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Investors Might Be In For A Huge Surprise From Tesla In Q3 – Here’s What You Need To Know

Investors Might Be In For A Huge Surprise From Tesla In Q3 – Here’s What You Need To Know

Tesla’s stock is down, but there may be one really good reason to buy the dip.

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Things at Tesla (NASDAQ: TSLA) have been getting strange.

In case you missed it, 12 boys and their soccer coach were exploring a cave in northern Thailand when heavy rains trapped the team inside the cave. The 18-day ordeal ended with a few heroic diver-led rescue missions, and all 12 of the boys and their coach were rescued from the cave. The world cheered. The movie will probably be out next summer.

What does that have to do with Tesla?

Well, during the ordeal, Tesla CEO Elon Musk offered a solution to save the boys. He built a miniature submarine and took it to Thailand.



One member of the rescue crew, Vernon Unsworth, a spelunker, said in an interview with CNN that Musk’s submarine was a “PR stunt” that “had absolutely no chance of working,” and capped it off by saying Musk could “stick his submarine where it hurts.”

Not to be outdone, Musk fired back on Twitter—the tweets have since been deleted—calling Unsworth a “pedo guy.”

…And Tesla stock dropped in response.

This story is a prime example of many investors’ biggest worry about the stock right now. Namely, Elon Musk.

He may be a visionary, but his public spats on Twitter appear to be damaging the reputation of the company. Certainly board members must be taking notice judging by the quick apology Musk issued to Unsworth.

This isn’t the first instance of outbursts by Musk. The leader of Tesla is also known for quarrels with investment banks whose clients own $200 million worth of the stock on conference calls.

But while Musk is getting in fights on Twitter, what’s happening at Tesla right now is actually pretty exciting. And as the stock nears $300 on the Musk noise, it looks like an opportunity to buy the dip.



Tesla (NASDAQ: TSLA)

Tesla is still burning through huge amounts of cash every month. And while it is growing revenue, the cost of that revenue grows too so the cash burn will continue.

The company was able to bump up Model 3 production to 7,000 vehicles per week—up from the 5,000 a week it projected—at the end of June, but it was only able to do so by cutting corners, overworking staff, and disrupting the Model S and X production lines. Whether the company can meet its 6,000 vehicles per week production target for August remains to be seen, and there are already concerns about burnout from assembly-line workers.

And then there’s the issue of the Model 3 becoming more expensive. The company announced more expensive models of the car that was supposed to be Tesla’s big entry into the mass-market economy space, and it is also producing those more expensive models first.

In fact, the most affordable version, the $35,000 vehicle that saw record reservations when it was first debuted, won’t be available for another six to nine months, according to Kelley Blue Book. That’s because Tesla is only producing the $50,000 upgraded dual-motor and performance versions of the Model 3 until early next year. Which is also right around the time when the $7,500 tax credit runs out for Tesla buyers, making all of their vehicles more expensive for consumers.

With all this, Tesla needs to pull a rabbit out of the hat. And this may be just that rabbit.



Engineering benchmarking firm Munro & Associates Inc. just issued a teardown report of Tesla’s Model 3 and found something surprising. The Model 3 is profitable. Like really profitable.

Musk has continually guided that Tesla will achieve profitability in the third and fourth quarters, and the Model 3 is the key piece of that equation – thus, the production ramp up. Tesla has been pushing as many of the high-margin performance models as it can through the end of the year while the tax credit is still in effect in an effort to make the base $35,000 Model 3 economically viable.

But Sandy Munro of Munro & Associates told Autoline that even the regular rear-wheel drive Model 3 the group disassembled and benchmarked could be quite profitable for Tesla right now.

“I have to eat crow, I didn’t think it was going to happen this way but the Model 3 is profitable,” said Munro in the interview with Autoline. When asked how profitable, Munro said “Over 30%… No electric car is getting 30%. Nobody.”

And those margins are presumably considerably bigger with the upgraded performance trim Model 3 Tesla is producing now.



Tesla is achieving these margins through systems integration. The company is relying on in-house technology to do more of the work, ensuring it is able to keep costs of third-party components low.

As an example, Munro points to the rear-view mirror. Tesla’s cost for the mirror clocks in at $29.48. For the Chevy Bolt, a competitor of the Model 3, the rear-view mirror costs $164.83.

The difference is in the fact that the Chevy Bolt includes electronics and a backup camera display in its mirror, while Tesla’s custom-designed onboard computer and large central display already perform those functions. And the story is similar throughout the car.

If Munro’s estimates are accurate, and Tesla really is seeing such high margins on the Model 3, investors could be in for a very big surprise in Q3.


