Finance


Tesla's board forms special committee to vet any proposal to go private Tesla's board forms special committee to vet any proposal to go private
- August 15, 2018

Musk has since attempted to calm things down by issuing a blog post Monday in which he expressed confidence that conversations with a Saudi sovereign wealth fund can lead to a deal. Goldman Sachs declined to comment. California-based Tesla has become one of the most valuable automakers on expectations it will disrupt the industry, although it produced only slightly more than 100,000 vehicles a year ago. (more...)
Erdogan warns Trump: Turkey does not respond to threats Erdogan warns Trump: Turkey does not respond to threats
- August 14, 2018

While Turkey and the United States are at odds over a host of issues, the most pressing disagreement for Trump has been the fate of American Christian pastor Andrew Brunson, who is on trial on terrorism charges for allegedly supporting a group that Ankara blames for a failed coup in 2016. (more...)
US stocks closed mixed amid data, earnings US stocks closed mixed amid data, earnings
- August 13, 2018

The S&P 500 was just 1 percent shy of a record it hit on January 26 on Tuesday as an estimated 24 percent jump in earnings from S&P companies underscored the strength of the world's biggest economy and corporate sector. The S&P 500 is up 179.97 points, or 6.7 per cent. Bank shares led the way lower in the U.S.as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent. (more...)
Turkey unveils new economic plan Turkey unveils new economic plan
- August 11, 2018

Trump also declared, "Our relations with Turkey are not good at this time!" Mr Trump tweeted that he had authorised the doubling of steel and aluminium tariffs "with respect to Turkey". Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss. (more...)
Novichok attack: Russian Federation denounces 'draconian' new U.S. sanctions Novichok attack: Russian Federation denounces 'draconian' new U.S. sanctions
- August 10, 2018

A Russia Foreign Ministry spokeswoman said Thursday the restrictions represent a new attempt to " demonize Russia". "And it would be necessary.to react to this war economically, politically, or, if needed, by other means", he said. What was certain, Gudkov said, was that pro-Kremlin media outlets would use the new sanctions as fresh confirmation of a story line about a "Russophobic" West that many Russians buy. (more...)
Doubts grow over Elon Musk’s master plan to take Tesla private Doubts grow over Elon Musk’s master plan to take Tesla private
- August 09, 2018

According to Musk, taking the company private would remove the scrutiny from analysts that, he says, encourages short-term thinking. Shares rocketed up 11 percent after Musk's grand reveal Tuesday, with some expecting they would hit $420 - the price Musk had promised shareholders would receive once the company had finalized its go-private transformation. (more...)
Elon Musk says he's considering taking Tesla private
- August 08, 2018

He did not identify the would-be buyer or buyers. But Musk continued to tweet , adding, "I don't have a controlling vote now & wouldn't expect any shareholder to have one if we go private". Despite its challenges, Tesla has remained a favourite among many investors, partly due to their faith in Musk, who made his initial fortune as a co-founder of PayPal and also is the CEO of a trail-blazing aerospace company, SpaceX, that's already private. (more...)
US Sanctions on Iran to Resume US Sanctions on Iran to Resume
- August 07, 2018

President Donald Trump's administration announced on Monday it would reinstate sanctions Tehran after it withdrew from the Iran deal - and the Islamic Republic has made no shortage of vitriolic threats about what it might do in response. (more...)
Portugal and Spain brace for record-breaking temperatures Portugal and Spain brace for record-breaking temperatures
- August 05, 2018

Spain's current record high is 47.3°C (117.14°F) and Portugal can boast a slightly-higher highest temperature, at 47.4°C. Portuguese authorities have issued a nationwide health warning, including for dust moving up from the Sahara Desert, while warnings have also been issued for 40 of Spain's 50 provinces. (more...)
Turkish lira skids past 5 to dollar on US sanctions move Turkish lira skids past 5 to dollar on US sanctions move
- August 04, 2018

On Friday, the two leaders agreed to work together to resolve tensions between the two countries. The US has imposed sanctions on Turkey's justice and interior ministers over the continued detention of American pastor Andrew Brunson . (more...)
U.S.'s Kudlow Trash Talks China Calling It ‘Lousy Investment’
- August 04, 2018

