Economy

Tesla's board might not know where Elon's 'secure' funding is coming from

Tesla's board might not know where Elon's 'secure' funding is coming from The complaints, filed in federal court in San Francisco this week, claim Musk sought to mislead investors when he said on Twitter that he had secured the funding to take Tesla private. Other investors have begun to file lawsuits as well. "It looks like the large short sellers are holding onto their positions", and increasing the positions at the stock's higher level, he said. [Full Article...]

Turkish lira hammered again as crisis spills into Asian markets

Turkish lira hammered again as crisis spills into Asian markets Turkey's central bank said it was ready to take "all necessary measures" to ensure financial stability after the collapse of the lira. The lira recovered to 6.61 to the dollar following the Central Bank's announcement . "I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars". Do not take a stance saying "We are bankrupt, we are done, we should guarantee ours... [Full Article...]

Elon Musk: Saudi Fund Asked About Taking Tesla Private

Elon Musk: Saudi Fund Asked About Taking Tesla Private If it went private, Tesla wouldn't need to worry about catering to its quarterly reports , which could free it up to move faster in other places, like new-car development. Tesla was reportedly courted by Japan's SoftBank in April of a year ago, though sources told Bloomberg on Monday that the conglomerate isn't planning to participate in deals for Tesla's buyout as it has already vested in... [Full Article...]

US Market Indexes Close With Losses on Friday

US Market Indexes Close With Losses on Friday The stock ended down 4.8 per cent. Meanwhile, concerns over escalating trade conflict between the USA and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day. IXIC was up 0.31 percent at 7,913.03, barely 0.25 percent away from hitting an all-time high. The dollar rose against most major currencies as investors bet global trade tension... [Full Article...]

Tesla shares fall 5 percent amid news of expansive SEC probe

Tesla shares fall 5 percent amid news of expansive SEC probe Further skepticism came on Thursday following a report from the Wall Street Journal that the US Securities and Exchange Commission (SEC) had "made inquiries" into whether Musk's tweeted claim that funding was secured was in fact truthful, prompting speculation about a potential SEC investigation. [Full Article...]

China retaliates with tariffs on $24b worth of U.S. imports

China retaliates with tariffs on $24b worth of U.S. imports China's refined products exports last month were 4.57 million tonnes, almost flat from a year earlier. US LNG exports only started in 2015, and sales to China were a booming business opportunity for the American natural gas industry, while China needs LNG to meet its soaring demand amid its programme of moving millions of households and factories from coal to gas. [Full Article...]

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September For a second day, the price of cryptocurrencies took another hit pretty much across the board following the news that the Securities & Exchange Commission ( SEC ) in the USA delayed a key decision earlier this week. Canaccord predicts that the SEC will not decide on current ETF applications this year, and will exercise its right to postpone the decision to 2019 next year. [Full Article...]

Britons safe to use weedkiller, Monsanto insists after £226m cancer lawsuit loss

Britons safe to use weedkiller, Monsanto insists after £226m cancer lawsuit loss In a landmark case, a United States jury found that Monsanto knew its Roundup and RangerPro weedkillers were unsafe and failed to warn consumers. But Johnson's lawyer Brent Wisner said the verdict "shows the evidence is overwhelming" that the product poses danger. [Full Article...]

50,000 passengers expected to be affected by airline strike

50,000 passengers expected to be affected by airline strike Around 250 flights have been cancelled as a result, forcing passengers who planned on travelling on Friday to rebook or take different routes. A spokesperson said: "Ryanair fully complies with all EU261 legislation, however as these flight cancellations were caused by extraordinary circumstances, no compensation is due". [Full Article...]

Lira plummeting further into crisis ensures a brutal conclusion to eventful week

Lira plummeting further into crisis ensures a brutal conclusion to eventful week President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs , as their national currency continues to drop. US President Donald Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Zarif wrote on Twitter . [Full Article...]

Moscow slams USA sanctions as 'absolutely illegal' while Russian markets tumble

Moscow slams USA sanctions as 'absolutely illegal' while Russian markets tumble And this war will have to be responded - by economic, political and, if necessary, other means. "And our American friends need to understand this". They were aimed at punishing Putin's government for having "used chemical or biological weapons in violation of global law", spokeswoman Heather Nauert said in a statement. [Full Article...]