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“text”: “Enlarge this image Rep. Chris Collins delivers a speech at the Republican National Convention in 2016 in Cleveland. Collins was the first sitting member of Congress to endorse Donald Trump’s presidential bid. Alex Wong/Getty Images Alex Wong/Getty Images Rep. Chris Collins delivers a speech at the Republican National Convention in 2016 in Cleveland. Collins was the first sitting member of Congress to endorse Donald Trump’s presidential bid.\nAlex Wong/Getty Images Updated at 3:30 p.m. ET\nRep. 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Price’s own holdings in the company became an issue when he was nominated to be President Trump’s first secretary of health and human services.\nHouse Speaker Paul Ryan, R-Wis., called on the House Ethics Committee to conduct its own review of the new allegations against Collins.\n\”While his guilt or innocence is a question for the courts to settle, the allegations against Rep. Collins demand a prompt and thorough investigation by the House Ethics Committee,\” Ryan said in a statement. \”Insider trading is a clear violation of the public trust. Until this matter is settled, Rep. Collins will no longer be serving on the House Energy and Commerce Committee.\”\nThe Securities and Exchange Commission filed a parallel civil complaint that seeks to bar Collins from serving as an officer or director of any public company in the future.\nCollins, who is one of the wealthiest members of Congress, was the first member to publicly endorse Donald Trump during the 2016 presidential campaign. 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“text”: “Malawi (CNN) In a sweltering room in the corner of the Chatinkha nursery in Queen Elizabeth Central Hospital in Blantyre, Malawi, Lilian Matchaya is expressing milk.\nHer daughter, Abigail, is nearby, lying in a wooden cot with a UV light overhead keeping her at the right temperature. Her head wrapped in a bandage, Abigail has a plastic feeding tube going into her nose. Matchaya, 38, inserts a syringe of breast milk into the tube, and it travels slowly down the translucent pipe. The sounds of infants crying, machines beeping and nurses pushing trolleys fill the ward. Abigail Matchaya weighed just 3 pounds at birth, having been born prematurely, and soon developed sepsis. Abigail was born prematurely at seven months and weighed just 1.8 kilograms (3 pounds) at birth, little more than a bag of flour. She needed an injection of aminophylline, which dilates the lung’s cells, to help her breathe, and the day after her birth, nurses found her passed out with blood in her stool. Babies, especially those born prematurely, are especially vulnerable to infection, as their immune systems haven’t developed properly. Doctors suspected that Abigail had sepsis, a serious and potentially fatal condition in which bacteria get into the bloodstream. In response, the body’s immune system goes into overdrive, and organs begin to shut down. Read More Abigail was given two antibiotics, penicillin and gentamicin, a combination meant to kill a wide range of bacteria. The drugs didn’t seem to work, and she was soon given ceftriaxone and metronidazole, but there was still no improvement. Her medical notes state that she then became floppy and passed out once more. Lab results revealed that she was infected with a drug-resistant form of Klebsiella. The bacteria were resistant to most of the drugs Abigail had been given, meaning the medications were not working to kill her infection. For four days, she had been given ineffective drugs. For every hour that a baby in septic shock is given ineffective drugs, the chance of survival decreases by 7.6%, one study found . Dr. Kondwani Kawaza, a neonatologist at the Chatinkha nursery, said that even if the baby doesn’t die, sepsis can cause disabling complications such as brain damage, meningitis and impairment to vital organs like the kidneys and the liver. Doctors at the hospital also face another problem: The antibiotics they needed to treat Abigail’s superbug are expensive and not part of Malawi’s standard drug regimen, meaning they’re not always available in the hospital. On this occasion, Abigail was lucky: The pharmacy had one of the drugs they needed, amikacin, which can be given for only short periods, as it can trigger deafness as well as kidney and nerve damage. Abigail was promptly given amikacin, after which her family faced a waiting game. \”The first thing I do when I wake up daily is to pray for my baby to get well. Then I check on her with the hope that she will be OK,\” said Matchaya, a soft-voiced housewife, through an interpreter. She lives with her husband, a teacher, and three sons in Nancholi, on the outskirts of Blantyre. Lilian Matchaya holds her daughter, Abigail, praying for her to get better. According to Kawaza, 20% to 40% of infections his team diagnoses are now resistant to antibiotics. The proportion was a lot lower five years ago, he said. \”Four patients grew Klebsiella in this ward alone in a single week, where in the past, we would say it would be for the whole month,\” he said. \”It’s becoming a bigger and bigger problem.\” A nation in crisis Malawi is one of the poorest countries in the world, ranking 170th out of 188 on the United Nations’ human development index. More than 70% of its 18 million people survive on less than $1.90 a day, the international benchmark of poverty. Most Malawians do not own televisions, cars or phones or have internet. In rural areas, people grow their own food. And now, the country is facing an epidemic of infections causing sepsis, one of the leading causes of death among newborns. It killed nearly 20% of them in 2016; by comparison, in the UK, sepsis is responsible for less than 2% of infant deaths. A combination of factors, all related to poverty, mean the percentage of babies dying of sepsis has barely fallen since 2000 despite improvements in the health care system. Mothers and babies at Queen Elizabeth Central Hospital in Blantyre wait for treatment. To make things worse, these figures are thought to be vast underestimates, as most health care facilities do not have the tests to diagnose sepsis. Across Malawi, it is common to find mothers who have lost a child. Malnutrition and a high burden of diseases such as HIV and malaria mean mothers and babies’ immune systems are even weaker, so they catch infections a healthy body might easily quash. This is all further fueled by the fact that the majority of Malawians don’t have running water, so keeping clean is difficult, and soap is expensive. Many lack education on the importance of washing their hands, how to hygienically prepare food or how to change their baby’s diaper, and not many can afford to go to a doctor when they become ill. More than half of the country’s health care facilities are also failing to meet World Health Organization standards on water and sanitation facilities, according to UNICEF. Even Queen Elizabeth hospital, Malawi’s biggest, does not have running water in every room. Many hospitals report \”stockouts,\” periods when supplies like soap, chlorine, bleach and sterile gloves run out. This culmination of poor hygiene means there is a constant cycle of infection and, in turn, a constant need for antibiotics, whose overuse has now fueled resistance. For example, a three-month spike in sepsis rates from October occurred at the same time as a shortage of chlorhexidine, an antiseptic put on a baby’s umbilical cord to prevent infection, said Wezi Kalumbu, an adviser on child health for the Organized Network of Services for Everyone’s Health, a USAID-funded program to improve health care in 16 districts of Malawi. Antibiotic resistance: An old problem with new ramifications ‘Embarrassing’ conditions Down a sandy, potholed track near the border of Mozambique lies the Nayuchi health centre, in Machinga district. Tamandua Chirwa, 26, runs the rural hospital and remembers how delighted she was the day running water was installed in March 2017. Before that, it was difficult to recruit staff, as there was no toilet. Buckets of water had to be carried from a borehole in the nearby village to wash hands or clean the hospital. Nyambi health center does not have running water; instead, buckets of water must be carried from a nearby borehole to wash hands or clean the hospital. Pregnant women would avoid coming to the center because conditions were unhygienic and they believed it was safer to give birth at home — even though nine out of 10 people in Malawi do not have electricity, and one in three doesn’t have clean water. After WaterAid, a nonprofit organization working to improve water and sanitation, installed a borehole and solar-powered water supply system, the rooms could be cleaned properly. \”It was very encouraging when we had water,\” Chirwa said. \”We had more women delivering at the hospital. They knew, after delivery, we will have safe water to clean ourselves up.\” The Nyambi health care center is 60 miles away in the same district, but has no running water. Green vats that once held rainwater from the roof now lie broken on the floor. There are six toilets, but all but one is broken, and it must be shared by roughly 300 people — including pregnant women, families and staff. Here, women are asked to bring candles or flashlights in case there is no power. They are also told to bring razor blades to cut their children’s umbilical cords as well as a plastic sheet, called a macintosh in Malawi, on which to give birth. Such requests are common in health centers and hospitals across the country. Women are asked to bring a plastic sheet on which to give birth and a razor blade to cut their baby’s umbilical cord. Blackouts are also a regular occurrence at Nyambi, so staffers cannot always sterilize equipment like forceps to use during labour. There is also no incinerator for placentas. Sphiwe Kachimangha, infection prevention control lead for Machinga district, called the conditions \”embarrassing.\” \”We are in financial crisis, so it is difficult to tackle all the problems at once.\” In 2013, the \”cashgate\” scandal was uncovered, revealing that an estimated $250 million (£150 million) worth of public money was stolen through fraudulent payments. The crisis led to the freezing of $150 million worth of international aid, which plunged the government budget into deficit. In the cobweb-ridden waiting room in Nyambi, which has a broken sink full of dried corn and a rusty wheelchair in a corner, are young mothers-to-be Ruth White, 23, and Jenifa Lyson, 24, who are staying nearby in case their waters break. \”This place is very untidy, and it stinks a lot,\” Lyson said through an interpreter. They sleep on the same black plastic sheet on which they plan to give birth, risking future infection or passing an infection on to their babies. Midwives or nurses from both health centers and Queen Elizabeth hospital also voiced concerns about cultural practices around cutting the umbilical cord. Sometimes, animal dung or the juice of pumpkin flowers is rubbed on the wound, which could cause infections that lead to sepsis. However, many said these practices are dying out due to education campaigns. The world is running out of antibiotics, WHO says The luxury of being clean Simple measures like washing hands could prevent many infections, but for people in poverty, soap is a luxury. Buying enough soap to wash hands and clean plates and clothes costs about 3,000 kwacha (£3.30 or US $4.27) a month, said Bertha Gesinao, 19, through an interpreter. She lives in the village of Khambo in Chikwawa, a poor district an hour and a half outside Blantyre. The London School of Hygiene and Tropical Medicine in the UK is running a project there to help improve sanitation practices. Gesinao, who sorts cotton, and her husband, who works on a sugar cane plantation, earn 9,200 kwacha (£9.60 or US $12.42) between them a month. \”I can’t spend all my earnings on buying soap, as I’m also relying on the same to buy food and other basic needs,\” she said. A patchwork of nongovernmental organizations like WaterAid are building boreholes to give rural communities access to water, but it is also not in all of these organizations’ remits to check and monitor that the water remains safe. Save Kumwenda, senior lecturer in environmental health at the University of Malawi’s Polytechnic, explained that surveys in the Chikwawa district and another southern district, Mulanje, found that approximately 20% of the boreholes there were contaminated with fecal matter. Some were built on sandy soil that allowed bacteria to get into the water; others were built too close to nearby toilets. People also throw household waste down the borehole or bring their animals to drink there, leading to contamination, he said. Even in Blantyre, there are areas such as Ndirande, one of the largest slums in southern Africa, where people drink unsafe water out of shallow wells. \”We are sitting on a ticking bomb,\” he said of the threat of unclean water. There are shortages of soap in the maternity ward at Queen Elizabeth hospital, where many mothers and babies receive care. Resistance as high as 90% An unhygienic environment will lead to infection and more antibiotic use, which leads to antimicrobial resistance, said Nicholas Feasey, an infectious disease researcher and microbiologist at the Malawi Liverpool Wellcome Centre, the research institution next to Queen Elizabeth hospital. Feasey and his team have tracked the rise of antibiotic resistance at the hospital as part of a major study, the only one of its scale across sub-Saharan Africa, where data on resistance are scarce. They analyzed bacteria causing bloodstream infections in adults and children from 1998 to 2016. The good news, he said, is that such infections fell from 2005 on, overlapping with improvements in HIV and malaria care in Malawi and a fertilizer subsidy that helped people grow more food, reducing malnutrition. Mothers on the postnatal ward at Queen Elizabeth hospital. But the bad news is that more than half of infections are now resistant to the first-line antibiotics available in Malawi: penicillin, ampicillin and chloramphenicol. Resistance to co-trimoxazole — a combination also known as Bactrim — which is taken daily by people with HIV to prevent infections has also risen. The study revealed soaring resistance to the two classes of antibiotics regularly stocked in Malawian hospitals, penicillins and cephalosporins, among bacteria that commonly cause sepsis. In Klebsiella, the bacteria that infected baby Abigail, resistance rose from 12% in 2003 to more than 90% in 2016. In E. coli, resistance rose from 1% to 30% in the same time period. \”So the good news story about bloodstream infections falling is tempered by the rise of locally untreatable bacteria,\” Feasey said. \”In other [countries] where there is a broad range of antibiotics available, these infections are difficult to treat but far from impossible, but here, they are they are effectively untreatable.\” Black market antibiotics Limbe market, on the outskirts of Blantyre, is a bustling place. You can barely move for the crowds of people amid stalls selling colorful clothes, dried fish, chicken feet, puffed crisps and sacks of maize. At the top is a forked road locals call The One That God Bent, which is home to a row of pharmacies and drug stores where antibiotics are easy to access. Drug stores near Limbe market sell antibitoics despite this being illegal without a prescription. It is illegal to sell antibiotics without a prescription in Malawi, but reporters from the Bureau of Investigative Journalism visited four pharmacies and one drugstore and were able to purchase a range of drugs, including injectable ceftriaxone, the last-line drug available in most Malawian hospitals. Only painkillers were for sale at Limbe and Blantyre’s open-air markets, though market sellers said Bactrim was available a year ago. Ibrahim Chikowe, a medicinal chemist at the University of Malawi, said the problem with easy access to antibiotics is that people tend to take the medications only until they start feeling well. This leads to resistance among the bacteria, which then spread from one person to another. \”Soon, you may find the population might not be cured by a particular antibiotic or class of antibiotic, and this might lead to disaster,\” he said. In cities, antibiotics can be bought from shops. In smaller towns there are drugstores on the roads leading up to hospitals. In rural areas, salesmen pass through villages selling medicines, including antibiotics, out of plastic bags. It is illegal to sell antibiotics without a prescription in Malawi, but pharmacies in Blantyre sold reporters a range of drugs. Nearly 65 miles south of Blantyre is such a place, the village of Khambo, in the Chikwawa district. It is a rural part of the country: Goats graze on the sides of the road, and herds of cattle block traffic. Khambo is accessible only by foot or bicycle, as there is no road to the handful of houses found in the middle of the fields. The nearest health center the villagers can use is a 15-kilometer walk, so village women say that when the drug salesmen pass through, they buy as many tablets as they can afford. Elizabeth Love, 32, who lives in a straw-roofed house with a dirt floor, said her 18-month-old daughter, Rebecca, had diarrhea. She bought two Bactrim tablets from a passing salesman in June. They had expired in 2016. More resistance to come The Queen Elizabeth hospital is lucky enough to be one of a handful in Malawi that has access to blood culture facilities. But by the time blood culture tests confirm that an infant has a superbug infection, typically two to four days later, it is often too late. \”Whenever we are sure it’s Klebsiella, we are already 24 to 48 hours late,\” said Kawaza, the neonatologist. \”If they don’t die today, they will die tomorrow. If they don’t die tomorrow, they will die in two weeks time. If they survive, they will be weak for weeks to come.\” There are hospital-wide discussions about whether amikacin and another expensive antibiotic, meropenem, can be made more widely available. But many doctors are concerned that widespread use would drive resistance against these new drugs, meaning even fewer antibiotic options would be left. The amikacin given to baby Abigail seemed to work to kill her infection, and within a few days, she was able to move from the small room in which she was isolated to the nursery’s main ward. However, the infection had taken its toll on her body, and she died one month after contracting drug-resistant Klebsiella. Get CNN Health’s weekly newsletter Sign up here to get The Results Are In with Dr. Sanjay Gupta every Tuesday from the CNN Health team.\nIf resistance continues to rise, more babies will follow, Kawaza said. \”Some people think that antibiotic resistance is a hypothetical threat, a nonexistent threat, something that only academics talk about,\” he said. \”But for us, we do see it every day. We do see babies change suddenly from a robustly active baby to a profoundly sick baby.\” Feasey, the microbiologist, believes that antimicrobial resistance is just one part of a bigger problem. \”It is one of many things: poverty of the individual and poverty of systems,\” he said. \”At any time you walk through the hospital, though, there’s a high chance that a funeral procession will go by, and there is just a deep sense of frustration at the waste of human life because of the overwhelming interaction of lots of different factors, which are mediated by poverty.\” “,
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“text”: “This story was investigated by the Bureau of Investigative Journalism then edited and published in partnership with CNN.\nMalawi (CNN) In a sweltering room in the corner of the Chatinkha nursery in Queen Elizabeth Central Hospital in Blantyre, Malawi, Lilian Matchaya is expressing milk.\nHer daughter, Abigail, is nearby, lying in a wooden cot with a UV light overhead keeping her at the right temperature. Her head wrapped in a bandage, Abigail has a plastic feeding tube going into her nose. Matchaya, 38, inserts a syringe of breast milk into the tube, and it travels slowly down the translucent pipe. The sounds of infants crying, machines beeping and nurses pushing trolleys fill the ward. Abigail Matchaya weighed just 3 pounds at birth, having been born prematurely, and soon developed sepsis. Abigail was born prematurely at seven months and weighed just 1.8 kilograms (3 pounds) at birth, little more than a bag of flour. She needed an injection of aminophylline, which dilates the lung’s cells, to help her breathe, and the day after her birth, nurses found her passed out with blood in her stool. Babies, especially those born prematurely, are especially vulnerable to infection, as their immune systems haven’t developed properly. Doctors suspected that Abigail had sepsis, a serious and potentially fatal condition in which bacteria get into the bloodstream. In response, the body’s immune system goes into overdrive, and organs begin to shut down. Read More Abigail was given two antibiotics, penicillin and gentamicin, a combination meant to kill a wide range of bacteria. The drugs didn’t seem to work, and she was soon given ceftriaxone and metronidazole, but there was still no improvement. Her medical notes state that she then became floppy and passed out once more. Lab results revealed that she was infected with a drug-resistant form of Klebsiella. The bacteria were resistant to most of the drugs Abigail had been given, meaning the medications were not working to kill her infection. For four days, she had been given ineffective drugs. For every hour that a baby in septic shock is given ineffective drugs, the chance of survival decreases by 7.6%, one study found . Dr. Kondwani Kawaza, a neonatologist at the Chatinkha nursery, said that even if the baby doesn’t die, sepsis can cause disabling complications such as brain damage, meningitis and impairment to vital organs like the kidneys and the liver. Doctors at the hospital also face another problem: The antibiotics they needed to treat Abigail’s superbug are expensive and not part of Malawi’s standard drug regimen, meaning they’re not always available in the hospital. On this occasion, Abigail was lucky: The pharmacy had one of the drugs they needed, amikacin, which can be given for only short periods, as it can trigger deafness as well as kidney and nerve damage. Abigail was promptly given amikacin, after which her family faced a waiting game. \”The first thing I do when I wake up daily is to pray for my baby to get well. Then I check on her with the hope that she will be OK,\” said Matchaya, a soft-voiced housewife, through an interpreter. She lives with her husband, a teacher, and three sons in Nancholi, on the outskirts of Blantyre. Lilian Matchaya holds her daughter, Abigail, praying for her to get better. According to Kawaza, 20% to 40% of infections his team diagnoses are now resistant to antibiotics. The proportion was a lot lower five years ago, he said. \”Four patients grew Klebsiella in this ward alone in a single week, where in the past, we would say it would be for the whole month,\” he said. \”It’s becoming a bigger and bigger problem.\” A nation in crisis Malawi is one of the poorest countries in the world, ranking 170th out of 188 on the United Nations’ human development index. More than 70% of its 18 million people survive on less than $1.90 a day, the international benchmark of poverty. Most Malawians do not own televisions, cars or phones or have internet. In rural areas, people grow their own food. And now, the country is facing an epidemic of infections causing sepsis, one of the leading causes of death among newborns. It killed nearly 20% of them in 2016; by comparison, in the UK, sepsis is responsible for less than 2% of infant deaths. A combination of factors, all related to poverty, mean the percentage of babies dying of sepsis has barely fallen since 2000 despite improvements in the health care system. Mothers and babies at Queen Elizabeth Central Hospital in Blantyre wait for treatment. To make things worse, these figures are thought to be vast underestimates, as most health care facilities do not have the tests to diagnose sepsis. Across Malawi, it is common to find mothers who have lost a child. Malnutrition and a high burden of diseases such as HIV and malaria mean mothers and babies’ immune systems are even weaker, so they catch infections a healthy body might easily quash. This is all further fueled by the fact that the majority of Malawians don’t have running water, so keeping clean is difficult, and soap is expensive. Many lack education on the importance of washing their hands, how to hygienically prepare food or how to change their baby’s diaper, and not many can afford to go to a doctor when they become ill. More than half of the country’s health care facilities are also failing to meet World Health Organization standards on water and sanitation facilities, according to UNICEF. Even Queen Elizabeth hospital, Malawi’s biggest, does not have running water in every room. Many hospitals report \”stockouts,\” periods when supplies like soap, chlorine, bleach and sterile gloves run out. This culmination of poor hygiene means there is a constant cycle of infection and, in turn, a constant need for antibiotics, whose overuse has now fueled resistance. For example, a three-month spike in sepsis rates from October occurred at the same time as a shortage of chlorhexidine, an antiseptic put on a baby’s umbilical cord to prevent infection, said Wezi Kalumbu, an adviser on child health for the Organized Network of Services for Everyone’s Health, a USAID-funded program to improve health care in 16 districts of Malawi. Antibiotic resistance: An old problem with new ramifications ‘Embarrassing’ conditions Down a sandy, potholed track near the border of Mozambique lies the Nayuchi health centre, in Machinga district. Tamandua Chirwa, 26, runs the rural hospital and remembers how delighted she was the day running water was installed in March 2017. Before that, it was difficult to recruit staff, as there was no toilet. Buckets of water had to be carried from a borehole in the nearby village to wash hands or clean the hospital. Nyambi health center does not have running water; instead, buckets of water must be carried from a nearby borehole to wash hands or clean the hospital. Pregnant women would avoid coming to the center because conditions were unhygienic and they believed it was safer to give birth at home — even though nine out of 10 people in Malawi do not have electricity, and one in three doesn’t have clean water. After WaterAid, a nonprofit organization working to improve water and sanitation, installed a borehole and solar-powered water supply system, the rooms could be cleaned properly. \”It was very encouraging when we had water,\” Chirwa said. \”We had more women delivering at the hospital. They knew, after delivery, we will have safe water to clean ourselves up.\” The Nyambi health care center is 60 miles away in the same district, but has no running water. Green vats that once held rainwater from the roof now lie broken on the floor. There are six toilets, but all but one is broken, and it must be shared by roughly 300 people — including pregnant women, families and staff. Here, women are asked to bring candles or flashlights in case there is no power. They are also told to bring razor blades to cut their children’s umbilical cords as well as a plastic sheet, called a macintosh in Malawi, on which to give birth. Such requests are common in health centers and hospitals across the country. Women are asked to bring a plastic sheet on which to give birth and a razor blade to cut their baby’s umbilical cord. Blackouts are also a regular occurrence at Nyambi, so staffers cannot always sterilize equipment like forceps to use during labour. There is also no incinerator for placentas. Sphiwe Kachimangha, infection prevention control lead for Machinga district, called the conditions \”embarrassing.\” \”We are in financial crisis, so it is difficult to tackle all the problems at once.\” In 2013, the \”cashgate\” scandal was uncovered, revealing that an estimated $250 million (£150 million) worth of public money was stolen through fraudulent payments. The crisis led to the freezing of $150 million worth of international aid, which plunged the government budget into deficit. In the cobweb-ridden waiting room in Nyambi, which has a broken sink full of dried corn and a rusty wheelchair in a corner, are young mothers-to-be Ruth White, 23, and Jenifa Lyson, 24, who are staying nearby in case their waters break. \”This place is very untidy, and it stinks a lot,\” Lyson said through an interpreter. They sleep on the same black plastic sheet on which they plan to give birth, risking future infection or passing an infection on to their babies. Midwives or nurses from both health centers and Queen Elizabeth hospital also voiced concerns about cultural practices around cutting the umbilical cord. Sometimes, animal dung or the juice of pumpkin flowers is rubbed on the wound, which could cause infections that lead to sepsis. However, many said these practices are dying out due to education campaigns. The world is running out of antibiotics, WHO says The luxury of being clean Simple measures like washing hands could prevent many infections, but for people in poverty, soap is a luxury. Buying enough soap to wash hands and clean plates and clothes costs about 3,000 kwacha (£3.30 or US $4.27) a month, said Bertha Gesinao, 19, through an interpreter. She lives in the village of Khambo in Chikwawa, a poor district an hour and a half outside Blantyre. The London School of Hygiene and Tropical Medicine in the UK is running a project there to help improve sanitation practices. Gesinao, who sorts cotton, and her husband, who works on a sugar cane plantation, earn 9,200 kwacha (£9.60 or US $12.42) between them a month. \”I can’t spend all my earnings on buying soap, as I’m also relying on the same to buy food and other basic needs,\” she said. A patchwork of nongovernmental organizations like WaterAid are building boreholes to give rural communities access to water, but it is also not in all of these organizations’ remits to check and monitor that the water remains safe. Save Kumwenda, senior lecturer in environmental health at the University of Malawi’s Polytechnic, explained that surveys in the Chikwawa district and another southern district, Mulanje, found that approximately 20% of the boreholes there were contaminated with fecal matter. Some were built on sandy soil that allowed bacteria to get into the water; others were built too close to nearby toilets. People also throw household waste down the borehole or bring their animals to drink there, leading to contamination, he said. Even in Blantyre, there are areas such as Ndirande, one of the largest slums in southern Africa, where people drink unsafe water out of shallow wells. \”We are sitting on a ticking bomb,\” he said of the threat of unclean water. There are shortages of soap in the maternity ward at Queen Elizabeth hospital, where many mothers and babies receive care. Resistance as high as 90% An unhygienic environment will lead to infection and more antibiotic use, which leads to antimicrobial resistance, said Nicholas Feasey, an infectious disease researcher and microbiologist at the Malawi Liverpool Wellcome Centre, the research institution next to Queen Elizabeth hospital. Feasey and his team have tracked the rise of antibiotic resistance at the hospital as part of a major study, the only one of its scale across sub-Saharan Africa, where data on resistance are scarce. They analyzed bacteria causing bloodstream infections in adults and children from 1998 to 2016. The good news, he said, is that such infections fell from 2005 on, overlapping with improvements in HIV and malaria care in Malawi and a fertilizer subsidy that helped people grow more food, reducing malnutrition. Mothers on the postnatal ward at Queen Elizabeth hospital. But the bad news is that more than half of infections are now resistant to the first-line antibiotics available in Malawi: penicillin, ampicillin and chloramphenicol. Resistance to co-trimoxazole — a combination also known as Bactrim — which is taken daily by people with HIV to prevent infections has also risen. The study revealed soaring resistance to the two classes of antibiotics regularly stocked in Malawian hospitals, penicillins and cephalosporins, among bacteria that commonly cause sepsis. In Klebsiella, the bacteria that infected baby Abigail, resistance rose from 12% in 2003 to more than 90% in 2016. In E. coli, resistance rose from 1% to 30% in the same time period. \”So the good news story about bloodstream infections falling is tempered by the rise of locally untreatable bacteria,\” Feasey said. \”In other [countries] where there is a broad range of antibiotics available, these infections are difficult to treat but far from impossible, but here, they are they are effectively untreatable.\” Black market antibiotics Limbe market, on the outskirts of Blantyre, is a bustling place. You can barely move for the crowds of people amid stalls selling colorful clothes, dried fish, chicken feet, puffed crisps and sacks of maize. At the top is a forked road locals call The One That God Bent, which is home to a row of pharmacies and drug stores where antibiotics are easy to access. Drug stores near Limbe market sell antibitoics despite this being illegal without a prescription. It is illegal to sell antibiotics without a prescription in Malawi, but reporters from the Bureau of Investigative Journalism visited four pharmacies and one drugstore and were able to purchase a range of drugs, including injectable ceftriaxone, the last-line drug available in most Malawian hospitals. Only painkillers were for sale at Limbe and Blantyre’s open-air markets, though market sellers said Bactrim was available a year ago. Ibrahim Chikowe, a medicinal chemist at the University of Malawi, said the problem with easy access to antibiotics is that people tend to take the medications only until they start feeling well. This leads to resistance among the bacteria, which then spread from one person to another. \”Soon, you may find the population might not be cured by a particular antibiotic or class of antibiotic, and this might lead to disaster,\” he said. In cities, antibiotics can be bought from shops. In smaller towns there are drugstores on the roads leading up to hospitals. In rural areas, salesmen pass through villages selling medicines, including antibiotics, out of plastic bags. It is illegal to sell antibiotics without a prescription in Malawi, but pharmacies in Blantyre sold reporters a range of drugs. Nearly 65 miles south of Blantyre is such a place, the village of Khambo, in the Chikwawa district. It is a rural part of the country: Goats graze on the sides of the road, and herds of cattle block traffic. Khambo is accessible only by foot or bicycle, as there is no road to the handful of houses found in the middle of the fields. The nearest health center the villagers can use is a 15-kilometer walk, so village women say that when the drug salesmen pass through, they buy as many tablets as they can afford. Elizabeth Love, 32, who lives in a straw-roofed house with a dirt floor, said her 18-month-old daughter, Rebecca, had diarrhea. She bought two Bactrim tablets from a passing salesman in June. They had expired in 2016. More resistance to come The Queen Elizabeth hospital is lucky enough to be one of a handful in Malawi that has access to blood culture facilities. But by the time blood culture tests confirm that an infant has a superbug infection, typically two to four days later, it is often too late. \”Whenever we are sure it’s Klebsiella, we are already 24 to 48 hours late,\” said Kawaza, the neonatologist. \”If they don’t die today, they will die tomorrow. If they don’t die tomorrow, they will die in two weeks time. If they survive, they will be weak for weeks to come.\” There are hospital-wide discussions about whether amikacin and another expensive antibiotic, meropenem, can be made more widely available. But many doctors are concerned that widespread use would drive resistance against these new drugs, meaning even fewer antibiotic options would be left. The amikacin given to baby Abigail seemed to work to kill her infection, and within a few days, she was able to move from the small room in which she was isolated to the nursery’s main ward. However, the infection had taken its toll on her body, and she died one month after contracting drug-resistant Klebsiella. Get CNN Health’s weekly newsletter Sign up here to get The Results Are In with Dr. Sanjay Gupta every Tuesday from the CNN Health team.\nIf resistance continues to rise, more babies will follow, Kawaza said. \”Some people think that antibiotic resistance is a hypothetical threat, a nonexistent threat, something that only academics talk about,\” he said. \”But for us, we do see it every day. We do see babies change suddenly from a robustly active baby to a profoundly sick baby.\” Feasey, the microbiologist, believes that antimicrobial resistance is just one part of a bigger problem. \”It is one of many things: poverty of the individual and poverty of systems,\” he said. \”At any time you walk through the hospital, though, there’s a high chance that a funeral procession will go by, and there is just a deep sense of frustration at the waste of human life because of the overwhelming interaction of lots of different factors, which are mediated by poverty.\””,
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“text”: “Tesla CEO Elon Musk Kiichiro Sato/AP Elon Musk became $1.4 billion on Tuesday richer as Tesla’s stock surged after he tweeted that he was thinking of taking the company private. With a $25.8 billion net worth, he’s the world’s 31st richest person. He’s also Tesla’s largest shareholder.\nThe tweet was only 61 characters long, but it was powerful enough to make Tesla CEO Elon Musk $1.4 billion richer.\nMusk tweeted on Tuesday that he was considering taking Tesla private at $420 a share and had secured the funding .\nMany other companies would halt trading of their stock before disclosing news of such importance to their shareholders, and the announcement would be made in a regulatory filing. However, Musk is not one to be Twitter-shy , and his unexpected post sent Tesla’s shares skyrocketing.\nThe shares were already flying after the Financial Times reported that Saudi Arabia’s investment fund had bought a $2 billion stake in the company.\nMusk’s tweet was the extra fuel that spiked Tesla’s shares within reach of their all-time high. They closed up 11% at $379.57 apiece, lifting his net worth to $25.8 billion. He is the world’s 31st richest person, according to a Bloomberg ranking of billionaires.\nMusk could climb the ranking faster if investors decide Tesla is worth more than its current $58 billion market cap. As Tesla’s largest shareholder, Musk owns nearly 20% of the outstanding shares and stands to gain as the stock price rises.\nHowever, he may not reap an instant reward in the event that Tesla goes private at $420 a share. The value of his shares at that price would total $72 billion, short of the $100 billion performance bar it must cross for him to be able to exercise his $2.6 billion stock-option grant, Bloomberg noted.\nTesla’s stock is up 25.5% in August. Investors who bet against Tesla’s stock — so-called short sellers — have lost $3 billion on their wagers , according to the financial-analytics firm S3 Partners .\nIn other words, as Musk has gotten richer this month, his skeptics have lost money. See also:”,
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“text”: “Tesla CEO Elon Musk Kiichiro Sato/AP\nElon Musk became $1.4 billion richer on Tuesday as Tesla’s stock surged after he tweeted that he was thinking of taking the company private. With a $25.8 billion net worth, he’s the world’s 31st richest person. He’s also Tesla’s largest shareholder. The tweet was only 61 characters long, but it was powerful enough to make Tesla CEO Elon Musk $1.4 billion richer.\nMusk tweeted on Tuesday that he was considering taking Tesla private at $420 a share and had secured the funding .\nMany other companies would halt trading of their stock before disclosing news of such importance to their shareholders, and the announcement would be made in a regulatory filing. However, Musk is not one to be Twitter-shy , and his unexpected post sent Tesla’s shares skyrocketing.\nThe shares were already flying after the Financial Times reported that Saudi Arabia’s investment fund had bought a $2 billion stake in the company.\nMusk’s tweet was the extra fuel that spiked Tesla’s shares within reach of their all-time high. They closed up 11% at $379.57 apiece, lifting his net worth to $25.8 billion. He is the world’s 31st richest person, according to a Bloomberg ranking of billionaires.\nMusk could climb the ranking faster if investors decide Tesla is worth more than its current $58 billion market cap. As Tesla’s largest shareholder, Musk owns nearly 20% of the outstanding shares and stands to gain as the stock price rises.\nHowever, he may not reap an instant reward in the event that Tesla goes private at $420 a share. The value of his shares at that price would total $72 billion, short of the $100 billion performance bar it must cross for him to be able to exercise his $2.6 billion stock-option grant, Bloomberg noted.\nTesla’s stock is up 25.5% in August. Investors who bet against Tesla’s stock — so-called short sellers — have lost $3 billion on their wagers , according to the financial-analytics firm S3 Partners .\nIn other words, as Musk has gotten richer this month, his skeptics have lost money.\nSee also: MORGAN STANLEY: Here are the 7 tech companies most likely to get acquired in the next 12 months GOLDMAN SACHS: Big-money investors are dominating the market with the help of 10 stocks — here’s the list and how they can continue crushing it Get the latest Tesla stock price here.”,
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“text”: “‘The Thomas Edison of our age has come off rails’: Brand expert says Elon Musk has put himself in a risky situation Mark Matousek Aug 8, 2018, 09.02 PM Read full story Getty Images/Joshua Lott Tesla CEO Elon Musk signaled his desire to take the company private on Tuesday. Tesla CEO Elon Musk has put himself in a risky position, Scott Galloway, an NYU marketing professor, said via Twitter. Galloway referred to Musk as the \”Thomas Edison of our age,\” but said Musk could find himself in legal trouble if he hasn’t secured the funding necessary to take the company private. \”My mind is blow [sic] over Elon tweet today. I think the Thomas Edison of our age has come off rails. ‘Funding Secured’ means he has the money lined up or he’s guilty of market manipulation. His animus toward short-sellers have gotten the better of him,\” he said . On Tuesday, Musk signaled his preference via Twitter, where he said he had secured financing for such a move.\nTesla CEO Elon Musk has put himself in a risky position, Scott Galloway, an NYU marketing professor, said via Twitter.\nGalloway referred to Musk as the \”Thomas Edison of our age,\” but said Musk could find himself in legal trouble if he hasn’t secured the funding necessary to take the company private. \”My mind is blow [sic] over Elon tweet today. I think the Thomas Edison of our age has come off rails. ‘Funding Secured’ means he has the money lined up or he’s guilty of market manipulation. His animus toward short-sellers have gotten the better of him,\” he said .\nMusk shocked observers on Tuesday by expressing his desire to take Tesla private. The company has been public since 2010.\nHe first signaled his preference via Twitter, where he said he had secured financing for such a move. Tesla’s share price surged after the tweet, rising by as much as 12% before trading closed.\nThe company released an email Musk sent to employees in which he said t aking the company private is \”the best path forward.\” He said the pressures of being a public company create distractions and promote short-term thinking that may not produce the best decisions in the long-term, but added that a final decision could not be made until a shareholder vote is held.\nGalloway later questioned the Securities and Exchange Commission’s response to Musk, suggesting he would not be subject to the same level of regulatory attention as other CEOs due to his reputation as an innovator.\n\”We no longer worship at alter of character, but innovators,\” he said . \”SEC/DOJ, please join Marines, CIA, and National Parks Service and do ur job.\” Have a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com. Get the latest Tesla stock price here.”,
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“text”: “Elon Musk reportedly met with Japan’s SoftBank last year about taking Tesla private Graham Rapier Aug 9, 2018, 12.16 AM Read full story Reuters / Kim Kyung Hoon SoftBank CEO Masayoshi Son Tesla CEO Elon Musk met with SoftBank CEO Masayoshi Son about taking the electric-car maker private, Bloomberg reports. The news comes one day after Tesla announced plans to leave public markets. SoftBank has previously invested in Uber, Nvidia and GM’s Cruise. Follow Tesla’s stock price in real-time here.\nTesla’s chief executive Elon Musk met with SoftBank CEO Masayoshi Son in April 2017 about the Japanese investment firm assisting in taking Tesla private, Bloomberg reported Wednesday.\nThe report came the day after Tesla announced it intended to go private and that funding had been secured, but did not offer any specifics about the unprecedented move. Two anonymous sources \”with knowledge the discussions\” told Bloomberg’s Selina Wang and Giles Turner that Musk and Son failed to reach an agreement over structure of the company. The talks are no longer underway, Bloomberg said.\nSoftBank and its $100 billion Vision Fund have made a slew of investments in tech firms around the world. So far, it has bought a 20% stake in GM’s Cruise autonomous driving unit and smaller investments in Uber, Nvidia, WeWork, and more. Musk owns 20% of Tesla’s outstanding shares.\nTesla was trading around $300 per share in April 2017 when the talks reportedly fell through. Musk tweeted on Tuesday that he would like to leave public markets at $420 per share – a 20% upside to their price that day.\nAlso on Tuesday, the Financial Times reported that Saudi Arabia’s public investment fund – a major backer of SoftBank’s fund – had invested roughly $2 billion in Tesla for a stake representing 3% to 5% of the company.\nShares of Tesla skyrocketed Tuesday when the plan was announced, but have sank about 1.5% in trading Wednesday.\nA Tesla spokesperson declined to comment.”,
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“text”: “Elon Musk reportedly met with Japan’s SoftBank last year about taking Tesla private Graham Rapier Tesla CEO Elon Musk met with SoftBank CEO Masayoshi Son about taking the electric-car maker private, Bloomberg reports. The news comes one day after Tesla announced plans to leave public markets. SoftBank has previously invested in Uber, Nvidia and GM’s Cruise. Follow Tesla’s stock price in real-time here.\nTesla’s chief executive Elon Musk met with SoftBank CEO Masayoshi Son in April 2017 about the Japanese investment firm assisting in taking Tesla private, Bloomberg reported Wednesday.\nThe report came the day after Tesla announced it intended to go private and that funding had been secured, but did not offer any specifics about the unprecedented move.\nTwo anonymous sources “with knowledge the discussions” told Bloomberg’s Selina Wang and Giles Turner that Musk and Son failed to reach an agreement over structure of the company. The talks are no longer underway, Bloomberg said.\nSoftBank and its $US100 billion Vision Fund have made a slew of investments in tech firms around the world. So far, it has bought a 20% stake in GM’s Cruise autonomous driving unit and smaller investments in Uber , Nvidia, WeWork, and more.\nTesla was trading around $US300 per share in April 2017 when the talks reportedly fell through. Musk tweeted on Tuesday that he would like to leave public markets at $US420 per share – a 20% upside to their price that day. At that price, and given Musk’s 20% stake in Tesla, roughly $US60 billion would be needed to go private.\nAlso on Tuesday, the Financial Times reported that Saudi Arabia’s public investment fund – a major backer of SoftBank’s fund – had invested roughly $US2 billion in Tesla for a stake representing 3% to 5% of the company.\nShares of Tesla skyrocketed Tuesday when the plan was announced, but have sank about 1.5% in trading Wednesday.\nA Tesla spokesperson declined to comment. NOW WATCH: Money & Markets videos Business Insider Emails & Alerts\nSite highlights each day to your inbox. Email Address\nFollow Business Insider Australia on Facebook , Twitter , LinkedIn , and Instagram . Tagged In”,
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“text”: “Markets Insider\nBitcoin is down 3% on Wednesday morning while other major cryptos are down as much as 9%. The entire cryptocurrency market has lost 20% of its value over the last 2 weeks, according to FXPro. You can follow live cryptocurrency prices on Markets Insider. LONDON — The price of bitcoin is slipping on Wednesday, extending a poor run for the digital currency.\nBitcoin is down almost 3% to $6,521.47 at 12.45 a.m. BST (7.45 a.m. ET). Over the last 24 hours, it is down around 7%. The cryptocurrency has fallen 13% since the start of the month.\nAnalysts at the London Block Exchange said in an email on Wednesday that the latest slump appears to have been triggered by a US Securities and Exchange Commission’s announcement late on Tuesday. The regulator announced it is postponing a decision on whether to approve or deny a bitcoin ETF product from CBOE until September.\nThe market has been waiting for a long time for a regulated ETF product to hit the market as traders believe it will bring new money into the market. The postponement appears to have put off many bulls who had bet on an authorisation this week from the SEC.\nMatthew Newton, an analyst at trading platform eToro, said in an email: \”A green light for the bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product. The market is therefore rightly frustrated by the delay to the decision.\”\nOther major digital tokens are also under pressure on Wednesday:\nEthereum is down 2.5% to $368.18 XRP is down 6.9% to $0.35 Bitcoin Cash is down 5.2% to $621.40 EOS is down 8.4% to $6.07 Stellar is down 6% to $0.21 Litecoin is down 1.8% to $66.11 Analysts for FXPro, a London-based foreign exchange broker, said in an email on Tuesday: \”The crypto market cap lost 20% in the last 2 weeks, falling from $300 billion to $250 billion. Although analysts remain bullish on the BTC perspectives, currently they warn us to be cautious.\n\”In the short terms, technical analysis is still on the bears’ side. The benchmark currency [bitcoin] doesn’t have important levels of consolidation near current trading marks. It means that after a short pause the bitcoin could slide down to the nearest consolidation level close to $6,200 mark, and even lower to $5,800.\”\nRecent positive news has failed to provide much support for bitcoin. ICE, the owner of the New York Stock Exchange, announced plans earlier in the week to launch a new platform in partnership with Microsoft and Starbucks that aims to bring bitcoin and other digital assets more into the mainstream. It did little to support bitcoin’s price.\nA report released on Wednesday found that ICO tokens — digital assets issued by startups to raise cash for projects — had an average return of -55% in the second quarter , pointing to extended weakness across the sector.\nSee also:\nBarclays traders say they’re building out a crypto desk— but the bank says it has nothing in the works Get ready for a boom in crypto sports sponsorship: ‘We’re in discussions with over 70% of the Premier League’ ‘What the hell do you do with them?’: Venture capitalists are still trying to figure out their crypto strategy Get the latest Bitcoin price here.>>”,
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“text”: “8m\nAP Rep. Chris Collins, a prominent backer of President Donald Trump in Congress, has been indicted for insider trading , along with his son and his son’s fiancée’s father. Collins is on the board of an Australian pharmaceutical company. The SEC alleges he tipped his son about a failed clinical trial, and that the son and associates saved $750,000 by trading on the tip. This is a really stupid thing to allegedly have done. Why are members of Congress even allowed to trade stocks or sit on corporate boards? So they can pull this nonsense and get indicted?\nEvery time I read a criminal complaint for insider trading, my first thought is, \”How did they possibly think they were going to get away with this?\”\nOf course, when there is a criminal complaint, that often means you are well on your way to not getting away with it.\nPerhaps insider traders seem like morons who should have known what was coming to them because what we see in the news are cases that get charged, which are the dumbest, most obvious cases of insider trading. There may be a lot of situations where criminals are being slightly more careful and getting away with it.\nOr maybe not! FINRA would like you to know they have algorithms to detect this sort of thing. I certainly recommend against insider trading, careless or otherwise.\nAnyway: Rep. Chris Collins, a New York Republican who gave Donald Trump his first congressional endorsement, has been indicted for insider trading in a case with an extremely obvious, how-were-you-dumb-enough-to-try-this fact pattern. Get a load of this\nHere’s what’s laid out in complaints from the Securities and Exchange Commission and the US Attorney for the Southern District of New York (Collins has pleaded not guilty to the charges): Rep. Collins sits on the board of Innate Immunotherapeutics Ltd., an Australian biopharmaceutical company in which he is also the largest shareholder. One June 22, 2017, Collins learned that Innate’s main drug had failed clinical trials, a grave outcome for Innate’s financial condition. Literally seconds after learning this news, Collins contacted his son Cameron, who at the time owned 2% of Innate himself. Over the following four days, Cameron Collins and several other associates of the Collinses proceeded to liquidate their positions in Innate before the public announcement of the drug failure on June 26, after which the stock fell 92%. They saved approximately $750,000 by selling before the announcement. Innate is not a large company. As a result, per the SEC: \”The sales by Cameron Collins, his girlfriend, and her parents, including Stephen Zarsky, made up more than 53% of the stock’s trading volume [on June 23] and exceeded Innate’s 15-day average trading volume by more than 1,454%.\”\nPerhaps it is sometimes possible to trade on insider information and have those trades go unnoticed amid a sea of non-insider trades. But if the non-public information you’re trading on is likely to tank the stock price by more than 90%, and your trades are going to make up about 15 times the stock’s typical daily trading volume, and your close associate sits on the company’s board of directors, it is probably not best to assume that your trades will get lost in the shuffle.\nThis leads me to a question. Is Chris Collins an idiot?\nIf the purpose of the seven calls in six minutes between Collins and his son that came immediately after Collins learned about the clinical trial failure was, as alleged, to tip his son so he and other associates of theirs could sell, why would Collins have thought he would get away with that?\nWas it because the trading wasn’t on his own account, and he thought the SEC wouldn’t be able to draw a link between him and [checks notes] his son — even though Collins was already under a congressional ethics investigation related to Innate?\nWas it because he thought he and his son could just talk the FBI into the idea that the sales had been unrelated to the clinical trial news? Oops, now Collins and his associates have also been indicted for lying to the FBI.\nCollins’ public defense against these charges has focused on a fact prosecutors do not dispute: Even as his associates were selling, he did not liquidate his own, much larger stake in Innate. That might seem like a tiny bit of prudence in a sea of recklessness: Among other matters, Collins would have had to publicly disclose the dates and amounts of his own sales under rules pertaining specifically to members of Congress.\nBut as the SEC complaint says, it’s possible Collins didn’t sell because he literally couldn’t: Unlike his son, he had not completed paperwork to transfer his stock to the US, where one could trade it on the over-the-counter market. His stock was stuck in Australia, where trading of Innate on the Australian Stock Exchange had been halted — because of the impending announcement of clinical trial failure.\nOpenSecrets estimated, based on disclosure forms, that Collins’ net worth was nearly $70 million as of 2015. I realize $750,000 is kind of a lot of money even if you have $70 million, but is it really worth risking the destruction of your career and, you know, prison in order to help your friends save that kind of money?\nI wouldn’t think so. But I do have a theory: One might develop an unhealthy attitude toward lawbreaking and risk if one had previous success in enriching oneself through such an attitude. Members of Congress should not trade stocks\nLast January, I wrote that members of Congress should not trade stocks . I meant that as a policy proposal — that members of Congress should be prohibited from trading stocks — but the Collins incident provides a reason to take it also as investing advice.\nAs the liberal-leaning group Citizens for Responsibility and Ethics in Washington has pointed out previously, at least five sitting Republican members of the House bought stock in Innate in 2017 . We don’t know exactly why they bought shares in an obscure Australian pharmaceutical company, though former Rep. Tom Price (who went on to become Trump’s secretary of Health and Human Services) said he bought the stock after learning about the company from Collins .\nThose members’ investments have presumably performed quite poorly, as they did not have Price’s luck of needing to divest Innate shares in order to take a Cabinet position. (There is no cause in Wednesday’s complaints or elsewhere to believe Collins tipped any of his colleagues that Innate’s stock was about to plummet last June.)\nCollins’ links to Innate Immunotherapeutics had drawn negative attention before because of Collins’ role overseeing drug companies as a member of the House Energy and Commerce Committee. But even favorable legislative action is not enough to make a pharmaceutical company valuable if its main drug doesn’t work.\nSo maybe we can now say a rule forcing members of Congress not to engage in individual stock trading wouldn’t just be in the public interest. It may even be for those members’ own good, helping them stay out of junky pharmaceutical stocks their colleagues give them \”hot tips\” about, and helping them stay out of prison.\nAnd I can add another proposal: Members of Congress shouldn’t be allowed to serve on the boards of publicly traded companies. The SEC is seeking to apply this rule to Collins specifically, on insider-trading grounds, but a blanket ban would prevent some conflicts of interest and also some embarrassing scandals like this one.”,
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“text”: “Indicted Rep. Chris Collins shows why members of Congress should not trade stocks Josh Barro Aug 9, 2018, 12.40 AM Read full story AP Rep. Chris Collins, a prominent backer of President Donald Trump in Congress, has been indicted for insider trading , along with his son and his son’s fiancée’s father. Collins is on the board of an Australian pharmaceutical company. The SEC alleges he tipped his son about a failed clinical trial, and that the son and associates saved $750,000 by trading on the tip. This is a really stupid thing to allegedly have done. Why are members of Congress even allowed to trade stocks or sit on corporate boards? So they can pull this nonsense and get indicted?\nEvery time I read a criminal complaint for insider trading, my first thought is, \”How did they possibly think they were going to get away with this?\”\nOf course, when there is a criminal complaint, that often means you are well on your way to not getting away with it. Perhaps insider traders seem like morons who should have known what was coming to them because what we see in the news are cases that get charged, which are the dumbest, most obvious cases of insider trading. There may be a lot of situations where criminals are being slightly more careful and getting away with it.\nOr maybe not! FINRA would like you to know they have algorithms to detect this sort of thing. I certainly recommend against insider trading, careless or otherwise.\nAnyway: Rep. Chris Collins, a New York Republican who gave Donald Trump his first congressional endorsement, has been indicted for insider trading in a case with an extremely obvious, how-were-you-dumb-enough-to-try-this fact pattern. Get a load of this\nHere’s what’s laid out in complaints from the Securities and Exchange Commission and the US Attorney for the Southern District of New York (Collins has pleaded not guilty to the charges): Rep. Collins sits on the board of Innate Immunotherapeutics Ltd., an Australian biopharmaceutical company in which he is also the largest shareholder. One June 22, 2017, Collins learned that Innate’s main drug had failed clinical trials, a grave outcome for Innate’s financial condition. Literally seconds after learning this news, Collins contacted his son Cameron, who at the time owned 2% of Innate himself. Over the following four days, Cameron Collins and several other associates of the Collinses proceeded to liquidate their positions in Innate before the public announcement of the drug failure on June 26, after which the stock fell 92%. They saved approximately $750,000 by selling before the announcement. Innate is not a large company. As a result, per the SEC: \”The sales by Cameron Collins, his girlfriend, and her parents, including Stephen Zarsky, made up more than 53% of the stock’s trading volume [on June 23] and exceeded Innate’s 15-day average trading volume by more than 1,454%.\”\nPerhaps it is often possible to trade on insider information and have those trades go unnoticed amid a sea of non-insider trades. But if the non-public information you’re trading on is likely to tank the stock price by more than 90%, and your trades are going to make up about 15 times the stock’s typical daily trading volume, and your close associate sits on the company’s board of directors, it is probably not best to assume that your trades will get lost in the shuffle.\nThis leads me to a question. Is Chris Collins an idiot? If the purpose of the seven calls in seven minutes between Collins and his son that came immediately after Collins learned about the clinical trial failure was, as alleged, to tip his son so he and other associates of theirs could sell, why would Collins have thought he would get away with that?\nWas it because the trading wasn’t on his own account, and he thought the SEC wouldn’t be able to draw a link between him and [checks notes] his son – even though Collins was already under a congressional ethics investigation related to Innate?\nWas it because he thought he and his son could just talk the FBI into the idea that the sales had been unrelated to the clinical trial news? Oops, now Collins and his associates have also been indicted for lying to the FBI.\nCollins’ public defense against these charges has focused on a fact prosecutors do not dispute: Even as his associates were selling, he did not liquidate his own, much larger stake in Innate. That might seem like a tiny bit of prudence in a sea of recklessness: Among other matters, Collins would have had to publicly disclose the dates and amounts of his own sales under rules pertaining specifically to members of Congress.\nBut as the SEC complaint says, it’s possible Collins didn’t sell because he literally couldn’t: Unlike his son, he had not completed paperwork to transfer his stock to the US, where one could trade it on the over-the-counter market. His stock was stuck in Australia, where trading of Innate on the Australian Stock Exchange had been halted – because of the impending announcement of clinical trial failure.\nOpenSecrets estimated, based on disclosure forms, that Collins’ net worth was nearly $70 million as of 2015. I realize $750,000 is kind of a lot of money even if you have $70 million, but is it really worth risking the destruction of your career and, you know, prison in order to help your friends save that kind of money?\nI wouldn’t think so. But I do have a theory: One might develop an unhealthy attitude toward lawbreaking and risk if one had previous success in enriching oneself through such an attitude. Members of Congress should not trade stocks\nLast January, I wrote that members of Congress should not trade stocks . I meant that as a policy proposal – that members of Congress should be prohibited from trading stocks – but the Collins incident provides a reason to take it also as investing advice. As the liberal-leaning group Citizens for Responsibility and Ethics in Washington has pointed out previously, at least five sitting Republican members of the House bought stock in Innate in 2017 . We don’t know exactly why they bought shares in an obscure Australian pharmaceutical company, though former Rep. Tom Price (who went on to become Trump’s secretary of Health and Human Services) said he bought the stock after learning about the company from Collins .\nThose members’ investments have presumably performed quite poorly, as they did not have Price’s luck of needing to divest Innate shares in order to take a Cabinet position. (There is no cause in Wednesday’s complaints or elsewhere to believe Collins tipped any of his colleagues that Innate’s stock was about to plummet last June.)\nCollins’ links to Innate Immunotherapeutics had drawn negative attention before because of Collins’ role overseeing drug companies as a member of the House Energy and Commerce Committee. But even favorable legislative action is not enough to make a pharmaceutical company valuable if its main drug doesn’t work.\nSo maybe we can now say a rule forcing members of Congress not to engage in individual stock trading wouldn’t just be in the public interest. It may even be for those members’ own good, helping them stay out of junky pharmaceutical stocks their colleagues give them \”hot tips\” about, and helping them stay out of prison.\nAnd I can add another proposal: Members of Congress shouldn’t be allowed to serve on the boards of publicly traded companies. The SEC is seeking to apply this rule to Collins specifically, on insider-trading grounds, but a blanket ban would prevent some conflicts of interest and also some embarrassing scandals like this one.”,
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“text”: “05:07:49 PM EDT 7/12/2018 EDT ‘A private life is a happy life’: Here’s what Wall Street is saying about Tesla’s plan to leave the stock market (TSLA) Graham Rapier Aug. 8, 2018, 11:30 AM Tesla laid out an unprecedented plan to go private at $420 per share on Wednesday, sending Wall Street into a flurry. Shares skyrocketed more than 10% following the announcement, which came as a cryptic tweet. When it comes to the specifics of the potential news, Wall Street has more questions than answers Follow Tesla’s stock price in real-time here.\nElon Musk on Tuesday sent shockwaves through Wall Street when he cryptically tweeted that he was considering taking Tesla private at $420 per share.\nThe announcement, followed up with only slightly more detail in an email to employees published on Tesla’s website, sent the company’s stock price soaring more than 10% — and burned short sellers in the process.\nAs for the plausibility of such an unprecedented move, Wall Street analysts appear to have mixed feelings. While they generally acknowledge the strain on the company that being public — and the quarterly reports, disclosures, and intense scrutiny that come along with it —have worked against Tesla in the past, they also recognize that Tesla needs access to capital that public markets can provide, and question the valuation Musk touted Tuesday.\nHere’s what Wall Street is saying:\nEvercore ISI: ‘A private life is a happy life’\nPrice target: $301\n\”Traditionally, public markets have been there to provide a source of funding (note, we also believe they bring scrutiny and accountability which in many cases does lead to better practice),\” said analyst George Galliers.\n\”However, if a company does not need that funding or is able to source future funding privately, then there is no obvious reason for it to remain public. As Musk points out, being public does have disadvantages and can lead to short-termism. Depending on where the private funding may come from, going private may also provide Tesla with 1/ deeper pockets to grow internationally at a faster rate and 2/ security through the next US/capital markets recession where public funding would dry up.\”\n\”Unless there is evidence to suggest that the funding is not secured and a transaction cannot be completed, we believe there is little to be done with the stock at these levels,\” he continued. \”More broadly, if Tesla has attracted a strategic investor who is willing to not only help take the company private but also to provide material funding going forward, it should enable the company to execute and move faster as it seeks to complete its mission to move the world to a solar electric future.\”\nGoldman Sachs: Going private won’t help Tesla turn a profit\nPrice target: $210\n\”Taking a traditional LBO [leveraged buyout] approach of 6.0x leverage, in-line with historical LBO’s according to our GS credit research colleagues, this would imply $21 billion of debt financing on our 2020E EBITDA (and $29 billion on consensus) — leaving a need for incremental equity financing in the amounts of $47 billion (and $40 billion on consensus estimates); this would lead to lower interest expense —but still likely not positive cash flow generation (when capex is considered: 2020 GSe of $3.5 billion and consensus of $3.6 billion),\” said analyst Heath Terry.\n\”We do see some potential issues transitioning the current shareholder base to this type of private structure as there may not be enough liquidity for large institutions within the current fund ownerships (i.e., funds managing investments in publicly traded stocks vs. potential private transaction arms of the business),\” he continued. \”We believe this would require some degree of internal shifting of the investment responsibility, where different return metrics, AUM sizes, and investment strategies could be under consideration.\”\nCowen: Tesla’s current state doesn’t support a valuation anywhere near $420\nPrice target: $200\n\”His method of using Twitter was very atypical for historic go private offers,\” said analyst Jeffrey Osborne.\n\”We don’t believe the current fundamentals of Tesla support a valuation anywhere close to $420 per share,\” he continued. \”This deal would imply an ~$81 billion enterprise value for the company.\”\n\”Tesla is in a box as it needs cash to fund its aspirational growth initiatives and ultimate mission while at the same time needing to gear up to deal with rapidly maturing debt loads. The expectation of future growth coupled with long-term profits has kept the valuation lofty in recent years, and the story has always been able to raise capital when needed. Market dynamics are changing, competition is coming, the company has over-promised and under delivered consistently, which has heightened investor anxiety leading to the heavy short interest.\”\n\”We would argue that the public scrutiny regarding the company’s operations are a benefit in ensuring efficient allocation of capital and improved company transparency.\”\nRBC Capital Markets: Musk’s tweets hint that ‘significant outside funding’ must be interested\nPrice target: $315\n\”The ability to convince shareholders to stay involved is likely critical to the success of Tesla going private which would be the biggest buyout in history (over $70 billion),\” said analyst Joseph Spak.\n\”Musk owns ~20% of the shares, so all else equal, they may need to get committed financing for the remaining ~80% (~ $57 billion). Given Tesla’s financials, we don’t believe lenders would sign up to support the deal. For instance, that amount would bring LTM net debt/ EBITDA to ~12,267x, and ~22x NTM consensus EBITDA. Now, the deal cost could come down if they get other large holders to commit to roll over to the new structure. And there are some chunky page 1 holders that collectively make up ~30% of the shares. However, some of those holders may not be able to hold Tesla (or as much as they currently hold) should Tesla go private. A preliminary review of some of the big mutual fund holders indicates holding limits on illiquid securities. At the very least it could cause broader portfolio reviews. That’s not to say that a private Tesla can’t find its way into other funds at those holders.\”\n\”Because of traditional buyout funding challenges, we believe this indicates there is significant outside funding that is interested,\” he continued.\nUBS: The risks outweigh the rewards\nPrice target: $195\n\”Post announcement, shares closed at ~$380, with the take-out price implying ~10.7% upside from here,\” said analyst Colin Langan.\n\”In past deals that terminated adversely, ~70% trade down over 10% with 1/3 rd trading down more than 30%. To put the deal in context, a takeout would require funding of $88 billion, making it 2.8x bigger than the largest buyout to date (KKR’s 2007 acquisition of TXU Corp for ~$31.8 billion). Even if Musk (20%) & Tencent (5%) hold their stakes, $71 billion in funding would be required.\”\n\” Typically, a company would disclose this kind of news via a detailed press release while the market is closed or halt their stock in advance of the announcement,\” he continued. \”Disclosing news of this nature via twitter is unprecedented and, according to a former SEC chairman , may constitute fraud if Tesla does not already have the financing lined up. The deal would likely require participation from numerous banks and institutional investors, and we think it likely that news of the deal would have leaked had Tesla already held discussions to secure funding.\”\nMorgan Stanley: ‘Tesla could be better off as a private company.’\nPrice target: $291\n\”The scale and scope of launching an auto company while providing a focused internal narrative to employees andstakeholders on the goals of the enterprise may be better aligned outside of the eye of the public market with a longer-term horizon,\” said analyst Adam Jonas. \”Tesla has long relied on public markets to fund its ambitious plan and has used its highly priced equity and equity-linked currency to its advantage since 2010.\”\n\”There remains a significant amount of near-term execution risk around the model 3 ramp as well as medium-to-long-term ability to generate sustainable levels of cash flow,\” he continued. \”Adding as much as $50 billion of net debt to the capital structure would clearly intensify the outcomes of such an action.\” Now read:”,