The latest round of USA tariffs would range between five per cent and 25 per cent and would hit 5,027 products - a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles, liquefied natural gas and condoms. (more...)
Loans to get costlier as RBI hikes repo rate again Loans to get costlier as RBI hikes repo rate again
- August 03, 2018

High volatility in crude oil prices, turbulence in global financial markets, hardening of inflation expectations, and inputs pressures faced by corporations domestically, prompted the Reserve Bank of India to up the repo rate by 25 basis points to 6.50 per cent on Wednesday. (more...)
Apple becomes first company to hit $1 trillion market cap Apple becomes first company to hit $1 trillion market cap
- August 03, 2018

Its operating costs have increased at twice the rate of revenue in the last five years, and the company doesn't detail why. Steve Jobs once said that "innovation has nothing to do with how many R&D dollars you have". A Forrester analyst said of the company, "Whether they stand alone or are acquired, Apple as we know it is cooked". The ad that announced it, "1984", is considered one of the greatest ads of all time. (more...)
Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report
- August 01, 2018

This bucket - which accounts for app purchases, Apple Care and more - surged more than 30 percent year-over-year to $9.55 billion. The firm said its £999 iPhone X - launched past year - remained its most popular iPhone model in the quarter and had driven the higher selling prices. (more...)
Harley-Davidson Bombshell Includes Adventure Bike Harley-Davidson Bombshell Includes Adventure Bike
- August 01, 2018

The American motorcycle company, facing dwindling sales in its home market, said Monday that it will roll out some new products and stores to broaden its audience and invigorate sales. Traditional dealerships will still play an important role, and Harley-Davidson says it will implement a new performance framework to strengthen its dealer network. (more...)
Facebook stock plunges in after-hours trading following earnings report Facebook stock plunges in after-hours trading following earnings report
- July 28, 2018

Overall, Facebook grew its global users by 11 percent from the same time past year . Analysts said the law contributed to the company losing 3 million daily users in the European Union during the second quarter, the first time it has seen such a dip. (more...)
Facebook's slide costs Zuckerberg $17bn Facebook's slide costs Zuckerberg $17bn
- July 27, 2018

If this holds by end of trading on Thursday, Zuckerberg will slip three places down Bloomberg's billionaire index . While the company posted an earnings beat, revenue was below analysts' guidance as the company raked in $13.23 billion in sales, below the $13.23 billion that analysts were calling for. (more...)
Don’t Force Iran to Go to War: Philippines President Don’t Force Iran to Go to War: Philippines President
- July 27, 2018

Following U.S. President Donald Trump's decision to quit the historic Iranian nuclear pact on May 8, Washington vowed to re-impose sanctions against Iran and inflict punishments on countries that have business links with Tehran. The ABC has cited unnamed senior security figures within the federal government as saying they believed the U.S. was eyeing Iran's nuclear facilities. (more...)
US announces billions to help farmers hurt by tariffs US announces billions to help farmers hurt by tariffs
- July 25, 2018

Trump has been talking for months about finding ways to aid farmers as China , in particular, has canceled orders for soybeans and other crops. As I travel across Iowa meeting with farmers, they tell me that they want to see a more thoughtful approach to our trade policies, rather than the tit-for-tat tariffs and retaliations that we have recently seen. (more...)
European Commission President Set to Face Trump and His Tweets European Commission President Set to Face Trump and His Tweets
- July 25, 2018

Mr. Trump declared early Tuesday. At current prices, most farmers lose money on corn, soybeans and pigs. The publication said that - according to two people familiar with the plans - the aid would be announced by the United States Department of Agriculture and would come through direct assistance programs. (more...)
Asian shares dip, drama in Japanese bond market Asian shares dip, drama in Japanese bond market
- July 25, 2018

US officials recently issued a list of a range of Chinese imports Trump wants to impose new tariffs on including many food products as well as tobacco, coal, and chemicals. US gold futures for August delivery were almost unchanged at $1,231 an ounce. Major exporters closed lower, with the electric appliances sector falling 1% and automakers declining 1.2% Uniqlo-owner Fast Retailing dropped 5.7%. (more...)
Trump Blasts Powell’s Rate Hikes, Trespassing on Fed’s Independence Trump Blasts Powell’s Rate Hikes, Trespassing on Fed’s Independence
- July 23, 2018

