development.
[00:02:32] [SPEAKER_00]: For a deeper dive into what's happening in tech, check out Friday's Tech News Briefing podcast.