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“text”: “Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events 5 key parts of the Rep. Chris Collins insider-trading indictment by Aaron Blake August 8 at 11:25 AM Rep. Chris Collins (R-N.Y.) was indicted Wednesday on insider-trading charges stemming from his position on the board of directors of a drug company whose signature drug suffered a surprising failed trial. Collins lost millions on the deal, but according to federal prosecutors, he tipped off others so they could avoid losing money. The case involves Innate Immunotherapeutics, an Australian biotech company that was testing the drug MIS416 for treatment of multiple sclerosis. Basically, prosecutors allege that Collins passed along nonpublic information about the trial and that Collins’s son, Cameron Collins, and others unloaded millions of shares of stock before that news became public. Several other GOP members of Congress also invested in the drug ; none is accused of any wrongdoing. Below are the most interesting parts of the indictment and also the newly released complaint from the Securities and Exchange Commission (SEC) , which offers even more detail: 1. There are two other defendants and at least six unindicted alleged co-conspirators Collins was indicted alongside his son, Cameron, and a third person, Stephen Zarsky, the father of Cameron Collins’s fiancee. That fiancee is also among six alleged co-conspirators who are not named or charged in the indictment, perhaps owing to their cooperation. All of them allegedly benefited from the insider trading. Others not named include members of Zarsky’s family: At all times relevant to this Indictment, CAMERON COLLINS was in a relationship with (and subsequently became engaged to be married to) a co-conspirator not named as a defendant herein (“CC-1”). … At all times relevant to this Indictment, STEPHEN ZARSKY, the defendant, was the father of CC-1. He was also married to another co-conspirator not named as a defendant herein (“CC-2”) and was the brother of two co-conspirators not named as defendants herein (“CC-3” and “CC-4”). In addition, ZARSKY was longstanding friends with a Florida-based financial advisor, a co-conspirator not named as a defendant herein (“CC-5”). The last unindicted alleged co-conspirator (“CC-6”) was a friend of Cameron Collins and his fiancee. 2. The accused co-conspirators allegedly saved themselves $768,000, but Collins lost far more than that Adding insult to injury for Collins: He doesn’t even appear to have saved himself. Reports at the time about the failed trial indicated that he lost about $16.7 million after the firm’s stock price fell 92 percent. Because he was serving on the board of directors, he was prevented from being able to unload his own stock. And that amount far exceeds the sum that Cameron Collins, Zarsky and the six accused co-conspirators allegedly saved, which is $768,000 in total: In total, these trades allowed CHRISTOPHER COLLINS, CAMERON COLLINS, and STEPHEN ZARSKY, the defendants, and CC-1 through CC-6 to avoid over $768,000 in losses that they would have otherwise incurred if they had sold their stock in Innate after the Drug Trial results became public. 3. Collins is also accused of lying to investigators The charges against Collins stem from when investigators first asked him whether he tipped off his son: On or about April 25, 2018, CHRISTOPHER COLLINS, the defendant, was interviewed by a Special Agent from the Federal Bureau of Investigation. During this interview, CHRISTOPHER COLLINS stated, in substance and in part, that he did not tell CAMERON COLLINS, the defendant, the Drug Trial results before the Public Announcement. Collins was informed by Innate’s CEO about the failed drug test the evening of June 22, 2017, via email, while Collins was at a White House event. The SEC complaint states that Chris Collins called Cameron Collins for the first time just 15 seconds after responding to the email. The two played phone tag for a few minutes. Ultimately, they spoke for about six minutes, at which point Chris Collins allegedly told his son about the failed trial. 4. The alleged scheme wasn’t exactly well hidden The SEC complaint alleges that Cameron Collins and others feverishly tried to unload the stock on the Australian stock market (ASX) in the three-plus hours between 7:16 p.m., when Chris Collins told Cameron Collins about the failed trial. and 10:26 p.m., when Innate told the Australian market (ASX) to halt trading of the stock because of the looming news: 38. At the time of the phone call with his father, Cameron Collins was with his girlfriend at the home they shared. Approximately fifteen minutes after this call ended, his girlfriend logged into the brokerage account in which she held the Innate shares she had bought two days before. 39. Approximately 90 minutes after Cameron Collins spoke to Christopher Collins, Cameron Collins and his girlfriend left their home and drove to the home of her parents. They arrived at approximately 9:17 PM ET. 40. Approximately five minutes after arriving at his girlfriend’s parents’ house, Cameron Collins logged into his brokerage account. A few minutes later, at approximately 9:28 PM ET, his girlfriend’s mother logged into her brokerage account and unsuccessfully attempted to place an order to sell all of her Innate shares. 41. At 9:34 PM ET, Cameron Collins’s girlfriend’s mother called the brokerage firm, and representatives guided her through the process of selling her shares on the ASX. At 9:58 PM ET, while still on the phone with a brokerage firm representative, she placed an online order to sell all of her 50,000 shares of Innate. 30,250 of her shares sold on the ASX between 9:58 and 10:04 PM ET. But trading of the stock was not halted from the U.S. market. Cameron Collins allegedly began unloading his stock early the next morning, placing trades to rid himself of nearly 1.4 million shares between June 23 and June 26, when the failed drug trial became public: 25. The U.S. OTC market was closed when CAMERON COLLINS, the defendant, learned the negative Drug Trial results from CHRISTOPHER COLLINS, the defendant, on or about the night of June 22, 2017. The following morning, at approximately 7:42 AM, CAMERON COLLINS placed an online order with his brokerage firm, to sell approximately 16,508 shares of Innate on the U.S. OTC market. This order was executed at approximately 9:30 AM, when the U.S. OTC market opened. 26. Later that day, CAMERON COLLINS, the defendant, placed approximately 17 additional orders to sell Innate Stock. On or about June 26, 2017, the following Monday, CAMERON COLLINS placed approximately 36 additional orders to sell Innate stock. Many of the orders that CAMERON COLLINS placed on June 23, 2017, and June 26, 2017, moreover, occurred after additional discussion with CHRISTOPHER COLLINS, the defendant. For example, on Friday, June 23, 2017, at approximately 3:12 PM, CAMERON COLLINS placed a 5:05 minute call to CHRISTOPHER COLLINS. While the two were still on the phone, CAMERON COLLINS placed an online order with his broker to sell approximately 50,000 shares of Innate. 27. In total, CAMERON COLLINS, the defendant, sold approximately 1,391,500 shares of Innate stock between the morning of June 23, 2017 and the close of the market on June 26, 2017, when Innate publicly released the Drug Trial results. These sales allowed CAMERON COLLINS to avoid approximately $570,900 in losses. The proximity of these phone calls to major actions in the case are pretty striking — and undoubtedly will make the Collinses’ defense more difficult. 5. Collins allegedly told people it was a slam dunk In text messages detailed in the SEC complaint, Cameron Collins’s then-girlfriend discusses Chris Collins’s salesmanship of the stock and suggests the congressman would tip them off if anything went wrong: The year before, Cameron Collins’s girlfriend’s parents also invested in Innate after she told her mother by text message in August 2016, “I think we all need to consider investing in innate therapeutics. I might put in $15k and that has a greater than 50% chance of going up to $250k…….that is actually unheard of and cams dad almost guarantees it within the next 1 to 2 years. . . .” The next day she added, “And we’ll always keep in touch with cams dad who I’m guessing would know how things are looking as we get closer to the end of the trial.” A few days later, she told her mother, “I’ll make sure cams dad keeps us in the loop.” It’s not clear whether prosecutors believe Chris Collins promised to provide such insider information at this point. The story must be told. Your subscription supports journalism that matters.”,
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“text”: “Olivia Oran 7m\nWelcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.\nMutual funds are bleeding cash at an unprecedented rate, warns Moody’s\nIt’s not getting any easier for stock pickers to hold on to their clients.\nAccording to Moody’s, investors have pulled cash from actively managed equity mutual funds in the US at the fastest year-to-date pace on record. The funds lost $129.11 billion of investor dollars from January to July, up from $99.88 billion a year earlier, data compiled by the Investment Company Institute and cited by Moody’s show.\nThe flight of money away from managers who meticulously pick stocks and to exchange-traded funds is happening a bit faster than Moody’s had forecast. The market share of passive investments last year was nearly 35%, more than the credit-rating agency’s estimate of 34%.\nElon Musk reportedly met with Japan’s SoftBank last year about taking Tesla private\nTesla’s chief executive Elon Musk met with SoftBank CEO Masayoshi Son in April 2017 about the Japanese investment firm assisting in taking Tesla private, Bloomberg reported Wednesday.\nThe report came the day after Musk said he was considering taking Tesla private and that funding had been secured, but did not offer any specifics about the unprecedented move.\nBloomberg reported that Musk and Son failed to reach an agreement over the structure of the company, citing sources. Tesla was trading around $300 per share in April 2017 when the talks reportedly fell through. The talks are no longer underway, Bloomberg said.\nOne in 2 ICOs failed in the 2nd quarter — and those that succeeded suffered huge losses\nMoney continues to flood into the booming market for digital tokens issued by startups despite declines both in the quality of the projects seeking funding and in the investment returns, according to a new report.\nFifty-five percent of so-called initial coin offerings failed to complete in the second quarter, according to a report from the agency ICORating. That was 5% more than failed in the first quarter.\nICOs are a fundraising method in which companies and projects issue digital tokens structured like bitcoin or Ethereum. These tokens are sold in return for cash used to fund the development of the seller’s businesses. ICOs exploded from almost nothing to be a multibillion-dollar market in 2017, surging in popularity alongside the rise in the price of bitcoin.\nIn markets news”,
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“text”: “What you need to know on Wall Street today Olivia Oran Aug 9, 2018, 12.59 AM Facebook Linkedin WhatsApp Twitter Google+ Reddit Read full story\nWelcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.\nMutual funds are bleeding cash at an unprecedented rate, warns Moody’s\nIt’s not getting any easier for stock pickers to hold on to their clients. According to Moody’s, investors have pulled cash from actively managed equity mutual funds in the US at the fastest year-to-date pace on record. The funds lost $129.11 billion of investor dollars from January to July, up from $99.88 billion a year earlier, data compiled by the Investment Company Institute and cited by Moody’s show.\nThe flight of money away from managers who meticulously pick stocks and to exchange-traded funds is happening a bit faster than Moody’s had forecast. The market share of passive investments last year was nearly 35%, more than the credit-rating agency’s estimate of 34%.\nElon Musk reportedly met with Japan’s SoftBank last year about taking Tesla private\nTesla’s chief executive Elon Musk met with SoftBank CEO Masayoshi Son in April 2017 about the Japanese investment firm assisting in taking Tesla private,Bloomberg reported Wednesday.\nThe report came the day after Musk said he was considering taking Tesla private and that funding had been secured, but did not offer any specifics about the unprecedented move.\nBloomberg reported that Musk and Son failed to reach an agreement over the structure of the company, citing sources. Tesla was trading around $300 per share in April 2017 when the talks reportedly fell through. The talks are no longer underway, Bloomberg said. One in 2 ICOs failed in the 2nd quarter – and those that succeeded suffered huge losses\nMoney continues to flood into the booming market for digital tokens issued by startups despite declines both in the quality of the projects seeking funding and in the investment returns, according to a new report.\nFifty-five percent of so-called initial coin offerings failed to complete in the second quarter, according to a report from the agency ICORating. That was 5% more than failed in the first quarter.\nICOs are a fundraising method in which companies and projects issue digital tokens structured like bitcoin or Ethereum. These tokens are sold in return for cash used to fund the development of the seller’s businesses. ICOs exploded from almost nothing to be a multibillion-dollar market in 2017, surging in popularity alongside the rise in the price of bitcoin.\nIn markets news”,
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“text”: “‘A private life is a happy life’: Here’s what Wall Street is saying about Tesla’s plan to leave the stock market Graham Rapier Aug 8, 2018, 08.55 PM Facebook Linkedin WhatsApp Twitter Google+ Reddit Read full story Mark Brake/Getty Images Elon Musk during his presentation at the Tesla Powerpack Launch Event at Hornsdale Wind Farm on September 29, 2017 in Adelaide, Australia. Tesla laid out an unprecedented plan to go private at $420 per share on Wednesday, sending Wall Street into a flurry. Shares skyrocketed more than 10% following the announcement, which came as a cryptic tweet. When it comes to the specifics of the potential news, Wall Street has more questions than answers Follow Tesla’s stock price in real-time here.\nElon Musk on Tuesday sent shockwaves through Wall Street when he cryptically tweeted that he was considering taking Tesla private at $420 per share.\nThe announcement, followed up with only slightly more detail in an email to employees published on Tesla’s website, sent the company’s stock price soaring more than 10% – and burned short sellers in the process. As for the plausibility of such an unprecedented move, Wall Street analysts appear to have mixed feelings. While they generally acknowledge the strain on the company that being public – and the quarterly reports, disclosures, and intense scrutiny that come along with it -have worked against Tesla in the past, they also recognize that Tesla needs access to capital that public markets can provide, and question the valuation Musk touted Tuesday.\nHere’s what Wall Street is saying:\nEvercore ISI: ‘A private life is a happy life’\nPrice target: $301\n\”Traditionally, public markets have been there to provide a source of funding (note, we also believe they bring scrutiny and accountability which in many cases does lead to better practice),\” said analyst George Galliers.\n\”However, if a company does not need that funding or is able to source future funding privately, then there is no obvious reason for it to remain public. As Musk points out, being public does have disadvantages and can lead to short-termism. Depending on where the private funding may come from, going private may also provide Tesla with 1/ deeper pockets to grow internationally at a faster rate and 2/ security through the next US/capital markets recession where public funding would dry up.\” \”Unless there is evidence to suggest that the funding is not secured and a transaction cannot be completed, we believe there is little to be done with the stock at these levels,\” he continued. \”More broadly, if Tesla has attracted a strategic investor who is willing to not only help take the company private but also to provide material funding going forward, it should enable the company to execute and move faster as it seeks to complete its mission to move the world to a solar electric future.\”\nGoldman Sachs: Going private won’t help Tesla turn a profit\nPrice target: $210\n\”Taking a traditional LBO [leveraged buyout] approach of 6.0x leverage, in-line with historical LBO’s according to our GS credit research colleagues, this would imply $21 billion of debt financing on our 2020E EBITDA (and $29 billion on consensus) – leaving a need for incremental equity financing in the amounts of $47 billion (and $40 billion on consensus estimates); this would lead to lower interest expense -but still likely not positive cash flow generation (when capex is considered: 2020 GSe of $3.5 billion and consensus of $3.6 billion),\” said analyst Heath Terry.\n\”We do see some potential issues transitioning the current shareholder base to this type of private structure as there may not be enough liquidity for large institutions within the current fund ownerships (i.e., funds managing investments in publicly traded stocks vs. potential private transaction arms of the business),\” he continued. \”We believe this would require some degree of internal shifting of the investment responsibility, where different return metrics, AUM sizes, and investment strategies could be under consideration.\”\nCowen: Tesla’s current state doesn’t support a valuation anywhere near $420\nPrice target: $200\n\”His method of using Twitter was very atypical for historic go private offers,\” said analyst Jeffrey Osborne. \”We don’t believe the current fundamentals of Tesla support a valuation anywhere close to $420 per share,\” he continued. \”This deal would imply an ~$81 billion enterprise value for the company.\”\n\”Tesla is in a box as it needs cash to fund its aspirational growth initiatives and ultimate mission while at the same time needing to gear up to deal with rapidly maturing debt loads.The expectation of future growth coupled with long-term profits has kept the valuation lofty in recent years, and the story has always been able to raise capital when needed. Market dynamics are changing, competition is coming, the company has over-promised and under delivered consistently, which has heightened investor anxiety leading to the heavy short interest.\”\n\”We would argue that the public scrutiny regarding the company’s operations are a benefit in ensuring efficient allocation of capital and improved company transparency.\”\nRBC Capital Markets: Musk’s tweets hint that ‘significant outside funding’ must be interested\nPrice target: $315\n\”The ability to convince shareholders to stay involved is likely critical to the success of Tesla going private which would be the biggest buyout in history (over $70 billion),\” said analyst Joseph Spak.\n\”Musk owns ~20% of the shares, so all else equal, they may need to get committed financing for the remaining ~80% (~ $57 billion). Given Tesla’s financials, we don’t believe lenders would sign up to support the deal. For instance, that amount would bring LTM net debt/ EBITDA to ~12,267x, and ~22x NTM consensus EBITDA. Now, the deal cost could come down if they get other large holders to commit to roll over to the new structure. And there are some chunky page 1 holders that collectively make up ~30% of the shares. However, some of those holders may not be able to hold Tesla (or as much as they currently hold) should Tesla go private. A preliminary review of some of the big mutual fund holders indicates holding limits on illiquid securities. At the very least it could cause broader portfolio reviews. That’s not to say that a private Tesla can’t find its way into other funds at those holders.\”\n\”Because of traditional buyout funding challenges, we believe this indicates there is significant outside funding that is interested,\” he continued.\nUBS: The risks outweigh the rewards Price target: $195\n\”Post announcement, shares closed at ~$380, with the take-out price implying ~10.7% upside from here,\” said analyst Colin Langan.\n\”In past deals that terminated adversely, ~70% trade down over 10% with 1/3 rd trading down more than 30%. To put the deal in context, a takeout would require funding of $88 billion, making it 2.8x bigger than the largest buyout to date (KKR’s 2007 acquisition of TXU Corp for ~$31.8 billion). Even if Musk (20%) & Tencent (5%) hold their stakes, $71 billion in funding would be required.\”\n\” Typically, a company would disclose this kind of news via a detailed press release while the market is closed or halt their stock in advance of the announcement,\” he continued. \”Disclosing news of this nature via twitter is unprecedented and, according to a former SEC chairman , may constitute fraud if Tesla does not already have the financing lined up. The deal would likely require participation from numerous banks and institutional investors, and we think it likely that news of the deal would have leaked had Tesla already held discussions to secure funding.\” Now read:”,
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“text”: “Mark Brake/Getty Images Elon Musk during his presentation at the Tesla Powerpack Launch Event at Hornsdale Wind Farm on September 29, 2017 in Adelaide, Australia. Tesla laid out an unprecedented plan to go private at $US420 per share on Wednesday, sending Wall Street into a flurry. Shares skyrocketed more than 10% following the announcement, which came as a cryptic tweet. When it comes to the specifics of the potential news, Wall Street has more questions than answers Follow Tesla’s stock price in real-time here.\nElon Musk on Tuesday sent shockwaves through Wall Street when he cryptically tweeted that he was considering taking Tesla private at $US420 per share.\nThe announcement, followed up with only slightly more detail in an email to employees published on Tesla’s website, sent the company’s stock price soaring more than 10% – and burned short sellers in the process.\nAs for the plausibility of such an unprecedented move, Wall Street analysts appear to have mixed feelings. While they generally acknowledge the strain on the company that being public – and the quarterly reports, disclosures, and intense scrutiny that come along with it -have worked against Tesla in the past, they also recognise that Tesla needs access to capital that public markets can provide, and question the valuation Musk touted Tuesday.\nHere’s what Wall Street is saying:\nEvercore ISI: ‘A private life is a happy life’\nPrice target: $US301\n“Traditionally, public markets have been there to provide a source of funding (note, we also believe they bring scrutiny and accountability which in many cases does lead to better practice),” said analyst George Galliers.\n“However, if a company does not need that funding or is able to source future funding privately, then there is no obvious reason for it to remain public. As Musk points out, being public does have disadvantages and can lead to short-termism. Depending on where the private funding may come from, going private may also provide Tesla with 1/ deeper pockets to grow internationally at a faster rate and 2/ security through the next US/capital markets recession where public funding would dry up.”\n“Unless there is evidence to suggest that the funding is not secured and a transaction cannot be completed, we believe there is little to be done with the stock at these levels,” he continued. “More broadly, if Tesla has attracted a strategic investor who is willing to not only help take the company private but also to provide material funding going forward, it should enable the company to execute and move faster as it seeks to complete its mission to move the world to a solar electric future.”\nGoldman Sachs: Going private won’t help Tesla turn a profit\nPrice target: $US210\n“Taking a traditional LBO [leveraged buyout] approach of 6.0x leverage, in-line with historical LBO’s according to our GS credit research colleagues, this would imply $US21 billion of debt financing on our 2020E EBITDA (and $US29 billion on consensus) – leaving a need for incremental equity financing in the amounts of $US47 billion (and $US40 billion on consensus estimates); this would lead to lower interest expense -but still likely not positive cash flow generation (when capex is considered: 2020 GSe of $US3.5 billion and consensus of $US3.6 billion),” said analyst Heath Terry.\n“We do see some potential issues transitioning the current shareholder base to this type of private structure as there may not be enough liquidity for large institutions within the current fund ownerships (i.e., funds managing investments in publicly traded stocks vs. potential private transaction arms of the business),” he continued. “We believe this would require some degree of internal shifting of the investment responsibility, where different return metrics, AUM sizes, and investment strategies could be under consideration.”\nCowen: Tesla’s current state doesn’t support a valuation anywhere near $US420\nPrice target: $US200\n“His method of using Twitter was very atypical for historic go private offers,” said analyst Jeffrey Osborne.\n“We don’t believe the current fundamentals of Tesla support a valuation anywhere close to $US420 per share,” he continued. “This deal would imply an ~$US81 billion enterprise value for the company.”\n“Tesla is in a box as it needs cash to fund its aspirational growth initiatives and ultimate mission while at the same time needing to gear up to deal with rapidly maturing debt loads. The expectation of future growth coupled with long-term profits has kept the valuation lofty in recent years, and the story has always been able to raise capital when needed. Market dynamics are changing, competition is coming, the company has over-promised and under delivered consistently, which has heightened investor anxiety leading to the heavy short interest.”\n“We would argue that the public scrutiny regarding the company’s operations are a benefit in ensuring efficient allocation of capital and improved company transparency.”\nRBC Capital Markets: Musk’s tweets hint that ‘significant outside funding’ must be interested\nPrice target: $US315\n“The ability to convince shareholders to stay involved is likely critical to the success of Tesla going private which would be the biggest buyout in history (over $US70 billion),” said analyst Joseph Spak.\n“Musk owns ~20% of the shares, so all else equal, they may need to get committed financing for the remaining ~80% (~ $US57 billion). Given Tesla’s financials, we don’t believe lenders would sign up to support the deal. For instance, that amount would bring LTM net debt/ EBITDA to ~12,267x, and ~22x NTM consensus EBITDA. Now, the deal cost could come down if they get other large holders to commit to roll over to the new structure. And there are some chunky page 1 holders that collectively make up ~30% of the shares. However, some of those holders may not be able to hold Tesla (or as much as they currently hold) should Tesla go private. A preliminary review of some of the big mutual fund holders indicates holding limits on illiquid securities. At the very least it could cause broader portfolio reviews. That’s not to say that a private Tesla can’t find its way into other funds at those holders.”\n“Because of traditional buyout funding challenges, we believe this indicates there is significant outside funding that is interested,” he continued.\nUBS: The risks outweigh the rewards\nPrice target: $US195\n“Post announcement, shares closed at ~$US380, with the take-out price implying ~10.7% upside from here,” said analyst Colin Langan.\n“In past deals that terminated adversely, ~70% trade down over 10% with 1/3 rd trading down more than 30%. To put the deal in context, a takeout would require funding of $US88 billion, making it 2.8x bigger than the largest buyout to date (KKR’s 2007 acquisition of TXU Corp for ~$US31.8 billion). Even if Musk (20%) & Tencent (5%) hold their stakes, $US71 billion in funding would be required.”\n“Typically, a company would disclose this kind of news via a detailed press release while the market is closed or halt their stock in advance of the announcement,” he continued. “Disclosing news of this nature via twitter is unprecedented and, according to a former SEC chairman , may constitute fraud if Tesla does not already have the financing lined up. The deal would likely require participation from numerous banks and institutional investors, and we think it likely that news of the deal would have leaked had Tesla already held discussions to secure funding.” Now read:”,
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“text”: “Elon Musk is in perilous territory after tweeting about wanting to take Tesla private, experts say Mark Matousek Aug 9, 2018, 01.06 AM Read full story Mark Brake / Getty Images On Tuesday, Tesla CEO Elon Musk signaled his desire to take Tesla private. Tesla CEO Elon Musk shocked observers on Tuesday by expressing his desire to take the company private. In an email to employees , he said the pressures of being a public company create distractions and promote short-term thinking that may not produce the best decisions in the long-term, but added that a final decision could not be made until a shareholder vote is held. David Whiston, an equity strategist at Morningstar, wondered why Musk didn’t wait until a deal was certain before talking about going private. If a deal doesn’t go through, Musk will have to explain, in detail, why he expressed confidence on Twitter, Whiston said.\nElon Musk went rogue on Twitter Tuesday saying that he was considering taking Tesla private for $420 per share and that he had \”funding secured.\”\nNo details about funding have been disclosed, though. And according to a statement from Musk posted after his tweets, no final decision has been made. And that has some experts raising an eyebrow. James Rosener, a partner at the law firm Pepper Hamilton, said Twitter was not the right medium for a securities disclosure since the platform’s 280-character limit prevented Musk from disclosing enough information relevant to investors – including the structure of the deal, its tax impact, and the amount of debt it would require – to ensure he’s not misleading them. According to Rosener, Musk’s tweet likely ran afoul of the SEC’s anti-fraud rules.\n\”There’s definitely material omissions,\” he said. \”Clearly, it was not what any lawyer with any experience in this kind of stuff would advise to put out.\” Musk should have waited until a deal was confirmed\nDavid Whiston, an equity strategist at Morningstar who covers the US auto industry, told Business Insider he was confused by Musk’s tweets, which he said indicated Musk had both the funding and shareholder votes necessary to take the company private.\n\”I’m still trying to understand why he even went public like this, because I don’t see a point in going public to say you are considering going private unless you’re trying to get, perhaps, the price higher than $420 a share, or you’re just really eager to hurt the short-sellers. Otherwise, why wouldn’t you just wait until you’re definitely doing a deal to say something,\” he said.\nTesla’s board did release a statement on Wednesday morning, but it was also very brief and offered few details besides that Musk met with the board last week to bring up the possibility of going private. Musk said via Twitter on Tuesday that the deal was contingent on a shareholder vote, but that \”investor support was confirmed.\”\n\”He thinks going private is the best path forward. He’s saying he’s got the money and he’s saying he’s got the votes. So, again, it begs the question: What are you waiting for? Is the board not on board with this? Or is he trying to get more money? Or was he just throwing it out there to gauge a reaction. Or was he just very interested in hurting the short-sellers as quickly as he could?\” Whiston said. \”The latter doesn’t make sense to me because you can hurt the short-sellers once you announce you’re going private anyway.\” If a deal doesn’t go through, Musk will have to explain, in detail, why he expressed confidence on Twitter, Whiston said.\n\”Otherwise, it could look like you’re manipulating the stock price to hurt short-sellers.\”\nTesla did not immediately respond to a request for a comment.\nBesides raising questions about stock manipulation, some experts are also questioning whether going public is actually in the company’s best interest.\nMusk said in his statement that the pressures of being a public company create distractions and promote short-term thinking that may not produce the best decisions in the long-term.\nBut Tesla has big ambitions, and the best way to accomplish its goals could be by staying public, Karl Brauer, executive publisher for Kelley Blue Book, said.\nBrauer said he understands why Elon Musk would want to go private, but said that better execution on vehicle production could have improved the company’s financial performance and reduced the amount of scrutiny it faced from shareholders and analysts.\n\”If there was clear movement toward costs not far outstripping revenue or income … it would drastically change the conversation,\” he said. While a company doesn’t need to be publicly-funded to be successful, companies with ambitions on the scale of Tesla’s tend to use public markets to meet their financing needs, Brauer said.\n\”I look around at most of the other hugely successful companies, and they’re almost all public.\” Going private may reduce Tesla’s distractions\nMusk may have a point about the benefits of going private, according to Michael Ramsey, a research director at Gartner. Like Musk, Ramsey said a privately-funded Tesla would be able to focus on what is best for the company, rather than making decisions based on external pressures.\n\”I think it’s mostly a good idea for Tesla. There’s a lot of advantages to going private if you feel like your behavior is being altered or affected by demands of Wall Street,\” he said.\nHe cited the company’s publicly-stated goal of making 5,000 Model 3 sedans in one week, a target it missed on multiple occasions but achieved at the end of June , as an example of how relying on public funding misaligned Tesla’s priorities. The company would have been better off making a smaller number of cars and focusing on quality control, he said.\nHave a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com. Get the latest Tesla stock price here.”,
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“text”: “On Tuesday, Tesla CEO Elon Musk signaled his desire to take Tesla private. Mark Brake / Getty Images Tesla CEO Elon Musk shocked observers on Tuesday by expressing his desire to take the company private. In an email to employees , he said the pressures of being a public company create distractions and promote short-term thinking that may not produce the best decisions in the long-term, but added that a final decision could not be made until a shareholder vote is held. David Whiston, an equity strategist at Morningstar, wondered why Musk didn’t wait until a deal was certain before talking about going private. If a deal doesn’t go through, Musk will have to explain, in detail, why he expressed confidence on Twitter, Whiston said.\nElon Musk went rogue on Twitter Tuesday saying that he was considering taking Tesla private for $420 per share and that he had \”funding secured.\”\nNo details about funding have been disclosed, though. And according to a statement from Musk posted after his tweets, no final decision has been made. And that has some experts raising an eyebrow.\nJames Rosener, a partner at the law firm Pepper Hamilton, said Twitter was not the right medium for a securities disclosure since the platform’s 280-character limit prevented Musk from disclosing enough information relevant to investors — including the structure of the deal, its tax impact, and the amount of debt it would require — to ensure he’s not misleading them. According to Rosener, Musk’s tweet likely ran afoul of the SEC’s anti-fraud rules.\n\”There’s definitely material omissions,\” he said. \”Clearly, it was not what any lawyer with any experience in this kind of stuff would advise to put out.\” Musk should have waited until a deal was confirmed\nDavid Whiston, an equity strategist at Morningstar who covers the US auto industry, told Business Insider he was confused by Musk’s tweets, which he said indicated Musk had both the funding and shareholder votes necessary to take the company private.\n\”I’m still trying to understand why he even went public like this, because I don’t see a point in going public to say you are considering going private unless you’re trying to get, perhaps, the price higher than $420 a share, or you’re just really eager to hurt the short-sellers. Otherwise, why wouldn’t you just wait until you’re definitely doing a deal to say something,\” he said.\nTesla’s board did release a statement on Wednesday morning, but it was also very brief and offered few details besides that Musk met with the board last week to bring up the possibility of going private. Musk said via Twitter on Tuesday that the deal was contingent on a shareholder vote, but that \”investor support was confirmed.\”\n\”He thinks going private is the best path forward. He’s saying he’s got the money and he’s saying he’s got the votes. So, again, it begs the question: What are you waiting for? Is the board not on board with this? Or is he trying to get more money? Or was he just throwing it out there to gauge a reaction. Or was he just very interested in hurting the short-sellers as quickly as he could?\” Whiston said. \”The latter doesn’t make sense to me because you can hurt the short-sellers once you announce you’re going private anyway.\”\nIf a deal doesn’t go through, Musk will have to explain, in detail, why he expressed confidence on Twitter, Whiston said.\n\”Otherwise, it could look like you’re manipulating the stock price to hurt short-sellers.\”\nTesla did not immediately respond to a request for a comment.\nBesides raising questions about stock manipulation, some experts are also questioning whether going public is actually in the company’s best interest.\nMusk said in his statement that the pressures of being a public company create distractions and promote short-term thinking that may not produce the best decisions in the long-term.\nBut Tesla has big ambitions, and the best way to accomplish its goals could be by staying public, Karl Brauer, executive publisher for Kelley Blue Book, said.\nBrauer said he understands why Elon Musk would want to go private, but said that better execution on vehicle production could have improved the company’s financial performance and reduced the amount of scrutiny it faced from shareholders and analysts.\n\”If there was clear movement toward costs not far outstripping revenue or income … it would drastically change the conversation,\” he said.\nWhile a company doesn’t need to be publicly-funded to be successful, companies with ambitions on the scale of Tesla’s tend to use public markets to meet their financing needs, Brauer said.\n\”I look around at most of the other hugely successful companies, and they’re almost all public.\” Going private may reduce Tesla’s distractions\nMusk may have a point about the benefits of going private, according to Michael Ramsey, a research director at Gartner. Like Musk, Ramsey said a privately-funded Tesla would be able to focus on what is best for the company, rather than making decisions based on external pressures.\n\”I think it’s mostly a good idea for Tesla. There’s a lot of advantages to going private if you feel like your behavior is being altered or affected by demands of Wall Street,\” he said.\nHe cited the company’s publicly-stated goal of making 5,000 Model 3 sedans in one week, a target it missed on multiple occasions but achieved at the end of June , as an example of how relying on public funding misaligned Tesla’s priorities. The company would have been better off making a smaller number of cars and focusing on quality control, he said.\nHave a Tesla news tip? Contact this reporter at mmatousek@businessinsider.com.\nGet the latest Tesla stock price here.”,
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“text”: “LISTEN TO ARTICLE 5:19 The wild tweet hit Wall Street at precisely 12:48 p.m. Tuesday — and things just keep getting wilder.\nSeemingly out of the blue, Elon Musk proclaimed that he might pull his money-losing Tesla Inc. off the market. Taking the electric-car company private at the price he touted would amount to an $82 billion valuation, a monumental sum that left many investors wondering: Is this a joke?\nIt wasn’t.\nAm considering taking Tesla private at $420. Funding secured.\n— Elon Musk (@elonmusk) August 7, 2018 Musk, the enfant terrible of Tesla and SpaceX, has defied the odds before. But Tuesday’s gambit — unleashed in tweet after tweet over the next 2 hours and 40 minutes — opened a new chapter in one of the most tempestuous business stories of our time.\nTesla’s Potential Take-Private Coverage: Tesla’s crazy day, in one chart How Musk’s tweets boosted his net worth Comparing the deal with the biggest buyouts in history A QuickTake on SEC rules for social media Musk says Tesla could copy SpaceX ’s structure This company shouldn’t be publicly traded: Liam Denning Even fans seemed unsure whether Musk could pull this off — or, if he does, where that will leave Tesla. Only a week ago, the company with a seemingly unshakable base of firm believers and equally fierce legion of detractors recorded another huge loss after burning through hundreds of millions of dollars.\n‘Better Environment’ Indeed, Musk’s initial tweet, sent roughly half an hour after news emerged that Saudi Arabia’s sovereign wealth fund had built a stake in Tesla worth about $2 billion, was the latest in a series of unusual maneuvers that have thrust the executive into the public spotlight.\nHe’s made no secret that he has little patience for his naysayers. In a May conference call, the CEO blithely said that if investors were concerned about the volatility of Tesla’s stock, they shouldn’t own the shares.\n“The reason for doing this is all about creating the environment for Tesla to operate best,” Musk, 47, wrote Tuesday in an email to employees . He said wild swings in the carmaker’s stock price are a “major distraction” to Tesla workers, who are all shareholders. And he said that being public “puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term.”\nRead more: Musk Wants Chinese Banks to Finance His New Tesla Factory\nTo take Tesla private, Musk would have to pull off the largest leveraged buyout in history, surpassing Texas electric utility TXU’s in 2007. And Tesla doesn’t fit the typical profile of a company that can raise tens of billions of dollars of debt to fund such a deal.\nThe carmaker has lost money on an operating basis every year since going public and has been burning through billions of dollars amid the struggle to iron out production issues with its Model 3 sedan. Neither Musk’s tweets nor his blog post make mention of how the company would pay for it.\nTesla surged 11 percent Monday on the plan, closing at $379.57, or about 10 percent below the $420 a share Musk said he’d pay to take the company private, highlighting the doubts traders have about his ability to pull the deal off. The stock declined 0.6 percent at 10:58 a.m. on Frankfurt’s Tradegate before the U.S. market open.\nMy hope is *all* current investors remain with Tesla even if we’re private. Would create special purpose fund enabling anyone to stay with Tesla. Already do this with Fidelity’s SpaceX investment.\n— Elon Musk (@elonmusk) August 7, 2018 “The market doesn’t believe him,” said David Kudla, the CEO of Mainstay Capital Management, which is betting against Tesla. “His credibility has come into question over a number of things. If this were real, you’d expect the stock to go closer to $420 a share than it has.”\nMost major buyouts also require a trip to the junk bond markets, where Tesla has fallen out of favor. Its inaugural offering of the notes last year fell below par almost immediately and never recovered. The bonds rallied Tuesday, but at just 92.4 cents on the dollar, they too reflect investor skepticism. If the deal were to actually go through, creditors would reap — thanks to a clause in the bond contract — a price of 101 cents on the dollar.\n“It is important to note that, as of today, no details have been provided with regards to what ‘Funding secured’ means,” Evercore ISI analyst George Galliers said in a note, referring to a statement from Musk. “Depending on where the private funding may come from, going private may provide Tesla with” deeper pockets from strategic investor and freedom from the volatility of public markets.\n‘Lot of Noise’ Musk has a long history of bristling at the amount of scrutiny Tesla endures from investors and the media.\nIn an interview with Bloomberg News in January 2015, he spoke of the benefits of running his closely held rocket company, Space Exploration Technologies Corp., and his frustrations with having taken Tesla public in June 2010.\n“There’s a lot of noise that surrounds a public company and people are constantly commenting on the share price and value,” he said in 2015. “Being public definitely increases the management overhead for any given enterprise.”\nSpaceX Model Musk pointed to SpaceX as a model for how Tesla could be privately held. He said in a tweet his hope is that all current investors in the electric-car company would stick with it by buying into a “special purpose fund,” and said that this has been done through a Fidelity investment in the rocket manufacturer.\nTaking Tesla private “makes a ton of sense” from Musk’s perspective, said Gene Munster, a managing partner at venture capital firm Loup Ventures. Though even he — one of Tesla’s biggest bulls — assigns long odds to the CEO pulling off this deal.\n“Musk does not want to run a public company,” Munster said. “Our guess is there is a 1 in 3 chance he can actually pull this off.”\nTaking Tesla Private https://t.co/kw4eHOJfBh\n— Tesla (@Tesla) August 7, 2018 — With assistance by Sarah Gardner, Matthew Martin, Brad Olesen, Sebastian Boyd, Vildana Hajric, Dinesh Nair, Sally Bakewell, Emily Chang, Edward Ludlow, and David Welch\n( Updates with shares in 11th paragraph. Earlier versions of the story were corrected to say how Tesla could be privately held and to amend the spelling of the company name. ) Before “,
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“text”: “Snap sinks to a 2-month low as fewer people use Snapchat every day Graham Rapier Aug 8, 2018, 10.08 PM\nMarkets Insider Snap reported its first-ever decline in daily active users on Tuesday. Shares initially popped 10% after the company said it lost less money than Wall Street expected, but sank when markets opened Wednesday. Follow Snap’s stock price in real-time here.\nShares of Snap sank more than 6% Wednesday, falling to their lowest price since June, after the company reported active user numbers that disappointed investors.\nFor the second quarter, Snap said its total losses per share were smaller than Wall Street had feared and that revenue was more than analysts had expected. However, the company also saw its first-ever decline in daily active users. Shares initially popped as much as 11% following the earnings report – which coincided with news that Saudi Arabia’s Prince Alwaleed had invested $250 million for a 2.3% stake in the company – before sinking into the red early Wednesday as traders digested what the falling active users metric might mean for Snapchat’s future.\nAlso weighing on the slumping share price Wednesday was the leak of some of Snapchat’s source code on GitHub , a code-hosting side recently acquired by Microsoft. The forum quickly complied with a DMCA takedown request, but not before the snippet could be downloaded and shared widely.\n\”While our monthly active users continue to grow this quarter, we saw 2% decline in our daily active users,\” CEO Evan Spiegel said on a conference call with analysts.\nHe added: \”This was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign. It has been approximately six months since we broadly rolled out the redesign of our application and we have been working hard to iterate and improve Snapchat based on the feedback from our community. We feel that we have now addressed the biggest frustrations we’ve heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people.\”\nSnap is now trading more than 50% off its first trading price when it went public in March 2017, and Wall Street thinks it will only sink more. Analysts polled by Bloomberg give the stock an average price target of $11.76. Now read:”,
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“title”: “Snap sinks to a 2-month low as fewer people use Snapchat every day (SNAP)”,
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“text”: “Snap sinks to a 2-month low as fewer people use Snapchat every day (SNAP) Graham Rapier Aug. 8, 2018, 12:42 PM\nMarkets Insider\nSnap reported its first-ever decline in daily active users on Tuesday. Shares initially popped 10% after the company said it lost less money than Wall Street expected, but sank when markets opened Wednesday. Follow Snap’s stock price in real-time here.\nShares of Snap sank more than 6% Wednesday, falling to their lowest price since June, after the company reported active user numbers that disappointed investors.\nFor the second quarter, Snap said its total losses per share were smaller than Wall Street had feared and that revenue was more than analysts had expected. However, the company also saw its first-ever decline in daily active users.\nShares initially popped as much as 11% following the earnings report — which coincided with news that Saudi Arabia’s Prince Alwaleed had invested $250 million for a 2.3% stake in the company — before sinking into the red early Wednesday as traders digested what the falling active users metric might mean for Snapchat’s future.\nAlso weighing on the slumping share price Wednesday was the leak of some of Snapchat’s source code on GitHub , a code-hosting side recently acquired by Microsoft. The forum quickly complied with a DMCA takedown request, but not before the snippet could be downloaded and shared widely.\n\”While our monthly active users continue to grow this quarter, we saw 2% decline in our daily active users,\” CEO Evan Spiegel said on a conference call with analysts.\nHe added: \”This was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign. It has been approximately six months since we broadly rolled out the redesign of our application and we have been working hard to iterate and improve Snapchat based on the feedback from our community. We feel that we have now addressed the biggest frustrations we’ve heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people.\”\nSnap is now trading more than 50% off its first trading price when it went public in March 2017, and Wall Street thinks it will only sink more. Analysts polled by Bloomberg give the stock an average price target of $11.76. Now read:”,
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“title”: “The Daily 202: Alarm bells ring for House Republicans, even as Balderson holds narrow lead in Ohio special”,
“title_full”: “The Daily 202: Alarm bells ring for House Republicans, even as Balderson holds narrow lead in Ohio special”,
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“title”: “The Daily 202: Alarm bells ring for House Republicans, even as Balderson holds narrow lead in Ohio special”,
“text”: “Subscribe PowerPost Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events The Daily 202: Alarm bells ring for House Republicans, even as Balderson holds narrow lead in Ohio special By James Hohmann August 8 at 9:05 AM Follow @JamesHohmann Rep. Cathy McMorris Rodgers (R-Wash.) walks in the Fourth of July parade in Johnson, Wash. (Ted S. Warren/AP)\nWith Breanne Deppisch and Joanie Greve\nTHE BIG IDEA: Rep. Cathy McMorris Rodgers (R-Wash.), the No. 4 in House Republican leadership, only got 47 percent in Tuesday’s jungle primary for her Spokane-area seat. She’s leading her Democratic challenger, Lisa Brown, by 525 votes, or less than a half-percentage point. This is a race that has not been on the national radar. President Trump won the district by 13 points, and McMorris Rodgers will probably be okay in the fall, but her poor performance is especially notable because this was once Tom Foley’s district. As the sitting Democratic speaker of the House, Foley unexpectedly lost reelection in 1994 after a similarly weak showing in that summer’s open primary against Republican George Nethercutt. The wave that year broke late, and incumbents who did not think they were in trouble found themselves washed away.\nThe president spiked the football last night once it appeared that Republican Troy Balderson would narrowly win a hard-fought special election in Ohio, but his celebration might be premature. In a district Trump carried by 11 points in 2016, the state legislator is ahead by less than one percentage point. Pat Tiberi, whose resignation to take a cushy job leading the Ohio Business Roundtable prompted the election, won reelection two years ago by 37 points. With 100 percent of precincts reporting, but provisional ballots that still need to be counted, Balderson has 50.2 percent to Democrat Danny O’Connor’s 49.3 percent. Out of more than 200,000 votes cast, the Republican leads by 1,754 votes .\nThe GOP must defend 72 districts in November that are rated as less Republican than Ohio’s 12th Congressional District. Democrats need to net 23 House seats to seize the majority. Many of those 72 races don’t currently look competitive, but last night’s returns show there’s good reason to believe some may come onto the map in the final weeks. Especially districts that are heavily suburban.\n– The trend of Democrats beating their 2016 performance by double digits continued. “Ohio 12 looks to have shifted by about 13 points towards Democrats relative to its partisan lean (how we would expect it to vote in a neutral political environment),” Micah Cohen notes on FiveThirtyEight . “That’s just about in line with Democrats’ average overperformance in these elections in the Trump era.” Remember, Rep. Conor Lamb (D-Pa.) eked out a victory in March in a district Trump won by 20 points.\nFrom the House handicapper for the Cook Political Report: If anything, tonight’s #OH12 result reinforces our view that Dems are substantial favorites to retake the House in November. — Dave Wasserman (@Redistrict) August 8, 2018\nThe editor of Inside Elections: There will probably be a GOP effort to explain away a Balderson loss or narrow victory w/ a local excuse. But what could the common denominator in closer-than-usual races in #OH12 , #MT -AL, #KS04 , #SC05 , #AZ08 , #PA18 , #ALSen ? — Nathan Gonzales (@nathanlgonzales) August 8, 2018\nThe GOP’s focus group guru: I’m sure Republicans will celebrate tonight, but a 1-point victory in that district is nothing to commend. #OH12 The GOP have to do something really significant in September if they want to keep the House in November. https://t.co/lK93kxxE2c — Frank Luntz (@FrankLuntz) August 8, 2018\n– Claiming victory, though the AP has not called the race, Trump credited his visit to the district on Saturday night as a decisive factor: When I decided to go to Ohio for Troy Balderson, he was down in early voting 64 to 36. That was not good. After my speech on Saturday night, there was a big turn for the better. Now Troy wins a great victory during a very tough time of the year for voting. He will win BIG in Nov. — Donald J. Trump (@realDonaldTrump) August 8, 2018\n– But John Kasich, who held this seat before Tiberi, might have helped pull Balderson across the finish line as much as Trump did. The outgoing Republican governor, a leading Never Trump figure who is mulling a 2020 challenge to the president, recorded an ad and campaigned for the GOP nominee. In Delaware County, a suburban Republican stronghold that has long been known as Kasich’s base, several voters told the Guardian’s Ben Jacobs that they supported Balderson despite feeling uneasy about Trump because he had the governor’s blessing. O’Connor garnered 46 percent in Delaware County, seven points more than Hillary Clinton two years ago. The last Democratic presidential candidate to carry Delaware County was Woodrow Wilson, when he beat Supreme Court Justice Charles Evans Hughes in 1916.\nFrom Kasich’s longtime chief strategist John Weaver: Trump’s choices are set to win primaries in states today, setting up landslide wins by Democrats in November. The GOP is shrinking before our eyes & while Trump has strong numbers for those left in the phone booth, sets up certain trouncing soon. — John Weaver (@JWGOP) August 8, 2018\n– Republicans won’t be able to replicate the resource advantage that they’ve had in these special elections this fall. GOP committees and outside groups spent about four times what their Democratic counterparts did, partly to compensate for O’Connor massively outraising Balderson among small-dollar donors online. “This remains a very tough political environment and, moving forward, we cannot expect to win tough races when our candidate is being outraised,” said Corry Bliss, who runs the Congressional Leadership Fund, the main House GOP super PAC. “Any Republican running for Congress getting vastly outraised by an opponent needs to start raising more money.”\n– The GOP still hasn’t settled on a message for the midterms. “Virtually every Democratic special-election candidate has run on health care and economic fairness — not taking direct aim at Trump and his administration as much as a Republican policy agenda that they say favors the rich and well-connected over ordinary Americans,” Mike DeBonis notes . “Republicans, meanwhile, have flitted from issue to issue seeking to promote their own candidates and disqualify Democrats. Early hopes of riding last year’s GOP tax cuts to victory have largely faded along with the tax bill’s popularity; more recently, Republicans have seized on calls by some liberal Democrats to abolish the Immigration and Customs Enforcement agency as fodder for attacks.”\n– Other Democrats are handling the Nancy Pelosi problem better than O’Connor did. O’Connor, a 31-year-old county recorder, won the nomination because few Democrats thought this race was winnable. He botched an interview with MSNBC’s Chris Matthews, admitting that he might vote to make Nancy Pelosi the speaker if Democrats win the House. This gave powerful ambition to Republicans.\nTo be sure, the 56-year-old Balderson was not a stellar candidate either. On the eve of the election, he told voters in his hometown of Zanesville: “We don’t want somebody from Franklin County representing us.” The county, which includes Columbus, is 23 percent African American. A small part of Franklin, however, is in the district. You can bet Democrats will use this during the fall rematch.\n– The same two candidates will face each other again in November, and the race will likely be very competitive. Connie Schultz, who is married to Sen. Sherrod Brown (D-Ohio), notes that students will be back at colleges in November and therefore easier to turn out.\n– Fun election night color: O’Connor’s party had an open bar while Balderson’s had a cash bar, per the Cleveland Plain Dealer .\n– Even as his popularity threatens to cost Republicans the House, Trump continues to be a kingmaker in primaries. As I forecasted in yesterday’s Daily 202 , Michigan Attorney General Bill Schuette easily beat Lt. Gov. Brian Calley in the GOP primary for governor. He’s yet another lieutenant governor who has failed in trying to run for higher office. The GOP primary for Senate in Michigan was neck-and-neck until Trump endorsed John James. James won easily but is not expected to pose a serious threat to incumbent Democrat Debbie Stabenow.\nBut the Kansas Republican primary for governor remains too close to call. After Trump issued a strong endorsement for Secretary of State Kris Kobach on Monday, Kobach is currently ahead of sitting Gov. Jeff Colyer by about 600 votes, or less than 0.2 percent, with 95 percent of precincts reporting. Johnson County, which includes the suburbs of Kansas City, has been slow reporting because of problems with new voting machines .\nGoing into Tuesday, the president was 11 for 11 since June when endorsing in GOP primaries. If Kobach hold his very slim lead, which is not a sure thing, POTUS will be 14 for 14.\nA SETBACK FOR THE LEFT AND MORE WINS FOR WOMEN:\n– “ The Democratic Party’s left-wing insurgency found its limits Tuesday night, with voters favoring establishment candidates over more liberal challengers in almost every closely watched race across several states ,” David Weigel reports . “In Michigan, former state senator Gretchen Whitmer easily won the Democratic nomination for governor over Abdul El-Sayed, a doctor backed by Sen. Bernie Sanders (I-Vt.) who was vying to become the country’s first Muslim governor. In suburban House districts across the Midwest, left-wing candidates lost to Democrats backed by party leaders, abortion rights groups and labor unions. And in St. Louis, where party giant-slayer Alexandria Ocasio-Cortez traveled to help another young insurgent candidate topple an incumbent, Rep. William Lacy Clay (D-Mo.) cruised to an easy primary win over challenger Cori Bush.”\n– Last night provided a lot of fresh evidence that 2018 truly is shaping up to be a record-shattering year for female candidates. Whitmer, whose campaign tagline is a promise to “fix the damn roads,” will lead an all-women ticket in Michigan. In Kansas, state Sen. Laura Kelly beat two men to win the Democratic primary for governor. While independent Greg Orman could play the role of spoiler, she has a shot to defeat Kobach if he prevails.\n– There are now 11 female nominees for governor — eight Democrats and three Republicans. That eclipses the previous record of 10, and a handful more are poised to win in the next few weeks. Women will be the ballot in upcoming gubernatorial primaries in Hawaii, Minnesota, Wisconsin, Vermont, Wyoming, Florida, New Hampshire, Rhode Island and New York.\n– Former Michigan state Rep. Rashida Tlaib won the Democratic primary to replace former congressman John Conyers, who resigned in the face of mounting sexual harassment allegations, guaranteeing she will become the first Muslim woman elected to Congress. There are no Republicans running for the seat in Michigan’s 13th Congressional District. ( Detroit News )\n– Women also won several primaries in top-tier House races. Kim Schrier, a physician, likely beat Jason Rittereiser, a lawyer, to take on Republican Dino Rossi in a suburban Seattle race to replace the retiring Rep. Dave Reichert (R). “In two competitive House seats in Michigan, Democrats Gretchen Driskell and Elissa Slotkin cruised to victory in their races. Both are considered top recruits by national Democrats as they go on to face GOP Reps. Tim Walberg and Mike Bishop, respectively,” the Hill’s Lisa Hagen and Max Greenwood note . “While the race is too close to call in both primaries for retiring Rep. David Trott’s (R-Mich.) seat, the Democratic and Republican nominees are likely to both be women. … Republican Lena Epstein, a staffer on Trump’s Michigan campaign, was ahead of her closest competitor by 6 points. And on the Democratic side, Democrat Haley Stevens, who was endorsed by Hillary Clinton, holds a small lead.”\nWINS FOR ORGANIZED LABOR AND BLACK LIVES MATTER:\n– Missouri voters overturned a “right to work” law in a rare victory for the state’s unions. The state legislature last year approved a right-to-work bill, which would have effectively allowed union members to opt out of paying dues. Unions gathered over 300,000 signatures to put the legislation up for a ballot referendum. ( Jeff Stein )\n– Robert McCulloch, who has been St. Louis County’s lead prosecutor for 28 years and faced criticism for his inquiry into the 2014 killing of Michael Brown in Ferguson, was defeated by a challenger in the Democratic primary. Wesley Bell, a Ferguson city councilman, toppled McCulloch by running on a platform of overhauling the criminal justice system. Acknowledging the role that the Ferguson protests played in his victory, Bell told a reporter, \”Out of tragedy, comes opportunity. … I’m a product of that evolution.” ( St. Louis Post-Dispatch ) Subscribe on Amazon Echo , Google Home , Apple HomePod and other podcast players. Sign up to receive the newsletter.\nGET SMART FAST: ​​ Tesla founder Elon Musk stunned investors by tweeting that he is considering taking his carmaker private. It was unclear if he was serious and might have been a ploy to hurt people short-selling his stock, which spiked 7 percent on the news. ( Drew Harwell and Renae Merle ) Officials in several West Coast states have issued air-quality alerts as wildfires continue to burn in California. Sacramento County residents were warned to remain indoors if possible through Friday. ( Greg Porter ) The Broward County School Board asked for the South Florida Sun Sentinel to be held in contempt for publishing embarrassing details about its mishandling of red flags related to Parkland shooting suspect Nikolas Cruz. The school system says the newspaper reported details that it knew a judge ordered redacted. ( Sun Sentinel ) The Roanoke Times filed a lawsuit against one of its former sports reporters for failing to relinquish control of his Twitter account when he took a job with a competing news outlet. The lawsuit has attracted attention for the paper’s claim that it controls the access and rights to an employee’s social media account. ( Rick Maese ) The number of people who committed “suicide by train” declined to its lowest level in 2017, but the total number of “trespasser” deaths and injuries on rail lines climbed to a 20-year high of 1,017 — reflecting the difficulty of keeping people away from the maze of freight railroad lines. ( Ashley Halsey III ) A 5 to-6-month-old fetus was discovered in the bathroom of an American Airlines plane at LaGuardia Airport. Reports indicate that a member of the airline’s cleaning crew discovered the body in the toilet of a jet that flew from Charlotte to New York on Monday night. ( Lori Aratani ) More than 600 people fell ill after eating at a Chipotle outlet outside of Columbus . Two people affected are now suing Chipotle, which has had recurring food-safety issues. ( Eli Rosenberg ) A retired engineer has proposed using a biogas digester to transform human waste left behind on Mount Everest into fertilizer and methane. The average mountaineer produces nearly 60 pounds of excrement in the roughly two months it takes to climb Everest. ( Cleve R. Wootson Jr. ) A courtroom sketch shows Rick Gates on the witness stand as he is cross examined during the trial of Paul Manafort. (Dana Verkouteren/AP)\nTHE MANAFORT TRIAL:\n– The courtroom showdown between ex-Trump campaign chairman Paul Manafort and his former business associate Rick Gates grew painfully personal as a defense lawyer forced Gates to admit to an extramarital affair in a bid to attack his credibility . Rachel Weiner, Matt Zapotosky, Rosalind S. Helderman and Devlin Barrett report : “During his second day on the witness stand, Gates detailed the lies, phony documents and fake profits he claims to have engineered at Manafort’s direction. … The most jarring testimony Tuesday came when Manafort’s lawyer Kevin Downing got his turn to question Gates. ‘There was another Richard Gates, isn’t that right? A secret Richard Gates?’ Downing asked. Gates, who seemed to immediately understand the lawyer’s hint, began speaking in a quiet, strained voice, saying that about 10 years ago, he had ‘another relationship’ — an extramarital affair. … For around two months, Gates said, he had kept a separate apartment in London. Under questioning, he admitted he had also flown first class and stayed in luxury hotels as part of that relationship. Gates also testified that he had used money embezzled from Manafort to help fund his relationship. When Downing asked if he had spent as much as $3 million on his affair, Gates replied that he thought the figure was lower, but agreed that he had taken money from Manafort without his permission. . . .\n“Many of Downing’s questions seemed aimed at buttressing his central defense strategy — that Gates, not Manafort, is the real villain in the case , a man who told so many lies and stole so much money he could not remember them all . . . In his testimony, Gates has admitted to repeatedly telling lies and submitting false documents, but insisted he was following his boss’ instruction.”\n– “Over all, the testimony filled in a picture of two men with few scruples and a powerful thirst for money, hiding payments from Ukrainian clients in foreign bank accounts and deceiving accountants, banks and tax authorities, both individually and together,” write the New York Times’s Sharon LaFraniere and Kenneth P. Vogel . Michael Cohen stands behind President Trump in Cleveland. (Jonathan Ernst/Reuters)\nALL THE PRESIDENT’S MEN:\n– Former Trump lawyer and consigliere Michael Cohen is under federal investigation for tax fraud in New York. The Wall Street Journal’s Rebecca Davis O’Brien and Nicole Hong report : “Federal authorities are assessing whether Mr. Cohen’s income from his taxi-medallion business was underreported in federal tax returns . . . That income included hundreds of thousands of dollars received in cash and other payments over the last five years . . . Prosecutors also are looking into whether any bank employees improperly allowed Mr. Cohen to obtain loans for which he didn’t provide adequate documentation … Convictions for federal tax- and bank-fraud may carry potentially significant prison sentences, which could put additional pressure on Mr. Cohen to cooperate with prosecutors if he is charged with those crimes.”