U.S. President Donald Trump may not be happy about the strength of the U.S. dollar, but the greenback's recent rally may partly be a product of his own making. "The remarks certainly aren't an immediate threat to Fed independence, but they break with the tradition of respectful distance". "As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions". (more...)
‘Lahu ka lagaan’ ends: Sanitary products made tax free ‘Lahu ka lagaan’ ends: Sanitary products made tax free
- July 23, 2018

Earlier, sanitary napkins were taxed at 12% which had attracted a lot of criticism. Slabs under Goods and Services Tax ( GST ) can be reduced to three from five at present in coming days for the convenience of consumers and businesses, Bihar Deputy Chief Minister Sushil Kumar Modi. (more...)
Microsoft (MSFT) Tops Q4 Estimates, Intelligent Cloud Revenue Up 23% Microsoft (MSFT) Tops Q4 Estimates, Intelligent Cloud Revenue Up 23%
- July 21, 2018

Its market cap edged above $800 billion for the first time earlier this month. Microsoft's Intelligent Cloud business unit, which consists largely of Azure, Server, and enterprise services, saw revenues grow 23 percent to $9.6 billion. The revenue brought in by Surface products was up 25%, and gaming had a healthy 39% increase. Search revenue was up 17 percent, with, as ever, the twin factors of increased revenue per search and increased search volume to thank. (more...)
Amazon's Prime Day is off to a red hot start, despite glitches Amazon's Prime Day is off to a red hot start, despite glitches
- July 21, 2018

A company spokesperson said: " Amazon has invested over 15 billion Euro across Europe and have created over 65,000 permanent jobs since 2010 and provides a safe and positive workplace with competitive pay and benefits from day one". As it relates to item sales, however, a 5 percent chunk is not insignificant considering the many different categories on Amazon . "And photos of employees' pups successfully mitigated some of the negative sentiment around the online retailer's site ... (more...)
Trump says China, EU "manipulating their currencies" -- and USA dollar hit
- July 21, 2018

Still, President Trump voiced concern that the higher rates and a stronger dollar may put the USA at a disadvantage while Fed counterparts in the Bank of Japan and the European Central Bank keep rates low, maintaining loose monetary policy. (more...)
Elon Musk in trouble over controversial tweets | CMO Strategy Elon Musk in trouble over controversial tweets | CMO Strategy
- July 18, 2018

Tesla investors have issued an open letter to Elon Musk , demanding that he apologize for his "pedo" comment about Vernon Unsworth - the British cave diver who criticized his rescue efforts in Thailand . Musk has a history of piquing influencers in Tesla's community, including auto analysts and journalists . Unsworth told AFP on Monday he had not reviewed the tweets in full and had only heard about them. (more...)
Netflix drops dud on Wall St. as subscriber growth flops Netflix drops dud on Wall St. as subscriber growth flops
- July 18, 2018

With more than 56 million domestic subscribers, or about 1 out of every 6 people in the States with an account, Netflix had already been heading towards a saturation point at home. Other firms are remaining bullish on Netflix . The company debuted its first Danish and first Indian dramas in the quarter, and it plans to release a new foreign-language program at least once a week next year. (more...)
Prime Day 2018: Amazon prepares for huge volume of orders Prime Day 2018: Amazon prepares for huge volume of orders
- July 16, 2018

According to reports from last year, Amazon's 2017 Prime Day was the company's biggest sales day ever - growing more than 60 percent over the previous year's results and bringing in more new Prime members than in any other single 24-hour period in Amazon's history. (more...)
Tesla goes big in China with Shanghai plant Tesla goes big in China with Shanghai plant
- July 11, 2018

Tesla sold 14,779 vehicles in China a year ago, according to data from LMC Automotive. Tesla Inc TSLA .O Chief Executive Officer Elon Musk on Tuesday landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric vehicle maker's global manufacturing. (more...)
Why higher unemployment signals a strengthening economy Why higher unemployment signals a strengthening economy
- July 10, 2018