New York City has hit Uber with a cap on new cars

New York City has hit Uber with a cap on new cars NY just became the first city in the nation to cap the number of ride-sharing vehicles and require Uber, Lyft, and other companies to pay drivers a minimum rate. The Independent Drivers Guild, which represents more than 65,000 app-based drivers such as those from Lyft and Uber, on Wednesday celebrated. "Max" from RideShare Drivers United has also welcomed the move in NY. [Full Article...]

As US slaps on fresh tariffs, China fires back

As US slaps on fresh tariffs, China fires back The headline numbers are the first readings of the overall trade picture for the world's second-largest economy since U.S duties on $34 billion of Chinese imports came into effect on July 6 . The US decision to levy 25 per cent tariffs on the same value of Chinese goods is "very unreasonable", and China will have to retaliate to protect its rightful interests and the multilateral trading system... [Full Article...]

Snap revenue tops estimates due to mobile ad demand

Snap revenue tops estimates due to mobile ad demand Overall though, Snapchat saw a small increase in its Monthly Active Users. Snap disclosed Tuesday that the app lost 3 million of its daily active users due in large part to its controversial redesign . "We thought the commentary around the Android rebuild indicated that we might be waiting about a year before we can expect to see the benefit from those efforts (and in the near term, DAUs shou... [Full Article...]

Oil drops on slowing Chinese demand, US-China trade spat

Oil drops on slowing Chinese demand, US-China trade spat Prices of the barrel of the West Texas Intermediate are trading on a weaker footing today after the EIA reported USA crude oil inventories decreased less than initially estimated by 1.351 mbpd during the week ended on August 3. Meanwhile, U.S. crude production, which has climbed dramatically fuelled largely by increased output from shale formations, may now rise more slowly as prices drop, acc... [Full Article...]

Elon Musk says taking Tesla private is 'best path forward'

Elon Musk says taking Tesla private is 'best path forward' Elon Musk disrupted multiple industries on Tuesday when the Tesla CEO [NYSE: TSLA] took to Twitter to float the idea of taking the Silicon Valley automaker private . Board members said that Tesla boss Elon Musk and had held several meetings about the move in the past week. The company already has a $2 billion investment from Saudi Arabia's sovereign fund as well as Tencent, which took a 5 percen... [Full Article...]

BURP ALERT - Ford to roll out buck-a-beer plan

BURP ALERT - Ford to roll out buck-a-beer plan Ford plans to use "non-financial incentives", such as prime spots in liquor stores and advertising in flyers, to promote buck-a-beer products. "If beer goes up in consumption over what - 20 cents, 25 cents?" "We're going to allow price competition for beer and this will save consumers money". [Full Article...]

China threatens tariffs on $60 billion in U.S. goods

China threatens tariffs on $60 billion in U.S. goods China's market declines weaken the country's bargaining power in the escalating trade war, he said. In July, the United States and China slapped $34 billion worth of tariffs on each other's goods. But nothing hit as hard and quickly as the rapidly escalating trade war with the U.S. In fact, some argue that a larger trade deficit actually displays signs of a stronger USA economy. [Full Article...]

Elon Musk says he's considering taking Tesla private

Elon Musk says he's considering taking Tesla private Musk laid out his rationale: As a public company, Tesla is subject to "wild swings" in its stock price that serve as "a major distraction". He added that "being public means that there are large numbers of people who have the incentive to attack the company". [Full Article...]

Musk Says in Tweet He Is Considering Taking Tesla Private

Musk Says in Tweet He Is Considering Taking Tesla Private Tesla now has a market value around $60 billion, which would make its take-private price tag about $80 billion, Galloway said. He implied the funding values the company at $420 a share. "Already do this with Fidelity's SpaceX investment". So it will take some very deep pockets to buy up all of Tesla's publicly held stock. Short interest in Tesla on Monday stood at almost $12 billion, equivalen... [Full Article...]


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