\n– Mixed messaging: Rudy Giuliani said Trump’s legal team would “leave a little wiggle room” in allowing Mueller to ask the president questions about obstruction of justice. “If he can demonstrate to us he’s got a couple questions on obstruction that he doesn’t have the answer to, that he really needs the answer to and he hasn’t made up his mind that Trump is lying, we might — we might — allow that,” Giuliani said. This marks a reversal from just Monday, when the Trump lawyer told Robert Costa that the legal team had a “real reluctance about allowing any questions about obstruction.” ( Politico )\n– Civil rights advocates fear Brett Kavanaugh would weaken legal protections for minorities, including affirmative action, if he’s confirmed to the Supreme Court. Ann E. Marimow reports : “Civil rights advocates and Democratic lawmakers point in particular to an opinion he wrote in 2012 delaying but ultimately allowing voter identification requirements in South Carolina that were opposed by the Justice Department, and to his description in 1999, when he was a lawyer in private practice, of a government program for Native Hawaiians as a ‘naked racial-spoils system.’ In that case, embracing the language of Justice Antonin Scalia, Kavanaugh wrote in a newspaper column that the Supreme Court would eventually, inevitably find that ‘in the eyes of government, we are just one race.’ ”\n– “New Details About Wilbur Ross’ Business Point To Pattern Of Grifting,” by Forbes’s Dan Alexander : “It is difficult to imagine the possibility that a man like Ross, who Forbes estimates is worth some $700 million, might steal a few million from one of his business partners. Unless you have heard enough stories about Ross. . . . Over several months, in speaking with 21 people … Forbes uncovered a pattern: Many of those who worked directly with him claim that Ross wrongly siphoned or outright stole a few million here and a few million there . . . all told , these allegations — which sparked lawsuits, reimbursements and an SEC fine — come to more than $120 million. If even half of the accusations are legitimate, the current United States secretary of commerce could rank among the biggest grifters in American history. “Those who’ve done business with Ross generally tell a consistent story, of a man obsessed with money and untethered to facts. . . . ‘He’ll push the edge of truthfulness and use whatever power he has to grab assets,’ says New York financier Asher Edelman. One of Ross’ former colleagues is more direct: ‘He’s a pathological liar.’”\n– Three members of the “Mar-a-Lago Crowd” are exerting “sweeping influence” over the VA from behind the scenes: Palm Beach doctor Bruce Moskowitz, Marvel Entertainment chairman Ike Perlmutter and lawyer Marc Sherman. ProPublica’s Isaac Arnsdorf reports : “The Mar-a-Lago Crowd spoke with VA officials daily, [obtained] documents show, reviewing all manner of policy and personnel decisions. They prodded the VA to start new programs, and officials travelled to Mar-a-Lago at taxpayer expense to hear their views. ‘Everyone has to go down and kiss the ring,’ a former administration official said.\n“If the bureaucracy resists the trio’s wishes, Perlmutter has a powerful ally: The President of the United States. Trump and Perlmutter regularly talk on the phone and dine together when the president visits Mar-a-Lago. ‘On any veterans issue, the first person the president calls is Ike,’ another former official said. Former administration officials say that VA leaders who were at odds with the Mar-a-Lago crowd were pushed out or passed over.”\n– Speaking of kissing the ring: Several CEOs who quit Trump advisory boards in the aftermath of his Charlottesville comments had dinner with the president last night. CNBC’s Christina Wilkie and Tucker Higgins report : “Indra Nooyi, the CEO of PepsiCo and Mark Weinberger, the CEO of EY were both original members of Trump’s Strategic and Policy Forum, which was dissolved in the wake of his comments on Charlottesville. On Tuesday, [they both dined] with the president at Trump’s private golf club in Bedminster, N.J. … [Alex Gorsky, who leads Johnson & Johnson] called Trump’s response to the rally ‘unacceptable,’ and said in a statement that it ‘has changed our decision to participate in the White House Manufacturing Advisory Council.’ Nonetheless, Gorsky [was] on the guest list Tuesday for dinner at Bedminster.” The FBI’s headquarters in Washington is shown. (Cliff Owen/AP)\nTHE CREDIBILITY GAP:\n– The Trump-appointed chief of the General Services Administration may have misled Congress about the president’s personal involvement in the FBI headquarter’s project, according to a draft report. Jonathan O’Connell reports : Trump has said he supported a plan to build a smaller headquarters in downtown D.C. and move some staff to other states, scrapping a plan for a new FBI campus in the D.C. suburbs. “Although GSA Administrator Emily Murphy . . . mentioned discussions of funding with the White House’s Office of Management and Budget, she downplayed the role of the White House in the decision-making process. The [inspector general’s report], which is expected to be released publicly in the coming weeks, states Murphy’s testimony ‘was incomplete and may have left the misleading impression that she had no discussions with the President or senior White House officials about the project.’”\n– The FCC’s inspector general concluded the agency’s comment system was not disrupted by a cyberattack at the height of the net neutrality debate, as Trump’s appointees at the agency claimed. Gizmodo’s Dell Cameron reports : “A report from the inspector general’s office . . . released Tuesday finds that the comment system issues were … more likely [caused] by a combination of ‘system design issues’ and a massive surge in traffic, which came after Last Week Tonight host John Oliver told millions of TV viewers to flood the FCC’s website with pro-net neutrality comments. Investigators were unable to ‘substantiate the allegations of multiple DDoS attacks’ alleged by then-FCC Chief Information Officer David Bray, the report says.”\n– Trump’s tariffs are having an outsized effect on small businesses, which cannot withstand the trade war costs as easily as large corporations. The Wall Street Journal’s Ruth Simon reports : “Smaller firms also are less able to shift production to other locations and have smaller reserves to draw on when times get tough. Even those that benefit from a surge in domestic business are struggling to ramp up quickly enough to take advantage. As a result, small firms selling all manner of goods, including high-tech light switches and the coated paper used to handle deli meats, are rethinking their strategies, suppliers, manufacturing locations and pricing.” President Trump and Russian President Vladimir Putin shake hands in July at their Helsinki meeting. (Kevin Lamarque/Reuters)\nTHERE’S A BEAR IN WOODS:\n– Sen. Lindsey Graham (R-S.C.) said that Trump brought up the idea of ending Robert Mueller’s special counsel probe “about 20 times” when the two went golfing on Sunday in New Jersey. NBC News’s Rebecca Shabad reports : “The South Carolina Republican . . . was asked about the investigation of Russian efforts to interfere with the 2016 presidential election at a Monday evening event hosted by the Greenville County Republican Party . ‘Did Trump ask that question? He must have mentioned that about 20 times,’ Graham quipped in response to an audience question about ending the Mueller probe.”\n– A pair of former Trump campaign officials are now lobbying on behalf of a pro-Russian separatist party in Bosnia. Mother Jones’s Dan Friedman reports : “Former Trump campaign aides Jason Osborne and Mike Rubino have registered with the Justice Department to lobby for the political party of Milorad Dodik, the president of Republika Srpska, the Serbian enclave in Bosnia. Dodik has talked of his republic seceding from Bosnia and merging with Serbia, escalating tensions in a country governed by the 1995 Dayton Accords, which ended a bloody three-year war among former Yugoslavian states. The United States sanctioned Dodik last year for undermining the accords through his calls for secession and other actions. Dodik has won backing from Russia, which has embraced his opposition to Bosnia joining NATO and generally supports nationalist parties and movements, especially those in Eastern Europe.”\n– A leaked Russian document about the Helsinki summit last month shows a list of requests Putin made to Trump, including new talks on controlling nuclear arms and prohibiting weapons in space. Politico’s Bryan Bender reports : “Putin shared the contents of the document with Trump during their two-hour conversation, according to a U.S. government adviser[.] … The person who provided the document … obtained it from Russian officials who described it as what Putin had conveyed to Trump in Helsinki. The memo points to a surprising normalcy in the priorities that Putin brought to the meeting, which included a willingness to extend a series of landmark nuclear treaties and pursue new weapons limits.” National security adviser John Bolton briefs the media on election interference at the White House. (Mark Wilson/Getty Images)\nTHE NEW WORLD ORDER:\n– National security adviser John Bolton said North Korea has not taken steps to denuclearize in the months since Trump and Kim Jong Un met in Singapore. Felicia Sonmez reports : “’The United States has lived up to the Singapore declaration. It’s just North Korea that has not taken the steps we feel are necessary to denuclearize,’ Bolton said [on Fox News]. He added the United States will continue to apply pressure until Pyongyang produces results. ‘The idea that we’re going to relax the sanctions just on North Korea’s say-so, I think, is something that just isn’t under consideration,’ Bolton said. ‘We’re going to continue to apply maximum pressure … until they denuclearize, just as we are to Iran.’ . . . The Trump administration has consistently sought to reassure critics that Kim will make good on his pledges to denuclearize. . . . Yet the most tangible result of the June 12 summit so far has been last week’s handover by North Korea of the remains of more than 50 service members killed in the Korean War.”\nAt last week’s ASEAN conference in Singapore, Mike Pompeo handed North Korea’s foreign minister a letter from Trump to Kim. On Tuesday, Bolton said the letter contained a proposal for Pompeo to make another visit to Pyongyang to meet with Kim. \”[Pompeo] is prepared to go back to North Korea to meet with Kim Jong Un. We’ve proposed that in our most recent letter from the president to Kim Jong Un,” Bolton said. “The president’s prepared to meet at any point,” he added. “But what we really need is not more rhetoric. What we need is performance from North Korea on denuclearization.”\n– U.S. and Turkish officials will meet in Washington today in an effort to resolve a dispute over Turkey’s ongoing detention of American pastor Andrew Brunson. Karen DeYoung reports : “The outlines of a possible deal, possibly including an exchange of Brunson for a convicted Turkish national in the United States, are apparent to both sides, and both have expressed some optimism. … But despite the temperature-lowering moves, mutual suspicion and allegations of bad faith remain between the NATO allies over a variety of issues, including the Turkish purchase of F-35 jets, as well as Syria, said officials … ”\n– Intelligence experts fear Iran may launch cyberattacks against the United States in retaliation for reimposing sanctions. The AP’s Deb Riechmann reports : “Concern over that cyber threat has been rising since May, when Trump pulled out of the 2015 nuclear deal … U.S. intelligence agencies have singled out Iran as one of the main foreign cyber threats facing America, along with Russia, China and North Korea.”\n– Colombia’s new pro-Trump leader took office. Anne Gearan and Anthony Faiola report : “Standing in rain and a stiff wind before a wall of roses and other flowers in historic Bolivar Plaza, newly elected President Iván Duque listed the expansion of coca production, corruption and the terror of drug cartels among the problems he will address. He also pointed to a rise in killings of social-movement leaders as one of the threats to the country’s fragile peace pact that ended five decades of war. … Duque, 42, has advocated a more aggressive approach to the drug war, positioning him as a leading ally of the Trump administration.” Detainees sleep and watch television in a holding cell at the U.S. Customs and Border Protection Nogales Placement Center in Nogales, Ariz. (Ross D. Franklin/AP)\nTHE IMMIGRATION WARS:\n– The ACLU sued the Trump administration over its stricter requirements for migrants seeking U.S. asylum. From Maria Sacchetti : “The complaint filed in U.S. District Court in the District of Columbia asks a federal judge to halt new screening policies the government recently rolled out in what it described as an effort to crack down on asylum fraud. The suit says the policies prevent migrants from getting a fair hearing on whether they should be able to stay in this country. It focuses on migrants who have been placed in fast-track deportation proceedings known as ‘expedited removal’ and asks the court to bar the federal government from sending them out of the country.”\n– Trump’s “zero tolerance” immigration policy does not appear to be stemming the flow of migrant families crossing the southern border. The AP’s Astrid Galvan reports : “The Border Patrol’s Yuma Sector has seen a more than 120 percent spike in the number of families and unaccompanied children caught at the border over the last year, surprising many in an area that had been largely quiet and calm for the past decade. So far this fiscal year, agents in the Yuma sector have apprehended nearly 10,000 families and 4,500 unaccompanied children, a giant increase from just seven years ago when they arrested only 98 families and 222 unaccompanied children.”\n– Sen. Joe Donnelly (D-Ind.), who is facing a difficult reelection, said he would rather give Trump more money for his border wall than risk a government shutdown. Politico’s Burgess Everett reports : “Donnelly, who is facing a new round of ads criticizing his position on immigration this week, said that Trump should get much more than the $1.6 billion the Senate Appropriations Committee has been preparing to send him. … ‘I’m fine with providing him some more. I actually voted for border wall funding three different times,’ Donnelly said in an interview here. ‘I’m fine with that. I’m fine with $3 [billion], $3.5, $4 or $5’ billion this fall.”\n– U.S. Border Patrol is engaged in a legal battle over the frigid temperatures in holding cells. Immigrant advocacy groups accuse the government of using the thermostat to deter migration. ( Nick Miroff )\n– A federal appeals court ruled that a woman whose son was killed by a Border Patrol agent on Mexican soil can sue for damages in U.S. courts , saying the Fourth Amendment still applies in the cross-border case. ( Politico ) Rep. Scott Taylor speaks during an interview in his campaign office in Virginia Beach. (Steve Helber/AP)\nMORE ON THE MIDTERMS:\n– A special prosecutor is investigating claims that aides to Rep. Scott W. Taylor (R-Va.) committed election fraud. Jenna Portnoy reports : “Aides to Taylor, a freshman lawmaker from Virginia Beach, collected signatures for independent candidate Shaun Brown, who analysts say could siphon votes away from Taylor’s Democratic challenger, Elaine Luria. Taylor, a former Navy SEAL, is seen as somewhat vulnerable to Luria, a first-time candidate and former Navy commander, in a district that voted for [Trump] by about four points and backed Ralph Northam (D) for governor over his GOP rival in 2017.”\n– Sen. Ted Cruz (R) said he has asked Trump to campaign for him in Texas, as he seeks to fend off a tougher-than-expected Democratic challenger this November. The Houston Chronicle’s Jeremy Wallace reports : “During a campaign stop in Seguin late Monday, Cruz said he has reached out to his former rival for the White House to help him with his re-election effort against Democrat Beto O’Rourke. ‘I would certainly welcome his support and I hope to see him in Texas,’ Cruz said[.] Cruz said while his relationship with Trump has had its ‘ups and downs’ due to their 2016 GOP primary battle, he has tried to become an ally to the President. … Polls from the last week have shown Cruz holding onto a single-digit lead over O’Rourke, a congressman from El Paso who has set records for Democrats fundraising in Texas.\”\n– Democratic midterm ads have disproportionately focused on health care in key Senate races. USA Today’s Deirdre Shesgreen and Maureen Groppe report : “Senate Democratic candidates and allied outside groups have devoted more than 40 percent of their TV ads this year to health care … The sharp focus on health care from Democrats stands in contrast to a more diffuse message on the GOP side. In hotly contested races across the country, Republicans and the GOP-leaning groups have divided their ad dollars on a broader set of issues – spending about $10.5 million on spots embracing [Trump], $14 million on ads touting the GOP tax law and $7.6 million on commercials highlighting a hard line on immigration.”\n– Trump will travel to Upstate New York on Monday to sign a defense bill named after one of his frequent critics, Sen. John McCain (R-Ariz.). Seung Min Kim reports : “Trump will head to Fort Drum, represented by Rep. Elise Stefanik (R-N.Y.), to sign the John S. McCain National Defense Authorization Act … But the annual defense policy measure is an overwhelmingly bipartisan measure that helps Trump boast of resources for the military, a top priority for the president.” The trip is designed to help two vulnerable House incumbents: Stefanik and Claudia Tenney.\nSOCIAL MEDIA SPEED READ:\nA House Democrat from California sought to correct Trump’s comments on the state’s wildfires: You’ve been in office for 18 LONG months and you still don’t have a science adviser, so allow me to help.Environmental protections have nothing to do with the wildfires in CA. Climate change does.We’re not going to let you use fires as an excuse to clear-cut our forests. https://t.co/R5IdRmPpO7 — Adam Schiff (@RepAdamSchiff) August 7, 2018\nA Toronto Star reporter questioned a criticism Trump leveled at the media: Before Trump’s Ohio rally, he tweeted to tell people to vote Steve Stivers. Stivers isn’t running. Trump deleted, posted a Vote Troy Balderson tweet.Then, at the rally, he pretended his own error was a media error for which he was owed an apology. The crowd chanted CNN SUCKS. pic.twitter.com/thmGfTyxW7\nA Business Insider reporter responded to a New York Times Magazine profile of Paul Ryan: Every Paul Ryan profile goes out of its way to note that he’s a “think tank conservative” who read Ayn Rand as a child and who works out every morning. None of them ever note the federal deficit has doubled under his speakership https://t.co/Ps8IIH1f3v — Joe Perticone (@JoePerticone) August 7, 2018\nThe NRSC is posting detailed advice on its website for how outside groups should engage in the North Dakota Senate race, with a breakdown by media market: The NRSC sure has a LOT of instructions about what outside groups should do in #NDSen . https://t.co/KY5agWyDmL pic.twitter.com/HTQT10IHfF — Kevin Robillard (@Robillard) August 7, 2018\nA New Hampshire Democratic Party dinner was renamed two years ago from Jefferson-Jackson to Kennedy-Clinton. Now it’s being renamed again: Dems began re-naming these dinners — usually Jefferson-Jackson — as concern rose over the racial records of those presidents. So they paid tribute to Kennedy-Clinton. And then #MeToo happened https://t.co/ixV9AgM4mS — Dave Weigel (@daveweigel) August 7, 2018\nTwitter’s founder explained why his platform would not join others in blocking conspiracy theorist Alex Jones: Truth is we’ve been terrible at explaining our decisions in the past. We’re fixing that. We’re going to hold Jones to the same standard we hold to every account, not taking one-off actions to make us feel good in the short term, and adding fuel to new conspiracy theories. — jack (@jack) August 8, 2018\nA CNBC anchor shared one of Robert Mueller’s military commendations on his birthday: On 12/11/68, 2nd Lt. Mueller “with complete disregard for his own safety, personally led a fire team across the fire-swept terrain to recover a mortally wounded marine ..”Mueller born today in 1944.(via Army Ranger Hall of Fame) @RangerAssoc pic.twitter.com/acLFhu5uUV — Carl Quintanilla (@carlquintanilla) August 7, 2018\nThe Supreme Court nominee swore in his former clerk: #SCOTUS nominee Brett Kavanaugh administers oath to new 11th Circuit appellate judge Britt Grant, his former clerk. pic.twitter.com/CWVIOiAM7b — Ann Marimow (@amarimow) August 7, 2018\nA Post reporter shared a photo from Colombia’s presidential inauguration: At the presidential inauguration in Colombia today. Each of the special police forces were represented, including this guy. Don’t mess with Chewie. pic.twitter.com/sDryeO8phc — Anne Rumsey Gearan (@agearan) August 7, 2018\nAnd a presidential historian marked the anniversary of Richard Nixon leaving office: Nixon’s last lunch in White House, tomorrow 1974: #NARA pic.twitter.com/M530VvZXif — Michael Beschloss (@BeschlossDC) August 7, 2018\nGOOD READS FROM ELSEWHERE:\n– New York Times Magazine, “ War Without End ,” by C. J. Chivers: “In early October, the Afghan war will be 17 years old, a milestone that has loomed with grim inevitability as the fighting has continued without a clear exit strategy across three presidential administrations. With this anniversary, prospective recruits born after the terrorist attacks of 2001 will be old enough to enlist. And Afghanistan is not the sole enduring American campaign. The war in Iraq, which started in 2003, has resumed and continues in a different form over the border in Syria, where the American military also has settled into a string of ground outposts without articulating a plan or schedule for a way out. … On one matter there can be no argument: The policies that sent these men and women abroad, with their emphasis on military action and their visions of reordering nations and cultures, have not succeeded.”\n– Politico Magazine, “ How to Raise an ‘Army of Angry Moms and Women’ From Your Own Kitchen ,” by Edward-Isaac Dovere: “Shannon Watts, founder of Moms Demand Action, on how she created one of the most successful gun control groups in the country — and where they go from here.”\nHOT ON THE LEFT:\n“No, Greg Abbott, Winston Churchill never said that about Antifa,” from Lindsey Bever : “Texas Gov. Greg Abbott shared a pointed statement on Twitter that he attributed to former British prime minister Winston Churchill. ‘The fascists of the future,’ the statement said, ‘will call themselves antifascists.’ The Republican governor hailed the quote by noting that ‘some insights are timeless.’ Just one problem: Churchill does not seem to have said it. David Freeman of the International Churchill Society [said] he could not find any documentation that Churchill ever uttered that string of words. On Tuesday, Churchill historian Richard Langworth confirmed that [the words in Abbott’s tweet] … do not show up when digitally searching millions of published words in letters, speeches, articles and books written by Churchill[.] Abbott’s office did not immediately respond to a request for comment. But the governor’s tweet was deleted Tuesday morning, hours after it was posted.”\nHOT ON THE RIGHT\n“‘It doesn’t play to his authoritarian tendencies’: Trump doesn’t want an educated workforce, Obama education secretary says,” from Felicia Sonmez : “Former education secretary Arne Duncan on Tuesday sharply criticized the Trump administration’s policies on education and said he doubts the president wants an educated workforce because ‘it doesn’t play to his authoritarian tendencies.’ Duncan, who served as Barack Obama’s secretary of education through the end of 2015 and is currently promoting his new book, made the comments Tuesday morning during an interview with CNN. … Duncan criticized the Trump administration’s emphasis on school choice as ‘a small strategy’ rather than an overarching goal, before taking aim at the president himself. ‘I’m not sure President Trump wants to have the best-educated workforce,’ Duncan said. ‘I think it doesn’t play to his authoritarian tendencies.’\”\nDAYBOOK:\nTrump will have a dinner tonight with supporters at his golf club in Bedminster, N.J. He has no other events on his public schedule.\nQUOTE OF THE DAY:\n“If you could remove News Corp from the last 25 years of American history, we would be in an entirely different place.” — New York Mayor Bill de Blasio on Rupert Murdoch’s media empire. ( The Guardian )\nNEWS YOU CAN USE IF YOU LIVE IN D.C.:\n– There could be more afternoon storms in D.C. today. The Capital Weather Gang forecasts : “Maybe a passing shower this morning. But mainly, we’re partly sunny with continued high humidity as highs reach the low 90s again. Clouds build mid- to late afternoon followed by a good chance of some showers and storms, especially between 5 and 10 p.m. the way it looks now. Isolated storms could produce damaging winds and localized flooding.”\n– The Nationals beat the Braves 8-3 in their makeup game before losing to Atlanta 3-1 in the night’s second matchup. The split result left Washington 4.5 games behind the second-place Braves. ( Jorge Castillo )\n– D.C. Del. Eleanor Holmes Norton (D) is requesting a hearing on the federal government’s Metro shutdown plan. The Post published the contingency document, which outlines the government’s potential response to a substantial safety risk on the transit system, earlier this week. ( Faiz Siddiqui )\n– The District government briefly promoted the Trump administration’s abstinence-only sex education program. The grants’ office removed the program once a Post reporter tweeted about its inclusion. ( Fenit Nirappil )\n– The Georgetown Library was closed after several snakes were found in the building. The library remained closed for more than two days until pest control declared the area clear. ( Marissa J. Lang )\nVIDEOS OF THE DAY:\nSen. Cory Booker (D-N.J.) sat down with Stephen Colbert:\nTrevor Noah explored why Paul Manafort hasn’t flipped yet:\nThe Fact Checker awarded Trump Four Pinocchios for his claims about the trade deficit:\nA \”firenado\” was captured on video in California: Ferocious \”firenado\” seen swirling amid the so-called Holy Fire, which has scorched thousands of acres in Southern California’s Cleveland National Forest.The wildfire is one of nearly two dozen burning across the state. https://t.co/n9X7dhucFb pic.twitter.com/SNlN8AVF1Z — ABC News (@ABC) August 8, 2018\nSoftball-sized hail rained down on the Cheyenne Mountain Zoo, killing at least two animals:\nAnd dogs participated in the World Dog Surfing Championships: SURF’S PUP: Dogs took part in the World Dog Surfing Championships on August 4 at Linda Mar Beach in Northern California. pic.twitter.com/KbGen0tCHj “,
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“text”: “BloombergQuickTake Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Can Elon Musk Tweet That? The SEC May Have an Opinion by Ben Bain | Bloomberg August 8 at 12:33 PM Tesla Inc. founder and Chief Executive Officer Elon Musk roiled trading and sowed confusion about his future plans after tweeting that he’s considering taking the company private at $420 a share. The electric-carmaker’s stock soared after the tweet, closing 11 percent higher on August 7 after a mid-session trading halt. Some investors wondered if he meant it as a joke — he did not. Others asked whether he might have violated the U.S. Securities and Exchange Commission’s fair-disclosure rules by tweeting out material information, sending securities lawyers scurrying to learn about an obscure SEC decision known as the Reed Hastings Rule. 1. What is the Reed Hastings Rule? The SEC first ruled on the use of social media for disclosing material information after Netflix Inc. CEO Reed Hastings wrote in a July 2012 Facebook post that views on his company’s video-streaming service had “exceeded 1 billion hours for the first time.” The regulator later determined that Hastings wouldn’t face enforcement action and declared most social media “perfectly suitable” for communicating company information as long as investors are alerted and access isn’t restricted. Musk has previously used Twitter as a means of communicating information about his companies. 2. What did Elon Musk tweet? In his initial tweet, Musk wrote: “Am considering taking Tesla private at $420. Funding secured.” It came as shares were already surging on news that Saudi Arabia’s sovereign wealth fund had built a roughly $2 billion stake in the company over the past few months. He followed that up with additional details in a series of replies to questions and other statements. The next day, Tesla’s directors said they knew about Musk’s plans days before he took to Twitter. 3. What’s wrong with his tweets? Setting aside the question of whether announcing the news via Twitter was proper, regulators might want to examine Musk’s declaration that funding for the move had been secured, an assertion for which he offered no further detail. He doubled down a few hours later when he tweeted that “Investor support is confirmed.” Tesla hasn’t disclosed any sources of financing and no one has stepped forward publicly to say they’re backing the plan. Analysts questioned whether the company could fund such a large transaction, given its history of losing money and burning through cash. 4. What is Regulation FD? The SEC rule aims to promote “full and fair disclosure” of corporate information by requiring a level playing field for announcements of material nonpublic information. The rule was initially adopted in 2000, before the rise of social media. The agency modified its view of permissible venues with its 2013 decision not to act against Netflix’s Hastings. The SEC hasn’t responded to requests for comment on Musk’s tweets. 5. So did Musk violate the rules? As unorthodox as the decision to announce the possible plan by Twitter might have been, Musk’s legal concerns may be largely mitigated by him having been honest about how far along it was. Keith Higgins, a Ropes & Gray partner who formerly led the SEC’s corporation finance unit, said Musk’s tweet could amount to market manipulation if he didn’t have financing secured and wasn’t ready to make a bid. “He could be in big trouble if that turns out not to have been true,” Higgins said. Even if the SEC and regulators in Delaware — where the company is registered — remain at bay, Musk could be open to lawsuits from shareholders as he moves along with his bid. • The SEC’s Regulation FD • A Bloomberg News article about Reed Hastings’ brush with the SEC over a Facebook post. To contact the reporter on this story: Ben Bain in Washington at bbain2@bloomberg.net To contact the editors responsible for this story: Gregory Mott at gmott1@bloomberg.net, Paula Dwyer ©2018 Bloomberg L.P. “,
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“text”: “by Ben Bain | Bloomberg August 8 at 12:33 PM Tesla Inc. founder and Chief Executive Officer Elon Musk roiled trading and sowed confusion about his future plans after tweeting that he’s considering taking the company private at $420 a share. The electric-carmaker’s stock soared after the tweet, closing 11 percent higher on August 7 after a mid-session trading halt. Some investors wondered if he meant it as a joke — he did not. Others asked whether he might have violated the U.S. Securities and Exchange Commission’s fair-disclosure rules by tweeting out material information, sending securities lawyers scurrying to learn about an obscure SEC decision known as the Reed Hastings Rule.\n1. What is the Reed Hastings Rule?\nThe SEC first ruled on the use of social media for disclosing material information after Netflix Inc. CEO Reed Hastings wrote in a July 2012 Facebook post that views on his company’s video-streaming service had “exceeded 1 billion hours for the first time.” The regulator later determined that Hastings wouldn’t face enforcement action and declared most social media “perfectly suitable” for communicating company information as long as investors are alerted and access isn’t restricted. Musk has previously used Twitter as a means of communicating information about his companies.\n2. What did Elon Musk tweet?\nIn his initial tweet, Quote: : “Am considering taking Tesla private at $420. Funding secured.” It came as shares were already surging on news that Saudi Arabia’s sovereign wealth fund had built a roughly $2 billion stake in the company over the past few months. He followed that up with additional details in a series of replies to questions and other statements. The next day, Tesla’s directors said they knew about Musk’s plans days before he took to Twitter.\n3. What’s wrong with his tweets?\nSetting aside the question of whether announcing the news via Twitter was proper, regulators might want to examine Musk’s declaration that funding for the move had been secured, an assertion for which he offered no further detail. He doubled down a few hours later when he tweeted that “Investor support is confirmed.” Tesla hasn’t disclosed any sources of financing and no one has stepped forward publicly to say they’re backing the plan. Analysts questioned whether the company could fund such a large transaction, given its history of losing money and burning through cash.\n4. What is Regulation FD?\nThe SEC rule aims to promote “full and fair disclosure” of corporate information by requiring a level playing field for announcements of material nonpublic information. The rule was initially adopted in 2000, before the rise of social media. The agency modified its view of permissible venues with its 2013 decision not to act against Netflix’s Hastings. The SEC hasn’t responded to requests for comment on Musk’s tweets.\n5. So did Musk violate the rules?\nAs unorthodox as the decision to announce the possible plan by Twitter might have been, Musk’s legal concerns may be largely mitigated by him having been honest about how far along it was. Keith Higgins, a Ropes & Gray partner who formerly led the SEC’s corporation finance unit, said Musk’s tweet could amount to market manipulation if he didn’t have financing secured and wasn’t ready to make a bid. “He could be in big trouble if that turns out not to have been true,” Higgins said. Even if the SEC and regulators in Delaware — where the company is registered — remain at bay, Musk could be open to lawsuits from shareholders as he moves along with his bid.\n• The SEC’s Regulation FD\n• A Bloomberg News article about Reed Hastings’ brush with the SEC over a Facebook post.\nTo contact the reporter on this story: Ben Bain in Washington at bbain2@bloomberg.net\nTo contact the editors responsible for this story: Gregory Mott at gmott1@bloomberg.net, Paula Dwyer\n©2018 Bloomberg L.P.”,
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“text”: “Facebook: RepChrisCollins New York Congressman Christopher Collins has been charged with insider trading and lying to the FBI, federal prosecutors in Manhattan announced Wednesday.\nCollins, a Republican, was one of the earliest supporters of Donald Trump’s presidential campaign. He is charged along with his son, Cameron Collins, and Stephen Zarsky, the father of Cameron’s fiancé, in a scheme related to the stock of an Australian biotechnology company.\nCollins sits on the board of the company Innate Immunotherapeutics.\nAt the time of the alleged scheme, in June 2017, Innate’s primary business was in the research and development of a drug to treat multiple sclerosis, according to the indictment. During the summer of 2017, Innate completed a drug trial that would determine its effectiveness for treating a type of MS that few other drugs have been able to effectively treat. However, the public announcement that Innate’s drug was found to be ineffective for treating this illness caused the stock to drop 92%.\nAllegedly acting on advance information about the drug trial results, Collins instructed his son to sell off a large chunk of shares before the news broke and the company’s stock plummeted.\nCollins surrendered to the FBI on Wednesday morning, NBC News reported .\n\”We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name,\” Collins’ attorneys said in a statement Wednesday.\n\”It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock. We are confident he will be completely vindicated and exonerated,\” the statement said.\nCollins’ attorney said that the lawmaker would have more to say about the issue later in the day.\nKristin Wilson Keppler @TheOtherKeppler Rep. Chris Collins (bottom left of screen) at the WH Congressional picnic. Time: 7:30pm\n03:42 PM – 08 Aug 2018 Reply Retweet Favorite Through 2017, Innate executives expected that the results of the company’s MS drug trial would be positive. Then on Monday, June 26, the Australian company announced that the trial had failed.\nFour days earlier, Innate CEO Simon Wilkinson sent an email to the company’s board of directors, including Collins, notifying them that the trial had missed its mark. \”I have some bad news,\” Wilkinson wrote, and went on to detail the results, according to the indictment.\nCollins was attending the Congressional Picnic at the White House that evening, and replied: \”Wow. Makes no sense. How are these results even possible???\”\nCollins then placed a flurry of phone calls to his son, Cameron. At the time, the US market was closed. The next day at 7:42 a.m., according to the indictment, Cameron placed an order with his broker to sell 16,508 shares of Innate stock. The trade was executed when the market opened at 9:30 a.m. Throughout the day, Cameron placed 17 additional orders to sell Innate stock.\nOn the following Monday, June 26, Cameron placed approximately 36 additional orders to sell Innate. Federal prosecutors claim that phone records show that he discussed these deals with his father. For example, according to the indictment, the feds claim that Cameron was on the phone with his father when he sold approximately 50,000 shares of Innate.\nIn total, Cameron Collins sold 1,391,500 shares of Innate between the time the company’s CEO emailed the board about the failed drug trial and the close of the US market on June 26 when the company announced the results publicly. These sales allowed Cameron to avoid approximately $570,900 in losses.\nOther alleged co-conspirators also avoided substantial losses. Zarsky allegedly sold more than 350,000 shares of Innate on June 22 and June 23 to avoid more than $160,000 in losses.\nAfter Innate’s stock crashed, reporters asked Collins if he had sold a significant amount of stock before the public announcement. Collins’ staff told the media that neither he nor his daughter sold shares \”during or after Innate’s recent stock halt.\” The statement added: \”Cameron Collins has liquidated all his shares after the stock halt was lifted, suffering a substantial financial loss.\”\nAfter learning about the trading activity, the FBI asked to meet with Collins, his son, and his son’s father-in-law, Manhattan US attorney Geoffrey Berman said at a press conference on Wednesday. During those interviews, Berman said, the men denied that they had engaged in insider trading.\n\”By lying to the FBI, they compounded their insider trading crime with the crime of criminal coverup,\” Berman said.\nEarlier this year, two GOP lawmakers told the Hill that Collins had bragged about making money for members of Congress by tipping them off about Innate. \”He’s made members money,\” one Republican lawmaker told the Hill.\nThe Buffalo News also reported that Collins had tipped off local entrepreneurs about Innate and made them \”millionaires.\”\nCollins denied the reports, telling the Hill, \”I’ve never encouraged anyone to buy the stock. Ever.\”\nCollins also reportedly promoted the stock to former Rep. Tom Price, who was asked about his holdings in Innate during a confirmation hearing after he was nominated by Trump to become secretary of health and human services.\nCollins defended Price and himself at the time, telling CNN in an interview, \”There was nothing done that was insider trading or unethical.\”\nHe confirmed that Price had bought Innate stock but said Price made that decision on his own.\nOn Wednesday, a spokesperson for Price told Politico that he has not been interviewed by federal investigators about the alleged insider trading scheme.\n\”Dr. Price addressed his ownership of Innate Immunotherapeutics stock during his confirmation hearings for HHS Secretary and sold any stock he held in February 2017,\” the spokesperson said.\nCollins’ activity involving Innate is also the subject of a probe by the House Ethics Committee, which his office called \”a partisan witch hunt\” in a statement last year.\n\”The Congressman knew he couldn’t sell his own shares for personal and technical reasons,\” Berman said, including because of the ongoing investigation by Congress.\n\”The crime he committed was to tip his son Cameron,\” Berman said.\nCollins, his son, and Zarsky pleaded not guilty to the charges on Wednesday. They are expected to be released from custody later in the day.\nADVERTISEMENT Seung Min Kim @seungminkim JUST IN: @SpeakerRyan calls for Ethics investigation into @RepChrisCollins, strips him of his seat on the powerful Energy and Commerce Committee\n03:40 PM – 08 Aug 2018 Reply Retweet Favorite\nRead the indictment: Download PDF Check back for updates and follow BuzzFeed News on Twitter.”,
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“text”: “\nInvestors in an arcane corner of the bond market are latching onto one important detail lost amid all the chaos surrounding Elon Musk ’s bombshell Tuesday: Even if he ultimately fails in his effort to take Tesla Inc. private, the company could win much-needed debt relief.\nThat’s because more than a third of the company’s approximately $11.5 billion debt was issued as convertible bonds — securities that creditors can exchange for equity if the stock reaches a certain price level. Coaxing investors to take equity, instead of demanding repayment on the money they’re owed, would help ease the financial pressure on a company that’s burned through more than $600 million in six of the past seven quarters.\nOne of the most imminent of these bond maturities — a $920 million note due in March — has a conversion price of $359.87 per share. The stock was priced some $18 below that level at the start of trading yesterday before Musk began tweeting . And within minutes , it had surpassed it.\n“They want you to ask for the stock and not for your cash back,” when holders have a choice upon maturity, assuming the stock is trading above the conversion price, said Chris Hartman, a senior portfolio manager at Aegon Asset Management. “They might not have the cash on the balance sheet to pay you back. They need that cash for working capital needs.”\nIt could be a huge relief for Tesla, which has drawn skeptics from far and wide that doubt the company’s ability to handle production costs and upcoming debt maturities without an additional capital raise. But should the stock sustain its momentum by the time those maturities come due, holders will be clearly incentivized to convert to equity, which would take Tesla off the hook to pay billions of dollars in principal back to bondholders, Hartman said. Convert Value\nIt’s in Tesla’s interest to see the bonds, which pay a coupon, eventually converted to equity, which pays no dividend. That’s not to say that the company necessarily wants holders to convert early, nor is it in investors’ interest to do so — the way that the 0.25 percent bond is currently trading, for example, suggests that there’s more value to hold the security now compared to the underlying stock if it’s converted, Hartman said.\nRepresentatives for Palo Alto, California-based Tesla declined to comment.\nMusk said last week there’s no need for Tesla to raise more equity, as he expects the company to generate positive free cash flow in the second half of this year. That, he said, will help repay — not refinance — the convertible debt maturity early next year. But analysts still see a capital raise as necessary, and wonder how going private at an $82 billion valuation would materialize.\nMusk said in his tweet that the funding was “secured,” but did not elaborate on where it would come from. The stock fell Wednesday in New York as skepticism grew. No bank or investment fund contacted by Bloomberg News thus far has indicated it was aware of Musk’s plan to finance a Tesla buyout.\n“Show us the terms, show us some details,” said John McClain, a portfolio manager who helps oversee $21 billion of assets at Diamond Hill Capital Management. “It smacks of desperation.”\n— With assistance by Claire Boston, and Dana Hull ( Updates with company comment in the seventh paragraph. ) Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE Most Read “,
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“title”: “US escalates trade war, but China’s exports keep rising – business live | Business”,
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“text”: “Sterling has dropped close to a one-year low as fears of a hard Brexit rise Sterling has dropped close to a one-year low as fears of a hard Brexit rise Trade wars can have many casualties. And the dispute between America and China is threatening the future of a paper mill in the state of Arkansas. Associated Press has the details:\nA Chinese company’s announcement two years ago that it would spend more than $1 billion and hire hundreds of workers for a paper mill on the outskirts of this rural college town was seen as a much-needed shot in the arm for the region’s economy. A web video promoting Arkadelphia “It’s a great place to call home!” continues to tout the Sun Paper project and its potential to generate jobs and boost development. But optimism has been giving way to concern in recent months amid President Donald Trump’s escalating trade dispute with China. The threat of a full-blown trade war has delayed the project further and prompted the state’s governor to send his top economic development official to China to make sure it stays on track. It also has caused other Chinese companies considering investing in Arkansas to put their plans on hold. “It’s like a dark cloud hanging over the future of the project,” Stephen Bell, the president and chief executive officer of the Arkadelphia Area Chamber of Commerce. “Right now, the clouds are off on the horizon. But I think no one knows where the trade situation is going right now.”…. By announcing new tariffs today , China’s is sticking firmly to its tit-for-tat policy on trade, says Art Hogan, chief market strategist at investment bank B. Riley. That means that the trade war is likely to escalate, Hogan warns (via CNN): “Our $16 billion comes at a scheduled time, which comes up on the 23rd. China said we see your $16 billion and we’ll match your $16 billion.” “They’ll pretty much match what we do until they have no more levers to pull. The bad news is the trade war fears in China are escalating. The major concern right now in trade is China. In case you missed this earlier, we learned overnight that China’s imports and exports both rose in July. Exports jumped by over 12% year on year, indicating that the trade war hasn’t caused serious damage yet. These photos from Lianyungang Port, in the Jiangsu Province of China , show that plenty of vehicle were lined up for shipment today: China’s latest wave of tariffs haven’t spooked the US stock market. The Dow Jones industrial average has dipped by 24 points, or just 0.1%, while the broader S&P 500 index is flat. David Madden of CMC Markets explains why traders aren’t panicking: Markets had a muted reaction to China’s announcement that it plans to impose tariffs on $16 billion worth of US goods, starting on 23 August. The token retaliation from Beijing keeps the trade spat alive, and it seems like China were doing it to send a message, rather than to inflict financial pain on the US. So far, China has managed a tit-for-tat response to America’s trade tariffs — including today’s retaliation to US plans for tariffs on $16bn of Chinese goods . But Beijing can’t respond in kind if Donald Trump implements his threat for 25% tariffs on an extra $200bn of goods, simply because China doesn’t buy enough from America. Oliver Jones of Capital Economics thinks Beijing might change course, and target individual US companies. He writes: While China has so far responded to US tariffs primarily with duties of its own, it is reaching the limit of its ability to respond in this way. There are already signs that China is starting to target US multinationals operating there directly instead. We think that its response will increasingly take this form if the US imposes tariffs beyond those already in the pipeline. Here’s Reuters’ take on the US-China tariffs row: China is slapping additional import tariffs of 25 percent on $16 billion worth of U.S. goods ranging from oil and steel products to autos and medical equipment, the commerce ministry said, as the world’s two largest economies escalate their trade dispute. “This is a very unreasonable practice,” the commerce ministry said on its website http://www.mofcom.gov.cn , responding to the United States’ decision to slap 25 percent tariffs on another $16 billion of Chinese goods on Aug 23. The slump in sterling today has given the London stock exchange a boost. The FTSE 100 has gained 43 points, or 0.5%, to 7761 points. With the pound lower, multinational’s overseas earnings are worth more in sterling terms (updated). Basically the Footsie is acting as the ‘up’ side of the see-saw, as the pound drops – currently down 0.5% against the US dollar to around $1.287. Tesla’s shares have dipped in early trading, down $2.5 at around $377. Wall Street may not be convinced that the company is definitely being taken private, following that announcement from the company’s board . After all, “taking the appropriate next steps” is rater more guarded than Musk’s bold claim that he has “funding secured” to take Tesla off the stock market at $420 per share. Newsflash: Electric car maker Tesla has issued a statement, in response to founder Elon Musk’s comments yesterday about taking the company off the stock market. Tesla says that Musk “opened discussions” last week with the company’s board about taking it private, to “better serve” its long-term interests. The board have met several times since, and are now evaluating the idea. Yesterday, Musk insisted that he had secured the funding to take Tesla private – even though it would be the biggest buyout ever. Leaving the stock market would take some pressure off Tesla, as it battles to hit its production targets… However, some financial analysts are sceptical that the plan would really work: American scrap metal and waste paper will also incur 25% tariffs at the Chinese border in two weeks. So, apparently, will US “fish meal for feed” (which I think is used to nourish farmed fish, poultry and pork). China’s new retaliatory tariffs will apply to 333 US products. Coal, diesel, cars and bicycles, medical equipment and steel products are all on the list, the Chinese commerce department says. Newsflash: China has announced it will impose retaliatory 25% tariffs on $16bn of US goods. Beijing’s commerce ministry says it has been forced to retaliate to America’s “very unreasonable” levies on $16bn of Chinese exports ( announced last night ). China’s measures will kick-in on August 23, the same day as America’s latest levies, as it sticks to its policy of respond in kind to Donald Trump’s trade moves. So in two weeks, the two countries will be imposing tariffs on $50bn of each others goods. American officials are already working on plans for tariffs on another $200bn of Chinese products in September. Reuters reports that City traders are taking steps to protect themselves against sterling falling further: Nine-month and one-year sterling/dollar risk-reversals fell on Wednesday to the lowest since early-March 2017, as investors rushed to protect themselves from further weakness in the British currency. Risk reversals are a gauge of investor expectations for a currency’s direction and are used to hedge against expected moves. The fall in sterling risk reversals indicates greater demand for put options, derivatives that give investors the right to sell an asset. This is from Miles Eakers of foreign exchange firm Centtrip: Sterling is being hit by fears of a ‘no-deal Brexit’, says Lukman Otunuga, research analyst at FXTM. Sterling was pounded by the Dollar and most of its major counterparts on Wednesday as fears heightened over the UK exiting the European Union without a trade deal in place. Concerns of a potential hard Brexit scenario have haunted investor attraction towards the Pound and have left the currency vulnerable to downside shocks. The selloff is gathering pace. Here’s the latest damage:”,
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“title”: “More China Tariffs, Fed Keynesians, RBA Political Risk: Eco Day”,
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“text”: “LISTEN TO ARTICLE 2:00 Good morning, Asia. Here’s the latest news from Bloomberg Economics:\nThe U.S. will begin imposing 25 percent duties on an additional $16 billion in Chinese imports in two weeks, while a Fed survey shows the escalating trade war has prompted about 30 percent of U.S. manufacturers to review their capital spending plans Unequal wealth distribution has led economists to question Fed leaders’ love for the New Keynesian model , born of their 1980s experience Politics is shaping up as the wild card for Australia’s central bank as it prepares to release economic forecasts that are unlikely to factor in a potential hiring slump President Trump’s renewed U.S. sanctions on Iran threaten to penalize even close allies — this QuickTake shows how the penalties are undermining Iran’s economy Has Chinese President Xi Jinping overreached? An economic slowdown, a tanking stock market, and an infant-vaccine scandal are feeding domestic discontent Over in Turkey, while desperate measures are in the air, there’s a vacuum at the core of economic policy making On the monetary policy front, Thailand is moving closer toward raising near-record low rates as officials meet today; the question facing Philippine policy makers tomorrow is not whether to raise for a third time, but by how much . Meantime, Argentina kept its key rate at 40 percent An outflow of European bankers from London is damping prices and rents , according to a BOE policy maker In India, Ikea will open its first store Thursday, bringing inexpensive Nordic-inspired furnishings and food to the world’s fastest-growing middle class . Here’s a quick overview of the coming general election in the world’s largest democracy The Japanese university at the center of a sexism scandal apologized for “systematic” manipulation of test scores aimed at keeping female students out of medical school Faith in humanity restored: A Swiss pensioner who lost 3,500 francs while buying plums at a local market was “overjoyed” to get his money back “,
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“text”: “01:10 am: Madras HC postpones hearing till 8am Wednesday morning\n11:46 pm: Bihar govt announces two-day state mourning in a mark of respect for Karunanidhi\n11:45 pm: Rajinikanth arrives at Karunanidhi’s Gopalapuram residence where DMK chief’s mortal remains are kept\n11:36 pm: Hearing begins at acting chief justice of Madras High Court on the plea of DMK seeking burial at Marina Beach\n11:28 pm: West Bengal Chief Minister Mamata Banerjee arrives at Gopalapuram in Chennai, meets MK Stalin and Kanimozhi\n11:14 pm: DMK workers raise slogans in Gopalapuram hailing Karunanidhi and demand his burial next to Anna memorial at Marina beach\n11:08 pm: Tamil Nadu’s Advocate General arrives at the residence of Acting Chief Justice of Madras HC. He talked to TN CM for 40 minutes before hearing.\n11:05 pm: Hearing on DMK plea to begin shortly\n10:47 pm: Like Jayalalitha ji, Kalaignar was an expression of the voice of the Tamil people. That voice deserves to be given space on Marina Beach. I am sure the current leaders of Tamil Nadu will be magnanimous in this time of grief: Rahul Gandhi\n10:46 pm: Rahul Gandhi supports demand for Karunanidhi’s burial at Marina Beach\n10:43 pm: Lawyers for DMK reach residence of Madras High Court acting Chief Justice Huluvadi G. Ramesh who had agreed to hear today a case against denial of burial land by Tamil Nadu Govt at Marina beach for Karunanidhi​\n10:15 pm: Tamil Nadu Government must take all measures, for last rites of Karunanidhi to be performed near Anna memorial. This would be the highest respect we would be paying to him. This is my humble request: Rajinikanth\n9:56 pm: \”On behalf of the US Consulate General in Chennai, I offer condolences to the people of Tamil Nadu and Tamils across the world on the passing of former Chief Minister Muthuvel Karunanidhi,\” Acting US Consul General in Chennai Lauren Lovelace said in a statement.\n9:55 pm: United States condoles DMK chief Karunanidhi’s death\n9:50 pm: Stalin and other family members have gone and asked the CM about it. Duraimurugan and Ponmudi even gave him a letter. He said there are legal complications it seems. The petitions have been withdrawn – so what is the legal complication?: Vaiko\n9:48 pm: Tamil Thai’s Thavamaindhan Dr Kalaignar has left us all crying. Our hearts are burning, and the TN CM is pouring petrol over it. Without any humanity, the TN CM is denying a burial to Dr Kalaignar next to Anna: Vaiko\n9:47 pm: Acting Chief Justice of Madras HC likely to hold special hearing on DMK’s plea for Karunanidhi’s burial at Marina at 10.30 am: PTI quoting court sources\n9:46 pm: It has also been decided to accord state funeral tomorrow in Chennai and national mourning has been declared for tomorrow: GOI\n9:45 pm: National flag to fly at half-mast tomorrow in Delhi, all state capitals and across Tamil Nadu as a mark of respect to M Karunanidhi: MHA\n09:40 pm: Karunanidhi was a man of committed ideals, he excelled in the field of politics and had also made valuable contributions to Tamil literature, having written stories, novels and multiple volumes of memoirs, says BJP leader LK Advani\n09:30 pm: DMK moves Madras High Court against Tamil Nadu government’s decision denying space for M Karunanidhi’s burial at Marina beach. Madras High Court acting Chief Justice Huluvadi G. Ramesh reportedly agrees to hear case at 10:30 pm.\n09:17 pm: Karnataka govt declares one day state mourning tomorrow in a mark of respect for Karunanidhi\n09:10 pm: DMK planning to approach Madras High Court over Karunanidhi’s memorial at Marina Beach, according to media reports\n09:00 pm: Ambulance carrying Karunanidhi’s body is being taken to his Gopalapuram residence. After that, the body will be taken to the residence of his second wife, the mother of Kanimozhi. The body will be then kept at Rajaji Hall where people will pay their last respects to the departed leader. Karunanidhi’s body will be cremated thereafter.\n08:40 pm: DMK workers indulge in violence outside Kauvery Hospital demanding Karunanidhi’s memorial at Marina beach\n08:25 pm: Congress asks Tamil Nadu govt to respect DMK supporters wish to bury Karunanidhi at Marina beach.\n08: 19 pm: Tamil Nadu government rejects proposal to bury Karunanidhi at Marina beach, citing legal issues. Chief secretary Girija Vaidyanathan issues statement, saying government is willing to give two acre land near Gandhi Mandapam\n08:07 pm: Utter peace should me maintained ,that’s the respect which we show to our leader, says Stalin\n08:04 pm: Karunanidhi’s son Stalin asks DMK cadre not to indulge in any kind of violence\n08:02 pm: Kalaignar Karunanidhi was a seasoned leader who dedicated himself in service to the poor and needy. He was a powerful voice of the marginalised section of our society. India mourns his demise: Rajnath Singh\n8:01 pm: The demise of Kalaignar Karunanidhi is a monumental loss to India’s political landscape. His contribution to the Tamil society and the Tamil Nadu state will always be remembered. My heartfelt tributes to Kalaignar Karunanidhi and condolences to the bereaved family: Rajnath Singh\n8:00 pm: Condoling Karunanidhi’s death, Union Home Minister Rajnath Singh says his demise is a monumental loss to India’s political landscape.\n07:45 pm: Congress president Rahul Gandhi expresses grief over Karunanidhi’s death\n07:37 pm: BJP chief Amit Shah expresses grief over Karunanishi’s demise\n07:35 pm: Congress president Rahul Gandhi to attend Karunanidhi’s cremation: Sources\n07:32 pm: Tamil Nadu declares state holiday on Wednesday. The govt announces seven day’s mourning in the state.\n07:28 pm: PM Modi to travel to Chennai Wednesday morning, to pay his last respects to Kalaignar Karunanidhi, the former Chief Minister of Tamil Nadu.\n07:20 pm: Extremely sad to learn of the passing of Thiru M. Karunanidhi. A doyen of our public life, as a contributor to the development of Tamil Nadu and of India he has few peers. Our country is poorer today. My condolences to his family and millions of well-wishers: President Ram Nath Kovind Extremely sad to learn of the passing of Thiru M. Karunanidhi. A doyen of our public life, as a contributor to the development of Tamil Nadu and of India he has few peers. Our country is poorer today. My condolences to his family and millions of well-wishers #PresidentKovind — President of India (@rashtrapatibhvn) August 7, 2018\n07:10 pm: Today is a black day in my life, one which I can never forget as I lost my #Kalaignar. I pray for his soul: Rajinikanth on Karunanidhi’s demise Today is a black day in my life, one which I can never forget as I lost my #Kalaignar . I pray for his soul: Rajinikanth on #Karunanidhi (file pic) pic.twitter.com/R8ociRQSsN — ANI (@ANI) August 7, 2018\n07:00 pm: Deeply saddened by passing away of Kalaignar Karunanidhi. He was one of the senior most leaders of India. We have lost a deep-rooted mass leader, prolific thinker, accomplished writer and a stalwart whose life was devoted to the welfare of the poor and the marginalised: PM Modi\n​ Deeply saddened by the passing away of Kalaignar Karunanidhi. He was one of the senior most leaders of India. We have lost a deep-rooted mass leader, prolific thinker, accomplished writer and a stalwart whose life was devoted to the welfare of the poor and the marginalised. pic.twitter.com/jOZ3BOIZMj — Narendra Modi (@narendramodi) August 7, 2018 Kalaignar Karunanidhi stood for regional aspirations as well as national progress. He was steadfastly committed to the welfare of Tamils and ensured that Tamil Nadu’s voice was effectively heard. pic.twitter.com/l7ypa1HJNC — Narendra Modi (@narendramodi) August 7, 2018 I have had the opportunity of interacting with Karunanidhi Ji on several occasions. His understanding of policy and emphasis on social welfare stood out. Firmly committed to democratic ideals, his strong opposition to the Emergency will always be remembered. pic.twitter.com/cbMiMPRy7l — Narendra Modi (@narendramodi) August 7, 2018 My thoughts are with the family and the countless supporters of Karunanidhi Ji in this hour of grief. India and particularly Tamil Nadu will miss him immensely. May his soul rest in peace. pic.twitter.com/7ZZQi9VEkm — Narendra Modi (@narendramodi) August 7, 2018\n06:44 pm: Karunanidhi passes away at 94\nKarunanidhi Death News Updates Video\n06:00 pm: DMK workers weeping outside the hospital #WATCH A DMK worker broke down outside Kauvery Hospital after the hospital released a statement informing that M Karunanidhi’s health had deteriorated further. #Chennai pic.twitter.com/AWnxnWcf0K\n06:00 pm: West Bengal Chief Minister Mamata Banerjee to leave for Chennai shortly\n05:50 pm: DMK workers seen crying outside Kauvery Hospital Chennai: DMK workers break down after Kauvery Hospital released statement that M Karunanidhi’s health has deteriorated further. pic.twitter.com/LapebJnjvi\n05:23 pm: More police personnel deployed outside Karunanidhi’s residence at Gopalapuram in Chennai\n05:19 pm: No one allowed inside the hospital, say police\n05:00 pm: Tamil Nadu DGP issues circular to all the district SPs and commissioners of police for keeping enough forces ready for maintaining law and order in the state\n04:50 pm: DMK workers gather outside Kauvery Hospital after news spreads about Karunanidhi’s deteriorating health. #Chennai : DMK workers gather outside Kauvery Hospital as hospital releases statement that M Karunanidhi’s health has deteriorated further. pic.twitter.com/rZ8yW7Uco5\n04:44 pm: Karunanidhi’s vital organ functions continue to deteriorate, says a press release issued by Kauvery Hospital Press release from Kauvery Hospital. pic.twitter.com/ZK27g42GAd — KalaignarKarunanidhi (@kalaignar89) August 7, 2018\n02:14 pm: Chennai: DMK supporters continue to gather outside Kauvery Hospital where DMK Chief M Karunanidhi is currently admitted. Chennai: DMK supporters continue to gather outside Kauvery Hospital where DMK Chief M Karunanidhi is currently admitted. #TamilNadu pic.twitter.com/1BKq6zo9vH — ANI (@ANI) August 7, 2018\n02:07 pm: Famous Tamil actor R Sarath Kumar tweeted on Tuesday to pray for the DMK’s chief recovery and good health. We have seen Kalaignar’s bravery all through his life, this time also he will prove. We will continue to pray for his speedy recovery — R Sarath Kumar (@realsarathkumar) August 7, 2018\n01:59 pm: At 1:50 p.m. on Tuesday outside Kauvery Hospital. As Karunanidhi remains critical, cadre are a tense lot. pic.twitter.com/SitlQaTcdV — Barani Vaitheesvaran (@BharaniVET) August 7, 2018\n1:56 pm: Actor Arjun and politicians Kongu Eswaran and K Veeramani arrived at the Kauvery Hospital to inquire about DMK chief M Karunanidhi’s health\n01:55 pm: According to reports, Internet services have been restricted outside Kauvery Hospital in Chennai\n01:50 pm: MDMK president Vaiko, Pondicherry Chief Minister V Narayanasamy and former higher education minister Ponmudi were among those who arrived at the hospital and inquired about the DMK chief’s health.\n01:49 pm: Security has been beefed up outside the Chennai-based Kauvery hospital, where thousands of DMK supporters have been camping since last night, when the news of his critical condition was released. In a medical bulletin, the hospital had said that Karunanidhi’s health had declined and it was a challenge to keep his vital organs functioning.\n12:54 pm: Marumalarchi Dravida Munnetra Kazhagam (MDMK) founder Vaiko is also present at Kauvery Hospital along with Tamil Nadu Congress leader EVKS Elangovan and actor Udhayanidhi Stalin.\n12:12 pm: A tight security arrangement is being maintained near Karunanidhi‘s Gopalapuram residence. Barricades have been placed in front of the house and the roads leading upto it to deter a crowd from gathering there.\n11:25 am: Supporters gather outside Chennai’s Kauvery Hospital where DMK President M Karunanidhi is undergoing treatment. The hospital had yesterday stated a decline in his medical condition. Supporters gather outside Chennai’s Kauvery Hospital where DMK President M. Karunanidhi is undergoing treatment. The hospital had yesterday stated a decline in his medical condition. #TamilNadu pic.twitter.com/ajMbZ01poQ — ANI (@ANI) August 7, 2018\n11:21 am: Puducherry Chief Minister V Narayanasamy​ arrives at Kauvery hospital to inquire about Karunanidhi’s health. In the last 10 days, several political bigwigs – right from President Ram Nath Kovind, Vice President M. Venkaiah Naidu, Congress President Rahul Gandhi, former Prime Minister HD Deve Gowda and leaders from various parties including the BJP, Left and others – visited the hospital to express their wishes for Karunanidhi’s speedy recovery.\n09:23 am: The reports of Karunanidhi’s declining health has reportedly triggered a hoarding frenzy among locals in Chennai and surrounding areas as people flocked to markets to secure ration and milk before shops close down. Due to the sudden demand, one litre milk is sold at `200 at a shop in Sowcarpet. “Milk is sold at `200 and food items such as bread went out of stock. There are rumours that Karunanidhi is ‘’no more’’, so people are going into frenzy,” New Indian Express quoted a local as saying.\nThere were rumours that all shops would remain closed on Tuesday. This drove people to the shops. Meanwhile, a few programme scheduled for Tuesday were either cancelled or postponed.\n07:10 am: DMK leader Kanimozhi meets people gathered outside Chennai’s Kauvery hospital where her father and former Tamil Nadu CM M Karunanidhi is undergoing treatment. The hospital stated a decline in his medical condition yesterday. DMK leader Kanimozhi meets people gathered outside Chennai’s Kauvery hospital where her father and former Tamil Nadu CM M Karunanidhi is undergoing treatment. The hospital stated a decline in his medical condition yesterday. pic.twitter.com/l87nQ0PwJf — ANI (@ANI) August 7, 2018\n06:50 am: Latest visuals from outside Chennai’s Kauvery hospital where former Tamil Nadu CM M Karunanidhi is undergoing treatment. The hospital stated a decline in his medical condition yesterday pic.twitter.com/PXCIVPoMzo\n06:30 am: A massive crowd of DMK supporters, which had gathered outside the hospital after the medical bulletin last night, stayed overnight. Press release from Kauvery Hospital. pic.twitter.com/eI74y7NRGd — KalaignarKarunanidhi (@kalaignar89) August 6, 2018\nSoon after the news of a decline in Karunanidhi’s condition spread, hundreds of his supporters gathered outside the hospital, including a large number of women, some failing to control their tears, others waving at the TV cameras, preparing for an overnight vigil at the facility in downtown Alwarpet. Outside visuals from Chennai’s Kauvery hospital where DMK chief M Karunanidhi is admitted. #TamilNadu pic.twitter.com/TQLSwBqOfE — ANI (@ANI) August 6, 2018\nKarunanidhi was admitted to the intensive care unit of the hospital on July 28 following a dip in blood pressure, which stabilised following medical intervention. The hospital had, however, said on July 31 that an extended stay could be necessary due to age-related overall decline in his general health, altered liver function and haematological parameters.\nA host of dignitaries and political leaders, including President Ram Nath Kovind Vice President Venkaiah Naidu and Congress chief Rahul Gandhi have visited the hospital over the last few days to inquire about the condition of the DMK veteran.\nImage Source : TWITTER\nToday visited Kauvery hospital Chennai to see senior leader Sri M Karunanidhi ji. I enquired about his health and wished for his speedy recovery: Nitin Gadkari tweeted on Monday\nOn Sunday, President Ram Nath Kovind visited Karunanidhi and wished him a speedy recovery.\n\”Visited Thiru Karunanidhi, met Kalaignar’s family members and doctors, and inquired about his health. Wishing the former Chief Minister of Tamil Nadu, a veteran of our public life, a quick recovery,\” Kovind tweeted.\nEarlier, former Prime Minister and Janata Dal (Secular) leader HD Deve Gowda also visited Kauvery Hospital and enquired about Karunanidhi’s health.\nOn Thursday, Kerala Chief Minister Pinarayi Vijayan termed Karunanidhi a born fighter. He made the remark after visiting Karunanidhi at the hospital.\n(With inputs from agencies)”,
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“title”: “The Energy 202: Trump administration preparing to do away with Obama-era lightbulb rules, document says”,
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“title”: “The Energy 202: Trump administration preparing to do away with Obama-era lightbulb rules, document says”,