The United States has increased jobs monthly for more than seven years, but some analysts suggest that the escalating trade disputes between the U.S. Average hourly pay rose just 2.7 percent from a year earlier. "Overall the report is good news insofar as it suggests the economy still has some capacity to grow at an above-trend pace without generating much inflationary pressure", said Michael Feroli, an economist at JPMorgan in NY. (more...)
Oil falls as Trump urges OPEC to reduce prices Oil falls as Trump urges OPEC to reduce prices
- July 09, 2018

Oil prices dropped yesterday, falling 97 cents to $73.17. This comes in the light of increased pressure from the Trump administration on allies to stop funding to Iran . Saudi Arabia cut pricing for most of its oil grades as the world's biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. (more...)
U.S. has 'launched the largest trade war in economic history': China U.S. has 'launched the largest trade war in economic history': China
- July 07, 2018

The biggest impact will likely be seen in sales of the next US crop, which will come to market in September. "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said. Ironically, Cohen says the victims of Chinese IP or intellectual property theft won't benefit from the tariffs . US shipments have almost ground to a halt since the 25 percent tariffs implemented on April 2. (more...)
Mexican-Alaskans speak about country's new president Mexican-Alaskans speak about country's new president
- July 05, 2018

Lopez Obrador, a 64-year-old former mayor of Mexico City, won a landslide election victory on Sunday, dealing a crushing blow to establishment parties and becoming the first leftist to win the Mexican presidency since one-party rule ended in 2000. (more...)
Algeria warns Saudi Arabia, Russia against increasing oil output
- July 05, 2018

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its behavior in the region and believes there is enough spare global oil capacity to make up for lower supply from Iran, a senior U.S. (more...)
Tesla hits Model 3 weekly production goal for first time Tesla hits Model 3 weekly production goal for first time
- July 03, 2018

Tesla noted that the weekly production rate for Q2 more than doubled the Model 3 output during Q1, and that it had also reached the 5,000-units-per-week level with the Model 3 , reportedly hours after the deadline according to Reuters. " It was not easy, but it was definitely worth it ", Tesla said. Moreover, Levy adds that Tesla's recent announcement that Model 3 reservation holders need to fork over an additional $2,500 to secure the auto "seems to be an aggressive attempt to meet ... (more...)
Amazon's attack on the pharmacy industry has begun Amazon's attack on the pharmacy industry has begun
- June 30, 2018

The company, which has its primary pharmacy in Manchester, New Hampshire, ships to all states except Hawaii. PillPack sells pre-sorted packets of prescriptions drugs, delivering them to customers in their homes. Big packaged food stocks also took a hit. It recently began selling medical devices and instruments, as well. PillPack has raised $118 million in investor funding. (more...)
Bali flights cancelled, thousands affected after Mount Agung erupts again Bali flights cancelled, thousands affected after Mount Agung erupts again
- June 30, 2018

The airport had been closed since 3 a.m. local time on Friday. It's far from the first time Agung has interrupted travel plans for WA holiday-makers, with a November eruption past year causing chaos to flight schedules. Sutopo Purwo Nugroho of Bali's disaster mitigation agency said seismic activity was still rife deep under the volcano. Jetstar cancelled 10 flights to and from Bali, as Qantas also turned back to Melbourne and Sydney flights to the island, and cancelled two more. (more...)
Iran Says Removing Oil From Market By November Impossible Iran Says Removing Oil From Market By November Impossible
- June 28, 2018

Police clashed with rioters and later fired tear gas at the demonstrators who were headed towards the parliament building. Tehran's prosecutor Abbas Jafari-Dolatabadi said some protesters near the bazaar were arrested on Monday and would not be released before going to trial. (more...)
Mnuchin denies stories on China-specific investment restrictions Mnuchin denies stories on China-specific investment restrictions
- June 28, 2018

A Reuters report says China accused the Trump Administration of being capricious in its handling of trade issues. That could open U.S. firms like Apple and General Motors up to new forms of retaliation from China and experts worry it also marks another step in government intervention in the free market, a "radical departure" for the United States that could prove mutually destructive. (more...)

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