“text”: “Subscribe PowerPost Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events The Energy 202: Trump administration preparing to do away with Obama-era lightbulb rules, document says By Dino Grandoni August 8 at 8:31 AM Follow @dino_grandoni\nTHE LIGHTBULB A vintage-style incandescent light bulb (center) is shown with an LED light bulb (left) and a compact florescent lightbulb (right) in 2013. (Photo Illustration by Scott Olson/Getty Images)\nIn the last days of President Barack Obama’s administration, the Energy Department issued new rules attempting to make a wide swath of the lightbulbs illuminating U.S. homes and businesses more energy efficient. The move was cheered by environmentalists keen on the energy-saving potential but booed by conservatives who say it is not a bright idea to stop consumers from buying the lighting of their choice.\nNow, the Trump administration appears to be ready to side with those incandescent die-hards, according to a document that was published on — but then deleted from — the Energy Department’s website.\nThe document , discovered and saved by the Appliance Standards Awareness Project, indicates the Energy Department is preparing to repeal Obama-era rules that broadened the number of lightbulbs that must meet strict energy efficiency standards set to take effect in 2020.\n“It’s certainly one of the biggest for energy efficiency standards, setting aside the clean-car standards,” said Andrew deLaski, executive director of the Appliance Standards Awareness Project.\nThe notice said the Obama administration “misconstrued existing law” with its January 2017 rules. The Energy Department declined to comment on the document, which may have been inadvertently published last month on the department’s website before it was ready to roll out the new policy. “The Department does not comment on ongoing rulemakings beyond what is publicly available in the Unified Agenda published twice a year,” spokeswoman Shaylyn Hynes said.\nIn 2007, Congress passed into law new efficiency requirements for general lightbulbs, with strict requirements set to take effect in 2020. Bulbs with light-emitting diodes (known better as LEDs) and compact fluorescent lamps (known for their tubes with a twisty shape) can easily meet the 2020 standard of 45 lumens per watt, according to deLaski. But the traditional incandescent bulbs on the market cannot.\nSo manufacturers of those bulbs pushed back against what they called “midnight” rules by the Obama administration. They argued the previous leadership wanted to apply a standard Congress meant for regular lightbulbs — the ones with the traditional pear-like shape — to many unconventional breeds of bulbs.\n“All consumers of lighting are familiar with the look of the standard general service light bulb that Congress had in mind,” the National Electrical Manufacturers Association wrote to Rick Perry in March 2017 shortly after he was confirmed as Trump’s energy secretary. “These are specialty lamps, they are not standard lamps.”\nEnergy efficiency is a low-profile but important part of the Energy Department’s portfolio. Like many other countries, the United States wastes a tremendous amount of energy — two-thirds, according to the Lawrence Livermore National Laboratory — produced by coal, oil, natural gas, nuclear and renewable energy sources. Standards set by the department for washing machines, refrigerators and all sorts of other consumer and industrial equipment attempt to capture more of that energy radiated away as heat rather than used for work.\nBut it is the lightbulb that is the “flagship” of the department’s energy efficiency efforts, according to Dan Reicher, former head of the department’s Office of Energy Efficiency and Renewable Energy under President Bill Clinton. “When it’s all said and done,” Reicher said, “the first thing people think about when they think about energy efficiency is the lightbulb.”\nThe newfangled lightbulbs in particular have been held up — figuratively and at times literally, as Rep. Ted Poe (R-Tex.) did once on the House floor — as an example of the federal government overreaching by forcing consumers to buy energy efficient products.\n“The bill does one thing, Madame Speaker,” Poe said of the 2007 law a year after it was passed. “It controls the type of lightbulbs that all Americans must use.”\nBut groups like the American Council for an Energy-Efficient Economy, a nonprofit group that researches and promotes energy efficiency and that co-founded the Appliance Standards Awareness Project, counter that whatever freedom is lost is outweighed by the tremendous energy savings modern bulbs bring. According to the group, the energy savings lost if the last-minute Obama-era rules go away could power about 7 million homes for a year.\nChris Mooney contributed to this report. You are reading The Energy 202, our must-read tipsheet on energy and the environment. Not a regular subscriber? SIGN UP NOW POWER PLAYS Interior Secretary Ryan Zinke, left, speaks at Theodore Roosevelt National Park in North Dakota. (Tom Stromme/The Bismarck Tribune via AP)\n— Trump administration gives nod to bipartisan parks bill: The Interior Department signaled its support of a bipartisan plan to rebuild the national parks. Department spokeswoman Heather Swift told the Washington Examiner that Interior Secretary Ryan Zinke was \”very happy to see the House put forth a bipartisan bill\” and that it \”closely aligns\” with the administration’s proposal. The bill from Reps. Rob Bishop (R-Utah) and Raúl Grijalva (D-Ariz.) would allocate money from energy development on public lands to pay for repairs to parkland roads and other infrastructure. The Conowingo Dam, shown in July 2017 (Bill O’Leary/The Washington Post)\n— Maryland calls for backup on Chesapeake Bay cleanup: Maryland Gov. Larry Hogan (R) is putting the full-court press on surrounding states to reduce the amount of trash and pollution entering the Chesapeake Bay, claiming they are not doing their fair share of clean up, The Post’s Erin Cox reports . At an annual meeting Tuesday of the Chesapeake Executive Council, which includes the governors of Virginia, New York, Pennsylvania, Delaware, West Virginia and D.C.’s mayor, Hogan said “Maryland honestly has more to lose than any other state,” over the bay. But Cox writes that “leaders from other states pushed back against Hogan’s assertion that they should help clear the bay of debris.” THERMOMETER Two people watch as smoke from a wildfire rises in the distance Monday in Lake Forest, Calif. (Jae C. Hong/AP)\n— California is burning, and what is now the largest fire on record in the state is growing. But fire crews were gaining ground on the Mendocino Complex Fire on Tuesday, the Los Angeles Times reports . Officials, however, won’t see any help from the extreme weather, as the National Weather Service warns of temperatures topping 100 degrees and persisting dry, hot and windy conditions, Bloomberg News reports .\nThe smoke from the fires is creating an “air pollution nightmare” in the region, Greg Porter reports for The Post. “In many areas Tuesday, the air quality reached Code Orange levels, translating to unhealthy conditions for sensitive groups such as young children, older adults and those with respiratory problems. But there were also sizable pockets of Code Red and even Code Purple conditions, meaning unhealthy to very unhealthy air for all populations,” Porter reports. And the upcoming weather and continuously raging fires suggests it may only get worse.\n— Alabama beachgoers may have killed hundreds of protected birds: A bird biologist on Alabama’s Dauphin Island found that beachgoers used 26 eggs from the nests of a bird called the least tern, which is protected under the Migratory Bird Treaty Act, to decorate a sand sculpture. Left out of their nests and baking in the sun, the eggs died. The activity scared away other adult least terns protecting their nests.\n\”Killing migratory birds results in a penalty of $15,000 and up to six months in jail, but new guidance from the Trump administration says that killing a migratory bird either accidentally or incidentally is not a crime,\” the New York Times reports . \”This interpretation of the law would also absolve companies, not just individuals.\”\n— Storm watch: Including Hurricane Hector, a nearly Category 5 storm that is swirling east of Hawaii and was Tuesday tracking in the other direction, there are four tropical storms now in the Pacific Ocean. Michael Lowry, former meteorologist and a strategic planner at the Federal Emergency Management Agency, told The Post’s Angela Fritz that just 25 of 1,007 named storms in the eastern Pacific since 1949 have reached or surpassed Hector’s strength. Fritz reports Hector \”is expected to slide just south of the island chain Wednesday and Thursday.\” OIL CHECK Elon Musk. (Joe Skipper/Reuters)\n— The road ahead for Tesla: The company briefly suspended trading Tuesday afternoon after founder Elon Musk tweeted he was considering taking the company private. The remark from the electric automaker’s chief executive that he had “secured” funding “stunned investors,” The Post’s Drew Harwell reports . Am considering taking Tesla private at $420. Funding secured. — Elon Musk (@elonmusk) August 7, 2018\n“Musk’s tweet was an exceedingly rare way to break potentially monumental news,” Harwell added. “Public companies often halt trading in their stock and file official releases before making similar statements so as to minimize market jolts and abide by guidance from the Securities and Exchange Commission. … In a letter to employees Tuesday afternoon, Musk said a final decision had not yet been made and that the proposal would ultimately need final approval from a shareholder vote.”\nMeanwhile, bankers and private-equity investors are skeptical of Musk’s ability to achieve a buyout of the company, according to the Wall Street Journal , citing his tweet that signals a “special purpose fund” that would allow current shareholders to stay with Tesla. “A special-purpose vehicle that is accessible to all shareholders would be unprecedented, lawyers said,” per the report. “Tesla would effectively be creating a new public company and would need to file a registration statement with regulators…While there are precedents for founders, executives and other big investors rolling their stakes into leveraged buyouts, rarely if ever do individual investors have the opportunity do so.\” DAYBOOK The EPA holds a PFAS community engagement working session.\nComing Up The United States Energy Association holds a presentation on using coal for value-added products on Thursday. EXTRA MILEAGE\n— \”Softball-sized hail:\” A violent hailstorm at the Cheyenne Mountain Zoo in Colorado Springs killed a Cape vulture, which The Post’s Alex Horton reports was brought to the United States to help preserve the long-dwindling species. “,
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“text”: “LISTEN TO ARTICLE 8:11 Stock futures are flattish on a breather of a night for market news, helped by the fact that it’s been ~16 hours since the last tweet from Tesla CEO Elon Musk.\nThe tape appears to be taking the latest wrinkle in the trade war in stride — U.S. to impose 25% duties on added $16 billion in Chinese imports in two weeks — as well as Trump’s comments that he’ll make an announcement next week that would slash drug prices \”really, really substantially.\”\nThe S&P 500 has climbed five of the last six sessions, above ~2,850 that some had been pointing to as a potential level of near-term resistance, and we’re now only ~15 handles away from testing the closing record from late January.\nThe Squeeze Is On Short sellers have hit a rough patch as of late. Some have been holding on to their long-term bets for dear life in the hopes that the bull market will finally roll over (that’s looking a bit iffy as we keep inching towards a new record on the S&P 500), some took the recent struggles in large-cap tech as a signal to take new bearish positions (also looking iffy as tech has broadly had a V-shaped recovery since Apple’s earnings), while others have just been straight-up torched by the likes of Tesla, Hertz, AMD, and so on.\nA whirlwind of single-stock volatility was expected to net gigantic gains or losses for hedge funds yesterday, but the bonanza started early with the Tesla tornado that touched down across trading pads yesterday and wreaked havoc for the shorts who got burned for the second time in two months — Almost $800 million of potential losses were racked up just yesterday after the \”funding secured\” tweet by Musk, who called Tesla \”the most shorted stock in the history of the stock market\” in a blog post later in the day.\nThe swings continued after the closing bell with a deluge of earnings for names that have elevated short interest and/or hefty ownership from the fast money types:\nThe pops: Applied Optoelectronics +25%, 3D Systems +17%, Hortonworks +14%, Match Group +12%, Alarm.com +12%, Shutterfly +9% The drops: Beacon Roofing -18%, Hostess Brands -16%, Papa John’s -10% The jury is still out: Snap initially surged more than 13% after its results last night, but has since pared its gain to just 1% Who’s next: Roku, Tivo, Yelp, ADT, Jack in the Box will all report tonight If you didn’t get your fill on all-things Tesla, you can a) see a recap of yesterday’s TOP Live blog here, b) scroll through Tesla’s company news page for hours of enjoyment, c) check Tesla mentions on our Twitter feed, which has been lighting up ever since Musk’s going private tweet, d) read a QuickTake on whether that tweet violated SEC rules, or e) read some fresh takes below as the world continues to digest Musk’s tweetstorm:\nThe Bull: Baird analyst Ben Kallo expects the outperform-rated stock to trade above Musk’s $420 mark as investors demand a larger premium, \”which could coincide with some short covering\” The Uber-Bull: New Street Research analyst Pierre Ferragu, who has the highest price target out there at $530, says the most likely outcome is that the attempt to take Tesla private fails, but leaves the company in a strong position to raise equity The Bear: Cowen analyst Jeffrey Osborne, who rates the stock at an underperform, says an LBO wouldn’t work if existing investors were to remain, as Musk claims they will The Skeptic: Morgan Stanley analyst Adam Jonas, at one point one of Tesla’s biggest cheerleaders, is questioning the \”extremely aggressive\” LBO math that gets Musk to $420 and also the thought process behind Musk’s statement: \”If Tesla’s CEO really wanted to go private… why announce it to the world in this way… which could significantly contribute to the required premium and financial leverage?\” The Oddsmakers: Loup Ventures’ Gene Munster sees a 1 in 3 chance that Musk can \”actually pull this off and bring Tesla private,\” though notes the premium may not be high enough to incentivize existing holders to support the sale The Long: Outspoken Tesla shareholder Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, tweeted: \”There is no way Tesla shareholders are selling at $420 so The Saudis aren’t getting [sic] my stock for less than $571. No way.\” The Short: Kynikos founder Jim Chanos, one of the most vocal Tesla short sellers, told CNBC: \”The short position is the best thing the stock has going for it. ’Musk vs The Shorts’ is a far better narrative than ’Tesla vs Mercedes/Audi/Porsche’\” The Conspiracy Theorist: Seabreeze Partners founder Doug Kass tweeted these three bullets: 1) Musk recently bought stock in the open market, 2) a stock price above $359 allows Tesla to convert some bonds into equity, 3) \”Questionable actg. SEC comes a knocking soon\” Notes From the Sell Side Morgan Stanley says Southwest Airlines would be a good strategic fit for Berkshire Hathaway: \”Based on history, there could be 20-40% upside in LUV shares, while for BRK we see 7-8% potential EPS accretion and 6-7% cash return.\”\nBofAML is downgrading Kennametal to an underperform in the context of a broader call to fade rallies in the machinery space and due to growth that is poised to decelerate; the analyst upgrades Timken on the flip side after rating that stock at an underperform.\nDeutsche Bank takes its sell rating off of Dean Foods after Tuesday’s 15% plunge and with the downside thesis now \”playing out.\”\nTick-by-Tick Guide to Today’s Actionable Events Today — TRCO walk date for SBGI deal Today — MYL to give updates on status of generic of ALlergan’s Restasis Today — PRTK’s omadacycline faces FDA committee meeting 7:00am — CARS, GOGO, FI earnings 7:30am — SBGI, MYL (roughly), SO earnings 8:00am — KDP (roughly), LITE, CHH earnings 8:00am — GM at JPMorgan Auto Conference 8:30am — CVS earnings call 8:45am — Richmond Fed President Barkin speaks 9:00am — SBGI earnings call 9:20am — BA at Jefferies Global Industrials Conference 10:00am — FRPT investor day 10:00am — CMI at Jefferies Global Industrials Conference 10:30am — DoE oil inventories 10:30am — SHOP at Canaccord Genuity Growth Conference 11:20am — MMM at Jefferies Global Industrials Conference 11:30am — W at Canaccord Genuity Growth Conference 12:00pm — INTC hosts data-centric innovation summit 12:30pm — F at JPMorgan Auto Conference 1:15pm — COST monthly sales 4:00pm — FOXA, BKNG earnings 4:00pm — BEN monthly sales 4:01pm — NUAN, MELI, EQIX, SRPT, FANG, VNOM earnings 4:05pm — YELP, AZPN, MNST, ELF, JACK, GDOT, ACAD earnings 4:10pm — ROKU (roughly), FLS (roughly), NKTR earnings 4:15pm — IAC (roughly), TIVO, CTL, DNB, CXW earnings 4:20pm — OXY (roughly) earnings 4:30pm — FOXA, AVT, ETE/ETP earnings call 5:00pm — LBTYA, MUR (roughly) earnings 5:00pm — ROKU, TIVO, YELP, MNST, ADT earnings call 6:00pm — NTES earnings 9:30pm — China CPI/PPI Tonight — IPOs to price: Mesa Air (MESA), Amalgamated Bank (AMAL), Vaccinex (VCNX) “,
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“text”: “LISTEN TO ARTICLE 3:51 China’s yuan edged higher, strengthening for a second day after the central bank was said to have met with major lenders to emphasize currency stability. Mainland stocks fell following their best day in more than two years.\nThe yuan was up 0.07 percent at 6.8228 per dollar as of 11:29 a.m., paring an earlier gain of 0.48 percent, while the offshore-traded currency slipped 0.09 percent. The Shanghai Composite Index dropped 0.3 percent, stripping off some of Tuesday’s 2.7 percent rally . Hong Kong’s Hang Seng Index rose 0.3 percent.\nThe People’s Bank of China at a meeting Monday urged top banks to prevent any “herd behavior” and momentum-chasing moves in the foreign-exchange market, according to people familiar with the matter. That marked the latest move by China to promote stability in the yuan, after it made betting against the currency more expensive on Friday .\n“We could see further near-term recovery in the yuan, if the market senses that policy support being provided by Chinese policy makers is able to shore up growth,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. He said news about the PBOC’s meeting with banks has helped sentiment.\nThe yuan has weakened more than 6 percent against the dollar in the past three months, the worst performing currency in Asia. The decline has come amid an intensifying trade dispute with the U.S. and signs of a slowing economy at home.\nChina’s equity market is also among the worst in the world this year. The Shanghai Composite has tumbled 22 percent from a January peak, while the ChiNext gauge of small caps and technology stocks has slumped 23 percent from its 2018 high reached at the end of March. Hong Kong hasn’t escaped: a gauge of Chinese stocks in the city is 21 percent below its January high, while the benchmark Hang Seng Index has lost 15 percent.\n“You can’t chase a rally in a bear market, we are far from the bottom yet,” said China Vision Capital president Sun Jianbo. “The macro uncertainties haven’t changed at all, despite stimulus measures announced by the government. The fundamental reason for this bear market is a weakening Chinese economy.”\nSun said increased infrastructure spending is a last resort for the government as services and export sectors lose momentum. “That’s not a good sign to investors,” he said. “Increasing fiscal spending will just extend the explosion time of the crisis in some traditional industries like property.”\nA China Daily report on Tuesday cited a state planning official as saying the government would roll out more policies to improve investor appetite, though it didn’t elaborate. The China Business Journal also reported that rail investment this year may be higher than originally planned.\nGreat Wall Motor Co. led declines on the Hang Seng China Enterprises Index on Wednesday, sliding 8.9 percent after reporting its July sales volume fell from a year earlier. Dongfeng Motor Group Co. and Guangzhou Automobile Group Co. were also among the worst performers on the gauge.\nTencent Holdings Ltd. helped prop up the benchmark Hang Seng Index, as the tech giant rose for a fourth day, its best run in two months. Cnooc Ltd. and PetroChina Co. also were among the top gainers, helped by a higher oil price, while China Oilfield Services Ltd. was the top performing stock on the Hang Seng Composite Index, climbing 10 percent after signing a drilling contract with Italy’s Eni SpA.\nSome highlights:\nChina Is Said to Push Yuan Stability in Meeting With Big Banks The Yuan at 7 Per Dollar? No Time Soon, Say China Watchers U.S. to Raise Tariffs on $16 Billion of China Goods on Aug. 23 Unfazed by Trade Row, This Contrarian Is Buying China Stocks China’s Investors Are Being Offered the Cheapest Money in Years Great Wall Drops After July Sales; CICC Cuts PT on Competition What Analysts Are Saying About Equities: China Research Digest “,
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“text”: “\nThink risk-arbitrage desks are drooling over the spread between Tesla Inc.’s market price and the value Chief Executive Officer Elon Musk touted for taking it private? Think again.\nTraders are nearly unanimous: there’s been too much pain of late to dive into something this exotic. After the NXP Semiconductors NV and Tribune Media Co. deals cratered, now is not the time to be placing bets on a deal where the financing is unclear and the orchestrator is Elon Musk.\n“It would be quite likely that those who were burned on the NXPI deal break would be quite reluctant to jump in too early with Tesla – especially given how early stage it must be and the unorthodox way in which it came to light,” said Ben Kelly, Louis Capital risk-arbitrage analyst. “I would say it’s in very early stages, the price mentioned is not exciting, and that the process appears very unlikely to develop further anytime soon. ”\nMusk, who owns about 20 percent of Tesla, would need to finance around $58 billion as part of a deal, according to Ivan Feinseth, Chief Investment Officer of Tigress Financial. That would mean an interest of $7.1 billion every year at rates of about 12.5 percent, he said on Bloomberg Television.\nFinancing isn’t the only concern among risk arbitrage strategists. Wounds may still be fresh after NXP Semiconductors’ $44 billion takeover by Qualcomm fell through two weeks ago. The merger of Hydro One Ltd. and Avista Corp. is also on the verge of falling apart. The worry also extends to whether Musk can get support from investors and where he will find the money to pay for funding costs should the deal be structured with debt.\nTesla shares fell 1.3 percent on Wednesday to $374.50, or 11 percent below the purported going-private price of $420 a share. While sell-side analysts speculate whether the decision to go private is a good idea, risk arbitrage strategists like Roy Behren, portfolio manager of the Merger Fund at Westchester Capital Management, says there isn’t a lot for traders to do on Tesla at the moment given the absence of details.\n“There is technically no arbitrage opportunity yet, because there is no deal, but there are investors who make ‘pre-arb’ investments,” Behren said. “There is clearly more to this than just speculation because there is news flow from Musk on it, but the details are too skimpy, particularly on financing for us to forecast a high probability of a successful deal at this point.”\nIn a series of tweets that sent the stock soaring, Musk said he’s considering taking Tesla private at $420 a share and that investor support “ is confirmed .” He also tweeted, “ funding secured. ” Bankers close to Tesla are said to have no knowledge of a potential takeout, Financial Times reporter Arash Massoudi said in an interview with CNBC. Tesla’s board members later confirmed discussions on going private had occurred.\n“Given the unusual form of disclosure regarding only discussions about a transaction that may never happen, traditional arbitrageurs typically would stay away from this situation until a definitive deal is disclosed,” said Brett Buckley, event driven strategist at WallachBeth Capital LLC. “Perhaps some may seek option strategies that present clearly defined risk at attractive risk/rewards.” Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE Most Read “,
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“text”: “Twitter\nElon Musk might have a clear plan for taking Tesla Inc. private. Analysts aren’t convinced.\nReactions to the chief executive officer’s tweet Tuesday that he was considering going private have widely varied on Wall Street. While some analysts say the $420 per share value cited by Musk is too low to entice investors, others say the company fundamentals don’t support a valuation that high. The company’s staggering debt load and already high capitalization may make it tough for the company to go private, the analysts also said.\nTesla shares fell as much as 3.3 percent on Wednesday before turning higher, briefly dipping into Tuesday’s 11 percent rally after Musk’s tweets lit a fire under the stock, already higher on reports that Saudi Arabia’s sovereign wealth fund built a roughly $2 billion stake in the electric-car maker. A blog post from the company and a statement from the board confirmed the discussions but offered little further details.\nHere is a round up of the analyst commentaries after Tuesday’s news. Morgan Stanley, Adam Jonas\n(Equal-weight, price target $291)“The scale and scope of launching an auto company while providing a focused internal narrative to employees and stakeholders on the goals of the enterprise may be better aligned outside of the eye of the public market with a longer-term horizon.”\nJonas says taking the company private would assume one of two factors: “that the company is on the verge of generating self-sustaining cash flows or that the company can tap into a range of strategic sources of capital not previously at its disposal.”\n“If Tesla’s CEO really wanted to go private… why announce it to the world in this way… Investors might reasonably ask why Tesla management would want the stock price to reflect all the premium of an LBO up-front. It is hard to understand the potential reason for such a negotiating strategy.” READ MORE Tesla Board Mulls Musk’s Go-Private Gambit Doubted by the Market Can Elon Musk Tweet That? The SEC May Have an Opinion: QuickTake Musk Wants Chinese Banks to Finance His New Tesla Factory Elon Musk Takes Annoyance With Shorts to New Level at Tesla Bernstein, Toni Sacconaghi\n(Market-perform, price target $265)“We see upside risk in the near term to perhaps $400, assuming more credible details of a buyout or an offer at $420 emerge…, but downside risk to ~$340 or below, if no firmer details emerge, as investors would likely increasingly debate Musk’s credibility and seemingly unhealthy focus on the shares’ price and volatility.”\n“We wonder how fully fleshed out Elon’s tweets yesterday were. The nature of the delivery was unconventional at best, and seemingly whimsical at worst. At risk, of course, is that anything short of a formal take-private offer could trigger lawsuits from burned short-sellers, or at worst, public pressure to remove Musk as CEO.” Jefferies, Philippe Houchois\n(Hold, price target to $360 from $250)“Distraction or not, the move feels right even if Musk is downplaying how supportive public markets have been.”\n“With Tesla unable to take on more debt, we wonder who may fund the potential deal and end up as a new large shareholder.” Evercore ISI, George Galliers\n(In-line, price target $301)“No details have been provided with regards to what ‘funding secured’ means, who is providing that funding and what any potential funding structure might look like. Our view is that ‘funding secured’ should be interpreted as a strong verbal commitment, with funds available and parties willing to execute quickly. However, it could be less than this.”\n“While several press reports suggest an ‘LBO’, given Tesla’s Ebitda and cash generation today, we don’t see material leverage as likely. Instead, we see a possible scenario where 50 percent to 60 percent of existing shareholders continue, with their holdings rolled into a new private structure.” RBC, Joseph Spak\n(Sector perform, price target $315)“While we are not assessing probability today, we believe there is substance to the news and note that prior ‘controversial’ shareholder votes (like Solar City) have always voted with Elon.”\n“Sovereign funds (broadly), cash rich tech companies, Chinese sources and large VCs could all be potential candidates to provide funding.” Baird, Ben Kallo\n(Outperform, price target $411)“We do not think Tesla shareholders view the $420/share mark as an adequate premium for a go-private transaction, and therefore we think investors could look for a higher price.”\n“Shares could trade above $420 as investors demand a larger premium, which could coincide with some short covering.” New Street Research, Pierre Ferragu\n(Buy, price target $530) “The most likely outcome is that the attempt to take Tesla private fails, but leaves the company in a strong position to raise equity.”\n“We have good reasons to believe very large pots of money would want to participate in such an operation: The interest of SoftBank and its VisionFund for mobility and transportation is demonstrable in the fund’s appetite for ride-sharing, self-driving vehicles, automation, and A.I.”\n“Owning Tesla’s stock today requires a good deal of faith in the future of the company. On that basis, it is fair to assume that $420 may not attract that many investors, and many more will not be able or willing to follow Elon Musk into a private placement or a special vehicle.” Berenberg, Alexander Haissl\n(Buy, price target $500)“The funding of the transaction is unclear, but is potentially less of an obstacle than obtaining shareholders’ approval, in our view. We consider the $420/share proposal as low and believe the fair value per share is higher at $500.”\nHaissl says a private Tesla adds risks and uncertainties for other automakers. “The company will be much better placed to execute its expansion plans, such as in China and Europe, with potentially accelerated time frames. That means Tesla competitors may have even less time to produce viable alternatives, or risk losing significant market share.” Cowen, Jeffrey Osborne\n(Underperform, price target $200)“We don’t believe the current fundamentals of Tesla support a valuation anywhere close to $420 per share.”\n“The capital structure is the most uncertain element about this development revealed via Twitter, as an LBO model would not work if existing investors were to remain as Mr. Musk claims they will.”\n“If funding is secured as part of the deal that includes about $10 billion of liquidity without diluting equity capital, we would revisit our investment thesis for the company’s long term growth prospects.”\n— With assistance by Jeran Wittenstein Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE Most Read “,
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“text”: “These are external links and will open in a new window Close share panel Image copyright Tesla Image caption Tesla reported a record loss in its most recent quarter Elon Musk had better have the money lined up to take Tesla private or he could be in serious trouble with regulators.\nThere is never a dull moment with the mercurial Mr Musk, but he excelled himself on Tuesday, stunning the markets by tweeting that he was considering taking the company private by buying publicly available shares for $420 each – a significant premium to the $340 they were trading at before he dropped his bombshell.\nThe shares surged 11% to $380, which will have left the people who have been betting the shares would fall nursing very heavy losses.\nIt will have given Mr Musk great pleasure to get one over on the naysayers. But he’s playing a potentially dangerous game.\nIf it turns out his Twitter promise – that he has secured the tens of billions of dollars he would need to buy out public shareholders – is in any way shaky, then he could find himself accused of price manipulation. It’s a very serious charge, which can land you in jail.\nThere is no doubt there is some sense in taking the company private. Private companies are not subject to the same scrutiny from investors, who want to see very transparent earnings on a quarter-by-quarter basis – and if you don’t deliver it, your share price can be heavily punished.\nGiven Tesla’s stratospheric ambitions, that can happen quite easily – one reason why Tesla is the most popular company to bet against (the most \”shorted\” stock).\nAlso Mr Musk did not enjoy having to answer the forensic questioning of Wall Street analysts who want minutiae on production, sales, timings, earnings et al.\nIn May, he told a gathering of analysts: \”Boring bonehead questions are not cool. Next.\” Then he followed it with: \”We’re going to go to YouTube. Sorry, these questions are so dry. They’re killing me.\”\nIf he takes the company private, he won’t have to do this.\nIf it turns out that he doesn’t have the financial firepower to deliver on his tweet, the regulators may think he’s more than a bonehead. “,
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“text”: “These are external links and will open in a new window Close share panel Image copyright Tesla Image caption Tesla reported a record loss in its most recent quarter Elon Musk had better have the money lined up to take Tesla private or he could be in serious trouble with regulators.\nThere is never a dull moment with the mercurial Mr Musk, but he excelled himself on Tuesday, stunning the markets by tweeting that he was considering taking the company private by buying publicly available shares for $420 each – a significant premium to the $340 they were trading at before he dropped his bombshell.\nThe shares surged 11% to $380, which will have left the people who have been betting the shares would fall nursing very heavy losses.\nIt will have given Mr Musk great pleasure to get one over on the naysayers. But he’s playing a potentially dangerous game.\nIf it turns out his Twitter promise – that he has secured the tens of billions of dollars he would need to buy out public shareholders – is in any way shaky, then he could find himself accused of price manipulation. It’s a very serious charge, which can land you in jail.\nThere is no doubt there is some sense in taking the company private. Private companies are not subject to the same scrutiny from investors, who want to see very transparent earnings on a quarter-by-quarter basis – and if you don’t deliver it, your share price can be heavily punished.\nGiven Tesla’s stratospheric ambitions, that can happen quite easily – one reason why Tesla is the most popular company to bet against (the most \”shorted\” stock).\nAlso Mr Musk did not enjoy having to answer the forensic questioning of Wall Street analysts who want minutiae on production, sales, timings, earnings et al.\nIn May, he told a gathering of analysts: \”Boring bonehead questions are not cool. Next.\” Then he followed it with: \”We’re going to go to YouTube. Sorry, these questions are so dry. They’re killing me.\”\nIf he takes the company private, he won’t have to do this.\nIf it turns out that he doesn’t have the financial firepower to deliver on his tweet, the regulators may think he’s more than a bonehead. “,
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“text”: “\nNEW YORK TIMES: If you want to know why Donald Trump shouldn’t expect to win a trade war against China, look no further than Alibaba, the country’s giant e-commerce version of Amazon.\nLast month, I had two in-depth conversations with Ming Zeng, the e-commerce giant’s head of strategic planning and among the smartest minds in business and finance in China. Advertisement\nMing made it clear that China has little real need for America any more – not US products, and especially not US ideas. When thwarted, China has shown it can think up its own.\nAt the same time, the Trump administration seems to be doing its level best to run a competition calculated from the starting gate to lose the race, or the war, whichever it turns out to be. The US president’s latest effort was to threaten a rise in tariffs on US$200 billion worth of Chinese goods – from 10 per cent to 25 per cent .\nWithin 24 hours, China quickly reciprocated with a list of 5,207 American products, worth US$60 billion, on which it pledged to exact new tariffs ranging from 5 to 25 per cent if Trump implements his threats.\nAnd there we have – a full-blown trade war. Advertisement READ: The US no longer leader of the free world, a commentary\nLITTLE UNDERSTANDING OF CHINA\nFortunately, Trump has extended a comment period before implementation until September. Meanwhile, markets on both sides of the Pacific continue unsettled – at times balancing on the edge of panic.\nWhile the Chinese stock market has taken more of a beating than the American, Trump seems to think that the United States can stand the pain longer than China and tightening the screws will bring Beijing to the negotiating table. Employees work at DingTalk office in Hangzhou. (Photo: Reuters/Aly Song)\nBut that reflects little understanding of either the Chinese mindset or the underlying strength of the Chinese economy which, though weaker than a year ago, is still growing nearly twice as fast as the American.\nAnd this by no means reflects how bad it could get as individuals with little understanding of either the stakes or the mechanisms plunge into this pending maelstrom. READ: Fork in the road as brewing trade war hints at revision of US-China relations, a commentary\nHARDLY COMPETITION\nLast week, Secretary of State Mike Pompeo unveiled with some fanfare another way of dealing with, even isolating China that approaches the ridiculous in its scale and futility. Dubbed the “Indo Pacific Economic Vision Programme” it was widely viewed as a counter to China’s long-standing Belt and Road development initiative that has ensnared nations across Asia and onward to Europe.\nBut it is a decidedly skinflint counter. Trump has committed a derisory US$113 million to his programme – a rounding error compared with the US$900 billion estimated for Beijing’s Belt and Road, which China bankrolled at US$82 billion three years ago.\nThis hardly even seems to be a competition. Yet as the South China Morning Post put it, the US initiative is “likely to fuel suspicions from Beijing … and could in turn worsen relations that are already fraught with trade tensions”.\nMoreover, China seems prepared to do all it can to keep control of its global trading strategy, offering Britain talks leading to a post-Brexit free trade deal on Monday, while continuing to hold the United States at bay. U.S. Secretary of State Mike Pompeo speaks during a news conference at the ASEAN Foreign Ministers’ Meeting in Singapore August 4, 2018. REUTERS/Edgar Su\nCHINA WILL COME UP WITH SOLUTIONS\nFor Washington to win any trade war with China – or even arrive at some mutually satisfactory conclusion, the most desirable outcome in the long run – there must be an understanding of the forces it will be facing.\nMy takeaway from my interviews with Ming, which ran in full in Forbes Asia, is that large swaths of China’s rapidly advancing economy, especially the domestically-focused areas, are either largely immune from any trade imbroglios or will manage to circumvent them.\nIn January, the United States barred a takeover by Alibaba’s Ant Financial of Moneygram, the money transfer agency. So Alibaba created a different, in many respects more innovative, product using blockchain-based technology.\n“Any new business, while growing up, always encounters obstacles. We understand that. It is part of the cost of doing business,” Ming said, adding:\nSo we might be frustrated. But because the value we create is so overwhelming, we will find some way to overcome that barrier.\nThat doesn’t mean that many Chinese companies and state-run enterprises in China aren’t still poised to appropriate innovations from Silicon Valley. But the more America tries to block them, the more likely the Chinese are to come up with their own solutions. Ant Financial, which is controlled by Alibaba co-founder Jack Ma, provides mobile payment, lending, and credit services to millions of Chinese consumers. (Photo: AFP/Juan Mabromata)\nTHE LONG GAME\nLast year, the US Committee on Foreign Investment failed to approve an effort by Navinfo, the Chinese provider of digital maps for autos, to buy a stake in HERE, an Amsterdam-based mapping company that operates in the United States and is 15 per cent owned by US chipmaker Intel.\nSo Navinfo, ranked by Forbes as of the world’s top 100 innovative growth companies, simply withdrew its offer and continued its expanding cooperation with HERE and its German-owned car company partners, BMW, Daimler and Volkswagen.\nTo be sure, while China may have a leadership role in markets like the auto market and appliances such as refrigerators and washing machines, it does still lag in fields like artificial intelligence. But, as Ming suggests:\nIt’s not about our size, it’s about our innovation experience and our understanding of where the future goes.\nIt is this profound understanding and acceptance of the long game that may ultimately leave China the winner in any trade war. READ: We may be in the early stages of a new Cold War, a commentary\nThe Chinese, and especially its leadership, have quite a strong and evolved sense of self. Their ability to withstand external forces dates back not just to Mao Zedong and the communist revolution that brought them to power after World War II.\nIt’s more useful to look back to the Zhou dynasty from thousands of years before, which based the legitimacy of its emperor on whether he was sufficiently virtuous to rule – and receive the mandate from heaven to do so. A people with such an evolved sense of destiny and self-worth is unlikely to see a secular leader like Donald Trump as a major obstacle.\nIn China, losing face is the ultimate failure. While the best, and most lasting, trade agreements must be at least perceived as a win-win, Trump now seems to have dug himself so deeply into his America First corner that it allows little room for the Chinese leadership to manoeuvre without losing that face.\nTrump must brace for a long and bruising conflict. But if he is not persuaded to give up, it is all Americans who must prepare to pay for his trade crusade.\nDavid A Andelman, a former foreign correspondent for the New York Times and CBS News, is visiting scholar at the Center on National Security at Fordham Law School and author of A Shattered Peace: Versailles 1919 and the Price We Pay Today. Source: Reuters/sl”,
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“text”: “A post shared by Representative Chris Collins (@repchriscollins) on Jun 23, 2017 at 7:17am PDT End of Instagram post by repchriscollins\nChristopher Collins had reportedly been interviewed by the watchdog 17 days earlier.\nIn addition, Mr Collins’ shares were held in Australia, unlike his son’s shares, which could be traded in the US market.\nGeoffrey Berman, US Attorney, said during a news conference on Wednesday: \”In total, the conspirators avoided loses of over $768,000, all because of the initial illegal insider trading tip by Congressman Collins.\”\nAttorneys for Mr Collins said in a statement that they will \”mount a vigorous defence to clear his good name\”.\n\”It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock. We are confident he will be completely vindicated and exonerated.\”\nThe 30-page indictment states that Cameron Collins sold around 1,391,500 shares of Innate stock before the company announced the drug trial had failed and prices plummeted.\nHe also tipped off multiple people including his fiancée’s family and a friend about the inside information.\nInnate had been working on a drug to treat Secondary Progressive Multiple Sclerosis which would have been \”enormously profitable\” if successful, according to the indictment.\nWhen news that it had failed broke on 26 June 2017, the Innate stock price plummeted 92% in a single day.\n\”This was the drop in value that the co-conspirators avoided by selling their shares before the public announcement,\” Mr Berman said.\n\”They could only sell their shares by virtue of the initial tip of inside information by Congressman Collins.\”\nThe company had expected the trial to be successful throughout that year.\nFour days before the news went public, the indictment states, Mr Collins received an email from the company’s chief executive detailing \”bad news\” about the trial.\nMr Collins, who was at the congressional picnic at the White House when he received the mail, allegedly responded: \”Wow. Makes no sense. How are these results even possible???\”\nHe then allegedly called Cameron Collins seven times, after which his son began selling large amounts of Innate stock until 26 June.\nAccording to the indictment, the son even sold 50,000 shares while still on the phone with his father.\nAlleged co-conspirator Mr Zarsky is said to have avoided over $143,000 in losses by selling his stocks early. He too then proceeded to tip others.\nMr Collins surrendered to the FBI and was arrested on Wednesday morning, US media report. He faces charges from the FBI and Securities and Exchange Commission of securities and wire fraud and lying to federal officials.\nHouse Speaker Paul Ryan said the House Ethics Committee would be investigating the congressman. He will also be removed from his post on the House Energy and Commerce Committee.\n\”While his guilt or innocence is a question for the courts to settle, the allegations against Rep Collins demand a prompt and thorough investigation by the House Ethics Committee,\” Mr Ryan said, according to the Washington Post .\n\”Insider trading is a clear violation of the public trust.\”\nThe pro-Trump politician, who is up for re-election in November, has been a member of Congress since 2013, representing suburban and rural areas around the New York State city of Buffalo. Related Topics “,
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“title”: “Here’s how Elon Musk could take Tesla private”,
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“text”: “At first, everyone thought it was just a weed joke. “Am considering taking Tesla private at $420,” Elon Musk tweeted Tuesday afternoon. “Funding secured.” But it didn’t take long before that assumption went up in smoke.\nThe news sent shockwaves through the financial system, with Tesla’s shares finishing up 11 percent. Less than 24 hours later, experts are still scratching their heads, wondering how Musk could pull off what could be the largest management-led buyouts in history. Taking a roughly $60 billion company private is a tall order, even for a CEO with a reputation for defying the odds. And doing it in the way Musk has laid out — creating some sort of “special purpose fund” in which current shareholders could keep their investments in Tesla — is almost completely unprecedented, securities experts and auto analysts told The Verge .\n“I haven’t seen this before.” Musk will need to present his buyout offer to Tesla’s board, which will then need to do its own due diligence, before putting the whole matter to the company’s shareholders. He’ll need to secure an enormous sum of money, which comes with its own share of pitfalls. And he’ll need to make good on his promise to investors who want to keep their stake in Tesla through the creation of some sort of financial product that most experts say doesn’t really exist.\n“I do not know how he thinks that’s going to work,” said Stephen Diamond, who teaches securities law and corporate governance at Santa Clara University’s School of Law. “I haven’t seen this before.”\nMusk argued that Tesla would be “way smoother [and] less disruptive as a private company,” much like his private space flight company SpaceX. But it’s also true that Musk never really settled in his role of CEO of a public company. “He does not appear to enjoy running a public company or really appear to grasp some of the responsibility you have when you finance a company with other people’s money,” Diamond said.\nGoing private could also help Tesla avoid some scrutiny from the Securities and Exchange Commission, which has investigated the company for its Model 3 claims and more recently has been looking at a whistleblower’s allegations of factory mishaps.\nMusk could face legal challenges related to his tweets That’s not to say that Tesla couldn’t still face legal inquiries. Experts have noted that Musk may face criminal and civil penalties, as well as lawsuits from shareholders, if it turns out that he has not secured the funding to take Tesla private.\nTesla’s board of directors need to approve the buyout first before shareholders can vote on the proposal. And they would be obliged to get the best price for the company, which would mean considering other potential offers. Otherwise, they risk being accused of skirting their duties, which could open up the company to lawsuits from enraged investors.\nTesla’s board has been criticized as insufficiently independent to make these types of decisions. In June, shareholders voted down a proposal to remove Musk as chairman and three other board members. That proposal was brought by the CtW Investment Group, which works with pension funds for unions. The group said board members Antonio Gracias and Kimbal Musk, Elon Musk’s brother, were too close to the CEO to ensure needed independence. The third, 21st Century Fox CEO James Murdoch, lacked relevant experience and has been implicated in scandals at Fox and News Corp., the group said in a letter to Tesla shareholders. Glass Lewis & Co., the world’s second biggest proxy advisor, sided with CtW in opposing their re-election .\nIllustration by Alex Castro / The Verge If the board forms a committee to consider a buyout, Diamond said, they must include their most independent members. They’ll need to hire their own team of lawyers and bankers to assess the offer, and there will need to be a “significant vote” by shareholders in order to approve Musk’s offer, he added. Musk will likely want to avoid a repeat of the SolarCity buyout, which spurred an investor lawsuit claiming the board lacked independence to approve the $2.6 billion deal.\nTesla’s board sounded noncommittal in a statement released Wednesday morning . “Last week, Elon opened a discussion with the board about taking the company private,” the board said. “This included discussion as to how being private could better serve Tesla’s long-term interests, and also addressed the funding for this to occur. The board has met several times over the last week and is taking the appropriate next steps to evaluate this.”\nThe board will be looking for reassurances that Musk indeed has secured the funding for a buyout. In a subsequent tweet, he wrote, “investor support is secured.” No other details were provided beyond that, and a Tesla spokesperson declined to clarify those statements.\nTesla is a company with severe cash restrictions Musk owns 22 percent of the equity of the battery-powered car company. He may be a billionaire, but he certainly doesn’t have $50 billion (the amount experts predict would be needed to complete the buyout) just lying around the house. No banks have gone on the record yet to say they’d loan him the money. Saudi investors bought $2 billion worth of Tesla shares yesterday, but that’s a far cry from the staggering sum needed to take Tesla private.\nMost likely Musk will have to borrow the money, which means Tesla will have to pay off debt. And Tesla is a company with severe cash restrictions. The company has never been cash flow positive, although Musk has promised it would be in the latter half of 2018. But it raises serious questions as to whether Tesla can generate the cash needed to fund this massive buyout.\n“The whole premise from the beginning is that with each successive product, they would generate enough cash that would be used to fund the development of the next product,” said Sam Abuelsamid, senior analyst at Navigant Research. “The problem is all those products have lost money, and so they keep having to go back to the capital markets to raise more cash, keep the lights on, but also fund the next generation of products.”\n“The problem is all those products have lost money” Taking Tesla private will mean “the investor base they have has to be willing to put in that cash,” Abuelsamid added. “It’s iffy.”\nAnd then there’s Musk’s unusual promise to investors: stay investors in a private Tesla, or get bought out at $420 a share. “My hope is for all shareholders to remain, but if they prefer to be bought out, then this would enable that to happen at a nice premium,” he wrote in his email to employees.\nExperts say this makes little sense. Diamond said it was difficult to envision how Musk could keep his promise to shareholders while taking the company private, and others agreed. “It’s hard to parse,” said Gregory Shill, associate professor of law at the University of Iowa, who teaches corporate governance and securities regulation. “If they all remain, he doesn’t get to do the deal. Why is he making the offer if his sincere hope is that all shareholders remain? In some ways it’s a zero-sum game: in order to take it private, you need to have people sell.”\nMusk signaled that Tesla would issue stock privately if he proceeds with the buyout of the electric car company, and pointed to SpaceX’s relationship with Fidelity Investments as a roadmap. How exactly that would look is unclear, but the Fidelity Growth Company Fund recently disclosed that it held about $107 million of SpaceX, according to Bloomberg . The Boston-based company also holds shares in other private companies like Uber, Lyft, and Airbnb.\nUnder US securities laws, a closely held company can issue stock to an unlimited number of sophisticated investors without going through the registration process required for a public offering. Current Tesla shareholders could be moved into a mutual fund, where would then become a minority stakeholder in the company.\n“None of it really makes sense” Musk could also create a new public company that serves as a parent to a private Tesla, but then that company’s fortunes would be linked to Tesla’s and would still be subject to public scrutiny and disclosures Musk has said he wants to avoid. He would be back where he started. “None of it really makes sense,” Shill said.\nThere’s little precedent for what Musk is considering with Tesla. Both Chrysler and General Motors temporarily went private as part of their bankruptcy reorganization nearly a decade ago. The closest analogy is Michael Dell’s effort to take his struggling computer business private in 2013. Forbes called it “the nastiest tech buyout ever.” But that deal only cost a measly $25 billion. If Musk has his way, taking Tesla private would cost almost twice that amount, and could prove to be far nastier.”,
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“text”: “August 8 at 12:04 PM Welcome to the Age of Malware. It promises to be a huge downer and, possibly, a great tragedy.\nFor years, we have regarded personal computers, the Internet, smartphones and various digital devices as evidence that America continues to dominate the central new technology of our time. Just last week, Apple attained a stock market value of $1 trillion — the first publicly traded company ever to do so. This seemed yet again to confirm American leadership.\nThe reality, of course, is much different. By now, millions of Americans — probably most — must recognize that the Internet and its digital sidekicks constitute a double-edged sword. They provide services (photography, maps, email) that now seem indispensable. Yet, the same technologies increasingly pose a fundamental threat to our way of life.\nHardly a day goes by without news reports of the Internet being used to undermine our democracy, steal people’s personal information (names, Social Security numbers, credit scores, health data and the like), hijack corporate secrets and attack “critical infrastructure” — the power grid, financial and communications networks, water and transportation systems.\nMany Americans remain in a state of confused denial. We simply cannot bring ourselves to acknowledge that such promising technologies can be turned against us in such destructive ways.\nThe injection of malware — computer software (”viruses”) that aims to corrupt legitimate data systems — has become an everyday occurrence. Other digital vulnerabilities abound. Just recently, the Pentagon restricted military personnel’s use of global positioning devices, because they can help adversaries monitor our troop movements.\nAnyone who doubts cyber’s unintended consequences should read David Sanger’s new book “ The Perfect Weapon: War, Sabotage, and Fear in the Cyber Age .” Sanger, a reporter for The New York Times, has been a dogged and diligent observer of cybersecurity issues for years. His book is a readable account of what went wrong.\nIt’s difficult for Americans to deal with these questions, because we want to play both sides. We deplore other countries’ (read: Russia, China, Iran and North Korea) use of the Internet to attack their geopolitical or commercial rivals.\nBut we are not innocent victims. Sanger rates Stuxnet — a joint U.S.-Israeli virus that temporarily destroyed Iran’s nuclear centrifuges — as a highly successful use of the Internet for strategic purposes. Similarly, Sanger presents much circumstantial evidence that, via the Internet, the U.S. caused North Korean missiles to fail. (Kim Jong Un apparently solved this problem by changing rocket designs.)\nStill, Sanger is not overly impressed with U.S. cyberagencies, partly because they couldn’t protect their own data. The National Security Agency — the citadel of the government’s cyberskills — experienced the theft by Edward Snowden and a successful hacking by a group called Shadow Brokers , thought to be Russian. The heist involved NSA’s own cyber “tools” used to gain entry into other countries’ data systems.\nThe gravest dangers involve hacking “critical infrastructure” — power plants and the like — which could cause widespread public disorder and chaos. At a recent public briefing , the Department of Homeland Security conceded that foreign (presumably Russian) hackers have penetrated some utilities and could have turned off the electricity.\nWarfare has changed. By Sanger’s description, there are at least four defining characteristics of the new cyberwarfare.\nFirst, compared with large and expensive armies and navies, a cybercapability is inexpensive. “Cyber weapons are so cheap to develop and so easy to hide that they have proven irresistible” for large and small powers alike, writes Sanger. This implies a proliferation of cybercapabilities, including for non-state actors.\nSecond, “Unless shooting breaks out, it will always be unclear if we are at peace or war,” he argues. “Governments that cannot stand up to far larger powers with conventional armies will have little incentive to give up the advantages that cyberweapons offer. We are living in a gray zone, one of constant digital conflict.” Cyberwarriors of all varieties will constantly be testing their own capabilities.\nThird, the advantage lies mostly with the attacker. There are thousands upon thousands of potential entry points into various data networks. Even if defenders plug most of them, an attacker needs to find only one to launch an attack.\nFourth, although improvements have occurred in resisting cyberattacks, they are insufficient because new networks — autonomous cars, for example — are being created all the time. “We are getting better. But we are getting worse faster,” one expert tells Sanger .\nThe Age of Malware is upon us. There is no obvious technical fix for our love affair with the Internet. We need to recognize that the things we like about the Internet are the same things that make us vulnerable to its dangers. There is no clear separation of the good from the bad. We are flirting with national disaster if we don’t curb our Internet appetite.\nRead more from Robert Samuelson’s archive .\nRead more:\nThe Post’s View: Another cyberattack alarm is going off. We need to start paying attention.\nRobert J. Samuelson: America’s dangerous Internet delusion\nThe Post’s View: A blackout in Ukraine is a reminder of the dangers of cyberattacks”,
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“text”: “Photo: AP Tesla’s been a public company since its IPO over eight years ago, but on Tuesday, CEO Elon Musk said that he was “considering” making the company private again at a whopping $420 per share. Is he serious? Who can say.\nWhat would this mean, exactly? Less public scrutiny, for one thing. There are lots of questions though, beginning with: Where is the financing coming from?\nTesla’s current market capitalization is around $61 billion, but an offer at $420 a share values the company at around $71 billion, according to CNBC . (Update: Bloomberg says the valuation would be more like $82 billion including debt.)\nMuch of the Jalopnik office is currently arguing whether or not Elon is joking putting the figure at $420 per share. The real joke is capitalism itself.\nAdvertisement\nWhether or not Musk is serious, his tweet caused immediate and real percussions on Tesla’s stock, which was sent soaring by the news, already boosted on Tuesday by a report that a Saudi fund had invested $2 billion into the company.\nAdvertisement\nIt’s worth noting that Musk has publicly mused about taking Tesla private before, saying in a 2017 Rolling Stone profile:\n“I wish we could be private with Tesla,” Musk murmurs as they exit. “It actually makes us less efficient to be a public company.”\nAdvertisement\nJalopnik has reached out to Tesla for comment and will update when we hear back.\nUpdate, 2:05 p.m. : Musk had some more to say on Twitter:\nAdvertisement\nAnd:\nAnd:\nAdvertisement\nAnd:\nMusk is tweeting through it, which was enough for Tesla shares to be halted shortly after 2 p.m.\nAdvertisement\nShortly after that, Musk said he would remain as CEO if the company went private.\nAdvertisement\nUpdate, 2:35 p.m. : Hmm.\nUpdate, 2:46 p.m. : An SEC spokesperson declined to comment in an email to Jalopnik, but the SEC said in 2013 that companies can use social media to announce “key information” as long as investors know which accounts it will be coming from.\nThe SEC’s report of investigation confirms that Regulation FD applies to social media and other emerging means of communication used by public companies the same way it applies to company websites. The SEC issued guidance in 2008 clarifying that websites can serve as an effective means for disseminating information to investors if they’ve been made aware that’s where to look for it. Today’s report clarifies that company communications made through social media channels could constitute selective disclosures and, therefore, require careful Regulation FD analysis.\n“One set of shareholders should not be able to get a jump on other shareholders just because the company is selectively disclosing important information,” said George Canellos, Acting Director of the SEC’s Division of Enforcement. “Most social media are perfectly suitable methods for communicating with investors, but not if the access is restricted or if investors don’t know that’s where they need to turn to get the latest news.”\nRegulation FD requires companies to distribute material information in a manner reasonably designed to get that information out to the general public broadly and non-exclusively. It is intended to ensure that all investors have the ability to gain access to material information at the same time.”,
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“text”: “Elon Musk says he wants to take Tesla private – here are 5 reasons that makes sense Matthew DeBord Aug 8, 2018, 08.32 PM Tesla CEO Elon Musk announced on Tuesday that he’s considering taking Tesla private . The financial world is unsure how he would do this, given that the deal will be enormous. But from where Musk and Tesla now sit, going private makes sense.\nTesla CEO Elon Musk blew Wall Street’s mind on Tuesday when, just after the Financial Times reported that the Saudi sovereign wealth fund had invested $2 billion in the company, he tweeted that he was considering taking the 15-year-old company private at $420 per share.\nThe total value of such a deal would be more than $80 billion, including debt. Musk owns 20% of the company, so on the equity side he’d need to finance something in the $50-billion ballpark. In an email to employees that appeared after trading in Tesla shares was halted on Tuesday, Musk outlined his thinking and concluded, \”Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.\”\nThroughout the day, the hazy mechanics of a possible deal were discussed. Is this even something that Musk can pull off?\nMorality also seeped into the picture. Had Musk done something wrong by tweeting the news?\nAs Tesla stock surged toward its all-time highs after trading resumed, chatter turned to short sellers, a frequent Muskian target. Would they hang in there?\nBy the end of the day, the tech, autos, and financial commentariat was too exhausted by events to ponder some of the broader questions.\nBut a new day dawns! So we can take a close look at why a private Tesla makes perfect sense. Get the latest Tesla stock price here. {{}} View As: One Page Slides Tesla has been an extremely volatile stock.\nTesla staged an IPO in 2010, and it was relatively modest: the company debuted at $17 and raised just over $250 million.\nFor years, shares went nowhere. Then, when the Model S sedan arrived in 2012 and won Motor Trend’s Car of the Year, the rocket lifted off.\nNow, Tesla has a market cap of $60 billion. Last year, it sold 100,000 cars. General Motors is worth billions less. Last year it sold over 10 million cars. Tesla has never made an annual profit. GM has, since its own 2010 IPO following bankruptcy, made more than $70 billion.\nThis situation means that Tesla represents both a huge bet on the future — and a valuable realm of high-yield speculation. Since the financial crisis, the world has been awash in money. But investors have struggled to find great returns. Tesla has offered one, up over 1,000% since 2010.\nThe trade-off has been dizzying volatility. For market pros, this is great. For Tesla as it has grown, the volatility been a curse. Stock-market swings can’t be your main product. But the war between Tesla longs and Tesla shorts, for more than six months, has overwhelmed any positive news coming out of the company regarding its vehicles.\nThe business is on track to produce nearly 100,000 vehicles by the end of the year, perhaps stretching into the first quarter of 2019. That twice as many as 2017. Nothing volatile about this progress.\nAnd it’s going to show in substantial topline revenue improvement. The next few years should see a lot more money sloshing through Tesla than the company has enjoyed in the past. Tesla is the most shorted stock on Earth.\nShort-sellers are a fact of life in the modern markets. The argument in their favor is that they correct for market inefficiencies, pulling back stocks that have surged too far.\nUnfortunately, the intense short interest in Tesla is of the \”go to zero\” variety. It isn’t like Tesla at $300 per share should fall back to $250 — rather, the balance sheet has to be a breeding ground for bankruptcy.\nThis incentivizes short-sellers to make increasingly preposterous cases. After Musk’s announcement on Tuesday, his nemesis on the short side, Jim Chanos, commented to CNBC that Musk’s real problem isn’t shorts but impending competition.\nChanos perhaps thinks that the German carmakers, by bringing electric vehicles to market, will chip away at Tesla’s head start. But, of course, this overlooks the fact that Musk has never wanted to be a market of one.\nTesla’s existing vehicles compare favorably with their current gas-powered counterparts, and that won’t change when more EVs arrive on the scene. Consumers will simply be able to make true apples-to-apples comparisons.\nAnd from Musk’s perspective, one company making several hundred thousand electric cars annually isn’t going to get it done. In the US along, 17 million vehicles were sold in 2017, and about 99% ran on gas. Musk wants Tesla to be a company, not a financial invention.\nTesla became a financial battleground when the stock took off in 2013.\nAt the same time, it has been growing as a company: increased vehicle production, additional factories, new lines of business, M&A activity, and now more than 30,000 employees.\nThe back-and-forth between the two identities has been wrenching, in a world of 24/7 financial scrutiny. Periodically, Wall Street falls into crisis over its Tesla story, with bulls enthusing over the stock and forgiving the work-in-progress that is basically a fairly small automaker. The bears preoccupy themselves with Tesla’s failures, which are at this point predictable — and have been routinely overcome.\nLike most companies, Tesla wants to create compelling products. This it has done. Customers have been widely satisfied, and in many cases completely delighted.\nInvestors have also been pleased. No long-term Tesla shareholder of any scale is disappointed.\nAnd yet the preoccupation with the stock’s ups and downs dominates the conversation around the company. In 2018, Musk has declared that Tesla will be profitable by some measure, and that’s because he wants to disconnect the company from the expectation that it will continue to use Wall Street as its ATM, even though raising capital by selling shares in a company that’s posted a massive long-term return makes sense.\nTesla, like any company, will need to raise money in the future to fund its expansion. But Musk wants it to do that as a company, not as an endlessly debated financial entity. Musk has been thinking about going private for some time.\nIn an entertaining 2017 Rolling Stone profile by Neil Strauss, Musk revealed his thoughts about Tesla, post-IPO .\n\”I wish we could be private with Tesla,\” he told Strauss. \”It actually makes us less efficient to be a public company.\”\nMusk’s other company, SpaceX, remains private, and Musk has obviously become a student of the contrast between the two. Tesla has a lot to do over the next five years and needs to get the stock market off its back.\nIf Tesla is going to achieve its objectives through 2023, it’s going to require a massive amount of money.\nIf its revenue continues to ascend, then at some point it will swing to profitability. But those profits might not be enough to fund stuff like multi-billion factories and new products, such as the Tesla Semi.\nCompanies that are on the public markets can be damned if they do and damned if they don’t. Some investors want capital investment to achieve future growth. But others want profitability to bolster the balance sheet.\nSo for Tesla, as a public company, every move is closely scrutinized, quarter by quarter. Given its mission — to move the world away from fossil fuels — this is too fractured a time frame. Musk would probably prefer five-year chunks.\nOr ten. We already know that the company’s Model 3 production system has been designed for a decade of output. This is the logical time-frame for industrial investment. For Tesla, however, some investors think of the company as operating according to quick-pivot tech protocols.\nAs a private company, that expectation could be eliminated.”,
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“text”: “Click chart for more in-depth data. 1. Tesla bombshell: Elon Musk said Tuesday that he wants to take Tesla ( TSLA ) private, sending shares in the automaker up 11% to $379. The CEO and largest shareholder said on Twitter he had already lined up funding valuing Tesla at $420 per share. That would make Tesla worth $71 billion. Before Musk’s tweet, Tesla had a market value of $58 billion, making it the most valuable carmaker in the United States.\nIn a letter to employees, Musk said the move would relieve the electric car company of the \”enormous pressure\” of Wall Street’s expectations. The plan is not final and would need shareholder approval, and some analysts have questioned how it would work.\nThe announcement came after the Financial Times reported that Saudi Arabia has quietly built a big stake in the company. It was an abrupt move even by Musk’s standards — similar announcements are usually carefully planned and timed.\nShares in Tesla were down slightly ahead of the opening bell.\nWatch CNNMoney’s ‘Markets Now’ today at 12:45 p.m. ET\n2. Snap losing users: Snap ( SNAP ) , the parent of Snapchat, reported $262 million in revenue during the three months ended June, a 44% increase compared to the same period last year.\nBut the company saw its first drop in daily users during the second quarter, a slip it attributed to a rocky app redesign. The app lost 3 million daily users, a decrease of 2% compared to the previous quarter.\nSnap stock was poised to increase nearly 3% on Wednesday.\nThe company has also received backing from Saudi Arabia’s Prince Alwaleed bin Talal, who said Tuesday that he had acquired a 2.3% stake. He made the $250 million investment on May 25.\n3. Love pays: Shares in Match Group ( MTCH ) , the owner of Tinder and other dating apps, soared as much as 12% in extended trading after the company reported better than expected results on Tuesday.\nGrowth was driven by Tinder, which saw its revenue grow 136% in the second quarter compared to the same period last year. The dating app is free, but it offers a premium membership that is increasingly popular.\n4. Fox reports: 21st Century Fox ( FOX ) will report earnings after the close.\nInvestors will be looking for information on plans for live television, sports and news programming that will dominate the remainder of 21st Century Fox after Disney ( DIS ) buys pretty much everything but Fox News, Fox broadcast network and FS1.\nDisney outlined some of its plans for Fox’s assets on Tuesday. Shareholders approved the $71.3 billion deal last month, but it still needs approval from international regulators.\n5. Global market overview: US stock futures were lower.\nEuropean markets were mixed in early trading. Asian stocks also struggled to find direction.\nThe Dow Jones industrial average closed 0.5% higher on Tuesday. The S&P 500 and Nasdaq gained 0.3%.\nBefore the Bell newsletter: Key market news. In your inbox. Subscribe now!\n6. Earnings and economics: CVS Health ( CVS ) , Michael Kors ( KORS ) , New York Times ( NYT ) , Sinclair Broadcast ( SBGI ) and Thomson Reuters ( TRI ) will release earnings before the open.\nCenturyLink ( CTL ) , Jack In The Box ( JACK ) , Monster Beverage ( MNST ) , Roku ( ROKU ) and Yelp ( YELP ) will follow after the close.\nA weekly report on US crude inventories will be released at 10:30 a.m. ET.\nMarkets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!\n7. Coming this week:\nWednesday — 21st Century Fox ( FOX ) , CVS ( CVS ) , New York Times ( NYT ) and Roku ( ROKU ) earnings\nThursday — Viacom ( VIA ) and Tronc ( TRNC ) earnings, PPI report, Samsung holds its \”Unpacked\” event\nFriday — CPI report”,
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“text”: “Sarah Buhr @ / 8 hours\nElon Musk, billionaire founder of Tesla, startled the Twittersphere yesterday by announcing he wanted to take the company private at the price of $420 per share. While some speculated the tweet was a joke or a marijuana reference, others took to the market. The tweet sent the stock soaring up 11 percent, causing a halt in trade for a portion of the day.\nNow, the Securities and Exchange Commission is looking into the matter. Am considering taking Tesla private at $420. Funding secured.\n— Elon Musk (@elonmusk) August 7, 2018\nWall Street Journal sources say the SEC has since made inquiries to Tesla to find out whether Musk’s tweet was truthful and why he chose to announce such a move on Twitter instead of through a regulatory filing. Musk could be held legally liable if regulators determine he was intentionally trying to boost the stock price with his tweet.\nMusk later explained in a letter to employees going private was “the best path forward” as it would shield the company from “wild swings in our stock price that can be a major distraction” and relieve pressure from quarterly earnings cycles that aren’t necessarily in the best long-term interest of the company. We’ve reached out to the SEC and Tesla for more information on the matter.\nMusk also indicated in the tweet he’d secured funding for the startling move, though it’s unclear where the funding would be coming from at this time as he has yet to disclose those details. The tweet appeared shortly after news broke that a Saudi Arabian sovereign wealth fund bought a $2 billion stake in Tesla and, according to the WSJ , Musk spoke with a group of Tesla’s board members last week about taking the company private.”,
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“title”: “Elon Musk says he wants to take Tesla private — here are 5 reasons that makes sense (TSLA)”,
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“text”: “Tesla CEO Elon Musk announced on Tuesday that he’s considering taking Tesla private . The financial world is unsure how he would do this, given that the deal will be enormous. But from where Musk and Tesla now sit, going private makes sense.\nTesla CEO Elon Musk blew Wall Street’s mind on Tuesday when, just after the Financial Times reported that the Saudi sovereign wealth fund had invested $2 billion in the company, he tweeted that he was considering taking the 15-year-old company private at $420 per share.\nThe total value of such a deal would be more than $80 billion, including debt. Musk owns 20% of the company, so on the equity side he’d need to finance something in the $50-billion ballpark.\nIn an email to employees that appeared after trading in Tesla shares was halted on Tuesday, Musk outlined his thinking and concluded, \”Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.\”\nThroughout the day, the hazy mechanics of a possible deal were discussed. Is this even something that Musk can pull off?\nMorality also seeped into the picture. Had Musk done something wrong by tweeting the news?\nAs Tesla stock surged toward its all-time highs after trading resumed, chatter turned to short sellers, a frequent Muskian target. Would they hang in there?\nBy the end of the day, the tech, autos, and financial commentariat was too exhausted by events to ponder some of the broader questions.\nBut a new day dawns! So we can take a close look at why a private Tesla makes perfect sense. 1 / Tesla has been an extremely volatile stock. Mark Brake / Getty Images\nTesla staged an IPO in 2010, and it was relatively modest: the company debuted at $17 and raised just over $250 million.\nFor years, shares went nowhere. Then, when the Model S sedan arrived in 2012 and won Motor Trend’s Car of the Year, the rocket lifted off.\nNow, Tesla has a market cap of $60 billion. Last year, it sold 100,000 cars. General Motors is worth billions less. Last year it sold over 10 million cars. Tesla has never made an annual profit. GM has, since its own 2010 IPO following bankruptcy, made more than $70 billion.\nThis situation means that Tesla represents both a huge bet on the future — and a valuable realm of high-yield speculation. Since the financial crisis, the world has been awash in money. But investors have struggled to find great returns. Tesla has offered one, up over 1,000% since 2010.\nThe trade-off has been dizzying volatility. For market pros, this is great. For Tesla as it has grown, the volatility been a curse. Stock-market swings can’t be your main product. But the war between Tesla longs and Tesla shorts, for more than six months, has overwhelmed any positive news coming out of the company regarding its vehicles.\nThe business is on track to produce nearly 100,000 vehicles by the end of the year, perhaps stretching into the first quarter of 2019. That twice as many as 2017. Nothing volatile about this progress.\nAnd it’s going to show in substantial topline revenue improvement. The next few years should see a lot more money sloshing through Tesla than the company has enjoyed in the past. 2 / Tesla is the most shorted stock on Earth. Reuters\nShort-sellers are a fact of life in the modern markets. The argument in their favor is that they correct for market inefficiencies, pulling back stocks that have surged too far.\nUnfortunately, the intense short interest in Tesla is of the \”go to zero\” variety. It isn’t like Tesla at $300 per share should fall back to $250 — rather, the balance sheet has to be a breeding ground for bankruptcy.\nThis incentivizes short-sellers to make increasingly preposterous cases. After Musk’s announcement on Tuesday, his nemesis on the short side, Jim Chanos, commented to CNBC that Musk’s real problem isn’t shorts but impending competition.\nChanos perhaps thinks that the German carmakers, by bringing electric vehicles to market, will chip away at Tesla’s head start. But, of course, this overlooks the fact that Musk has never wanted to be a market of one.\nTesla’s existing vehicles compare favorably with their current gas-powered counterparts, and that won’t change when more EVs arrive on the scene. Consumers will simply be able to make true apples-to-apples comparisons.\nAnd from Musk’s perspective, one company making several hundred thousand electric cars annually isn’t going to get it done. In the US along, 17 million vehicles were sold in 2017, and about 99% ran on gas. 3 / Musk wants Tesla to be a company, not a financial invention. Tesla\nTesla became a financial battleground when the stock took off in 2013.\nAt the same time, it has been growing as a company: increased vehicle production, additional factories, new lines of business, M&A activity, and now more than 30,000 employees.\nThe back-and-forth between the two identities has been wrenching, in a world of 24/7 financial scrutiny. Periodically, Wall Street falls into crisis over its Tesla story, with bulls enthusing over the stock and forgiving the work-in-progress that is basically a fairly small automaker. The bears preoccupy themselves with Tesla’s failures, which are at this point predictable — and have been routinely overcome.\nLike most companies, Tesla wants to create compelling products. This it has done. Customers have been widely satisfied, and in many cases completely delighted.\nInvestors have also been pleased. No long-term Tesla shareholder of any scale is disappointed.\nAnd yet the preoccupation with the stock’s ups and downs dominates the conversation around the company. In 2018, Musk has declared that Tesla will be profitable by some measure, and that’s because he wants to disconnect the company from the expectation that it will continue to use Wall Street as its ATM, even though raising capital by selling shares in a company that’s posted a massive long-term return makes sense.\nTesla, like any company, will need to raise money in the future to fund its expansion. But Musk wants it to do that as a company, not as an endlessly debated financial entity. 4 / Musk has been thinking about going private for some time. Mike Blake/Reuters\nIn an entertaining 2017 Rolling Stone profile by Neil Strauss, Musk revealed his thoughts about Tesla, post-IPO .\n\”I wish we could be private with Tesla,\” he told Strauss. \”It actually makes us less efficient to be a public company.\”\nMusk’s other company, SpaceX, remains private, and Musk has obviously become a student of the contrast between the two. 5 / Tesla has a lot to do over the next five years and needs to get the stock market off its back. Lucy Nicholson / Reuters\nIf Tesla is going to achieve its objectives through 2023, it’s going to require a massive amount of money.\nIf its revenue continues to ascend, then at some point it will swing to profitability. But those profits might not be enough to fund stuff like multi-billion factories and new products, such as the Tesla Semi.\nCompanies that are on the public markets can be damned if they do and damned if they don’t. Some investors want capital investment to achieve future growth. But others want profitability to bolster the balance sheet.\nSo for Tesla, as a public company, every move is closely scrutinized, quarter by quarter. Given its mission — to move the world away from fossil fuels — this is too fractured a time frame. Musk would probably prefer five-year chunks.\nOr ten. We already know that the company’s Model 3 production system has been designed for a decade of output. This is the logical time-frame for industrial investment. For Tesla, however, some investors think of the company as operating according to quick-pivot tech protocols.\nAs a private company, that expectation could be eliminated.”,
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“title”: “Elon Musk tweets a lot. This time was different”,
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“text”: “Elon Musk tweets a lot. This time was different by Julia Horowitz @juliakhorowitz August 7, 2018: 6:09 PM ET Tesla’s greatest invention is its ‘Hype Machine’ It started, as so many Tesla stories do, with a tweet from Elon Musk. He said he was thinking about taking the electric car company private , and already had the funding lined up. \”Am considering taking Tesla private at $420,\” he posted shortly before 1 p.m. ET, referring to the potential price per share.\nIn recent months, Musk has been unpredictable and defiant in the face of concerns that Tesla is running out of cash and overextending itself as it races to hit production goals for the Model 3.\nBut even for him, this was stunning.\nTesla is the most valuable automaker in the United States, and Musk’s fights with investors — specifically short-sellers, who profit when the stock drops — are a running Silicon Valley sideshow.\nThe company’s stock had been up slightly earlier in the day after the Financial Times reported that Saudi Arabia had quietly built a large stake in Tesla.\nThe stock was trading at about $342 when Musk hit the Tweet button . Am considering taking Tesla private at $420. Funding secured. — Elon Musk (@elonmusk) August 7, 2018\nShares quickly jumped as high as $371.\nThe immediate question was whether Musk was joking. On April Fool’s Day, amid growing market concerns about Tesla’s cash crunch, he had tweeted a fake news release that said Tesla would have to file for bankruptcy.\nMajor corporate news, like plans to take a public company private, is typically rolled out with extreme caution, at the risk of spooking investors or running afoul of the Securities and Exchange Commission. Sometimes trading in stocks is even suspended while a company prepares a big announcement.\nBut Musk seemed to relish the tumult.\n\”Good morning,\” he tweeted less than an hour later, adding a smiling emoji. Good morning 😀 — Elon Musk (@elonmusk) August 7, 2018\nThen he started taking questions — of which there were many.\nMusk said he wouldn’t sell his stake if the company went private. He responded to one user who observed that going private would save Tesla \”a lot of headaches.\” ( \”Yes,\” Musk replied.) He expressed hope that current investors would stay with the company, later adding that shareholders could either \”sell at [$420] or hold shares & go private.\” I don’t have a controlling vote now & wouldn’t expect any shareholder to have one if we go private. I won’t be selling in either scenario. — Elon Musk (@elonmusk) August 7, 2018\nAbout an hour and 20 minutes after Musk’s initial tweet, Tesla actually did halt trading of its shares, pending the release of news from the company. The automaker, which had yet to comment, remained silent.\nMusk did not.\nHe reassured investors that he planned to remain CEO. He reiterated that he would ensure the \”prosperity\” of Tesla shareholders \”in any scenario.\” No change — Elon Musk (@elonmusk) August 7, 2018\nGoing private, Musk said, would end \”negative propaganda from shorts,\” referring to his hated short-sellers.\nAround 3:30 ET, Tesla released a statement via its blog , titled \”Taking Tesla Private.\” It contained a letter from Musk sent to Tesla employees.\nIn the note, Musk took a more measured tone. No final decision had been made, he said.\nMusk laid out his rationale: As a public company, Tesla is subject to \”wild swings\” in its stock price that serve as \”a major distraction.\” The company also has to deal with quarterly earnings that create \”enormous pressure\” and affect long-term decision making. And then there are the short sellers.\n\”As the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company,\” Musk said. Taking Tesla Private https://t.co/kw4eHOJfBh\nThe memo included some of the details Musk had tweeted earlier in the day; investors could stay in or be bought out at $420 a share, and shareholders would have an opportunity to sell or buy every six months.\nThe goal, Musk added, was not to tighten his grip on Tesla.\n\”This has nothing to do with accumulating control for myself,\” he said. \”I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed.\”\nMusk then tweeted the blog post with his own commentary.\n\”Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote,\” he said. Investor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote. https://t.co/bIH4Td5fED — Elon Musk (@elonmusk) August 7, 2018\nTrading resumed about 15 minutes after Tesla posted the memo — roughly three hours after Musk’s first tweet.\nShares ended the day up 11%, just below $380. Musk’s tweetstorm was over, but Tesla’s future was uncertain. CNNMoney (New York) First published August 7, 2018: 6:09 PM ET Personal Finance “,
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“text”: “Here’s your chance to win an estate in the English countryside 1 of 13 For less than $20, this English country manor can be yours View Photos One lucky person will win Dancers Hill House, an estate 14 miles from central London. Caption One lucky person will win Dancers Hill House, an estate 14 miles from central London. Courtesy of Melanie Walsh Wait 1 second to continue. by Kathy Orton August 8 at 7:30 AM For less than the cost of a decent bottle of wine, you could own a historic English manor house 14 miles from central London. Melanie and Nigel Walsh are raffling off their home, Dancers Hill House in Bentley Heath, Hertfordshire. Contest tickets cost £13.50 or about $17.50 . The Walshes opted for this unusual way to sell their home after failing to attract a buyer when they put it on the market for £6.25 million (about $8.1 million) earlier this year. Melanie and Nigel Walsh are raffling off their Grade II listed manor house. (Courtesy of Melanie Walsh/Courtesy of Melanie Walsh) “Dancers Hill House is beautiful,” Melanie wrote in an email. “I would have expected numerous potential buyers to have a love affair with it. Brexit and high property taxes have deprived the U.K. property market of confidence. I cannot think of a time when so many of my friends and family are stuck. A creative approach was necessary. I had entered a property competition some time ago and considered that it would be a good idea.” Dancers Hill House is a Grade II listed dwelling . There are three types of listed status for buildings in England and Wales. Grade II buildings are considered nationally important and have extra oversight on changes to the building’s exterior and interior, according to the website Historic England. The entry hall. After failing to attract a buyer, the Walshes decided to hold a raffle. (Courtesy of Melanie Walsh/Courtesy of Melanie Walsh) The house was built circa 1750, altered circa 1820 and extended and remodeled in 1860. It is believed that during the 16th century, Princess Elizabeth, before she became Queen Elizabeth I, regularly visited a previous house on the property. Queen Anne supposedly also stopped by. More recently, it was home to Viscount Hugh Trenchard, considered the father of the Royal Air Force. Trenchard lived at Dancers Hill House from 1926 until the start of World War II. During World War II, the estate became Camp 33, a prisoner-of-war camp. Officers lived in the main house, while the POWs were housed on the grounds. After the war, Maj. Gen. Robert Naylor and his wife, Lady Mary, lived at Dancers Hill House. Lady Mary, younger daughter of the Earl of Strafford, remained in the home until her death in 1985. This room with its archways and hidden cupboards is in the oldest part of the house. (Courtesy of Melanie Walsh/Courtesy of Melanie Walsh) When the Walshes bought the property in 1991, it had fallen into disrepair. “When we came to view, we were astounded,” Melanie wrote. “Squatters had been living at the house. The fabulous fireplaces had been stolen as had the lead on the roof. The grounds were so overgrown the whole scene resembled a clip from the film ‘Sleeping Beauty.’ ” The Walshes extensively renovated the house and grounds, updating the home for today’s living. It has a home theater, exercise room and wine room. They have many fond memories of raising their three sons at Dancers Hill House. Their middle son, Bobby, held his wedding there. Their house also was used to film scenes from the 1999 movie, “Great Expectations,” starring Charlotte Rampling. The conservatory overlooks the front lawn. (Courtesy of Melanie Walsh/Courtesy of Melanie Walsh) But now the estate is too big for just the two of them, and they want to sell. In addition to the six-bedroom, six-bathroom, 7,500-square-foot Dancers Hill House, the property includes four acres of informal lawns, formal gardens and parkland with a one-acre lake stocked with more than 2,000 fish. A Yew tree near the house is believed to be 500 years old. To enter the contest, log on to the website, www.windancershillhouse.com , and go to the competition page. You must answer the question, “Who was the reining Monarch on Christmas Day, the year Dancers Hill House was built?” correctly to win. Once you answer the question and pay the £13.50, you will be placed into the drawing. The winner will be chosen using a random number-generating algorithm. The contest closes Dec. 16, but it could end earlier if all the tickets are sold. You can enter as many times as you’d like. All other costs — stamp duty, solicitors’ fees and other charges — will be paid by the Walshes. “We have enjoyed Dancers Hill House and hope that the winner of this competition will cherish and enjoy living at this splendid home,” Melanie wrote. The view from the front of the home, looking across the grounds (Courtesy of Melanie Walsh/Courtesy of Melanie Walsh) Kathy Orton Kathy Orton is a reporter and Web editor for the Real Estate section. She covers the Washington metropolitan area housing market. Previously, she wrote for the Sports section. She came to The Washington Post in 1996 from the Los Angeles Daily News. She also worked at the Cincinnati Post. Follow “,
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“text”: “Elon Musk likes control. He’s liked it since his early days with Zip2, founded in 1995, and X.com, founded in 1999, which eventually became PayPal. He only took Tesla public in 2010 because of financial pressures, according to Ashlee Vance’s Elon Musk, a biography published in 2015. (Musk has rated the book “ mostly correct .”) Musk’s long-standing antipathy toward publicly traded companies may explain why he wants to take Tesla private.\n“For Musk, going public represented something of a Faustian bargain.” “For Musk,” Vance wrote, “going public represented something of a Faustian bargain.” Though an initial public offering can raise a substantial amount of capital, it comes at a cost. As a public company, there are many eyes on Tesla: shareholders, short investors betting against the company, regulators, and reporters. And as a public company, Tesla must show us all its accounting every quarter. Musk sees this all as a risk for his many visions of the future.\nIn 2013, Musk sent an email to SpaceX employees with the subject line “Going Public,” which is reprinted in full in Vance’s book. In it, Musk explained he didn’t want to take SpaceX public until the Mars transport system is in place . “Some at SpaceX who have not been through a public company experience may think that being public is desirable,” he wrote. “This is not so. Public company stocks, particularly if big step changes in technology are involved, go through extreme volatility, both for reasons of internal execution and for reasons that have nothing to do with anything except the economy.”\nHe cited his experience at Tesla and SolarCity — at the time, Musk was the chairman of SolarCity, which Tesla acquired in 2016 — as evidence. Those companies went public, he explains, “because they didn’t have any choice.” Both companies needed to raise capital. But there were pitfalls, Musk wrote. For instance, public companies can become the “target of the trial lawyers who want to create a class action lawsuit by getting someone to buy a few hundred shares and then pretending to sue the company on behalf of all investors for any drop in the stock price.” Minor setbacks result in “a spanking,” he wrote.\nTaking Tesla private, Musk says, would relieve the “enormous pressure” of quarterly earnings reports Yesterday, Musk announced on Twitter that he is “considering” taking Tesla private for $420 a share, in what Bloomberg calls “the largest leveraged buyout in history.” (Or it will be if it is leveraged , or based on debt. It is theoretically possible that someone just cuts a check for more than $60 billion.) He expanded on his tweet in an email to Tesla employees , which the company published on its blog. Taking Tesla private, Musk says, would relieve the “enormous pressure” of quarterly earnings reports.\nIn his email, Musk said Tesla was “the most shorted stock in the history of the stock market.” That created “incentive to attack the company,” he wrote. “Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.” Tesla will not merge with SpaceX, Musk’s rocket venture, he wrote.\nGoing public means something else, too: financial disclosures. If real Gs move in silence, like lasagna , public companies move like belled cats. “Musk prefers to operate in secrecy,” Vance wrote. Musk told Bloomberg News in January 2015 that “there’s a lot of noise that surrounds a public company and people are constantly commenting on the share price and value. Being public definitely increases the management overhead for any given enterprise.”\nThis finance fight starts with an abstraction: Tesla stock. Musk is correct to point out that public companies’ stock price fluctuate with overall economic trends. Tesla’s actual ability to manufacture and sell cars is part of the share price, of course, but investor sentiment also matters. And people have a lot of sentiments about Elon Musk.\nMusk is a remarkably polarizing figure: fans generally view him as a brilliant visionary, while detractors see him as an out-of-touch billionaire who overworks his employees and doesn’t deliver on his promises . The long versus short fight in the Tesla shares has a similar dynamic to the fan versus hater confrontations online. If you own Tesla shares, you’re making a bet that the shares will go up in value, that the company will prosper. If you’re shorting Tesla, you’re betting the company will at least stumble, if not fail outright.\nMusk often uses his Twitter feed to taunt shorts. Last weekend, he tweeted , “Dang, even Hitler was shorting Tesla stock…” along with a Tesla-themed Downfall meme video. In May, he tweeted , “Oh and uh short burn of the century comin soon. Flamethrowers should arrive just in time.” He has punned, badly, on short-shorts .\n“I’m adding to my short as we speak.” Short-sellers have borrowed 33.8 million Tesla shares, Bloomberg wrote , citing IHS Markit. So the possibility of the company going private meant about $783 million in losses for the short-sellers yesterday as Tesla stock rose on the news. In fairness, the stock had already been rising. As the Financial Times reported , a Saudi Arabian sovereign wealth fund had bought $2 billion worth of shares, making it one of Tesla’s largest investors. (Musk, the largest investor, has about 20 percent of the outstanding shares.)\nAt least some of the shorts remain undaunted by the possibility of a private Tesla. Gabe Hoffman, a general partner at Accipiter Capital Management, told CNBC , “I’m adding to my short as we speak.” Jim Chanos, founder of Kynikos Associates, told the network , “The short position is the best thing the stock has going for it. ‘Musk vs The Shorts’ is a far better narrative than ‘Tesla vs Mercedes / Audi / Porsche.”\nWhy are the shorts enthused? Well, there has been some concern about Musk announcing the deal via Twitter, which is an unusual move. Tesla has, in a regulatory filing, directed investors to Musk’s Twitter account at least once , in 2013, but the SEC requires a simultaneous press release. Musk tweeted at 2:08PM ET; the email was posted more than an hour later. The SEC may be interested in that delay, Michael Liftik, a former deputy chief of staff at the commission, told The New York Times . SEC investigations are not, to my knowledge, among Musk’s previous complaints about publicly traded companies, but they are nonetheless an expensive and time-consuming possibility.\nAnother potential hazard is the wording of the tweet, which reads in its entirety : “Am considering taking Tesla private at $420. Funding secured.” Those last two words could also attract regulatory attention, according to a report in The Wall Street Journal . “If Tesla doesn’t move ahead with a deal, or if the funding isn’t set, regulators could probe whether Mr. Musk made a false statement that caused the price of his company’s stock to skyrocket about 11 percent.”\nAny risk of SEC investigation for one tweet occurs because public companies attract more scrutiny . Let’s let the SEC handle the SEC’s business and move on to a more practical concern: can Musk actually do it?\nMusk has not disclosed where he’s getting the money, and several banks’ officers have told The New York Times and CNBC they hadn’t talked to Musk. SoftBank did meet with Musk in April 2017 about taking Tesla private, according to Bloomberg , but that didn’t work out. Let’s assume the money exists and reporters just haven’t found it; Tesla’s board says Musk began talking with them about taking the company private last week.\nMusk owns a fifth of the company’s outstanding shares, so he can’t just wave his hands and do the deal. The next move, according to The Wall Street Journal : “If it goes forward, an independent committee of Tesla’s board will have to evaluate the deal, using its own lawyers and investment bankers, to determine whether the transaction and the price are in the company’s best interest.” That may mean entertaining competing offers.\nMusk also tweeted that he wants current shareholders to remain on board in a “special purpose fund.” That may not be possible in quite the way Musk is envisioning it, according to reporting from The Wall Street Journal . “It’s hard to parse,” Gregory Shill, associate professor of law at the University of Iowa who teaches corporate governance and securities regulation told The Verge . “If they all remain, he doesn’t get to do the deal. Why is he making the offer if his sincere hope that all shareholders remain?”\nWhether or not it’s possible to take current shareholders of Tesla to a private structure, the sentiment is curious. Musk doesn’t mind the investors; it’s everyone else he can’t stand. He’s at least been consistent: Elon Musk doesn’t like publicly traded companies.\nScience NASA’s newest spacecraft will fly through the Sun’s scorching hot atmosphere Science AI spots 40,000 prominent scientists overlooked by Wikipedia Interview How hormones went from theoretical to overhyped in one century View all stories in Science”,
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“text”: “Tesla directors have said they knew about Elon Musk’s surprise proposal to privatise the money-losing car maker before he tweeted about it and have met several times in the past week to discuss the proposal. The statement , issued by six of Tesla’s nine-member board, suggests Musk’s controversial tweets, which led to the company’s stock being suspended from trading for a time on Tuesday, were less spontaneous than originally believed and not designed simply to punish Tesla stock short-sellers. The board members said they were “taking the appropriate next steps” to evaluate the proposal. But they did not reveal who or what institution Musk may have been referring to when he posted “funding secured”. The company, which is losing money and burning through cash reserves, has not revealed how it plans to raise more than $70bn it needs to offer shareholders the $420 per share that Musk indicated. No board member has come forward to back the plan. In its statement, the board said the company’s chief executive had “addressed the funding for this to occur”. No bank or institution has come forward either. In a note to clients, Bernstein analyst Toni Sacconaghi asked: “What does Musk mean by ‘funding secured’? How could Tesla possibly fund such a large transaction?” Midway through the trading session in New York on Wednesday, Tesla shares were down 5% at $374 after surging 11% on Tuesday. But as the dust settles on Musk’s latest Twitter escapade, questions remain over whether the Tesla chief executive broke SEC guidelines by tweeting the news. Musk has 22.3 million followers on Twitter, and Tesla’s share price was already rising after the Financial Times reported that Saudi Arabia’s sovereign wealth fund had taken a $2bn stake in the company. “I do not believe this is the appropriate way to suggest going private,” Charles Elson, director of the John L Weinberg Center for Corporate Governance at the University of Delaware, told CNBC. Trading in Tesla was halted for an hour and a half on Tuesday afternoon, by which time the stock had soared to $370. In that time, Tesla short-sellers – Musk’s sworn enemies – may have lost more than $800m , according to estimates from financial-technology firm S3 Partners, while his 20% stake reportedly gained $851m . Compliance experts are still arguing about whether Musk could face official censure. If the content of Musk’s tweet was not true, lawyers argue, it could expose Tesla’s unpredictable chief executive officer and the company to regulatory action and private lawsuits. While the US stock market regulator permits executives of publicly listed companies to use social media to make statements about their businesses, former SEC chair Harvey Pitt told Fox on Wednesday that it was “highly unprecedented” that Musk made the announcement during the trading day. “Announcements of this kind move markets as we saw and they are made either before the opening of the market or after the close. He did not do that.” A day earlier, Pitt told CNBC that the timing of the announcement “raises significant questions about what his intent was.” But on Fox, Pitt made the point that officers of public companies cannot make deals alone. “He personally cannot secure private transactions,” Pitt said. “It requires the approval of independents on his board and shareholder approval. So for the CEO to be announcing this and announcing his price is also very unusual.””,
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“title”: “Racing To Fix Wall Street: ICE, Cryptocurrencies And Enterprise Blockchain”,
“title_full”: “Racing To Fix Wall Street: ICE, Cryptocurrencies And Enterprise Blockchain”,
“published”: “2018-08-07T20:58:00.000+03:00”,
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“author”: “Caitlin Long”,
“published”: “2018-08-07T20:58:00.000+03:00”,
“title”: “Racing To Fix Wall Street: ICE, Cryptocurrencies And Enterprise Blockchain”,
“text”: “This is the third of a three-part series exploring the building rivalry between cryptocurrencies and Wall Street. The first two parts are here and here , and an interim post about the ICE news is here . A ten-ton gorilla just entered the room and it sent everyone scrambling. ICE, parent of the New York Stock Exchange, is entering the bitcoin/cryptocurrency business—both institutionally and for retail payments. ICE’s move throws a curve ball at the crypto industry and Wall Street incumbents alike. So now what? And what does this imply about Wall Street’s enterprise blockchain projects, now that a giant infrastructure player has embraced cryptocurrencies for trading, clearing and settling transactions?\nIn Part 2 of this series, I’d predicted that Wall Street would try to co-opt cryptocurrencies the only way it possibly could, which is to financialize them by creating layers of debt-based, off-chain claims against them—and two days later, that happened.\nThe killer app for blockchain on Wall Street was always to migrate over to natively-digital blockchain assets and away from assets owned indirectly (currently, the DTC owns nearly all securities in omnibus accounts and what’s in our brokerage accounts are IOUs owed to us by a chain of leveraged financial institutions, not real stocks and bonds). Plus, Wall Street’s ledger systems aren’t in sync. That’s how situations like Dole Food happen—where Wall Street’s ledgers created 33% more shares than actually existed. There’s no excuse for this, ever. The solution is to scrap the old structure and use natively-digital assets that are issued, traded and settled on a blockchain.\nICE broke the seal. Natively-digital blockchain assets are coming to Wall Street. That’s a very big deal.\nICE’s move renders many of Wall Street’s enterprise blockchain projects obsolete because most (though not all) such projects are trying to tokenize financial instruments already issued. ICE leaped over tokenization and went straight to natively-digital. A natively-digital blockchain asset is issued at its genesis moment on a blockchain, and consequently would never need to be tokenized. Moreover, most enterprise blockchains are using insecure base layers (“blockchain-inspired” systems). ICE is now embracing the real thing—a secure base layer, a true blockchain. It’s not possible to build secure applications on top of an insecure base layer, but it is possible to build secure (or insecure) applications on top of a secure base layer. ICE chose right by embracing true blockchains.\nBut, oh boy, ICE’s move is a double-edged sword.\nWe are about to see “fractionally-reserved bitcoin” en masse for the first time—more paper claims to bitcoin (created off-chain) than there are real bitcoins on-chain—and these paper claims will offset bitcoin’s natural scarcity to some degree, thereby suppressing bitcoin’s price. Indeed, this may be why bitcoin’s price dropped after the ICE announcement on Friday.\nAside from suppressing bitcoin’s price by boosting supply via off-chain bitcoin substitutes, there’s another risk to fractionally-reserved bitcoin.\nICE itself is taking substantial credit risk—and passing on that credit risk to any customers exposed to fractionally-reserved bitcoins, as well as to its existing customers whose collateral is commingled in the ICE clearinghouse.\nWhy? It’s critical to understand the counterparty credit risk implications of fractionally-reserved, off-chain cryptocurrencies, both for the issuers of such instruments and investors exposed to them. Again, fractionally-reserved bitcoins are bitcoin-claims created off-chain that aren’t 100% digitally escrowed with real on-chain bitcoins. As explained in detail in Part 2 , bitcoin is an equity-based asset that Wall Street cannot control directly—bitcoin has no lender of last resort—so loss severity for fractionally-reserved cryptocurrencies (aka cryptocurrency substitutes) will be much higher than normal in run-on-the-bank stress scenarios. Holders of on-chain bitcoins would benefit from a short-squeeze in such scenarios, but anyone exposed to fractionally-reserved, off-chain bitcoins would incur high loss severity.\nAgain, ICE’s announcement is a double-edged sword. There’s a lot that’s good, and a lot that’s not.\nSo, what’s next? Here are some thoughts:\n“Real money” institutional investors—pension funds, mutual funds, endowments, foundations and insurance companies—will, in some cases, quickly start revising investment guidelines to permit asset managers to buy cryptocurrencies, guided through the process by their investment consultants who are coming up to speed lightning fast; Corporate issuers will turn to cryptocurrency capital markets in a big way, as a means by which to raise cheap capital (preference-free and covenant-free, as discussed in Part 1 ), and this will probably happen in bond markets first; ICE will likely become the dominant listing and trading venue for these corporate coins (also called security tokens or utility tokens). The migration will happen first in bond markets, and this ties nicely into ICE’s leadership in “electronifying” bond markets. I expect issuance of a natively-digital blockchain bond to happen as soon as year-end. Over time, corporate coins may become ICE’s most profitable business as corporate securities migrate toward issuance in natively-digital blockchain form, which is issuer-friendly and investor-friendly (as discussed in Part 1 ). ICE has a huge first-mover advantage; Investment banks are already scrambling to hire cryptocurrency teams. In a twist of irony, almost every investment bank pushed out their early cryptocurrency experts and they’re all behind the curve (except Goldman Sachs ). Their capital markets competitors—the firms specializing in crypto advisory, structuring and research for coin issuance—will rise in relative prominence within capital markets, as investment banks are not well-positioned to structure and build technology for coin offerings; The shortage of top-notch developers with Bitcoin and Ethereum skills will become even more acute as institutions rush to hire them; Risk officers are likely re-open counterparty-credit and cybersecurity risk reviews of ICE Clearing US , which is guaranteeing all physically-settled bitcoin futures trades, worried that ICE Clearing US may become the biggest “honeypot” for cryptocurrency hackers. ICE describes this entity as its “central counterparty for all ICE cleared forex futures trades.” In other words, ICE is not creating a separate clearinghouse for cryptocurrencies and is instead commingling them with other asset types in ICE Clearing US, which is one of ICE’s smaller existing clearinghouses (see Bakkt’s disclosure here ); Investment fiduciaries and their consultants will quickly become experts in custody risk—not just in cryptocurrency custody risk, but in all custody risk. Fiduciaries have been complacent about custody risk for years, but cryptocurrency custody is a different animal and they will learn a lot by digging into it—and start applying that knowledge to securities too (i.e., what really happens to securities commingled in omnibus accounts, what are the real economics of stock loan, and how many times collateral is really rehypothecated by central counterparties). Fiduciaries will end up tightening the terms of custody arrangements as a result, and that’s a very good thing. Customers of cryptocurrency custodians will clarify upfront how the custodian will handle cryptocurrency forks, airdrops and the like. These are akin to dividends of coins and loosely analogous to stock splits or stock dividends, except that they can come out of nowhere—so if a pension fund is storing coins in a custodian’s omnibus account, its auditors may not even be able to trace how many new coins to which the fund was entitled. This is one of many reasons why omnibus accounts make little sense for institutional custody of cryptocurrencies; Along these lines, investment fiduciaries and their consultants should ask potential cryptocurrency custodians about multi-sig, HD wallets, time locks, qualified custodianship and cold storage—protections that I suspect institutional investors may not even know to ask for, but which all fiduciaries should explore as a best practice in crypto custody. Here are a few thoughts about regulatory impacts.\nThe biggest loser from ICE’s announcement is the State of Delaware, which is the dominant state for corporate registrations, along with its registered agents and corporate law firms. Why? Because ICE’s announcement makes it clear Wall Street is moving toward natively-digital assets as the preferred instrument for capital raising. Delaware had a big head start and squandered it—the State had been moving toward registration of natively-digital assets under its previous governor, Jack Markell, from 2016 until his term ended in 2017—but, under pressure from incumbents, Delaware slowed down the Delaware Blockchain Initiative after the change of administration, and its Secretary of State has not yet integrated with any blockchain nearly two and a half years later. Like investment banks, the State of Delaware is behind. The ICO market proves companies can raise institutional-size capital by issuing asset-backed tokens regardless of where the company itself is registered, which renders Delaware’s typical advantages mostly moot. Companies can now register wherever it’s cheapest to do so and issue asset-backed coins from any domicile; For the SEC, ICE will likely become the first “qualified custodian” of cryptocurrency assets. Under the SEC’s custody rule , in general, investment advisors who take responsibility for client assets must segregate them using an independent “qualified custodian.” As with some other SEC rules, blockchain technology has moved the goalposts because it is so different than traditional technology. For example, natively-digital assets never leave a blockchain—their ownership merely changes hands—so there’s no need to safeguard assets by segregating them (and they can’t actually be segregated anyway, as only their private keys can be segregated). Regulators, auditors and portfolio managers can easily track assets on a blockchain without exposing the owners’ private keys. But requiring a third party to hold the owners’ private keys introduces cybersecurity risk where it would not otherwise exist. Cryptocurrencies are digital bearer assets, and whoever controls the private keys owns the asset. Owing to this, it is critical to update of U.S. securities laws to broaden the definition of “qualified custodian” to include a blockchain itself. Short of this, the SEC and CFTC should beware of the heightened risks with allowing clearinghouses, custodians and warehouses to hold cryptocurrencies in omnibus accounts. They instantly become “honeypots” for hackers. Cryptocurrencies are bearer instruments and entail much greater cybersecurity risks than other types of assets held in omnibus accounts, so there’s heightened reason to require client segregation to protect the regulated institution’s solvency. WARNING: Earlier, I covered the high loss-severity potential for anyone exposed to fractionally-reserved, off-chain bitcoins during a run-on-the-bank scenario, but there’s an even bigger risk for the CFTC and SEC to consider. Anyone exposed to fractionally-reserved bitcoins—again, these are off-chain substitutes for bitcoin that aren’t 100% digitally-escrowed by real bitcoins on-chain—are at major risk to a fork of the chain. In such a scenario, any party that rehypothecated, naked shorted, or has any other type of uncovered liability (in margin loans or ETFs, for example) is vulnerable to go broke. Why? Because such a firm would still owe the liability but have little asset value, since asset value would migrate to the forked coin and no off-chain substitutes would receive any of the forked coins. Bitcoin’s long-term holders (“HODLers”) already have big incentives to keep bitcoin “hard to borrow.” But, as bitcoin’s price is increasingly suppressed by creation of more and more off-chain, fractionally-reserved bitcoins, the network’s full-node participants have a bigger and bigger incentive to fork the chain and force a short squeeze—a permanent one—that could bankrupt exposed institutions. Conclusion\nJust as bitcoin changed the conversation about money—the phrase “fiat money” is now mainstream—ICE’s entry into cryptocurrencies changes the conversation about how Wall Street really works. It will shed light on the reality that Wall Street makes a lot of money by creating paper claims to assets in quantities that exceed the underlying assets (e.g., the Dole Food case, in which brokerage statements showed people owned 49.2 million shares but only 36.7 million shares were outstanding—and this is far from unique). Regular folks will increasingly realize that leverage-based financialization is the direct cause of unstable and unfair financial markets—bull/bear markets of growing amplitude, and ever-increasing inequality as the rich get richer but the poor are left behind. And, as “real money” institutional investors—pension funds, mutual funds, insurers—dig into this new asset class and learn how to custody it, they may realize how much they’ve been on the losing end of securities lending and rehypothecation practices. Let’s hope they tighten existing custody and collateral arrangements for securities too.\nYay—that would all be great for Mom & Pop investors. So would using natively-digital blockchain assets instead of the indirectly-owned mess we have now. Both would help fix Wall Street, making it stable and fair to all, finally!\n(Disclosure—I’m a shareholder of Symbiont, which was the State of Delaware’s original partner for registering natively-digital assets, and I was its chairman and president from 2016-2018. I also own cryptocurrencies and worked on Wall Street from 1994-2016, most recently running Morgan Stanley’s pension solutions business.)”,
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“title”: “Blockchain Will Disrupt E-Commerce”,
“title_full”: “Blockchain Will Disrupt E-Commerce”,
“published”: “2018-08-08T10:30:00.000+03:00”,
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“author”: “Giri Devanur”,
“published”: “2018-08-08T10:30:00.000+03:00”,
“title”: “Blockchain Will Disrupt E-Commerce”,
“text”: “The winter of 2017 was spectacular for the cryptocurrency markets, which reached an unprecedented high. 2017 Google Trends indicated how hot Bitcoin was last year — it was the second most searched topic under the global news category, while \”How to buy bitcoin\” was the third most sought-after \”how to\” question. Then, in an equally spectacular manner, bitcoin crashed and has lost 70% of its value ever since. Today, the cryptocurrency is at $8,000. Does this ring a bell? It certainly takes you back to another boom and bust that shook the tech world and the financial market — the dot-com boom and bust.\nOn March 10, 2000, the dot-com bubble had reached a crescendo. From there on the markets tanked. How far down did they go? Here are some examples: Cisco dropped by 86%. Qualcomm , which had grown 2619% in 1999, came crashing down as well. Their valuations were destroyed in the coming months.\nBy the end of the stock market downturn of 2002, stocks had lost $5 trillion in market capitalization since their peak. At its trough on October 9, 2002, the NASDAQ-100 had dropped to 1,114, down 78% from its peak.\nThere are important similarities between these two downturns. Consider what life was like in 1995. Big banks often asked engineers like me, \”Why would a bank like us need a website?\” They ridiculed engineers and technology enthusiasts as hype-mongers. By 1997, though, the dot-com boom had started changing the language of banks and businesses, and the internet became a tsunami by 1999. Like all tsunamis, the dot-com boom and bust left a lot of trash all over the market. Yet, the technology survived. Every bank and every other company moved onto the web. Just as the dot-com crash did not deter the march of technology, Bitcoin’s fall from grace won’t check the onward march of blockchain technology.\nBlockchain is a digital ledger that is decentralized and secure, and we expect every industry to adopt some form of blockchain in the coming years. A Gartner forecast (registration required) says \”the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030.\”\nOne key industry that will go through tremendous transformation thanks to the adoption of blockchain is e-commerce. According to eMarketer estimates , retail e-commerce sales amounted to $2.304 trillion in 2017, up by nearly 24.8% over the previous year. What’s more, mobile commerce made up 58.9% of digital sales. This indicates that the burgeoning e-commerce space is ripe for a disruption by way of blockchain adoption.\nWhen the democratization of information happened via the web and browsers, the clear winners were Amazon and similar companies that used the e-commerce playbook. In fact, 1995 was the year that witnessed the birth of Amazon.com, as the much-Quote: d story suggests, in a Bellevue garage . The e-commerce player has not just survived the dot-com bust but has thrived in the years since.\nNow, with the mainstreaming of blockchain, Amazon and a bunch of similar e-commerce players will go through a major disruption. There are two primary drivers for this transformation.\n1. Decentralization, As Opposed To Monopoly\nAs we all know, the monopoly of e-commerce by a handful of players is almost complete. There are hardly any challengers to existing players, and the cost of change is too high. Normally, if you look at any industry, whenever a near monopoly emerges, a new technology emerges and disrupts that industry. In 2007, Nokia was the king of mobile phones. Then came Apple, which was the least expected disruptor. Similarly, when IBM was the king of the computer industry, Microsoft emerged as the disruptor. The time has now come for blockchain to disrupt the e-commerce space. Blockchain technology essentially decentralizes control and ensures that trust is achieved without the need for a centralized power. It also means greater transparency and power to the consumer.\n2. Regulatory Changes\nOne of the biggest regulatory changes has come in the form of General Data Protection Regulation (GDPR,) Europe’s data law which came into effect on May 25 of this year. The data protection law will have an impact on blockchain technology and e-commerce players. Whether it is GDPR or other regulatory frameworks, monopolies in the e-commerce world will come under different kinds of attacks. The new regulatory changes will have a definite impact on existing players.\nHow Will These Changes Help The Marketplace?\nA good example would be Amazon, which has nearly 80 private labels, according to a report from One Click Retail , a retail analytics company. As vendors and manufacturers begin to understand the extreme power of Amazon, they will react in different ways. That’s the stepping stone to a disruption of the Amazon monopoly.\nCustomers are becoming more aware of monopolistic powers, and they take a deep interest in knowing the origins of a product, its sustainability and so on. This will result in a shake-up of e-commerce players, and a lot of vendors may get filtered out. Also, the price control exerted by monopoly players will be a differentiator for customers. Enhanced transparency will mean the customer is aware of what she is buying.\nIt has been observed that the foundation for building a great firm is often laid during the bust years. History will repeat itself. A new star will be born on the blockchain firmament, one that will change the e-commerce landscape.\nForbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?”,
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“title”: “The 12 types of Premier League transfer that seem to happen every single year”,
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“title”: “The 12 types of Premier League transfer that seem to happen every single year”,
“text”: “T here should be something for everyone in the transfer market. In an ideal world, every signing would be scouted for months beforehand, a result of careful identification of your squad’s most urgent weakness, and tailor-made for the role for which they have been bought.\nBut the transfer mill needs its grist, the filler to keep its world turning, the bread-and-butter deals that justify the ongoing existence of everybody from agents to roving Sky Sports News reporters. Among the odd shrewd acquisition, no-brainer big-money deal and sensible reinforcements, there are transfers that just feel like they happen every single summer .\nThey have happened before. They are happening right now. They will happen again. And they will happen forever.\nThe Turkish Süper Lig Recyling Service It is a little-known quirk of Fifa’s transfer regulations that, if a Premier League side simply leaves their unwanted, unsettled or wage-sapping Premier League players on the pavement outside their training ground, a Turkish club will eventually come and pick them up for a small fee. Just make sure to separate your plastics from your goal-shy strikers beforehand.\n​ Pick a Telegraph Fantasy Football team now for the chance to win a share of more than £100,000 >>\nAndre Ayew has headed on loan to Fenerbahce Credit: REUTERS F enerbahce are chief among the Süper Lig clubs who simply cannot resist freecycling themselves a steady stream of uninspiring Premier League operators.\nV incent Janssen escaped there on loan from Tottenham last season, adding himself to the dubious recent pantheon of Turkey-bound surplus stock (your Gael Clichys, your Samir Nasris, your Martin Skrtels, and so on) but kudos to Jeremain Lens, who managed to be farmed out to Fenerbahce and Besiktas between 2016-18 as Sunderland desperately tried to offload him from their end-of-year accounts.\nThis sub-market could soon be dominated by a new player, though: upstarts Istanbul Basaksehir currently boast no fewer than seven ex-Premier League veterans in their squad, including Emmanuel Adebayor and the ancient Emre Belozoglu, once of Newcastle. It’s the nearest thing football has to Gumtree.\n2018/19 editions : Andre Ayew (Swansea to Fenerbahce, loan), Jaroslaw Jach (Crystal Palace to Çaykur Rizespor, loan)\nThe yo-yo striker Being \”too good for the Championship, not good enough for the Premier League\” must be one of the more frustrating niches to occupy. All that hard work over 46 games, a steady stream of authoritative finishes that most people will only half-watch on Quest to pass the time before Match of the Day comes on, perhaps scraping into the promotion places…only to be overlooked in the top flight.\nThe Zone of Cameron Jerome, the Former Republic of Robert Earnshaw, the Void of Vydra: whatever you want to call that crack between the top two divisions, that’s where you’ll find a small army of tidy but limited goalscorers who will struggle with that step up for the rest of their playing days. In the grand scheme of any profession, that’s probably not a terrible place to find yourself, but it does make for some circuitous career paths.\nBenik Afobe was re-signed by Wolves for £10m…only to be sold to Stoke for £12m a few days later Credit: PA M ost recently, spare a thought for Benik Afobe who – after a passable 29 goals in 63 Championship games over the last four years – hoped Wolves had big plans for him when they took up their £10m option to sign him from Bournemouth this summer. Barely a week later, they had moved him on – and down – to Stoke for £12m, some swift transfer chicanery that he described as \”direspectful\” and an \”embarrassment.\”\nJ oin the queue, Benik – for you are not alone. Also going in the wrong direction to find their true level are fellow yo-yo strikers Dwight Gayle (36 goals in 61 Championship games, 18 in 99 in the Premier League) and Lewis Grabban who, thanks mainly to 14 moves in 12 seasons, always seems to be about to be transferred somewhere for a fee in the region of £6m.\n2018/19 editions : Dwight Gayle (Newcastle to West Brom, loan), Lewis Grabban (Bournemouth to Nottingham Forest, £6m), Benik Afobe (Bournemouth to Wolves, £10m and then Wolves to Stoke, loan)\nForever a loan Chelsea’s loan policy has been the subject of much fascination over the last few years, mainly thanks to the sheer volume: they currently have 24 players on loan to 21 clubs in 14 different leagues, constituting about a third of the entire Premier League’s outgoing loan deals at the start of this season. The loanees have their own WhatsApp group and a dedicated team of \”loan player technical coaches\”, whose job it is to feed back to the far-flung youngsters and make sure they don’t feel forgotten.\nChelsea’s England under-21 international Lewis Baker has been sent to Leeds – his fifth loan move in three years Credit: THE FA W ithin that mass of temporary spells, there are some curious stories. Portuguese goalkeeper Eduardo, a Euro 2016 winner who played third fiddle to Thibaut Courtois and Willy Caballero last season, will celebrate his 36th birthday on loan at good old Vitesse Arnhem.\nM eanwhile, Colombian forward Joao Rodriguez, who signed for Chelsea on his 17th birthday back in 2013, is now 22 and about to begin his eighth loan spell in six seasons: a spectacularly futile journey from Colombia (three times) to France, Portugal, Belgium, Mexico and, finally, Spain where he will play for second-tier Tenerife.\nQuite how much thought and planning goes into where these battery-farmed young (or old) players are sent out each summer isn’t entirely clear, but the cost to Chelsea probably isn’t enough to change their ways. In any case, there will be some strange footballer autobiographies being published in about 15 years’ time.\n2018/19 editions : Too many to count.\nReturned to the continent, in a saleable condition and with proof of purchase, for a partial refund The format here is fairly simple: promising early-career CV in a second-tier league (the Eredvisie will usually suffice), solid £20m transfer fee that suggests the player is ready to be thrust straight into the Premier League picture and then, roughly 12 months on, they are quietly shuffled off to the Bundesliga to try and remember what exactly it is about professional football they actually used to enjoy.\nKlaassen played just seven Premier League games for Everton after signing for £24m last summer Credit: GETTY IMAGES S uch expensive, disheartening stories of anti-climax are manifold, but this season’s headline concession of defeat is Everton’s Davy Klaassen, who arrived for £24m last summer with the stamp of authenticity that comes with graduating the Ajax youth academy, and now finds himself hoping to pick up the pieces with Werder Bremen. The muted club statement confirming his low-key departure extended to just 68 words.\n2018/19 editions : Davy Klaassen (Everton to Werder Bremen, £12m), Guido Carrillo (Southampton to Leganes, loan), Sofiane Boufal (Southampton to Celta Vigo, loan)\nThe young, English £15-20m centre-half S turdy, captain-material centre-backs everywhere, emboldened by Slabhead: The Harry Maguire Story , are now dreaming of Premier League moves and slow-motion World Cup montages.\nGibson was called up to the England squad in 2017 Credit: GETTY IMAGES T here remains something comforting about having an honest-to-goodness, salt-of-the-earth six-footer at the heart of one’s defence, and nobody appreciates that more than Sean Dyche, who has equalled Burnley’s transfer record to secure the services of Middlesbrough’s Ben Gibson, finally filling the Michael Keane-shaped hole in his squad.\n2018/19 editions : Ben Gibson (Middlesbrough to Burnley, £15m), Alfie Mawson (Swansea to Fulham, £15m)\nThe semi-forgotten former Premier League import, back for a second bite at the cherry Perhaps it’s the lure of London, or the belated realisation that life wasn’t going to get any better than having Sky’s Paul Merson mangle your surname between 3-5pm every Saturday afternoon, but they invariably come crawling back for more.\nSchurrle returns to the Premier League, where he spent two seasons with Chelsea between 2013-15 Credit: GETTY IMAGES M uch like ex-Chelsea man Andre Schurrle, the first chapter tends to go rather unremarkably, leading to a couple of seasons under the radar back on the continent before they return, precisely three years younger than you assumed, with their expectations firmly managed for round two. Perhaps that’s what Davy Klaassen has his sights set on.\nB efore they know it, though, they’re playing for their third Championship club in five years, two bilingual kids happy enough at their Surrey school and they’ve even learned to appreciate the food and the weather. Almost.\nAnyway: never give up. Best league in the world™ and all that.\n2018/19 edition : Andre Schurrle (Borussia Dortmund to Fulham, loan)\nSuccessful loan deal, tantalising wait, permanent move The flip-side to the low-risk, rent-now-pay-later, scratch-and-sniff benefits of hitting the loan-deal jackpot is that the parent club might just notice that the player has suddenly hit his stride.\nMitrovic was instrumental to Fulham’s run of form that secured promotion via the play-offs Credit: OFFSIDE A fter some diminishing returns over two-and-a-bit seasons at Newcastle, Aleksandar Mitrovic took it upon himself to urge his compatriot Slavisa Jokanovic to bring him down to Fulham. At that point he became the focal point of every tidy, geometrically-perfect Craven Cottage attacking move, quickly earned cult-hero status for being a Crimewatch reconstruction of Diego Costa, and scored 12 times in 17 Championship games.\nEven if Rafa Benitez still didn’t fancy him back at St James’ (and Fulham will be thankful he didn’t), the subsequent negotiation of a permanent deal was far from straightforward. It was a full nine weeks after the play-off final victory that restored Fulham’s top-flight status – during which Mitrovic’s value remained steady at the World Cup – until his permanent move was agreed for fee that could rise to £27m. A reasonable conclusion for both parties, but it could have been rather more expensive if it had dragged on to deadline day.\n2018/19 edition : Aleksandr Mitrovic (Newcastle to Fulham, £22m)\nThe British Back-Up Goalkeeping Merry-Go-Round O ne unexpected transfer sub-plot this summer has been the chain reaction of low-profile moves for capable British goalkeepers. It’s not entirely clear where the epicentre of these ripples lies, but some latent paranoia over homegrown player quotas, wage budgets and potential injury crises has been the propulsive force.\nJoe Hart is one of a number of English goalkeepers on the move this summer Credit: MANCHESTER CITY FC W here recently we once peered curiously at the existence of such resolutely third-choice goalkeepers (Richard Wright, Stuart Taylor, come on down) we’re now witnessing a cottage industry based entirely around making sure you have someone else lying around who knows where a wall should stand for a free-kick and how to shout at a defence for giving the ball away in front of their own goal.\nBurnley, like a schoolboy completing a Panini sticker album, now have three England internationals to choose from between the sticks, thanks to Joe Hart’s latest bid for freedom. Rob Green and Lee Grant, who will be vital components of the pre-match warm-ups for Chelsea and Manchester United respectively this season, will tick the Honest Pro, Never Complains box.\nThe UK headquarters of the Goalkeepers’ Union has never been so busy.\n2018/19 editions : Joe Hart (Manchester City to Burnley, £3.5m), Rob Green (Chelsea, free), Lee Grant (Stoke to Manchester United, £1.5m), Ben Foster (West Brom to Watford, £4m), Angus Gunn (Manchester City to Southampton, £10m), Danny Ward (Liverpool to Leicester, £12.5m), Sam Johnstone (Manchester United to West Brom, £6.5m), Ben Hamer (Leicester to Huddersfield, free), David Button (Fulham to Brighton, undisclosed)\nThe Eredivisie Coin-Toss T he path from the Dutch top flight to the Premier League is a well-trodden one. Of the last 21 players to have topped the Eredivisie scoring charts in the last 30 years, no fewer than 12 have swiftly moved on to English football. Of those dozen, just four – Dennis Bergkamp, Ruud van Nistelrooy, Dirk Kuyt and Luis Suarez – could even loosely consider themselves a success here.\nBroadening things a bit, of the last 38 players to have won either the Dutch Footballer of the Year or the parallel Gouden Schoen award over the last three decades, 21 of them have eventually ended up in the Premier League. With the odd goalkeeper (Ed de Goey, Jerzy Dudek), defender (Jaap Stam, Jan Vertonghen) and midfielder (Marc Overmars, Georginio Wijnaldum) now thrown into the equation, the success rate nudges itself just over the 50% mark.\nBrighton’s Alireza Jahanbakhsh is the latest standout Eredivisie performer to try his luck in the Premier League Credit: AP T here are solid reasons for the Premier League’s preoccupation with Eredivisie’s finest. Dutch football (with its residual reputation for technical excellence, whatever the state of the national side) is seen as the perfect halfway house for rising talent, particularly from South America, a stepping stone from which those who flourish can be prised away relatively cheaply.\nU nfortunately, for every Van Nistelrooy, there is a Mateja Kezman (105 goals in 122 Eredivise games giving way to 4 goals in 25 for Chelsea). For every Overmars, there is a Memphis Depay. For every Dennis Bergkamp, could there – after 21 goals and 12 assists for AZ Alkmaar last season – be an Alireza Jahanbakhsh? Brighton will hope not.\n2018/19 edition : Alireza Jahanbakhsh (AZ to Brighton, £17m)\nCherry-picked main men from relegated clubs Like the early-evening crowd scene around the reduced-to-clear section of a supermarket, relegated clubs and their unsustainable wage bills attract plenty of vultures. With the prospect of a player returning from a World Cup to happily get stuck into midweek trips to Brentford, Preston and Rotherham looking rather unlikely, the deals tend to get wrapped up fairly smoothly.\nShaqiri was plucked from Championship-bound Stoke by Jurgen Klopp’s Liverpool Credit: LIVERPOOL FC T his time round, a clutch of players with yellow stickers on them and with no time to waste in the second tier, have been hauled back up to the top flight for a combined fee of around £30m – roughly the same price as a Premier League goalkeeper with two arms. It’s ruthless business, but it’s good business.\n2018/19 editions : Xherdan Shaqiri (Stoke to Liverpool, £13.5m), Lukasz Fabianski (Swansea to West Ham, £7m), Ramadan Sobhi (Stoke to Huddersfield, £6m), Jonny Evans (West Brom to Leicester, £3.5m), Ki Sung-yueng (Swansea to Newcastle, free)\nThe living, breathing transfer rumour who finally, finally gets that Premier League move T here are some players with whom you feel you have become so familiar, despite perhaps never seeing them kick a single ball. For years, transfer gossip columns offered the amusing idea of French defender Rod Fanni moving to the Premier League, but it never materialised (although he did eventually arrive to help Charlton get relegated to League One in 2016.)\nThe likes of \”Nicolas Gaitan\”, \”Leandro Damiao\” and \”William Carvalho\” – all players for whom there is little evidence that they actually exist – have been imprisoned in the transfer rumour mill, never to emerge.\nYarmolenko has finally secured his dream Premier League move Credit: WEST HAM UNITED FC E very summer or so, one of these semi-fictional players at last gets their chance. This year, along with Joao Moutinho’s £5m move to Wolves, we will finally see Andriy Yarmolenko in English football. The 28-year-old, 70-odd-cap Ukrainian forward from the Bundesliga (not to be confused, of course, with Yevhen Konoplyanka, the 28-year-old, 70-odd-cap Ukrainian forward from the Bundesliga) has rocked up at West Ham, which is where all these very specific type of players ought to end up.\n2018/19 editions : Andriy Yarmolenko (Borussia Dortmund to West Ham, £17.5m), Max Meyer (Schalke to Crystal Palace, free), Jean Michael Seri (Nice to Fulham, £25m), Joao Moutinho (Monaco to Wolves, £5m)\nThe transfer that just sounds right T here is no sophisticated methodology here; no metrics, no algorithms, no cross-referencing. Some transfers just make sense . So much sense that you automatically refer to Wikipedia to double-check the player hadn’t been at that club at some point before. All roads have led to this. James McClean. West Brom to Stoke. £5m.\nMcClean, 29, is now with Championship side Stoke Credit: PA S toke, for some reason, seem to be the ideal destination for this sort of thing, perhaps because there are simply so many potential Stoke players out there. McClean has been joined on the Potters’ post-Premier league rebuilding project by Ashley Williams (somehow not once of Stoke) and Tom \”£10m to Stoke\” Ince. Most recently, meanwhile, Matej Vydra has returned to Burnley for what feels like his third spell with Burnley, despite having never played for Burnley.\nThese are the reassuring transfers. The repeats-of- Friends -on-E4 transfers. The Southern-would-like-to-apologise-for-any-inconvenience-this-has-caused-to-your-journey transfers. The more things change, the more they stay the same.\n2018/19 editions : James McClean (West Brom to Stoke, £5m), Ashley Williams (Everton to Stoke, free), Tom Ince (Stoke, £10m), Callum Chambers (Arsenal to Fulham, loan), Matej Vydra (Derby to Burnley, undisclosed)\nPremier League summer transfer window ins and outs”,
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“title”: “Why Elon Musk wants to take Tesla private”,
“title_full”: “Why Elon Musk wants to take Tesla private”,
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“text”: “Why Elon Musk wants to take Tesla private CNBC 2 hrs ago Lora Kolodny Click to expand Replay Video UP NEXT Why you should never accept the first salary offer at your new job Even though it might be tempting to take, the starting salary shouldn’t be the offer you first accept. Financial Planner, Sophia Bera, explains why it’s so important to negotiate your starting salary and the consequences when you don’t. GOBankingRates Watchdog report: Border wall could cost far more than estimated A Government Accountability Office report said the Trump administration hadn’t fully researched or disclosed the cost of the wall. Newsy Jason Alexander is KFC’s new sitcom Colonel Sanders We can’t think of a better colonel than the man who likes his chicken spicy. USA TODAY 1 Cancel SETTINGS OFF HD HQ SD LO Tesla surges 11 percent as Musk Weighs plan to go private CNBC See more videos SHARE SHARE TWEET SHARE EMAIL What to watch next Why you should never accept the first salary offer at your new job GOBankingRates 1:18 Watchdog report: Border wall could cost far more than estimated Newsy 0:53 Jason Alexander is KFC’s new sitcom Colonel Sanders USA TODAY 0:43 Mattress Firm reportedly considering filing for bankruptcy Fox Business 1:06 What’s the real goal behind Trump’s Iran sanctions? The Wall Street Journal. 1:37 Feud between Saudi Arabia and Canada escalates CBS News 1:48 Everything wrong with the iPhone Business Insider 3:44 Musician says she and her $30K cello were kicked off an American Airlines flight Veuer 1:00 See how to get cash at ATMs with phone USA TODAY 1:21 How this cybersecurity company is using AI to fight hackers CNBC 2:27 Vertical farms on the rise in the UAE CNN 2:43 Oil shocks changed the auto industry; tariffs could change it again The Wall Street Journal. 4:07 Wells Fargo computer glitch may have cost hundreds their homes Newsy 0:53 NRA claims deep financial troubles CNN 1:36 Accident in Boston illustrates steep cost of emergency care CBS News 1:48 Why you shouldn’t bank on $1M to get you through retirement anymore GOBankingRates 1:00 UP NEXT\nTesla shares went on a wild ride Tuesday after CEO Elon Musk said on Twitter that he was hoping to privatize the company at $420 a share. At that price, the market value of Tesla would be about $71 billion.\nInitially, it wasn’t clear if the CEO’s proclamation was in jest — \”420\” is a popular code endorsing cannabis consumption. But Musk was dead serious.\nIn fact, Musk has signaled his wish to privatize the electric vehicle maker before. For example, he told Rolling Stone in November 2017, \”It actually makes us less efficient to be a public company.\” But Musk delivered his informal proposal on Tuesday seemingly out of the blue.\n© Provided by CNBC\nBy Tuesday afternoon, Musk made a more formal statement about privatizing Tesla in a company blog post .\nThere are several reasons why Musk might want to go private:\nKeep competitive information secre t: As a privately held company, Tesla would not have to disclose information that could give competitors an edge.\nBy contrast, Tesla now makes quarterly disclosures about debt levels, personnel changes, executive compensation, how many cars are being produced and delivered, various lawsuits the company is facing, recent personnel changes, and its views of risks and competitors.\nAlign with long-term shareholder interests: As Musk alluded to in his letter, owners of privately-held companies can maintain control over every operational decision without running afoul of shareholders’ quarterly expectations.\nHe wrote that being public \”puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term.\”\nLoup Ventures’ Gene Munster gave CNBC similar reasons why Tesla might want to be private:\n\”The benefits of being private are even more clear for Tesla, considering their ambitious mission. They want to accelerate the globe’s adoption of renewable energy. Companies with a big mission like this are typically held back by managing for quarterly investor expectations.\nThis last quarter for Tesla is a great example — the amount of energy that they put into hitting a 5,000 Model 3 production target was disproportional to the reward that they got. The stock didn’t do anything. The company would have been better off if they wold have stepped production down near-term and perfected their manufacturing. Don’t worry about units per week today, but build a factory so it is best equipped to build for the future.\”\n© Provided by CNBC\nStock price. Musk may also have guessed that the announcement was going to bump the stock price, as one-time SEC chair Harvey Pitt hinted to CNBC Breaking News on Tuesday:\n\”Musk has complained about the market price, complained about shorts and got a quick bump of 5 to 8 percent on the price of the stock. If his comments were issued for the purpose of moving the price of the stock that could be manipulation. It could also be securities fraud. The use of a specific price for a potential going private transaction is highly unprecedented and therefore raises significant questions about what his intent was.\”\nTesla’s stock price rose about 8 percent following Musk’s tweets, building on a smaller rise on news earlier in the day that Saudi Arabia’s sovereign wealth fund sought an equity stake in the electric vehicle make. The stock closed up 11 percent on the day.\nWith its stock price elevated above the $360 level, Tesla is now able to pay off some $900 million in obligations in stock instead of in cash.\nCould it happen? Musk owns around 20 percent of Tesla already. He would need to raise more than $50 billion to buy out other shareholders. Adding in around $10 billion in debt, such a deal would represent the largest leveraged buyout in history, surpassing the $45 billion acquisition of the Texas energy giant TXU (Energy Future Holdings) in 2007, which eventually went bankrupt.\nAlthough Musk mentioned funding in his initial tweet, a blog post from Tesla did not include any mention of financing. CNBC also contacted a number of Wall Street banks and none of them was aware of any transaction or had committed to funding a leveraged buyout of Tesla.\nOverall, Munster guesses that Tesla has a one in three chance of pulling off privatization at $420 per share. He said:\n\”It could be hard to incentivize the believers to give up their Tesla stock. Many of the public investors cannot invest in a private company, and would be forced to sell. I think a lot of them will not want this, at this time, and not for a 16 percent premium. That’s just not enough.\””,
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“text”: “Elon Musk may be in hot water if his claim of secured funding to privatize Tesla is false Published time: 8 Aug, 2018 09:44 Edited time: 8 Aug, 2018 09:50 Get short URL © Robyn Beck / AFP Tesla CEO Elon Musk could face investor lawsuits if his tweet boasting about taking the electric carmaker private transpires to be false. Tesla shares jumped almost 11 percent on the news.\n“If funding is secured, then it’s a factual statement,” said John C. Coffee, director of the Center on Corporate Governance at Columbia Law School, as quoted by Yahoo Finance. “But if he can’t prove that, he’s in some danger of a big lawsuit because short sellers will be devastated by this.”\nEarlier, Elon Musk tweeted that Tesla may go private when shares in the electric carmaker hit $420. The tweet sent company stock surging almost 11 percent, from $342 to $379 per share on Tuesday, before slipping 0.5 percent in after-hours trading. Am considering taking Tesla private at $420. Funding secured. — Elon Musk (@elonmusk) August 7, 2018\nIf the eccentric head of Tesla intended to temporarily boost the company’s stock in order to force losses on short sellers, the step could be considered stock manipulation, which is illegal.\nShort selling is a market position motivated by the belief that a security’s price will decline, enabling it to be bought back at a lower price to make a profit.\n“That’s too inviting to a plaintiff’s lawyer not to sue,” the expert told the media. “This would be an attractive lawsuit. The people who think he’s manipulating the market would say they’ve suffered an injury, and you could pull all those losses together in a class action.”\nAhead of the Musk’s astonishing tweet, the Financial Times reported that a Saudi sovereign wealth fund bought nearly $2 billion worth of Tesla shares, making up 4.5 percent of the company’s stock. Cash invested by Riyadh could reportedly be part of a buyout offer. Tesla loses $717.5mn in Q2, breaking own record from previous quarter https://t.co/Rwhe5RbTAc pic.twitter.com/P7tYFaPXIa — RT (@RT_com) August 2, 2018\nSo far, Tesla investors have been concerned about the huge capital that the company has been burning through. Another problem the automaker faces is whether it would need to raise extra cash to back its lofty agenda that includes building more factories across the world, introducing a semi-truck and a crossover SUV, and some other projects.\nDespite posting billions in losses, Tesla’s market capitalization has soared to nearly $65 billion, making it the most valuable automaker in the United States, ahead of GM and Ford.\nFor more stories on economy & finance visit RT’s business section “,
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“text”: “If President Trump’s re-election prospects hinge on the success of his economic policies, his prospects for 2020 look pretty good right now, a new IBD/TIPP Poll suggests. Americans aren’t just more optimistic, but groups not known to be Trump-friendly in their politics are among the most optimistic of all.\nX We noted in an earlier piece that the U.S. seems to have undergone a significant mood shift, with the share of Americans saying they’re optimistic about the direction of the country rising above 50 for the first time since January 2005. Along with that, the Presidential Leadership Index jumped 3.2% to 45.7 in August, the highest since Trump’s first month in office.\nThose data have been confirmed by the IBD/TIPP Economic Optimism Index, which rose 2.8% to 58 in August, its highest since January of 2004 . With GDP growth at 4.1% in the second quarter and unemployment currently at an ultralow 3.9%, it’s no wonder.\nThat economic optimism number for August, by the way, is the highest of Trump’s presidency. And it is the longest stretch ever — 23 months — above the make-or-break level of 50 for the optimism index.\nGet the new IBD Politics & Opinion newsletter!\nIBD Newsletters Get exclusive IBD analysis and action news daily. SIGN UP NOW! IBD Newsletters Get exclusive IBD analysis and action news daily. Market Prep Tech Report Politics & Opinion Please enter a valid email address Please select a newsletter GO Get these newsletters delivered to your inbox & more info about our products & services. Privacy Policy & Terms of Use\nx Thank You! You will now receive IBD Newsletters ALL DONE! Something Went Wrong! Please contact customer service CLOSE The near-eight-year rebound from the Financial Crisis marked a giant dead spot in the U.S. economy of slow economic and jobs growth. But that now appears definitively over, at least in most Americans’ minds. That can be seen in one of IBD/TIPP’s lesser-known indicators, our \”Financial Stress\” index. Our pollster, Raghavan Mayur, began keeping it in December of 2007, the very month the financial crisis turned into the Great Recession.\nFor years, that index showed Americans were highly stressed-out about their finances, with monthly index numbers routinely in the 60s. Remember, the higher the index, the more it’s a sign of high financial stress. While that index has averaged about 59.4 since its creation, it peaked at 74 in October of 2008, during the depths of the economic crisis and just a month before the presidential election.\nBut this month, that same index crashed below the 50 level to 47.4 — its lowest level ever . People are feeling more secure in their finances than they have at least since the early 2000s.\nWhat’s intriguing about this, as we noted, is that some of those who feel the economy’s reviving \”animal spirits\” most keenly aren’t necessarily big Trump fans.\nThose aged 25-44, roughly the same demographic cohort as the millennial age group, saw their optimism about the economy jump to 63.7 in August, a 10% gain from July. That, too, is a all-time high.\nThen there are the independents. They make up more than a third of the electorate these days. Though not organized, they are a de facto third party in American politics. Their optimism about the economy jumped 7% in August to 57.2.\nIt’s important to note that these are key parts of the electorate that both Democrats and Republicans are fighting over. If both groups are overwhelmingly happy with how the economy’s going, how likely are they to vote out those now in power? Especially now that, at 52.1, our Federal Economic Policies index is at its second-highest level since December 2006.\nWhere’s The Wave? We keep hearing about a \”Blue Wave\” building among Democrats that will sweep them back into power in Congress. And maybe there is one. Democrats and Republicans have rarely in modern history seemed so at odds. Trump gets almost no love in polls from Dems. However, in this month’s IBD/TIPP Poll, we asked Americans who they would like to see win in this November’s midterm elections. It was evenly split: 45% for the GOP, 45% for the Democrats.\nSound like a Blue Wave to you?\nWe’re not the only pollster to notice this, by the way. The Rasmussen Reports survey asked Americans who deserves credit for the strong economy . Most (50%) said Trump, while just (40%) said Obama. So it’s seeping into the common wisdom, despite the mainstream media’s increasingly desperate attempts to poo-pooh it: Trump’s policies have worked, creating the kind of economic growth that many liberal pundits and media types claimed was a thing of the past.\nThe point is, for all the trauma and hysteria that President Trump’s tweets cause among the media, average Americans seem mostly to ignore it. But they like his economic policies — based on lower taxes and deregulation — and the faster growth and plentiful jobs that come with them. If this were an economic report card, Trump would get an ‘A.’\nYOU MIGHT ALSO LIKE:\nIBD / TIPP Poll : Economic Optimism Index\nIBD / TIPP Poll : Presidential Approval, Direction Of Country\nIBD/TIPP Poll: Surprise! Despite Media Trash Talk, Nation’s Mood Brightens\nClick here for more Commentary and Opinion from Investor’s Business Daily.\nWant to make more money in the stock market? Start with IBD University .\nThe post IBD/TIPP Poll: Americans Give Trump An ‘A’ For Economy appeared first on Investor’s Business Daily .\n”,
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“text”: “New Tesla pay package could make Elon Musk the richest man alive by Jackie Wattles and Chris Isidore @CNNMoneyInvest March 21, 2018: 8:05 PM ET If Elon Musk can turn Tesla into a $650 billion company over the next decade, he could become one of the richest men in the world. By far. A new payment plan for the CEO was approved by Tesla ( TSLA ) shareholders Wednesday, a spokesperson confirmed. The incentive-based package essentially states that if Musk hits a series of performance milestones between now and January 2028, and he drives his electric car company’s market value 12 times higher — taking it from $54 billion to $650 billion — he’ll become astronomically rich.\nMusk currently has a stake in Tesla worth about $12 billion.\nNow, if Musk does drive a 12-fold increase in Tesla’s market value, that doesn’t necessarily mean the price of a single share in the company will be 12 times larger. The company can do things like issue new stock that could dilute the value of existing shares.\nBut let’s assume Musk’s Tesla stock would grow at least 10 times more valuable. That would mean just the shares Musk owns today would be worth $120 billion.\nPlus, reaching the agreed upon milestones means Musk would get additional stock awards.\nAccording to the new compensation plan, Tesla estimates the value of the stock awards to be $2.6 billion, using accounting methods for estimating the cash value of stock options. But if Tesla’s market value balloons just as the payment plan hopes, those stock awards could be worth nearly $56 billion, according to a public filing.\nHowever, the filing cautions that $56 billion is the maximum possible profit he could make on the stock options, and that it is likely to sell additional shares to the public that would limit their value.\nBut he doesn’t need to hit that $56 billion target to pass the current $132 estimated net worth of Jeff Bezos , who is the wealthiest man on the planet. That maximum value of his options would take the value of his Tesla stake as high as $176 billion and that’s not taking into account Musk’s stake in his rocket company, SpaceX.\nThere are no guarantees, however, that Musk can hit the those targets and become the richest person on Earth.\nBezos, the Amazon ( AMZN ) chief, is likely to keep getting wealthier in the years to come as well.\nAnd there’s a big kicker: If Musk fails to hit the goals laid out in his pay package, Tesla won’t pay him at all.\nRelated: Tesla is helping build the world’s biggest ‘virtual power plant’\nIt hasn’t been smooth sailings for the company as of late. The rollout of its first mass market car, the Model 3, has been hamstrung by one manufacturing delay after another.\nCNBC added to the bad news when it reported last week that Tesla is producing a large number of flawed parts and vehicles, requiring expensive fixes.\nThe Model 3 is considered key to transforming Tesla from a niche luxury automaker into a prolific brand in the vein of Ford ( F ) or General Motors ( GM ) .\nTesla is also a stock that Wall Street loves or hates. While it’s notorious for attracting droves of short sellers, or investors who bet its stock price will lose value, Tesla shares have also performed extremely well over the long term. It’s up more than 778% over the past five years.\n–CNN’s Paul La Monica contributed to this report. CNNMoney (New York) First published March 21, 2018: 7:02 PM ET Personal Finance”,
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“text”: “Snap sinks to a 2-month low as fewer people use Snapchat every day (SNAP) Graham Rapier Aug. 8, 2018, 12:42 PM\nMarkets Insider\nSnap reported its first-ever decline in daily active users on Tuesday. Shares initially popped 10% after the company said it lost less money than Wall Street expected, but sank when markets opened Wednesday. Follow Snap’s stock price in real-time here.\nShares of Snap sank more than 6% Wednesday, falling to their lowest price since June, after the company reported active user numbers that disappointed investors.\nFor the second quarter, Snap said its total losses per share were smaller than Wall Street had feared and that revenue was more than analysts had expected. However, the company also saw its first-ever decline in daily active users.\nShares initially popped as much as 11% following the earnings report — which coincided with news that Saudi Arabia’s Prince Alwaleed had invested $250 million for a 2.3% stake in the company — before sinking into the red early Wednesday as traders digested what the falling active users metric might mean for Snapchat’s future.\nAlso weighing on the slumping share price Wednesday was the leak of some of Snapchat’s source code on GitHub , a code-hosting side recently acquired by Microsoft. The forum quickly complied with a DMCA takedown request, but not before the snippet could be downloaded and shared widely.\n\”While our monthly active users continue to grow this quarter, we saw 2% decline in our daily active users,\” CEO Evan Spiegel said on a conference call with analysts.\nHe added: \”This was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign. It has been approximately six months since we broadly rolled out the redesign of our application and we have been working hard to iterate and improve Snapchat based on the feedback from our community. We feel that we have now addressed the biggest frustrations we’ve heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people.\”\nSnap is now trading more than 50% off its first trading price when it went public in March 2017, and Wall Street thinks it will only sink more. Analysts polled by Bloomberg give the stock an average price target of $11.76. Now read:”,
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“title”: “Jordan Spieth: Career grand slam beckons at US PGA – CNN”,
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“author”: “Rob Hodgetts Updated 0904 GMT (1704 HKT) August 8, 2018 Chat with us in Facebook Messenger. Find out what’s happening in the world as it unfolds. (CNN) When Jordan Spieth romped to the Masters title as a 21-year-old in 2015, Sports Illustrated’s”,
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“text”: “(CNN) When Jordan Spieth romped to the Masters title as a 21-year-old in 2015, Sports Illustrated’s cover screamed, \”The Spieth era begins now.\”\nPresumptuous maybe, but the potential was there. He was the second youngest winner behind Tiger Woods, the only other player to have also won the US Junior Amateur title more than once. Follow @cnnsport When Spieth added the US Open title two months later — the youngest winner since the great amateur Bobby Jones in 1923 — it looked like a solid forecast. Now, ahead of his second shot at clinching the career grand slam of all four major titles at this week’s US PGA at Bellerive, it seems the headline was both sort of right and sort of wrong. Right, in the sense that having just turned 25, the US PGA title this week would make him the second youngest player after Woods — and only the sixth in history — to achieve the feat. And if not this year, he will have plenty of other chances and could amass more major titles along the way. Read More \”This tournament will always be circled until hopefully I win it one day,\” Spieth told reporters at Bellerive. \”It’s a lifelong goal.\” Wrong, in that an \”era\” arguably suggests a period of domination, and despite the plaudits for his play and demeanour during that breakthrough Masters win — fellow Texan and two-time Masters champion Ben Crenshaw said Spieth was \”way mature beyond his years\” — the Woods-esque domination hasn’t quite yet occurred. Spieth’s stellar 2015 — he was also one shot out of a playoff for the British Open, finished second at the US PGA, became world No.1 for the first time and won the season-long Fed Ex Cup crown — did indeed suggest the dawning of a once-in-a-generation golfer. And when he added the British Open at Royal Birkdale last year he became the second youngest player after Jack Nicklaus to win three different majors before his 24th birthday. Only Woods, Nicklaus, Gary Player, Ben Hogan and Gene Sarazen have achieved the career grand slam. Golf legends, all. READ: The guru teaching golfers to be ‘assassins’ READ: Spieth, McIlroy, Mickelson in race for grand slam ‘Something to prove’ But Spieth’s dramatic, nail-biting and somewhat supernatural victory at Birkdale encapsulates his mercurial early career. Jordan Spieth celebrating accordingly 🏆 (via 👻 jlthomas34)\nA post shared by Bleacher Report (@bleacherreport) on Jul 23, 2017 at 4:06pm PDT\nHis wild tee shot on the 13th hole in the final round, and his subsequent 30-minute-plus deliberations of where to drop his ball before settling on a spot on the nearby driving range, brought a distressing feeling of déjà vu after his infamous Masters meltdown in 2016. Then, nine holes from winning back-to-back greens jackets having led from start to finish, he imploded with a horror sequence highlighted by a triple-bogey seven via the water of Rae’s Creek on the short 13th. He fought back to finish second, but he admits the collapse \” haunted \” him for a long time. And it did enter his thoughts during those frantic minutes at Birkdale, he says. But instead, he kept his head and romped to victory over Matt Kuchar in such scintillating fashion — finishing birdie, eagle, birdie, birdie, par — as to suggest he does have something extra. That Open title was the validation he needed for those back-to-back major wins in 2015, he says. \”I felt like I had something I had to prove to other people with last year’s Open and to myself,\” he told reporters at the Open at Carnoustie in July. READ: Why Rory McIlroy is a true Holywood star JUST WATCHED The shot that saved Jordan Spieth’s Open dream\nThe shot that saved Jordan Spieth’s Open dream 01:51 ‘I let it tear me down’ But that Claret Jug was the last of Spieth’s 11 Tour titles since clinching his first in his rookie season of 2013. Since then the dead-eye putting stroke has deserted him and the doubts have crept in. There have been high spots — the first-round lead at the Masters and a blistering 64 to finish third in April — and disappointments, such as a closing 76 to squander a share of the 54-hole lead at this year’s Open. He said recently of the 2016 Masters: \”I let it tear me down a little bit. I kind of lost a little bit of my own freedom, thoughts on who I am as a person and as a golfer.\” JUST WATCHED Justin and Jordan: Quickfire challenge\nJustin and Jordan: Quickfire challenge 01:41 Spieth grew up in Dallas, learning his golf at Brookhaven Country Club, and graduated from Jesuit College Preparatory School in 2011, the same year he represented the US in the amateur Walker Cup. He played college golf at the University of Texas, but turned pro at the age of 19 halfway through his sophomore year. By then he had already played in a couple of professional events. The first came after he wrote a polite and eloquent letter asking organizers of his hometown Byron Nelson Classic for a sponsor’s exemption for 2010. He got it — the event’s first amateur exemption since 1995 — and finished tied 16th. The contents of the letter — recently released by the PGA Tour — shine a light on Spieth’s upbringing as a well-mannered, humble, religious all-American kid. When he won the Masters the wider world became aware of how his younger sister Ellie, who has a neurological disorder and is on the autistic spectrum, keeps him grounded. \”She’s the funniest member of our family,\” he told reporters at Augusta. \”I love spending time with her. It’s humbling to see her and her friends and the struggles they go through each day that we take for granted.\” READ: Why Phil \”the Thrill\” Mickelson has always been box office ‘Wyatt Earp’ Spieth nearly became the youngest ever Masters winner when he finished as runner-up to Bubba Watson on his debut in 2014, and the following year Crenshaw — or Mr. Crenshaw as Spieth deferred to him — spoke of his \”maturity\” and \”competitive fire.\” \”When I first met him, I tell you, I’ll never forget it,\” said Crenshaw. \”I looked right at him and he looked at me and I thought I was looking at Wyatt Earp. He just had that look about him, just wonderful.\” \”When it comes to a major, he’s a bloodhound, he sniffs his way into contention,\” said host Gary Williams on Golf Channel’s Morning Drive show. JUST WATCHED Jordan Spieth tees it up with Lorena Ochoa\nJordan Spieth tees it up with Lorena Ochoa 03:36 But Spieth is no ice-cold, one-dimensional, cloistered, self-obsessed athlete. He has an idiosyncratic swing that’s not a powerful as some — he has been coached since he was 12 by Australian Cameron McCormick — and talks constantly to both his ball and his caddie Michael Greller, a former math teacher. And as a twenty something he’s not immune to quirky moments, such as celebrating his Masters win at Chick-fil-A in Augusta, or getting a radical haircut in Carnoustie on the third morning of the Open. #SB2K16\nA post shared by Justin Thomas (@justinthomas34) on Apr 20, 2016 at 10:31am PDT\nSpieth is part of a new breed of young guns on Tour who have been tight since their junior golf days, notably with current world No.2 Justin Thomas. He has been on regular vacations with Thomas, Rickie Fowler and Kaufman — broadcasting their antics on social media as befits their age. And despite the riches at the top of the game — Spieth’s already won more than $37.5 million on the PGA Tour alone — he has shared a \”frat house\” with a crew of fellow American players for the last few years at the British Open. A bit like stock markets being viewed over the long term to smooth out the peaks and troughs, so Spieth’s career is a work in progress. Even the great Jack Nicklaus had 19 runners-up spots alongside his record 18 majors, the last of which came at the age of 46. Visit CNN.com/golf for more news, features and videos \”You put yourself in position enough, it will go your way sometimes,\” he said at Bellerive. By Sunday night Spieth could be only the sixth winner of the career slam — at the age of 25. The Spieth era is now. Time will tell how great it is.”,
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“title”: “Christopher Collins: Congressman accused of insider trading”,
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“text”: ” Image copyright Reuters Image caption Chris Collins was arrested by the FBI on Wednesday morning in New York City for alleged insider trading A US congressman has been accused of using inside information to make illicit stock trades.\nChristopher Collins, 68, allegedly told his son to sell shares in a pharmaceutical company before news of a failed trial caused stocks to drop.\nThe New York Republican’s son avoided $570,000 (£442,000) in losses thanks to the tip-off, says the indictment.\nThe representative, who denies the charges, is not accused of selling stocks himself.\nCameron Collins, the son, and his fiancée’s father, Stephen Zarsky, are also charged with insider trading of Innate Immunotherapeutics Limited stocks.\nThe defendants allegedly tried to avoid losses by getting information regarding the results of a drug trial before the news went public. Did robots trigger the market plunge?\nThe congressman did not trade any of his own shares, which eventually lost millions of dollars in value.\nHowever, prosecutors say this was because he \”was already under investigation by the Office of Congressional Ethics in connection with his holdings in, and promotion of, Innate\”.”,
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“title”: “Vishal Sikka vs Salil Parekh’s Infy CEO contract: Retirement at 60, garden leave, no-compete clause vis-a-vis TCS, Wipro – The Economic Times”,
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“text”: “After the disagreement with its former CEO Vishal Sikka , Infosys has relied on an iron-clad, detailed employment agreement for current CEO, Salil Parekh . Here’s how the two contracts differ, on a few points:\nAlso read: Vishal Sikka updates Twitter bio, posts e-mail on personal blog\nVISHAL SIKKA\nCompensation\nA key sore point between Infosys co-founder Narayana Murthy and Sikka was the hefty compensation that the latter was being paid. A look at Sikka’s updated agreement shows that no amounts have been mentioned. Only the terms for fixed pay, variable pay and stock compensation have been enumerated.\nEmployment term\n“The term of this agreement shall begin on April 1, 2016 (the “Effective Date”),and terminates on March 31, 2021 or such other term as decided by shareholders from time to time (the “Employment Term”).”\nVishal Sikka\nSeverance terms\n“The company may, in its discretion, satisfy its notice obligation under this section by providing Executive with the equivalent of 90 days of his (a) base pay, (b) an amount equal to 3 times the liquidated pay-out as defined below, and (c)other compensation and benefits that Executive would have earned during the notice period had Executive remained employed during such notice period.”\nNon-competition\n“The receipt of any severance benefits…will be subject to Executive executing a non-competition agreement to the extent that a non-competition agreement is enforceable under the applicable laws.”\nCause for being fired\nSikka had six conditions laid out as causes for termination. Reasons included: “Executive’s material failure to abide by Company’s code of conduct or code of ethics policies resulting in demonstrable injury to the company or its reputation” and “willful misconduct or breach of fiduciary duty for personal profit by executive”.\nFrom Marc Faber To John Schnatter, Top Bosses Who Were Sacked For Being Racially Offensive of 6 Next Prev Play Slideshow Racing To The Exit 24 Jul, 2018 Recently, several top executives in global companies have had to face the music for being racially offensive. Here are some who had to pay for their words or actions with their jobs. (Text: Rashmi Menon) John Schnatter, Papa John’s Pizza 24 Jul, 2018 The US pizza tycoon and founder of Papa John’s Pizza, was forced to step down from the company he founded, after he hurled racially offensive slurs and spoke insensitively about violence against minorities while on a conference call with a media agency. While he later apologised for his actions, investors weren’t happy with the bad publicity and asked him to step down. However, just days after he left, Schnatter told a news publication that he had made a “mistake” by stepping down and criticised the board for not doing “proper due diligence”. (Image: Reuters) Jonathan Friedland, Netflix 24 Jul, 2018 A communication officer is usually adept at handling crisis and negative publicity instead of becoming the cause for it. Netflix’s chief communications officer, however, found himself in such a predicament. Friendland, who joined the company in 2011, was pulled up and fired for using racially offensive language during a meeting with colleagues. In an apology before leaving, Friedland said, “Leaders have to be beyond reproach in the example we set, and unfortunately, I fell short of that standard when I was insensitive in speaking to my team about words that offend in comedy.” (Image: AP) Ulyana Sergeenko, Fashion Designer 24 Jul, 2018 At the height of Paris Couture Week, Russian designer Ulyana Sergeenko and entrepreneur Miroslava Duma found themselves in a PR crisis. Sergeenko came under fire for sending a bouquet of flowers to Duma with the handwritten note, “To my n****s in Paris.” Duma shared the note on Instagram adding a heart emoji to show affection for the designer. To make matters worse, that same evening, a 2012 video of Duma started doing the rounds, in which she is seen making homophobic comments about a blogger and transgender model. Duma has since been removed from her position as a board member at The Tot, a baby fashion label. Marc Faber, Publisher, Boom And Doom Report 24 Jul, 2018 In the October issue of his newsletter last year, the Swiss investor, who resides in Thailand, was widely criticised for writing, “Thank God white people populated America, and not blacks. Otherwise, the US would look like Zimbabwe…” The comment cost him a seat on the board of three companies. Three other companies too booted him out, while international TV channels, who would give him air time for his expert opinion, distanced themselves. Next\nSALIL PAREKH\nCompensation\nIn Parekh’s case, the numbers are clearly spelt out: be it annual salary of Rs 6,50,00,000 or a variable pay of Rs 9,75,00,000 which will be payable to the current CEO over the next few years, subject to the company meeting “milestones” as agreed upon.\nEmployment term\n“The initial term of this Agreement will be for a period of five years beginning on the effective date, provided however that this Agreement may be extended for a successive term of three years on mutually agreed terms and conditions…However the executive will retire upon reaching the age of 60, unless the Company agrees to continue to employ the executive.” While in Sikka’s agreement, there is no mention of a retirement age, in Parekh’s there is.\nSalil Parekh\nSeverance terms\nWhile the terms of settling the notice period remain largely the same, there is the additional inclusion about garden leave. Infosys reserves the right to put Parekh on garden leave — suspension from work on full pay — during the notice period.\nNon-competition\nThe receipt of any severance benefits will be subject to Parekh not violating any of the agreed upon terms as per the contract. In the event that he does so, the severance payouts will stop with immediate effect, and he will have to return any payouts that have been disbursed previously.\nOne of the terms lists out the names of the major competitors that Parekh cannot work with during the restricted time period (TCS, Accenture, IBM, Cognizant, Wipro, Tech Mahindra, Cap Gemini and HCL Technologies). Something that was missing from Sikka’s agreement.\nCause for being fired\nParekh has 14 of these, including, “Executive’s misuse of alcohol or drugs which interferes with Executive’s performance of Executive’s duties for the company, or which is harmful to the reputation or goodwill of the company,” and his “failure or refusal to follow the reasonable and lawful instructions of the Board.”\nRon Gutman And Other CEOs Who Were Fired For Their Toxic Leadership of 6 Next Prev Play Slideshow No Margin For Toxic Leadership 16 May, 2018 Ron Gutman, CEO of the startup HealthTap, was fired earlier this month for ‘toxicity’ in the workplace. Here are others who were booted for creating an unhealthy work environment. (Image: Shannon Tellis) In The Hot Seat 16 May, 2018 Travis Kalanick Fired from: Uber Following a tumultuous six months of scandal, Uber cofounder Travis Kalanick was forced to step down after a sexual harassment blog post by a former employee set off a chain reaction of complaints and allegations against the company. The consecutive scandals highlighted a ‘toxic bro culture’ that had thrived under Kalanick’s leadership. Already under scrutiny after a video of him berating an Uber driver went viral, Kalanick was finally asked to resign. Breaking News 16 May, 2018 Ehab Al Shihabi Fired from: Al Jazeera America Barely two years after launching Al Jazeera America in 2013, interim-CEO Ehab Al Shihabi was demoted to COO amid allegations of sexism and anti-Semitism. He was replaced by Al Anstey, who has served as MD of Al Jazeera English since 2010. A former senior vice-president claimed that under Al Shihabi’s leadership, women employees were excluded from meetings. Another departing employee blamed Al Shihabi for presiding over a “culture of fear”. He was subsequently let go from any position in the network. Ringing In Change 16 May, 2018 Peter Chou Fired from: HTC When Chou suddenly resigned from his position as CEO in 2015, rumours of his ‘abrasive management style’ started to make the rounds. According to former executives, Chou ‘openly berated managers and overrode their decisions, often with little discussion’. Sales, marketing, product and design teams were intentionally kept separate, and parallel teams were created, sometimes for the same task. His shoot-from-the-hip approach left managers uncertain of their positions, damaging company morale and causing HTC to rapidly drop in market value. Off The Cuff 16 May, 2018 Dov Charney Fired from: American Apparel After years of weathering sexual harassment lawsuits that were denied, dismissed, settled or sent to arbitration, American Apparel founder and CEO Dov Charney was ousted by the board in 2014 over “alleged misconduct” of company funds and inappropriate behaviour with employees. An investigation revealed that he had sexual liaisons with employees and models, exchanged pornographic and explicit emails, text messages and took videos and photographs’ of these encounters using company property. Prior to being ousted, Charney was also accused of trying to choke a male employee and throwing dirt at him. Next\n0 Comments”,
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“title”: “How Faulty Vaccines Sparked Consumer Panic in China”,
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“text”: “by Jinshan Hong and Daniela Wei | Bloomberg August 7 at 11:17 PM Chinese consumers are outraged and panicked by revelations that two drugmakers sold ineffective vaccines. Protesters have picketed government offices and worried parents have run to Hong Kong for foreign-made vaccines. China is trying to contain the backlash, and restore faith in the country’s $122 billion drug industry.\n1. What happened?\nThe consumer outcry followed news in July that Chinese health-care company Changsheng Bio-technology Co. was fined by the nation’s drug regulator for having produced 250,000 low-quality vaccines for infants. It was also found to have fabricated production and inspection data for a rabies vaccine as far back as 2014, using expired materials in making some batches. Regulators also found that state-owned Wuhan Institute of Biological Products Co., another major vaccine maker, produced more than 400,000 low-quality infant vaccines, according to Xinhua.\n2. What’s wrong with the vaccines?\nThey don’t work, according to the Chinese government. Although the vaccines have not yet been tied to any deaths or illnesses, the DPT vaccine, which is compulsory for infants, can’t sufficiently protect them from potentially deadly diphtheria, pertussis and tetanus. Changsheng’s rabies vaccine was also a problem as the government’s findings of falsified records meant the drug might not effectively shield people from the disease.\n3. What was the public reaction?\nThe prospect of every child in China potentially at risk from ineffective inoculations created a rapidly growing wave of anger. Social media users on platforms WeChat and Weibo criticized what many said was lax enforcement by the government; some posts were censored after publication. Worried parents also shared articles about how poor-quality vaccines can hurt kids. On July 30, demonstrators gathered outside the National Health Commission in Beijing demanding tougher regulation of vaccine sales, according to videos posted on Twitter.\n4. Has something like this happened before?\nYes. There was a similar uproar after it was revealed in 2016 that expired vaccines were being sold nationally. And there have been a series of scandals involving consumer products: Melamine-tainted milk and formula killed at least six infants and sickened tens of thousands more in 2008; scores were arrested in 2011 for reprocessing used oil from restaurant waste and reselling it as cooking oil; and a meat production plant was shut in 2011 after it was revealed that its pigs were being fed clenbuterol, an illegal drug that makes hogs grow leaner meat.\n5. What are officials doing in response?\nPresident Xi Jinping described the situation as “shocking” and China’s top governing body vowed to punish those involved. The government detained Changsheng Chairwoman Gao Junfang and four other executives within 48 hours of the initial social media outcry. Compared with the three months of inaction following the tainted milk scandal a decade ago, the quick responses illustrate the increasing impact of social media and the government’s willingness to respond to public outcry.\n6. What are families doing to protect their kids?\nSome are taking them to Hong Kong for inoculations, as the island has access to foreign vaccines. Hong Kong Vaccination Station, a private clinic in Kowloon’s Tsim Sha Tsui, said appointments for some child immunizations are fully booked through August because of a surge in demand. Manna Wang, an insurance agent in Shenzhen, said she booked 20 vaccination appointments for clients in the week after the scandal broke, compared to an occasional request before. A similar scenario took place during the tainted milk scandal, as mainlanders rushed to Hong Kong to buy infant formula.\n7. What is the impact on companies?\nThe scandal has put pressure on one of the China stock market’s best-performing sectors this year. Changsheng has been in a downward spiral, losing 70 percent since July 13. The fallout has spread beyond vaccine makers, with all the health-care companies trading in the Shanghai Shenzhen CSI 300 index lower since the scandal began.\n8. Are there larger repercussions?\nThe scandal adds impetus to China’s drive to open up its pharmaceuticals market. Many medicines and vaccines commonplace around the world have been unavailable because of a long and arduous approval system that was designed to protect local drugmakers. The situation is already changing, with the country’s regulator in October having abolished a rule that required companies to repeat all drug trials in China before giving its blessing. The changes come as a wealthier middle class is demanding better health care: consumers have more medical insurance than ever, and are willing to pay for western treatments that aren’t covered. The pressure on Chinese authorities is also intensifying as the population ages rapidly and as diet, pollution and heavy workloads increase the prevalence of obesity, diabetes and other diseases.\n• A Chemistry World article notes that many of China’s smaller drug manufacturers can’t afford to comply with regulations.\n• How the vaccine scandal is punishing some of the best-performing stocks in China.\n• China starts to open up its drugs market.\n• A Bloomberg QuickTake on incorrect fears about vaccines in the U.S. and Europe.\n–With assistance from Grant Clark and Rachel Chang.\nTo contact the reporters on this story: Jinshan Hong in Hong Kong at jhong214@bloomberg.net;Daniela Wei in Hong Kong at jwei74@bloomberg.net\nTo contact the editors responsible for this story: K. Oanh Ha at oha3@bloomberg.net, Jeff Sutherland, Anne Cronin\n©2018 Bloomberg L.P.”,
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“text”: “BloombergQuickTake Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Your Guide to India’s Upcoming General Election A pedestrian walks past election campaign posters for the Janata Dal (Secular) Party in Bengaluru, Karnataka, India, on Wednesday, March 14, 2018. Prime Minister Narendra Modi is pulling out all stops in his campaign to win the southern Indian state of Karnataka as he works to halt the opposition’s momentum and smooth his way to re-election in 2019. (Bloomberg) by Iain Marlow | Bloomberg August 7 at 5:00 PM Indian Prime Minister Narendra Modi has reason to feel less confident about the coming general election than he once did. His popularity has suffered as a result of a sharp economic slowdown last year that his government helped engineer with a chaotically implemented sales tax and the sudden withdrawal of most bank notes. Corruption scandals at state-owned banks haven’t helped, while the low oil prices that once gave Modi a degree of budget leeway are a thing of the past, hammering India’s currency, stoking inflation and worsening the country’s finances. The opposition, in disarray since Modi’s resounding victory in 2014, is also beginning to unite. Despite all that, polls suggest the ruling coalition is likely to win the most seats in the election. 1. When exactly is the election? Probably the first quarter of 2019, since the next government must be in place by mid-May and voting occurs over the course of several weeks. That’s down to the daunting logistics of overseeing the world’s largest electorate: more than 800 million voters stretching from the remote Himalayas in the north to the tropical jungles of the south. There’s some speculation Modi might call the election sooner, perhaps by December. And with every political speech combed over and dissected, India already is in election mode. 2. Will Modi retain power? India’s chaotic politics are difficult to predict, but he’s the favorite. The country’s $2.6 trillion economy is back on track, his reputation as an incorruptible leader is largely intact and his Bharatiya Janata Party (BJP) has expanded its control over powerful state governments. No other political leader is as popular as the 67-year-old Modi, who has nurtured an image as a humble son of a tea-seller single-mindedly dedicated to modernizing the country. One poll in 2017 showed close to 90 percent of Indians surveyed had a favorable view of him. But those policy misfires and an anemic job market have clouded the water. The BJP recently lost coalition partners in two states (Andhra Pradesh and Kashmir) and a poll in May found nearly half of respondents thought Modi’s administration did not deserve another term. 3. Who is Modi up against? The main national opposition is the Congress Party, which has ruled India for most of its independent history and is led by Rahul Gandhi, the scion of the Nehru-Gandhi dynasty. Polls suggest the 48-year-old Gandhi alone doesn’t present much of a threat. But there are also the powerful anti-BJP leaders of some of India’s huge states, many with populations larger than most western countries. Several already teamed up to take on the BJP — most notably in by-elections in Uttar Pradesh and Bihar, and in state elections in Karnataka, where Modi won the most seats but lost power to a coalition. 4. So Modi is struggling at state level? Hardly. A record 20 out of 29 states are now ruled by his BJP, including the most populous (Uttar Pradesh), the largest (Rajasthan) and the richest (Maharashtra, whose capital Mumbai is India’s financial hub). Under Modi and BJP President Amit Shah, the party has made inroads beyond its traditional northern support base, amassed corporate donations, expanded a successful social media unit and deployed thousands of grassroots activists to shepherd voters to the polls. Modi is better organized, better funded and enjoys more widespread support than any single rival. One caveat: What works at state level in India does not always resonate nationally. On the other hand, Modi has a knack for confounding pessimistic predictions. 5. What about social issues? As Hindu nationalism has flourished under Modi, attacks against Muslims and so-called lower-caste Hindus have proliferated. There’s been an epidemic of violence against women, including the rape and murder of young girls. Modi’s image has suffered because of the reaction by senior party members (one minister presented garlands to a lynch mob) and by his own slow responses. Social tensions are likely to remain high, or escalate, if the election is tight. In a closely contested state election in December, Modi accused the BJP’s adversaries (including a former prime minister) of colluding with India’s arch-enemy Pakistan. All the same, Indian voters historically have been moved more by the price of onions and tomatoes than political shenanigans. (Economists expect inflation to accelerate next year.) 6. How might the voting pan out? Replicating the BJP’s single-party majority in the lower house, the first such majority in 30 years, will be tough, judging by the polls. A reduced majority might imperil Modi’s economic reforms, raise the likelihood of party infighting and strengthen his coalition partners’ leverage. If Modi has to hand out cabinet posts to regional partners in his National Democratic Alliance coalition, it would risk a repeat of the previous Congress-led United Progressive Alliance, which governed from 2004-2014. Then, the ruling coalition got bogged down in policy paralysis amid allegations of corruption. If the BJP gains a similar or larger mandate, however, Modi could be emboldened to tackle more controversial reforms such as making it easier for companies to acquire land and fire workers. 7. What would a bad result for Modi mean for investors? Markets would take it badly. In recent state elections, the prospect of BJP victories has rallied markets while predictions of defeat have sunk them. Investors see Modi as a relatively predictable pro-business leader dedicated to pushing through economic reforms — even if those policies occasionally veer toward populist. Whether Modi is as pro-business as investors think is a matter of debate in India, with many arguing he’s more concerned about consolidating power than carrying out genuine reforms. On the other hand, the stock index has significantly outperformed most other emerging markets since 2014. And Modi has sought to address longstanding issues such as bad loans at banks and indebtedness at state-owned companies, while luring record foreign investment and pushing through badly needed tax reform. • A united and motivated opposition could still defeat Modi, writes Bloomberg Opinion’s Mihir Sharma. • QuickTakes on India’s rescue plan for state banks, the cash ban and the country’s aspirations. • Sexual violence forces Indian women out of the workplace. To contact the reporter on this story: Iain Marlow in New Delhi at imarlow1@bloomberg.net To contact the editors responsible for this story: Ruth Pollard at rpollard2@bloomberg.net, Grant Clark ©2018 Bloomberg L.P. The story must be told. Your subscription supports journalism that matters. “,
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“text”: “BloombergOpinion Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Zero-Sales Biotechs May Damage Your Financial Health by Shuli Ren | Bloomberg August 7 at 10:31 PM China’s biotech unicorns are chasing a big prize. Landing it may prove elusive. BeiGene Ltd. raised $903 million in a secondary listing in Hong Kong last week. The company’s market value has swelled to $9.4 billion since its 2016 initial public offering on the Nasdaq, despite the firm being at the “clinical stage”– a euphemism for having zero sales. Competitor Innovent Biologics Inc., which has filed to sell shares in Hong Kong, is another IPO worth watching. Both companies are engaged in cancer immunotherapy, the hottest field in China’s pharmaceutical industry. It’s easy to see why: China adds 4.3 million new cancer patients each year. The therapy works by stimulating a patient’s immune system to fight the disease. Treatments such as PD-1/PD-L1 have huge potential in the country, with about 3 million of the annual increase in cancer patients found to be receptive to these drugs, a far higher ratio than in the U.S. It’s a new frontier that’s ripe for land grabs. PD-1/PD-L1 inhibitors accounted for 16 percent of cancer drug sales in the U.S. last year, where the Food and Drug Administration has approved five medications. In China, most patients are still treated using chemotherapy. Annual sales of PD-1 inhibitors can reach $15 billion in the country by 2030, from nil today, estimates research firm Frost & Sullivan. Buyers should beware, though. Wherever a gold mountain appears, crowds will flock. Already, there are more than 100 clinical PD-1 trials underway, with almost half in phase III, the final stage before labs apply for permission to sell the drugs. In June, China’s Center for Drug Evaluation approved its first PD-1 drug – Opdivo, made by U.S. pharma giant Bristol-Myers Squibb Co. Four others are seeking the regulator’s nod, and BeiGene is expected to file later this year. More are sure to follow. It’s unclear that local drugmakers have any edge over the multinationals. The three domestic PD-1 applications, along with BeiGene’s, treat Hodgkin’s lymphoma and melanoma, a form of skin cancer that’s rarer in China than in the U.S. The vast market potential for China lines in stomach and lung cancer drugs. So even if this initial batch is approved, it will be more of a confidence booster than a driver of sales. Bristol-Myers’s Opdivo, which treats lung cancer, is the only real first-mover. A thorny issue is how to price these drugs without looking unethical. The cost of cancer treatment in China has become such a prominent social problem that “Dying to Survive,” a low-budget film on the topic, became a box-office blockbuster this year. It now ranks as the country’s fifth-highest-grossing movie of all time. Annual pricing for PD-1/PD-L1 treatments could range between $15,000 and $20,000 per year in China, a tenth of the cost in the U.S., reckons Goldman Sachs Group Inc. Yet if these drugs are to be included in the communist government’s social insurance programs – a necessary step for them to reach millions more patients – prices will have to come down by a lot more. The likes of Pfizer Inc. and Roche Holding AG are already slashing drug prices in China. Meanwhile, biotech start-ups are cash-burning machines. BeiGene spent almost $500 million on research and development since 2016. This partly explains why the firm has raised additional capital three times since its 2016 IPO and tapped the Hong Kong market as well. Explaining why BeiGene came to Hong Kong, founder John Oyler was cited by Reuters as saying that the dual listing could help to educate global investors who are specialists in biotech but know little about China, and local investors who know China but little about biotech. He’s right. Hong Kong investors are new to cancer research, but they know a thing or two about Beijing’s whims. BeiGene’s reception was lukewarm among retail buyers, who applied for 1.7 times the shares available. The stock fell as much as 4.6 percent when it started trading in Hong Kong on Wednesday. Technology unicorns are sometimes frowned upon for their lack of profit; next to biotech startups, they’re veritable cash cows. Earnings are beside the point for companies that don’t have any sales yet. This alone makes fancy cancer drugs a bit difficult to swallow. (Updates with BeiGene’s Hong Kong trading debut in the second-last paragraph.) To contact the author of this story: Shuli Ren at sren38@bloomberg.net To contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.net This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron’s, following a career as an investment banker, and is a CFA charterholder. ©2018 Bloomberg L.P. The story must be told. Your subscription supports journalism that matters. “,
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“text”: “Hello, it’s Warren Murray helping you ease into the news. Elon Musk has revealed his ambition to take Tesla private and made an appeal to the faithful: “The future is very bright and we’ll keep fighting to achieve our mission.” The electric carmaker’s stock rose more than 7% and trading was temporarily suspended after Musk tweeted he had funding in place to take the company private at a price of $420 (£325) per share. Shortly afterwards, Tesla published a message from Musk that had been sent to all employees. It appeared to be triggered by a report in the Financial Times that Saudi Arabia has built up a stake in Tesla worth up to $2.9bn. Musk, who owns 20% of Tesla, has come under pressure from investors over his irascible antics on Twitter and the company’s disappointing financial results. “I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible.” Analyst Gene Munster, from venture capital firm Loup Ventures, told Bloomberg: “Our guess is there is a one-in-three chance he can actually pull this off.” Midweek catch-up – Let’s get across latest developments … > Theresa May says Boris Johnson should apologise for saying that women wearing burqas were choosing to “go around looking like letter boxes”. The PM said: “It is absolutely that women should be able to choose how they dress.” > On the Labour side, leaked papers show the scale of the party’s antisemitism problem . About 70 disciplinary cases are believed to be pending. The party says it is moving to fast-track expulsions. > A diplomatic row between Canada and Saudi Arabia centres on a Canadian government call for the kingdom to free civil society and women’s rights activists . The Saudis expelled an ambassador and halted Canadian flights by their state airline. > Rick Gates, former Trump campaign apparatchik, had a secret lover and a flat in London, the trial of his ex-boss Paul Manafort has heard. Gates denied he funded it by skimming the shadowy foreign earnings over which Manafort is on trial . > Kenneth Umezie, 31, has been charged with murdering Sidique Kamara, a 23-year-old drill rapper from Camberwell, south London, who was stabbed to death in August . > The UK advertising watchdog has ruled McDonald’s Happy Meals can be advertised during children’s TV shows but banned ads for KFC and Kellogg’s Coco Pops for promoting junk food to young people. Best drugs for ADHD – Methylphenidate, aka Ritalin, has been deemed the most effective and safest way of treating attention deficit hyperactivity disorder (ADHD) in children . The authors of a major scientific review in the Lancet Psychiatry journal say amphetamine-based medications are best for adults. One of the authors, Professor Emily Simonoff, says the perception that children are being overmedicated for ADHD is not accurate. “The problem in the UK is predominantly about undermedication and underdiagnosis,” she said, and the idea of ADHD medications being a “chemical cosh” was “an unfortunate misapprehension”. The drugs aid normal functioning in parts of the brain that are responsible for planning and organising activities, she explained. Argentina’s abortion choice – Argentina’s Senate is due to vote today on whether to legalise abortion in the first 14 weeks of pregnancy . It would make it the largest country in Latin America to do so. More than 3,000 women have died in Argentina over the past 25 years as the result of unsafe abortion, according to Amnesty. In a survey earlier this year, about 60% of Argentinians said they supported legalisation. The president, Mauricio Macri, has declared himself “pro-life” but said he would not veto the law if approved by the Senate. Caught short – Cafes, restaurants, pubs and shops are being urged to open up their toilets for the general public. The number of public toilets in the UK has slumped by more than a third since the year 2000. Some areas – including Bolsover, Milton Keynes, Redditch and Wakefield – are without a single free public toilet. The British Toilet Association (never knew, did you) has launched its “Use Our Loos” campaign asking businesses to put a sticker out showing their toilets are available to non-customers. The Local Government Association says cash-strapped councils were doing everything they could to maintain public toilets and “finding innovative ways of tackling this issue” – a statement that left the Briefing intrigued. Since Ebenezer Howard first envisioned the garden city, Britain’s new towns have had their ups and downs. “I left Telford in the 90s for university and never went back to live there,” writes Paul Walsh. “The town has a shopping centre for a soul that sucked the life out of smaller settlements surrounding it … and the ‘town for the motor age’ was a place where pedestrians were king but cars were gods. “However, equality and material security prevailed for a long time. Jobs, houses and safety nets made it a place worth living. Most people came from somewhere else, making life if not classless, then class-lite.” Today the dream lingers: Telford’s Nuplace scheme offers private but secure rental homes; there’s a 15,000-panel solar farm; and a community bank provides savings accounts and manageable loans to local people. As towns like Telford reach their middle age, Walsh asks: could they be the places where the millennials deserting London in droves gain a foothold ? In a stadium suffused with history, and on a night broiling with heat and high expectations, Dina Asher-Smith and Zharnel Hughes produced performances for the ages in Berlin to claim double European 100m glory for Britain. While Jonny May acknowledges a 100m sprint between the fastest wings in rugby union is a fanciful if fascinating idea, it is a safe bet the England international would make the podium if it ever were to happen. The MCC World Cricket Committee has floated the idea of introducing a “shot clock” to the sport that would cut down the amount of time wasted between balls and overs to counter the slowing pace of matches. England cricketer Ben Stokes was behaving like a “football hooligan” as he punched an Afghanistan war veteran to the floor, a court heard. And a rejuvenated Tiger Woods is eyeing a Ryder Cup spot as he prepares for the US PGA Championship at Bellerive, where victory would earn the American an automatic berth on the US team. The excitement over Elon Musk’s possible Tesla buyout – which would be the biggest leveraged takeover in history at about $82bn – added froth to Wall Street and some of it washed over to Asian markets where tech stocks were among the biggest gainers. It may never happen of course, but it might be designed to prevent a hostile takeover by Saudi Arabia’s sovereign wealth fund, which has built a large stake in the electric carmaker. The FTSE100 is set to open flat while the pound is buying $1.295 and €1.114. There are two dominant stories today: Boris Johnson’s refusal to apologise for his comments about people who wear burqas , and the death of a seven-year-old boy in a suspected arson attack . The Guardian has both stories on its front page, but splashes with “Johnson should apologise for ‘offensive’ burqa remarks – May” . The Telegraph has “Johnson refuses to back down on burkas”. The i places black bars across the photograph of Johnson’s face so only his eyes are visible, as if wearing a burqa himself, and uses the headline “Tory party leaders turn against Boris”. The Sun (“Joel, 7, never got the chance to be a real fireman”) and the Mail (“Enough to break your heart”) both splash on the death of Joel Urhie and use the same picture of the seven-year-old dressed in a firefighter’s costume. The FT leads with “Musk drops bombshell with call to take Tesla private for $70bn”, the Express has “I’d bet my £3.6bn EU will give us trade deal” and the Times splashes with “Quarter of HS2 workers on pay deals over £100k”. The Guardian morning briefing is delivered to thousands of inboxes bright and early every weekday. If you are not already receiving it by email, make sure to subscribe . For more news: www.theguardian.com”,
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“text”: “By Ben Levisohn Aug. 7, 2018 6:15 p.m. ET Tweet This. The Dow Jones Industrial Average registered strong gains and the S&P 500 finished within sneezing distance of its all-time high , but the story of the day was Tesla after CEO Elon Musk tweeted about a plan to take the electric-car maker private at $420 a share—a steep premium to its current stock price. In today’s After the Bell , we…\nIllustration: Bryan R. Smith/AFP/Getty Images •…observe that the market has been shrinking, regardless of whether Tesla goes private;\n•…review Broadridge Financial Solutions’s (BR) earnings;\n•…and explain why Dentsply Sirona (XRAY) sunk to the bottom of the S&P 500.\nThe Incredible Shrinking Market What do Tesla (TSLA) and the Dow Jones Industrial Average have in common? They both might be going private.\nTesla, of course, was the big story of the day, after CEO Elon Musk tweeted that he was considering taking the automaker public at $420 a share, and that he had the financing to do so. Shares of Tesla closed up 11% at $379.57.\nThe market had a good day too, if not quite as good as Tesla’s. The S&P 500 rose 0.3% to 2858.45, just 0.5% off its all-time high of 2872.87. The Dow gained 126.73 points, or 0.5%, to 25,628.91. The Nasdaq Composite advanced 0.3% to 7883.66. And the Wilshire 5000 Total Market Index closed up 0.3% at 29,764.56, a new high.\nIf Tesla does go private, it would be just the latest blow to the public markets. As my colleague Alex Eule noted in November, private companies like Uber Technologies and Airbnb have preferred to remain private at stages that in the past would have led to an initial public offering. And the size of the public markets has also been shrinking as companies binge on their own shares. In a note dated Aug. 3, Goldman Sachs strategist David Kostin and his team estimate that companies will authorize the repurchase of $1 trillion of shares in 2018.\nAll those buybacks are having an impact. Bespoke Investment Group’s Justin Walters notes that 26 of the 30 companies in the Dow have seen their share count drop over the past 10 years— Verizon Communications (VZ), DowDuPont (DWDP), Merck (MRK), and Walgreens Boots Alliance (WBA) being the exceptions—with total shares outstanding falling 15% to 72.8 million from 85.5 million shares at its peak in 2010.\nAt this rate, the entire market, not just Tesla, will go private.\nThe Hot Stock Broadridge Financial Solutions (BR) shot to the top of the S&P 500 today after forecasting a better-than-anticipated 2019 revenue outlook.\nIts shares were up 11.2%, or $12.97, to $129.17.\nThe company, which provides annual reports, proxy statements, and other materials to investors, reported a higher net income despite lower revenue in the fiscal fourth quarter. Revenue was up $1.32 billion, down 2% from a year earlier, while net income rose to $206.9 million, or $1.72 a share, up from $187.1 million, or $1.57 a share, in the same period last year. “Broadridge Financial sees fiscal revenue to grow at 3-5% in 2019 versus our expectation of 1.5-3%,” said Puneet Jain , an analyst at JPMorgan .\nBroadridge is up 42.6% year to date and 73% for the past year. — Varada Bhat\nThe S&P 500’s top 5 stocks\nBroadridge Financial Solutions (BR): 11.2%\nMosaic (MOS): 5.3%\nEmerson Electric (EMR): 4.2%\nLKQ (LKQ): 3.8%\nExpress Scripts Holding (ESRX): 2.7%\nThe Biggest Loser Dentsply Sirona (XRAY) fell to the bottom of the index after it lowered its earnings and revenue estimates for 2018.\nThe dental-supplies manufacturer plunged 18.7%, or $9.03, to $39.4.\nThe company announced that it expects a 2% revenue decline due to inventory destocking by partners who sell their products. It had previously expected revenue to grow by 2%.\n“The company is struggling to adapt to the evolving dental market,” said Tycho W. Peterson , an analyst at JPMorgan . “Even though they have announced several initiatives, the ongoing headwinds from their U.S. tech & equipment business driven by inventory destocking will continue to hurt.”\nShares of Dentsply Sirona were down 40.1% year to date and 29.2% for the past year. — V.B.\nThe S&P 500’s bottom 5 stocks\nDentsply Sirona (XRAY): 18.7%\nExpeditors International of Washington (EXPD): 5.9%\nAnadarko Petroleum (APC): 5.5%\nScana (SCG): 5.1%\nDiscovery (DISCA): 5%\nSign up to Review & Preview, a new daily email from Barron’s. Every evening we’ll review the news that moved markets during the day and look ahead to what it means for your portfolio in the morning.\n “,
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“text”: “| Market Markets Trade In A Range: Sensex Flat, Nifty Loses 11,400 Share Market on Wednesday: The Sensex opened at 37,756.24 and the Nifty50 at 11,412.50. But soon after, Nifty lost the crucial 11,400 mark. Market | NDTV Profit Team | Updated: August 08, 2018 09:49 IST Share PRINT COMMENTS Stock Market on Wednesday: Experts said that after a record spree, markets were likely to cool off.\nAfter a flat opening, the domestic equity market turned negative on Wednesday and started trading in a range. The Sensex opened at 37,756.24 and the Nifty50 at 11,412.50. But soon after, Nifty lost the crucial 11,400 mark and traded at 11,390.15, up 0.70 or 0.01 per cent. The Sensex was flat at 37,666.77. Hindalco , GAIL , Mahindra and Mahindra, Tata Steel and Zee Entertainment Enterprises Limited were the top Nifty gainers. Metal stocks traded with gains as the Nifty Metal index was up 0.79 per cent. Nifty PSU Bank was down 0.07 per cent.\nExperts said that after a record-running spree, markets were likely to cool off. \”After the market was unfailingly hitting record highs, a cool down was merited. Traders are advised to go for a directional view on the indices. One should look for stock specific action,\” said Ritesh Ashar, Chief Strategy Officer, KIFS Trade Capital.\nIn terms of stock-specific action, Mphasis shares traded 2.74 per cent higher at Rs 1,160.35 after the IT services company’s board approved Rs 988.3 crore buyback of up to 73.3 lakh shares (3.79 per cent equity) at Rs 1,350 each. Shares of Patel Engineering traded at Rs 49.90, up 14.06 per cent after the company bagged two hydro projects and tunnel projects orders worth Rs 2,400 crore.\nMeanwhile, Asian shares rose on the back of firmer Wall Street earnings while expectations for increased Chinese stimulus helped take the edge off wider concerns about the worsening Sino-US trade dispute, according to a report by news agency Reuters. Advertisement\nMSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.22 per cent while Japan’s Nikkei ticked up 0.05 per cent.\nOn Wall Street, the S&P 500 rose 0.28 per cent to 2,858, which is just 14 points, or about 0.5 per cent, below its record high marked in January.\nOn Tuesday , foreign portfolio investors bought net equities of Rs 314.83 crore while domestic institutional investors sold net shares of Rs 319.9 crore. The Sensex closed at 37,665.80 while the Nifty50 at 11,389.45. (With Reuters inputs) NDTV Beeps – your daily newsletter”,
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“text”: “Sport opinion Bayern Munich have given Manchester United a transfer deadline day dilemma Man Utd are approaching transfer deadline day and Bayern Munich are exerting pressure on them in the summer transfer window. Share Click to play Tap to play The video will start in 8 Cancel Play now Get Manchester United FC\nGermany suffered their worst World Cup since 1938 but their efficiency was still evident as Bayern Munich hosted Manchester United on Sunday. A German interviewer took a mere minute during his pre-match exchange with Jose Mourinho to spin a googly.\n\”There are a lot of rumours in Germany about Jerome Boateng, is he a Man U candidate?\” Mourinho disregarded Boateng’s name but the very mention of the Bayern defender sent his name shooting up Google Trends. At full-time, the tabloid Bild reported United had opened talks with Bayern over a possible deal for Boateng.\nIt is a familiar tactic with Europe’s elite: If you have a luxury to flog, United are the suckers to target. Last year it was James Rodriguez and this year it was Yerry Mina. The difference with Boateng is there has been some interest from United this summer, although if they were to acquire him he would be their third choice, maybe even fourth. Toby Alderweireld and Milan Skriniar were one and two and Harry Maguire’s World Cup propelled him above Boateng, whose Russia finals consisted of a defeat to Mexico and a red card against Sweden. Read More How the United transfer list has changed before deadline day\nThe Boateng story could have emerged earlier in the summer. Bayern have been hawking him around Europe but are preying on United amid their interest in Anthony Martial ahead of Thursday’s Premier League deadline. Bundesliga clubs have 22 more days to conduct business but Bayern’s bargaining position with Martial is weaker once the Premier League shuts up its stall, since United would be reluctant to sell while powerless to replace Martial.\nIn a summer that has shades of the amateurish and desperate 2013 window, Thiago Alcantara is an unwanted reminder of Ed Woodward’s first foray into the transfer market. Bayern have briefed they would be amenable to swapping Thiago for Martial and few United supporters would dispute the Spaniard is an upgrade on the majority of Jose Mourinho’s midfielders. Only United’s midfield search ended with Marouane Fellaini and the priorities are a defender and a forward. Read More Why United did not sign Ivan Perisic\nMourinho endorsed Premier League swaps between the top six in January and he must have welcomed Tottenham and Chelsea’s enquiries about Martial as United targeted Alderweireld and Willian. Only the United hierarchy is reluctant to sell Martial, still only 22 and worth up to £57m when he joined in 2015, which has caused a split between board and manager. Woodward fretted about dealing with Chelsea over Wayne Rooney five years ago but Mourinho would rather jettison Martial to a Premier League club while United are free to reinforce.\nHence why Bayern have exerted pressure on United through Boateng, who had Airpods stuffed in his ears as he blanked English reporters in the Allianz Arena mixed zone. Although Alderweireld is United’s preferred target as deadline day looms, they cannot risk going all in on one option and it is common practice for them to work concurrently on multiple deals. One of these for Martial?\nBoateng would signal failure. United’s interest in Maguire was based on his World Cup performances and Boateng might have lost his place on the back of Germany’s catastrophic campaign. It is never a good look rummaging through a European rival’s scrapheap for a City reject, either. Angel di Maria’s stock was never higher than when he moved to United, at least.\nAt a time where United lack leadership, their fiercest ever leader would not approve. \”They spoke about him having 650 pairs of shoes,\” Keane said of Boateng during the Sweden group game. \”So he can’t be right upstairs.\” Boateng has impressive pedigree and there are Champions League and World Cup winner’s medals among his haul, as well as 73 Mannschaft caps. But you have to be judged on what you are doing rather than what you have done. Read More Jose Mourinho wants transfer meeting\nUnited are sensible to keep the Munich channel open in the event that Tottenham chairman Daniel Levy refuses to yield over Alderweireld. Ultimately, the miserly Levy cannot afford to deny Tottenham substantial funds for a 29-year-old whose contract activates a £25m release clause next year. Especially when the cost of Tottenham’s new stadium has soared to £1bn and Mauricio Pochettino is still waiting for a new signing.\nEfficiency is essential.\nGet all the latest Manchester United news first with our new app. Download it here now Like us on Facebook”,
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“title”: “Principal PNB AMC: Wait out election phase, don’t chase stocks: Rajat Jain, Principal PNB AMC”,
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“text”: “Build a portfolio from bottom up and focus on midcap, smallcap and largecaps where earnings could surprise positively, Rajat Jain , CIO, Principal PNB AMC , tells ET Now .\nEdited excerpts:\nBefore we get into your themes, ideas and the big picture construct, what is your market view? The worst is clearly behind us but do you think for the year this is the best we could go on benchmark indices and also in terms of levels?\nYear to date, more or less till the end of June, we saw this huge flight to quality and there was a big dichotomy in the Nifty and the small and the midcap indices because those 6-8 largecap names drove the Nifty performance.\nGoing forward, it seems a bit overdone now. At least the largecaps and midcaps should move in the same direction, up or down. Midcaps have in some cases corrected substantially and over next two to three years, we should see value in midcaps emerging. Having said that, in the next 12 months, till the elections, would the market maintain its high level? I think it is going to be very choppy ahead of elections. We have the opposition forming some sort of alliances and the market will be news-flow driven. It is difficult to call where the market is going to be but I do not think it will be substantially higher in the near term, till the elections next year.\nWhat should one do? With a large market-moving event like elections looming ahead, should one stick to defensives or sit on cash? This event has a potential of swinging the market by about 10% to 15%.\nWe do not really know how much the market is going to move. We all know the story of 2004 and 2009 elections. In the first case, the markets were down 15-20% and then we had the best performance of the market subsequent to that.\nIn 2009, the opposite happened. So, huge swings are possible. You really cannot call the election. If you are investing for two to three years, have a good asset allocation in the equities with some largecaps. Midcaps can also become attractive at this point. One has to go through the volatility. Just wait, do not chase stocks. Build your portfolio rather than try to call the election one way or the other.\nIt is interesting to see that you are now beginning to bet on large PSBs as well as corporate banks. Would you say that the worst is behind them? Looking at ICICI Bank , it seems like all the dirty linen has been washed off in the previous quarter. But one can safely say that there is a divergence emerging between PSBs looking at BOB and PNB results?\nWe were not in that camp who were away from all PSBs. Even in the bad times, we had the large PSBs like Bank of Baroda , State Bank of India in our portfolios. We also have select private sector corporate facing banks as well. One clearly is the theme that the IBC seems to be working. Things seem to be getting cleared. The issue with the corporate facing banks or PSUs was lack of capital. The large PSU banks really are in some ways similar to the large corporate facing banks in the private sector.\nSo yes, things are looking on the mend but whether they will be up substantially in the near term is difficult to call but with the PCA and the NCLT, there has been a huge consolidation. A lot of banks cannot lend because either they are part of PCA or are in NCLT.\nTypically, a company would have 35-37-40 odd bankers. It is going to consolidate and it has really come down to few large corporate banks in the private sector or the PSU space. There will be growth for these guys. They have capital but it will be an uneven ride. They will come out well over the next couple of years.\nPost this earning season, are you tactically holding more IT and pharma?\nWe have been sort of neutral on IT for the last about 12 odd months now. We were slightly underweight before that for risk management purposes. Right from the third quarter calendar year last year, we began bulking up on our IT position and that really worked well for us. We see the underlying demand growth for IT companies where US economy continues to do well for the time being.\nThe digital theme is playing out well for Indian IT companies. We are gaining in that space. And while the valuations in midcap companies have run up a fair bit, we have a mix of both mid and largecap IT in our portfolio. However, we are not selling or adding. We are keeping our positions there.\nWe have seen a good recovery in earnings but markets had run up in anticipation of strong earnings. Stock prices are high because from last 12 to 18 months, markets have been pricing in an earnings recovery. Now that earnings recovery is real, should one get excited? After all, this was long overdue.\nAbsolutely. I think you got it spot on. The way to tackle this market is to be very bottom up specific. The question is what is the theme in your portfolio? There is really no overarching theme at this point of time simply because markets expected earnings to come.\nSo, we are looking at companies where we think either due to margin improvement, due to volume growth, efficiency improvements or different reasons, the companies’ earnings are going to surprise positively. It is really going to be a bottom up built portfolio. It is really about building the portfolio from the bottom up and the companies that we have in our portfolio, have the potential of surprising the markets as far as earnings are concerned.\nWould you say the worst is behind the markets because sentimentally, it seems like that after that bit of an aberration and volatility in SIP inflows as well in the last two months, they seem to be stabilising and are back at all-time highs.\nIt is a difficult call. The kind of global events we are talking about are something that we have not really had, at least in our generation. When we came into the markets in the mid to late ‘80s, it was always understood that global trade would grow normally at a small multiple of the GDP growth.\nWe saw that slowdown in the early 2006-07 after the financial crisis and till 2011, the global trade grew much slower than the world GDP did. Now of course, it had picked up but again we have seen that come down sharply. We have countries around the world talking languages they would not normally do. You really cannot play a theme at this point. After 2008, the US economy has had about 10 years of recovery and apparently in normal times, recession hits in about seven or eight years. It is already way beyond what it has done, the unemployment rate is close to all-time low, the core personal consumption expenditure is close to 2% which is the Fed’s rate.\nThese are global things that one cannot forecast. Indian companies are not really impacted in terms of trade but we are impacted by capital flows and so it is difficult to say that the worst behind us. One tweet, could sent the market down; crude prices could flare up. So, there are a lot of things to worry about. I would not know if the worst is behind us, but it is really time to focus on midcap and smallcap and large cap companies where you think the earnings are going to surprise positively.\nGive me a pocket where you think right now there is lot of pessimism. I will give you a classic example. Who would have thought a couple of days ago that corporate banks will make such a strong comeback? Any other sector where opinion is truly negative but the underlying business is not going to be that negative?\nThe market has been so short of ideas that people are rotating ideas very fast. But having said that, there two areas– very large themes — where we have a longish runway. One is hotels I think and second is insurance. In hotels, clearly capacity creation has been constrained. It has been much more difficult to build a hotel in certain states and all India capacity utilisation or occupancy is somewhere in the low 70s. But this is a very high number because that takes into account all seasons, all markets.\nHotels is not a very large sector that you can play in but it has legs. Insurance, clearly part of the financialization of savings, are actually quite consumer friendly. India is under insured in general insurance. Those are the two themes which have legs. If you bought them at the right time, companies in these sectors should do well.\n0 Comments”,
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“text”: “When Elon Musk tweeted he might take Tesla private, investors who were betting on Tesla stock falling lost almost a billion dollars Wednesday. (Easy come, easy go.) More importantly, were Musk able to take Tesla from a publicly to privately owned company, Tesla would be worth about $71 billion, roughly the same as century-old Daimler, parent of Mercedes-Benz.\nOnly Toyota and Volkswagen would be worth substantially more than Tesla, which is currently the world’s fifth biggest automaker by market capitalization.\nAm considering taking Tesla private at $420. Funding secured.\n— Elon Musk (@elonmusk) August 7, 2018\nAt midday Wednesday, Musk tweeted that he was “considering taking Tesla private at $420 per share,” a premium of about $76 per share, or 22 percent more than the $344 per share where it opened the day. It zoomed as high as $371 per share before trading was halted at $367 per share just after 2 pm EDT. It’s not uncommon for trading in a stock to be halted in the wake of unexpected or unsettling news.\nEarlier in the day, Tesla shares had worked their way on word of a new stake in Tesla from the Saudi Arabia sovereign wealth fund, according to Financial Times. It was stake of about $1.9 billion to $3.1 billion, or 3-5 percent of Tesla shares, at current share prices. The Saudi fund approached Musk about buying new shares, was rebuffed, and instead bought the shares in secondary markets. Reuters reported the stake was “at just below 5 percent.”\nTesla stock over the past year has traded as high as $390 per share, and as low as $245 per share.\nShort sellers – investors who offer to sell shares in the stock in the future (that they may not own, which is legal) at a price lower than curent price, in hope the stock falls even more – were liable for $884 million in losses Tuesday.\nMusk detailed his reasoning for taking Tesla private in an email to employees that he later posted on the Tesla corporate blog . Musk said:\nFirst, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders. Being public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.\nWhere Tesla Ranks Among Top Automakers Tesla is currently fifth in total value, or market cap, among the top automakers, despite selling far fewer cars than other top vendor. It is also the only auto maker building cars (some of them) under a tent, as Tesla strains to crank out cars for Model 3 buyers in the waiting line to buy and collect tax credits.\nWorld’s Top 11 Automakers, Market Capitalization\n1. Toyota, $128.7 billion (USD) market cap\n2. Volkswagen, $83.0 billion\n3. Daimler (Mercedes-Benz), $72.4 billion\n— Tesla (private, $420/per share, 169.78M shares), $71.3 billion\n4. BMW, $67.5 billion\n5. Tesla (Weds. 8/7/18 market open, $343.84/share), $58.4 billion\n6. Honda, $54.8 billion\n7. General Motors, $53.3 billion\n8. Ford, $39.5 billion\n9. PSA, $36.2 billion\n10. Nissan, $39.7 billion\n11. FCA (Fiat Chrysler), $26.0 billion\nMarket cap equals shares of stock times stock price. As of 8/7/18.\nNow Read: Tesla Hits Model 3 Production Goal of 5,000 Per Week , Tesla Dumps Nvidia, Goes It Alone on AI Hardware , and Tesla Model 3 Has Highest Profit Margin of Any Electric Vehicle”,
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“title”: “karunanidhi death: M Karunanidhi: When the Chennai stopped and sobbed | Chennai News – Times of India”,
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“text”: “The city came to a virtual standstill as soon as DMK chief M Karunanidhi’s death was announced.\nMany private firms and shops downed shutters early and employees rushing home led to traffic snarls across the city, mainly along arterial Anna Salai, Nungambakkam High Road and Ponamallee High Road. “We were asked to go home safe, as our bosses thought the announcement will instigate violence in the city,” said Shyam Sundar, a techie. Many IT companies advanced bus and cab timings to help employees.\nIn a bid to cash in, the few autorickshaw drivers present on the roads, many had stayed off the roads due to the transport strike, began fleecing passengers and fares of app-based taxis soared. “Cab services offered by our firm usually were cancelled. Had to wait for an hour to get a cab,” said R Sneha, a techie from OMR.\nThere were also long queues in petrol bunks. “I’ve asked my family to stock up on essentials,” said K Raghu, waiting at an outlet on Venkatanarayana Road, T Nagar.\nMTC buses and suburban trains, all of them packed, became the most reliable and economical option. Services of all 600 private buses, scheduled to depart from Koyambedu Bus Terminal, were cancelled late in the evening. About 600 private buses bound for Chennai from other districts, particularly Madurai, Trichy and Coimbatore, were also cancelled and tickets were either refunded or postponed.\nA Afzal, managing director of Parveen Travels and president of Tamil Nadu Omni Bus Owners Association said, “Those buses, which already left from the origin point before the announcement came out, were alone operated. People willing to travel to Chennai for the last rites of Karunaninidhi can travel for free.” On whether private buses would be operated on Wednesday, he said it would depend on the day’s developments.\nMost long-distance State Express Transport Corporation (SETC) buses were operated at night with support from local police, but , many government moffusil buses were not operated. All cinema halls will be shut on Wednesday and Thursday as a mark of respect to Karunanidhi and all film shootings and film-related works will not be carried out, said Tamil Film Producers Council. The Koyambedu wholesale market will be shut too.”,
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“text”: “‘Adjusting Appropriately’ To Words That Hurt Facebook August 8, 2018 11:03 AM ET Jeanine Santucci\nSupreme Court nominee Brett Kavanaugh, center, Sen. Dean Heller, R-Nev., left, and former Sen. Jon Kyl, R-Ariz., meet in July 2018. Kyl is serving as Kavanaugh’s \”Sherpa\” as he introduces him to members of Congress. Tom Williams/CQ-Roll Call,Inc. hide caption toggle caption Tom Williams/CQ-Roll Call,Inc. Supreme Court nominee Brett Kavanaugh, center, Sen. Dean Heller, R-Nev., left, and former Sen. Jon Kyl, R-Ariz., meet in July 2018. Kyl is serving as Kavanaugh’s \”Sherpa\” as he introduces him to members of Congress. Tom Williams/CQ-Roll Call,Inc.\nIn recent weeks, the Ombudsman’s Office received complaints from listeners and readers about a handful of specific words used by the newsroom. These listeners and readers argued that the words have racial histories that made them inappropriate.\nThis is an ongoing concern of NPR audience members: words that are in common usage, but that a growing number of people now understand have racial or ethnic roots that make them offensive to some, at least in some situations.\nWhat is NPR’s obligation here, when language that may seem innocuous to some, or is being used by people in the news, also turns out to be language that others might find harmful?\nWe should acknowledge that there is a difference between language that might be questionable and words that are widely perceived as patently offensive. Occasionally, the latter slip into NPR’s reporting. A few weeks back an editor used the word \”scalp\” in describing a political victory; that is an example of a word that NPR’s Standards and Practices Editor Mark Memmott said should have been avoided because it carries the connotation of historic violence toward indigenous people .\nBut the issue here is that other words fall into a more ambiguous category. One story about the practice of a former senator accompanying a Supreme Court nominee around the Capitol to meet members of Congress included the word \”Sherpa\” both in the headline and throughout the piece. It’s a widely used political term (NPR didn’t decide to call it that), but it comes from the name for members of a Nepalese ethnic group and has been appropriated over the years to mean \”guide\” or an aide who does preparatory work for a boss.\nShould the piece have included information about its origin? Or, as a listener wrote, should NPR have avoided the word altogether?\nAnother story originally included the word \”spook\” (used as a verb) in the headline (\” Netflix Falls Short On Subscriber Target, Spooks Investors \”) and body of the piece about stock market investors. Leah Donnella of the race and identity reporting team Code Switch wrote last year that \”spook\” has history as an anti-black slur, at least when used in the context of race. Could a different word have been used in the headline to convey \”frightened\” or \”scared?\”\nIn my opinion, there is nothing wrong with NPR’s decision to report on nominee Brett Kavanaugh’s experience with a \”Sherpa.\” The headline rightly puts the term in quotes to establish that it is not NPR’s label. But for radio listeners, there was no context provided when the guest said that Sherpa is \”kind of a funny name\” for a person \”bringing someone up a mountain.\” The host added, \”And carrying all the bags.\”\nCourtney Dorning, an editor for All Things Considered who worked on the piece, acknowledged that words can have multiple meanings.\n\”I think language and meaning is very complex, and as much as we try to be mindful and sensitive, unfortunately there are going to be misses,\” Dorning said.\nOne way to handle this going forward would be to add a quick line acknowledging that the word should be treated carefully.\n\”Spook\” is a bit more complicated. Donnella wrote in her Code Switch piece:\n\”In light of all this baggage, I asked [sociolinguist Renee] Blake what she thought about the use of words like spook and spooky during Halloween. She said that, while it’s clear that spook has multiple, distinct meanings, it’s still important to think about context. …\n’Be thoughtful about the fact that [spook] now might have the connotation of referring to a black person in a disparaging way,’ Blake says. ‘If someone says, \”Did you get spooked?\” and there are no black people there, then, OK, you mean \”Did you get scared or frightened?\” That’s fine, I get it.’\nBut once you insert black people into the situation, Blake says, it’s important to be more tactful. …\nSo, this Halloween, be a little cautious when it comes to describing your surroundings. And don’t be afraid of creeping into the thesaurus for a spooky synonym.\”\nHer piece leaves me with this conclusion: It would be inappropriate to use the word \”spook\” to refer to a situation involving black people. But it’s still fairly innocuous to use the word as the piece in question did, in a context entirely unrelated to race. It’s a frequently used word, well-removed from its historical ties to racism — for most people, most of the time.\nBut for those who know about its history: \”If I were reading the word ‘spook’ in a headline, the way [NPR] used it, obviously part of my brain would tingle, my Spidey sense would tingle, just because I know that this other usage is out there, but also the context here is clearly not racialized,\” Code Switch podcast co-host and lead blogger Gene Demby said. \”Race is one of those things that when it irradiates a word, it’s there whether you mean it to be or not.\”\nOne might think the decision would be simple if the person who wrote the headline knew about this context; they could have replaced \”spook\” with one of its many synonyms. In this case, the editor who approved of the language says she did know about the word’s history.\n\”As an African-American woman I am very much aware of ‘spook’ in its negative context,\” Stacey Samuel, who is a supervising editor at NPR and has been working as a news desk editor, said. But, \”In the moment when I was editing this piece, I was not looking at the piece or the use of the word from the perspective of a person who’s African-American, but as a journalist, and understanding and appreciating the nuance of the word and understanding the language and context in which it was used. It never crossed my mind.\”\nNevertheless, Samuel said she regrets that the use of \”spook\” was taken offensively, and she updated the piece with a different word. \”At this particular time, it is more imperative than ever to revisit language, because not knowing is not an excuse.\”\nMemmott said these examples are in somewhat ethically gray areas.\n\”We don’t just blindly repeat things that we know would be highly offensive,\” he told me. But at the same time, he added: \”You may not always know when a word’s usage has shifted or you may not realize it yet. So you may be guilty of being slow picking up on changes and usages and sensitivities. But we’re always open to being told when we were wrong and more sensitized to how we should be more careful with something.\”\nSome people in disability communities take issue with phrases like \”fell on deaf ears\” and \”turned a blind eye.\” My mother, who is legally blind, once pointed out my own use of the phrase, noting that it associates blind and low-vision people with ignorance.\nWhen I brought this up with Memmott, he noted it as an example that even when people in newsrooms are thinking hard about their language — as he does — they might miss things they’re not familiar with. \”What I meant was ‘thoughtlessly,’ but now that you pointed that out, I’ll try not to use ‘blindly’ in that way again.\”\nLanguage is ever-evolving, and NPR updates its standards to reflect that, Memmott said. He cited the language that NPR uses to describe immigrants who enter the U.S. illegally; both AP style and NPR’s in-house style direct reporters to describe actions as illegal and not people , whereas before it was considered acceptable to use terms like \”illegal immigrant\” or \”alien.\”\nOf course, journalists and editors cannot possibly be expected to know the whole history of every word they use. Shereen Marisol Meraji, co-host of the Code Switch podcast, discussed in a recent episode an instance when she wrote in a script that Memmott was NPR’s \”ethics guru.\” In a listening session later, her colleagues pointed out that using the word \”guru\” might be appropriative of its Indian roots. Meraji hadn’t considered that context before, and decided to cut it out of the script.\nBut the circumstances that led to that change were unique, Demby said, because this happened in a session with about eight people from the Code Switch team. Aside from the fact that the Code Switch staff is already more likely than other newsroom teams to be thinking about how its language impacts its audience, there is usually just not the time for this kind of review in breaking news situations or for daily shows.\nNot everything a listener complains about merits correction (our office gets daily complaints from offended listeners where the reporting decisions were defensible). But when members of a historically marginalized group make the case for why the language NPR used is harmful to them, the newsroom should treat it as an opportunity for growth. Code Switch Word Watch: A Code Switch Game Show Word Watch: A Code Switch Game Show”,
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“text”: “Elon Musk reportedly met with Japan’s SoftBank last year about taking Tesla private (TSLA) Graham Rapier Aug. 8, 2018, 02:51 PM\nReuters / Kim Kyung Hoon\nTesla CEO Elon Musk met with SoftBank CEO Masayoshi Son about taking the electric-car maker private last year, Bloomberg reports. The news comes one day after Musk said he was considering taking Tesla private. SoftBank has previously invested in Uber, Nvidia and GM’s Cruise. Follow Tesla’s stock price in real-time here.\nTesla’s chief executive Elon Musk met with SoftBank CEO Masayoshi Son in April 2017 about the Japanese investment firm assisting in taking Tesla private, Bloomberg reported Wednesday.\nThe report came the day after Musk said he was considering taking Tesla private and that funding had been secured, but did not offer any specifics about the unprecedented move.\nBloomberg’s Selina Wang and Giles Turner reported that Musk and Son failed to reach an agreement over the structure of the company, citing sources. Tesla was trading around $300 per share in April 2017 when the talks reportedly fell through. The talks are no longer underway, Bloomberg said.\nSoftBank and its $100 billion Vision Fund have made a slew of investments in tech firms around the world. So far, it has bought a 20% stake in GM’s Cruise autonomous driving unit and made smaller investments in Uber , Nvidia, WeWork, and more.\nMusk tweeted on Tuesday that he would like to leave public markets at $420 per share — a 20% upside to their price that day. At that price, and given Musk’s 20% stake in Tesla, roughly $60 billion would be needed to go private.\nAlso on Tuesday, the Financial Times reported that Saudi Arabia’s public investment fund — a major backer of SoftBank’s fund — had invested roughly $2 billion in Tesla for a stake representing 3% to 5% of the company.\nShares of Tesla skyrocketed Tuesday when the plan was announced, but sank about 1.5% in trading Wednesday.\nA Tesla spokesperson declined to comment.”,
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“title”: “Elon Musk – the charismatic capitalist putting his business on the line | James Ball | Opinion”,
“title_full”: “Elon Musk – the charismatic capitalist putting his business on the line | James Ball | Opinion | The Guardian”,
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“text”: “E lon Musk looks like he’s bored, and it’s making him irritable and erratic. This would be frustrating if he were a teething toddler and understandable if he were an unemployed 4chan dweller, but is incomprehensible given he is the founder and CEO of two companies together valued at around $100bn (£77.7bn) – one of which is going through a year that will make or break it. Musk achieved fame, and garnered a fanatical online fanbase, through his founding of Tesla – a motoring company that hit on the insight of starting electric cars at the high, not low, end of the market, creating vehicles with years-long waiting lists that thousands wanted, despite their prohibitive price tags. The South African-born computer programmer and businessman is worth about $21bn (£15bn) today. He was catapulted into the ranks of the super-rich with the sale of PayPal to eBay, which netted him $165m\nIn 2002, he used $100m to found SpaceX, which aims to cut the cost of space travel through technology such as reusable rockets. One of Musk’s ultimate goals is to pioneer efforts to colonise Mars.\nMusk became a major investor in electric car company Tesla in 2004 and took over the reins in 2008. Tesla has focused on building a vehicle with mass market appeal. Despite low sales, its stock market value overtook Ford last year.\nAnother ambitious Musk project is the Hyperloop, his vision of a super-fast underground transport system to whisk passengers between major US cities, such as LA and San Francisco, at hypersonic speed. He has called the idea a \”cross between a Concorde and a railgun and an air hockey table\”. Critics say it is too impractical and expensive.\nMore recent ideas include OpenAI, a not-for-profit firm researching artificial intelligence, and Neuralink, a company exploring ways to connect the human brain with AI.\nHis company won plaudits for its impressive, ahead-of-the-curve battery technology, and for the scope of its founder’s ambitions. The company now promises a mass-market electric car that will retail for $35,000 (£27,000). This ambition has led Tesla (at a market cap, or valuation, of $64bn/£49.7bn), a carmaker just 15 years old, to be valued far more highly than Ford ($40bn/£31bn), Nissan ($38bn/£29.5bn), and Fiat-Chrysler ($26bn/£20bn). This is more impressive still given that the latter three companies all had sales up to around 10 times’ higher than Tesla’s and each made billions in profit – while Tesla lost nearly $2bn (£1.5bn). Investors aren’t valuing Tesla for what it’s achieving today, but rather for their high, high hopes in what it will do in the future. That relies on making a success of Model 3 , and producing cars quickly and reliably enough to satisfy the market – and to stay ahead of its much bigger rivals, who are catching up quickly in the electric car market. Tesla is struggling to hit its production targets, and having quality concerns in the scrabble to hit them . It is struggling with the aftermath of a takeover of SolarCity now regarded as ill-advised . And critically, it’s burning through around $1bn (£776m) in cash every quarter, against a debt pile already in excess of $11bn (£8.5bn) . It’s crunch time. So then, sensible investors must be worried at their CEO’s increasingly erratic behaviour, and apparent lack of concentration in his core project. Over the past few years, Musk has launched an acclaimed space company, SpaceX, which plans to send humans to Mars . He has publicly drawn blueprints for a wildly impractical and expensive “hyperloop” transit system , then given them away . He proposed a series of underground platforms to shuttle cars , to beat traffic, launching the Boring Company” to lay the groundwork – only to go on and use it to sell a limited-edition range of 20,000 flamethrowers to the general public . He suggested fixing fake news by creating a system to rank outlets (which would be immediately gamed by trolls) called Pravda . And then he created a totally useless “submarine” to “help” rescue boys trapped in a cave in Thailand , and then baselessly called one of the actual rescuers a “pedo” when he criticised Musk’s intervention . These are not the actions of a man relentlessly focused on fixing production and financial issues in the core company he leads, and in which investors place their hope. And his distraction and irritation appears to be showing: in a recent call with analysts – a requirement of his job as CEO of a listed company – he openly displayed his annoyance, even cutting one off the call , an unusual and very rude act in such rarefied circles, and one that caused the share price to drop. And then yesterday he tweeted that he had a plan to take his company off the stock exchange , and make it a private fiefdom once more, even claiming that he had lined up investors to do so – at the price of $420 (£325) a share, with no indication of whether the figure was a joke or not. If this were a serious takeover bid, it would be worth $72bn (£56bn) and require serious private equity and debt backing – and so would be an astounding thing to announce via Twitter, with no details of the plan or its timing. This is doubly so given that Tesla already has a lot of debt and burns through cash, rather than generating it – it is simply not the type of company that would typically be taken over in this way. And yet Musk’s “bid” was taken seriously enough to send Tesla’s share price soaring. If Musk was joking, that too is dangerous. He is the CEO of, and major investor in, a listed company – and there are strict rules against him manipulating the stock price of his company, which the US regulator (the Securities and Exchange Commission ) is mandated to guard. With the share price hiked after his announcement, Musk caused a headache for short-sellers, clearly a potential conflict of interest and market interference, and one the SEC is sure to watch closely. All of this spells a headache for Musk and his board of directors. Running a major company means being beholden to your investors, your employees, your debtors, and to the rules and laws that govern you. That might not be fun, but it is how things are done to prevent thousands or millions getting hurt – but our current era of charismatic capitalists threatens to undermine the whole system. In normal circumstances, CEOs who refuse to live by those standards get ousted – but thanks to the tech boom and the veneration of founders, Musk is chairman, CEO, and largest shareholder – and everyone else is riding the tiger. They may have no choice but to hang on or lose their money – but how many now are hoping they could get off? • James Ball is a former Guardian special projects editor, and the author of Post-Truth: How Bullshit Conquered the World”,
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“text”: “As merger and acquisition (M&A) activity has roared, Warren Buffett and his investing colleagues at Berkshire Hathaway have stayed on the sidelines.\nThat means they missed out on an M&A bonanza that saw a recordbreaking $2 trillion in deals through mid-May. But it also means Berkshire Hathaway has set a record of its own: It now has the biggest cash balance in the firm’s storied history.\nWhile that can be construed as good news for Buffett & Co — since they have a veritable war chest of capital ready for deployment — it carries far starker implications for the overall market.\nThat’s because Berkshire Hathaway’s reluctance to buy anything can be viewed as a signal that just about everything is too expensive. And considering Buffett is one of the most successful investors in history, his market behavior should be watched closely.\nWith that said, it’s not exactly breaking news that Buffett thinks few bargains exist. He said as much in his annual letter back in February, saying that the lack of attractive pricing “proved a barrier to virtually all deals we reviewed in 2017.”\nWhat’s more notable is that Buffett has stood pat since then as stocks have continued their grind higher. Valuations have only gotten more stretched over that period, suggesting that an already tenuous situation has worsened.\nRuss Mould, investment director at AJ Bell, has taken notice. He’s wary of the speculative deal fervor he sees accompanying record stock prices.\n“M&A tends to peak when animal spirits are running high and often when executives feel their own shares are expensive enough to make them a valuable acquisition currency,” Russ Mould, investment director at AJ Bell, wrote in a client note. “Warren Buffett is still having difficulty in finding value in US — and perhaps global — stocks.”\nMould points out — and indicates in the chart above —that Berkshire Hathaway’s cash balance has been an effective proxy for market levels over history. As you can see, Buffett held comparatively high levels of cash in the periods preceding the last two market crashes, in 1999 and 2007.\nSo the question now becomes whether to follow Buffett to the sideline, or stay invested in a market that is, by many measures, overextended. After all, the longer they wait, the higher the likelihood they’ll be left holding the bag when things go south.\n0 Comments”,
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“text”: “Consumers have embraced and benefited from mass-produced products like smartphones, but at the same time, they increasingly long for things to set them apart. And that has translated to opportunities for the likes of online crafts marketplace Etsy, even as it faces growing competition from Amazon Handmade. On Tuesday, Etsy stock closed near a record high after the company, founded in Brooklyn 13 years ago, reported a better-than-expected 30% jump in Q2 revenue. The total value of handmade goods, vintage items and crafts supplies sold on its platform rose 20%, to $902 million, as active buyers jumped 17%, to about 36 million. Active sellers, meanwhile, rose 8.1%, to nearly 2 million.\nAnother indicator of market demand: The value of goods bought on Etsy has jumped to an annual total of $3.3 billion, from just $1 million in its first year, the company said.\n“We’re living in the sea of sameness,” CEO Josh Silverman said in a July podcast the company hosted for its sellers. “People are buying more and more of the same mass-produced goods from the same few logistics companies, and the world wants an antidote to that.”\nYes, as industrialized production has made lives more convenient and things cheaper to buy with mobile devices, upending the ways we communicate and interact with one another, the need for something more personal and different is beckoning.\nIn the brick-and-mortar space, just look at the No. 1 arts-and-crafts specialty retailer, Michaels Cos. It’s seen revenue rising an annual average of 4.1% since 2013, to $5.4 billion last year. While many retailers have shut stores, Michaels has opened more and now has 1,200-plus locations in North America. Its rival Hobby Lobby is also growing and is among the chains reportedly moving into some empty Toys “R” Us stores.\nMichaels now has 1,200-plus stories in North America. (Photo by Rich Polk/Getty Images for The Michaels Companies)\nThey are expanding for good reason: A Mintel study released this year showed nearly seven in 10 U.S. adults made at least one type of arts-and-crafts project in the last 12 months.\nAmazon Handmade Vs. Etsy\n“Knowing an item has a unique story behind it creates a personal experience that customers have told us makes owning handmade items special,” Peter Faricy, a former VP for Amazon Marketplace who will soon join Discovery Network, said in Amazon’s 2015 release announcing the launch of Amazon Handmade.\nAmazon doesn’t break down the size of Amazon Handmade but has said it expanded last year to include 10 categories offering more than one million handcrafted items, from thousands of artisans and small business owners across all 50 states and more than 60 countries.\nUnlike Etsy, which allows the sale of handmade items made and/or designed by sellers, Amazon Handmade strictly requires products to be made entirely by hand, hand-altered or hand-assembled and not from a kit by the seller. If the Amazon Handmade seller has a company of fewer than 20 employees, the product can also be made by an employee.\nAmazon, known for its free two-day shipping for Prime members and envy-inducing delivery logistics network with over 250 million customers worldwide, charges a 15% seller referral (transaction) fee.\nEtsy, meanwhile, in July upped its transaction fee to 5%, from 3.5%, with the fee also being assessed on the cost of shipping. Silverman promised to put the increased fee to good use, including experimenting with TV and other \”offline\” marketing that would help sellers. For instance — and speaking of the growing consumer crafts interest — Etsy is airing ads on NBC’s new Making It crafts competition show, hosted by comedians Amy Poehler and Nick Offerman.\n“You can’t beat the amount of traffic that goes to Amazon,” said Barbara Dimoush, owner of Package Perfect Bows, who was already selling on her own website and sites like Etsy when she accepted a “nice invitation” from Amazon to sell on Amazon Handmade. “ It exceeds other platforms. ”\nIn a sign of Amazon Handmade’s growth, Dimoush said in an interview that her Amazon business is now the largest sales contributor in the holiday fourth quarter.\nA $43 Billion Creative Products Pie?\nInside the craft lab at the Etsy’s headquarters in Brooklyn. (Photographer: Victor J. Blue/Bloomberg)\nSo far, there looks to be room for growth and market share gain for both Etsy and Amazon Handmade. Etsy estimated in its 2017 annual report that the online market size in its six retail product categories, including clothing and accessories as well as home and living, and in its six core markets, including the U.S., represents a $155 billion market opportunity. When brick-and-mortar retail is included, Etsy said, the opportunity expands to a $1.3 trillion pie.\nEven when you narrow the market, a study released last year by the Association for Creative Industries, formerly known as the Craft & Hobby Association, valued the U.S. “creative products industries” at $43 billion.\nGrowth promise aside, Etsy is not oblivious to the growing threat it faces: It noted in its annual report that it will see competition from Amazon and eBay online and retailers like Target and West Elm in the physical retail space.\nIn a series of moves designed to engage users, Silverman said on the earnings call that Etsy last quarter tested surfacing “user-generated curated collections” to feature on its homepage. It’s also designing a more personalized search and targeted emails. To give buyers a more localized experience, Etsy has begun to include their location as an attribute in a machine-learning algorithm to better categorize and rank search results. Etsy is also testing ways that buyers can create user profiles to “express themselves” and “connect with others in the community.”\nIt gives them “more reasons to come back,” Silverman said.\nRelated on Forbes: Brick-And-Mortar Isn’t Dead; Just Look At Who’s Moving Into Empty Toys ‘R’ Us Stores”,
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“text”: “Let friends in your social network know what you are reading about Facebook Email Could Musk’s tweet about taking Tesla private lead to legal trouble? Tesla CEO Elon Musk could be sued by shareholders and the SEC for fraud and other violations related to a tweet. Post to Facebook Could Musk’s tweet about taking Tesla private lead to legal trouble? Tesla CEO Elon Musk could be sued by shareholders and the SEC for fraud and other violations related to a tweet. Check out this story on Freep.com: https://on.freep.com/2nmksgG Cancel Send A link has been sent to your friend’s email address. Posted! A link has been posted to your Facebook feed. Join the Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Could Musk’s tweet about taking Tesla private lead to legal trouble? Jamie L. LaReau , Detroit Free Press Published 5:56 p.m. ET Aug. 7, 2018 | Updated 6:44 p.m. ET Aug. 7, 2018 Elon Musk, co-founder and CEO of Tesla Motors, speaks at the 2015 Automotive News World Congress January 13, 2015 in Detroit. (Photo: Bill Pugliano, Getty Images) CONNECT COMMENT EMAIL MORE Nine words tweeted by Tesla CEO Elon Musk Tuesday afternoon raised questions for the outspoken auto executive. At 12:48 p.m. Musk tweeted: \”Am considering taking Tesla private at $420. Funding secured.\” The tweet caused a stir in the stock market. Tesla shares spiked 11 percent to close at $379.57 after trading was halted for part of the afternoon while investors awaited clarification. The stock’s record high was $389.61 on Sept. 18, 2017. But the tweet could be in violation of state and federal laws, said a former federal prosecutor. \”You’re not allowed to issue misleading information that investors could act on, and it looks like investors acted on it,\” said Peter Henning, a professor at Wayne State University Law School specializing in securities law. Read more: Tesla CEO’s tweets cause stir in Flint Legally, shareholders could sue Musk for a breach of fiduciary responsibility, said Henning. If the tweet gives an impression that Musk is trying to \”stampede the board,\” that’s a violation of state fiduciary duty of directors, Henning said. \”You’re not allowed to strong-arm the directors, even if you are a 20 percent stakeholder\” as Musk is, Henning said. If the Securities and Exchange Commission believes Musk’s tweet misled shareholders, the SEC could deem it a violation of anti-fraud prohibition in the federal securities law, said Henning. “I suspect the corporate lawyers are scrambling right now and hoping the SEC doesn’t go after him and the company, because it could be viewed as a statement from Tesla,” said Henning. “If it misleads investors, the SEC can bring a case even if no one’s been harmed.” The SEC in 2013 did say that companies can use social media such as Facebook and Twitter to announce key information so long as investors have been alerted about which social media will be used to disseminate the information. Musk offered some clarification to his tweet later, saying the \”only reason why this is not certain is that it’s contingent on a shareholder vote.\” Musk, whose tweets initially caused confusion as some investors questioned whether he had been hacked, later confirmed his thinking through Tesla’s official website. \”I think this is the best path forward,\” he said in an email to employees, further clarifying that \”a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best.\” The explanation could have been late, said Henning. Corporate governance requires a company officer to first notify the board of directors of any deals, then negotiate a deal with the board. \”The tweet is potentially misleading. It didn’t give the kind of details that shareholders would want. The key detail being that it’s not a done deal. It sounded like, ‘We’ve got the financing and we’re done.’ That’s not how it works.\” He added, \”If an analyst said, ‘Musk should take the company private,’ people would shrug their shoulders. It’s much different when the CEO says it. The law is protective of shareholders. You have to get them the best deal, and whether $420 is a fair price or not? We don’t know.\” Contact Jamie L. LaReau at 313-222-2149 or jlareau@freepress.com. Nathan Bomey of USA Today contributed to this report. “,
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“text”: “The monetary policy is now behind us. It wasn’t much of a surprise. A 25 bps hike had already been priced in by the debt market. With CPI inflation on an upswing, this was a foregone conclusion.\nCPI has risen by more than 260 bps since July 2017, mainly due to a 40 per cent hike in Brent crude prices during the same period. Rising oil price has always been a concern for the Indian central bank.\nAs a net importer of crude oil , the price rise directly impacts the current account deficit and the rupee value. At that, the price absorption either leads to general inflation or to a higher fiscal deficit. Until now, the prices have largely been passed through, but as the general election year closes in, the choices may become different.\nThe reason for this rise in crude prices is rooted in global causes, primarily due to the US-Iran political disputes and also due to the US–China trade war. US – Iran differences are political in nature and will require a political resolution. But till that time, it has impact on Indian energy prices.\nHaving said that, crude prices are beginning to stabilise, the crude supply is likely to increase and there are indications of negotiations (US-Iran). If these things go through, the crude price risk may even weaken swiftly.\nParallelly, the trade war is beginning to impact the global economy. The US has levied tariffs on Chinese imports amounting to $50 billion. China had countered by imposing tariffs on US imports of equal amount. Now, as the rhetoric heats up, the US has hinted at fresh tariffs on additional $200 billion worth of Chinese imports.\nThe question is, will China follow suit? Chinese markets are tumbling and their economy is slowing down with rising corporate defaults. If additional US tariffs come in, the impact on their economy with already high debt leveraging may be significant. This is risk to the global economy and is leading to rally in dollar value.\nAs other currencies fall, the rupee has come under double-whammy. Year to date, the Indian currency has been one of the worst performers globally.\nBut these events can also be an opportunity for India. With major taxation reforms in place, India needs to put her physical and bureaucratic infrastructure in place to emerge as the alternative manufacturing destination.\nGood news is that there is massive investment in infrastructure improvement. Interiors and cities are being connected rapidly. Markets and manufacturers are being brought closer. This has seen sizeable off take in commercial vehicles, air transport and general uptick in manufacturing. Credit off take is now in the upwards of 12 per cent, indicating rising corporate investments. Majority of the indicators suggest the Indian economy is growing. These are good signs. It means that Indian economy will be able to enter a new phase of self-sustaining growth for a long term.\nThus the risks are balanced currently. Good domestic economy is offsetting overseas pressures. But we may see the market swing from end to end with intermittent volatility. The market may be suitable for long-term investors to go for value-based buying.\nThe correction in the smallcap and midcap segments has come at an appropriate time. In Nifty500 index, there are almost 214 stocks that have fallen by 30 per cent (or more) from their 52-week highs. There are around 112 such stocks that have declined by more than 50 per cent from their highs. And this is just the Nifty500 figures.\nThe fall in the broader smallcap and midcap market may be even more. Thus, the market is rife with value buying opportunities.\nBut for investors, who do not have access to solid stock research, a well-managed fund that has a proven track record through the entire business cycle and not one or two years should be a better option.\n(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com .) 0 Comments”,
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“text”: “Income tax Refund Status RIL regains most valued firm status by m-cap New Delhi, Aug 8 () Reliance Industries today surpassed IT major TCS to clinch the status of the most valued company by market capitalisation. At close of trade today, RIL’s market valuation stood at Rs 7,71,450.43 crore, which was Rs 15,459. PTI | Aug 8, 2018, 20:51 IST New Delhi, Aug 8 () Reliance Industries today surpassed IT major TCS to clinch the status of the most valued company by market capitalisation.\nAt close of trade today, RIL’s market valuation stood at Rs 7,71,450.43 crore, which was Rs 15,459.97 crore more than Tata Consultancy Services’ Rs 7,55,990.46 crore m-cap on the BSE.\nShares of RIL jumped 2.85 per cent to close at a life-time high of Rs 1,217.25 on BSE. During the day, shares of the company gained 3.24 per cent to Rs 1,222 apiece.\nOn the other hand, shares of TCS ended flat at Rs 1,974.60, up 0.33 per cent.\nOn July 31, Reliance Industries had regained its status as the country’s most valued firm by m-cap, replacing Tata Group’s crown jewel TCS from the top slot.\nHowever, TCS on August 1 reclaimed the country’s most valued firm status by market cap, pushing Reliance Industries Ltd to the second spot.\nIT major TCS had first replaced RIL as the most valued firm more than five years ago.\nReliance Industries had last month crossed the USD 100-billion market capitalisation mark.\nOn July 13, RIL’s m-cap had briefly surged past the Rs 7 lakh crore mark, making it the second company after Tata Consultancy Services (TCS) to achieve this milestone.\nLater on July 20, RIL’s market value surged past Rs 7 lakh crore for the second time in a week. The m-cap figure of companies changes daily with stock price movement. SUM MKJ Get latest news & live updates on the go on your pc with News App . Download The Times of India news app for your device. Read more Business news in English and other languages. (This story has not been edited by timesofindia.com and is auto–generated from a syndicated feed we subscribe to.) RELATED “,
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“text”: “NEW YORK: Controversial Tesla chief executive Elon Musk said on Tuesday (Aug 7) he was considering taking the electric carmaker private, sending shares sharply higher in anticipation of a big premium.\nGoing private would take the company out of the quarterly reporting cycle, making it \”free from as much distraction and short-term thinking as possible,\” Musk said in a blog post.\nAdvertisement Am considering taking Tesla private at $420. Funding secured.\n— Elon Musk (@elonmusk) August 7, 2018 Musk, who has depicted the quest to build up no-emissions electric cars as an environmental mission, said he viewed going public as \”the best path forward,\” but that a final decision had not been made and ultimately rested on shareholder support.\nShares finished up 11 per cent at US$379.57 after being suspended for about 90 minutes following a series of Musk statements on Twitter in which he initially floated the idea of going private.\nMusk’s first tweet said funding was \”secured\” for a transaction that could value the company at US$420 a share.\nAt that price, the Tesla transaction would be worth more than US$71 billion.\n A leveraged buyout of this size – one using debt – would eclipse by a wide margin the prior record, the purchase for utility TXU Corp. in 2007 by a consortium that included KKR and TPG for US$44 billion.\nGains following the tweet added to upward movement on the stock after the Financial Times reported that a Saudi Arabian sovereign wealth fund had built a stake of between three and five percent in the company.\nMusk’s tweet comes as Tesla faces continued pressure to ramp up output of the Model 3 sedan, its first effort at the middle market.\nThe billionaire Musk, who owns about 20 per cent of the company, said a transaction would not \”substantially\” alter his stake and that he expected to continue to lead the company if it occurred.\nsentifi.com Channel NewsAsia – Sentifi topic widget POLARISING FIGURE\nMusk has previously discussed possibly going private as a means to realise long-term growth and accomplish a goal that some Tesla acolytes embrace with near-messianic passion.\nSupporters of Musk and the company view him as a visionary akin to Apple co-founder Steve Jobs, while critics have likened him to a \”Wizard of Oz\” like figure who has yet to turn a profit.\nTesla shareholder Quint Tatro, managing director of Joule Financial, praised the idea as \”brilliant,\” adding that \”Musk is tired of dealing with all the challenges of being ‘public.’\”\nThe South African-born Tesla chief has courted plenty of controversy.\nLast month, he apologised for calling British caver Vernon Unsworth, who helped rescue 12 Thai boys from a cave, a \”pedo\” – short for paedophile – after Unsworth spoke dismissively of the Tesla chief’s proposal for bringing the boys to safety.\nHe has also had a prickly relationship with Wall Street, apologising last week to equity analysts after refusing to answer questions on a May investor call.\nMusk’s approach to a possible go-private transaction also went against the grain of many companies that release major news in non-trading hours.\nBy contrast, Musk made the initial comment on Twitter and then embellished on the remarks in a series of responses to users on the platform.\nIn its Aug 1 earnings release, Tesla confirmed output was on track after missing earlier benchmarks as it reported a bigger-than-expected loss.\nShares have rallied strongly since those earnings, but Musk has continued to show a short fuse towards critics, lambasting \”short\” sellers of Tesla shares – those who take bets that the stock will fall in value.\nFollowing the company’s surge after last week’s earnings, Musk took aim again at a short-seller in a reported short YouTube video that likened these investors to Hitler’s last days.\nMusk amplified this point on Tuesday, saying on Twitter that going private \”will be way smoother,\” end \”negative propaganda from shorts\” and benefit shareholders.\nDef no forced sales. Hope all shareholders remain. Will be way smoother & less disruptive as a private company. Ends negative propaganda from shorts.\n— Elon Musk (@elonmusk) August 7, 2018 \”Am super appreciative of Tesla shareholders,\” Musk said. \”Will ensure their prosperity in any scenario.\”\nSource: AFP/de”,
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“title”: “Mid-Term Elections Update: Market Not Too Worried About Trump Fatigue”,
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“title”: “Mid-Term Elections Update: Market Not Too Worried About Trump Fatigue”,
“text”: “Yesterday’s round of gubernatorial elections and at least one important House seat that went up for grabs in Ohio’s 12 district was supposed to give political junkies a glimpse of Trump fatigue going into the midterms. It did not, really. Ohio 12 looks like it will remain Republican for the next two months, barring a recount that favors Democrat Danny O’Connor over Republican Troy Balderson. For now, let’s chalk it up as a win for the Republicans.\nCBS News’ Elections and Surveys Director Anthony Salvanto said Wednesday that no single election outcome yesterday should be considered a gauge of the November midterms. The Democrats are expected to take the House still, but by a tiny margin. No matter how small; one seat, or half a seat, it will be sold to all as evidence of Trump’s failure.\nTrump supporters attend a Tuesday, July 31, 2018 rally with the president at the Florida State Fair Grounds in Tampa Bay. (Photo by Thomas O’Neill/NurPhoto via Getty Images)\nSee: Why The Manafort Trial Should Worry Wall Street — Forbes\nDemocratic Party’s Liberal Insurgency Hits A Wall — Washington Post\nWinners And Losers In Latest Primary Races — Vox\nThe midterm elections for Congress tend to have low voter turnout. But this year, the Democratic Party’s base is especially motivated to elect Democrats in an effort to counter Trump. The same thing happened in 2006 when voters rushed to pull both houses of congress out from under George W. Bush as retaliation against his Iraq weapons of mass destruction fallacy.\nUnlike Bush, who blew up a country and whose foreign policy led to the death and maiming of tens of thousands of Americans and Iraqis, Trump is toning down war talk. The only war going on under this presidency so far is a trade war, which is actually quite popular with blue-collar Democrats.\nIn fact, not too long ago, Democrat Connor Lamb beat a free-market Republican in Pennsylvania’s 8th district after coming out in favor of Trump’s tariffs on steel and aluminum. Democrats like Lamb could upset “Never Trump” Republicans in November.\n“It is normal for the party in the White House to lose the House. If it flips, that’s nothing new for the market,” says Scott Clemons, chief investment strategist for Brown Brothers Harriman.\nA Democratic House of Representives promises impeachment.\n“The House can do what it wants. But without a majority of the Senate going along, it doesn’t matter what they decide on impeachment, and any bills they propose would just be vetoed by Trump,” says Clemons.\nPolitical risk is high.\n“If you think Washington is dysfunctional now, just wait until the Democrats take over. It’ll be even more chaotic. We have dealt with divided governments many times,” Clemons says.\nHouse Minority Leader Nancy Pelosi has avoided coming out in favor of impeachment. If Democrats win the House, Pelosi is likely to be replaced with a pro-impeachment leader. (Photographer: Andrew Harrer/Bloomberg)\nYesterday’s election result is a poor forecast of a “blue wave” anywhere in this country, but assuming Trump gets hit with one in November it means his tough stance on immigration is halted. Healthcare reform is also likely dead, as the Democratic left would propose Medicare for all knowing the Republicans in the Senate would reject it. Trade policy, on the other hand, is still for Trump to decide. As is foreign policy.\nMoreover, Trump has already accomplished his main tax reform, so even if other tax cuts are off the table the fiscal growth story remains in tact until 2020.\nRepublicans are forecast to keep the Senate.\n“The odds of the Senate flipping to the Democrats are slim ,” thinks David Page, a global economist for AXA Investment Management. “You already have had a significant number of pro-growth policies, more than any president has achieved in such a short period, and I think you keep that momentum going into 2019.”\nSome investors are concerned that a divided congress would make Trump all the more belligerent.\nTrump was critical of his predecessor Obama’s use of Executive Orders, but he may be in a position to require the same if Democrats win the House. Executive Orders are short term and can be reversed under a new president.\nBull market sentiment still in place. A strong economy may not be enough to help Republicans in the midterms, however. Photographer: Michael Nagle/Bloomberg\nIn off-record conversations, investors ponder what an even angrier Trump might mean for ongoing trade talks with China, Europe, Mexico and Canada. They say there is a risk of more tariffs going into 2020, especially if Trump sees a domestic political benefit in enacting them.\n“The tariffs are being used at this stage quite effectively to exact decent concessions, like we have seen from South Korea and will probably see from the EU,” says Page. “This is a populist policy. Even in areas hit by trade tariffs, there is a politically positive effect in all this,” he says. “Republican tax reform was a doozy. To go a a couple of years without legislation in the event of a divided congress isn’t that bad considering what we had up to now.”\nRegardless of tax cuts, record employment among minorities and a solid stock market, November is being billed as a referendum on Trump. The president is the wedge issue. For some Democrats, impeachment is the answer. That will unsettle the market.\nEstablishment Democrats like Nancy Pelosi are against bringing impeachment to the floor. Leftist Democrats are more in favor of it. But they did not fare too well in yesterday’s elections. If the Democrats win, it is expected that Pelosi will get the boot.\nThe Special Counsel investigation into Russia and the Trump campaign could throw a curve ball to the no-impeachment consensus circulating on Wall Street. If the Democrats see they have a chance to beat Trump in 2020, they may not want to put the country through the drama of one. When the Republican House impeached Bill Clinton, Clinton beat the indictment in the Senate and left office as one of the most popular Democratic presidents since John F. Kennedy.\nIf Trump left office one of the most popular presidents since Clinton, the Democrats hemming and hawing would have been for nothing. For them, Trump has to leave Washington, preferably leaving with less support than he came to town with in January 2017.\nBill Clinton was impeached by Republicans because of an affair with Monica Lewinsky. He was never indicted by the Senate. And he left office as the most popular Democrat since John F. Kennedy. (Photo by PAUL J. RICHARDS/AFP/Getty Images)\n“If I was advising the Democrats, I’d tell them that a move to impeach is like shooting yourself in both feet,” says Clemons.\nWith just two months to go before the midterms, the stock market has the wind at its sails.\n“The sentiment indicators we track are skewing towards the bullish side,” says Dan Russo, chief market technician at Chaikin Analytics.\nA strong stock market may keep voters at home in November, helping Democrats bring more bodies to the polling booths.\nThere is a worse-case scenario for the Democrats. And it is at least as bad as a Trump impeachment is for most Republicans who back him.\nIf the Republican Party keeps the House and Senate, Trump will see this is a mandate to go ahead with strong-border immigration reform and trade protectionism in the next half of his presidency. The Democrats would have lost again, despite two years of relentless Trump hatred by the political press and social media influencers.\nA Republican win—while not the base case—would signal to the market the potential for more tax cuts, potentially extending the life of an already historically long bull market.”,
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“title”: “The Latest: Musk says going private would free Tesla”,
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“title”: “The Latest: Musk says going private would free Tesla”,
“text”: “Yahoo!-ABC News Network | © 2018 ABC News Internet Ventures. All rights reserved. The Latest: Musk says going private would free Tesla By The Associated Press NEW YORK — Aug 7, 2018, 4:22 PM ET 0 Shares Star The Associated Press FILE- In this June 14, 2018, file photo Tesla CEO and founder of the Boring Company Elon Musk speaks at a news conference in Chicago. Musk says he is considering taking the electric car maker private. Tesla’s stock spiked Tuesday, Aug. 7, after Musk made the abrupt announcement in a terse tweet. (AP Photo/Kiichiro Sato, File) 0 Shares The Latest on Tesla CEO Elon Musk proposing to take the electric car private at $420 per share (all times local): 3:45 p.m. Tesla CEO Elon Musk is laying out his rationale for possibly taking the company private, saying the move would free the electric car maker to focus on long-term goals, rather than the quarterly concerns of Wall Street. Musk detailed his proposal in a blog post on the company’s website Tuesday, hours after stunning the company’s followers by casually tweeting that he might take it private. Musk complains that Tesla is \”the most shorted stock in the history of the stock market \” and many people \”have the incentive to attack the company.\” He says no final decision has been made. But he says any deal would be structured so that shareholders could opt to remain investors or be bought out at $420 per share. ——— 2:55 p.m. Tesla CEO Elon Musk’s surprising proposal to take the electric car maker private has prompted regulators to suspend trading in the company’s stock. The unusual step taken early Tuesday afternoon came shortly after Musk dropped a bombshell on his Twitter account by announcing he had lined up the financing to buy all of Tesla’s stock at $420 per share. That would cost about $70 billion, making it one of the biggest buyouts in U.S. history. The disclosure initially raised questions whether the eccentric Musk was joking, but he then amplified on his plan in a subsequent tweet that said he intended to create a special fund that would allow all current Tesla shareholders to retain a stake in the car maker if they want. ——— 1:12 p.m. Tesla CEO Elon Musk says he is considering taking the electric car maker private. Tesla’s stock spiked Tuesday after Musk made the abrupt announcement in a terse tweet. He said is considering taking the company private at $420 a share and already has secured funding. Tesla shares are up more than 5 percent at $360.64. 0 Shares”,
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“text”: “BloombergOpinion Analysis Analysis Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Tesla’s Board Should Explain Its Explanation by Liam Denning | Bloomberg August 8 at 11:51 AM A mere 20 hours after Elon Musk announced over the tweetwaves that he might take Tesla private, six members of the board weighed in: Last week, Elon opened a discussion with the board about taking the company private. This included discussion as to how being private could better serve Tesla’s long-term interests, and also addressed the funding for this to occur. The board has met several times over the last week and is taking the appropriate next steps to evaluate this. That isn’t an excerpt; it’s the whole thing (fun fact: it would fit comfortably inside two tweets). Yet brevity is probably the best strategy at this point. Because if this statement was supposed to allay any concerns about Musk’s bombshell, it is somewhat lacking. Start with the fact that tweet-stock suspension-company announcement-official board statement is the exact opposite of the sequence you would expect for a large, publicly traded company. As for the statement itself, rather than answer the important questions raised on Tuesday afternoon, it manufactured new ones. Musk indicated funding had been secured for a take-private deal that, if structured as a straight buyout, would be worth almost $70 billion (including debt and excluding Musk’s own stake). Even a leveraged buyout of that scale would be a colossal undertaking. But given Tesla burns cash and its entire valuation rests on ambitious growth plans requiring billions more of spending, this couldn’t be an LBO; it would have to be just a BO. Plus, Musk apparently wants existing shareholders to have the option of swapping into a private entity (see my colleague Matt Levin’s take on that here). So we’re talking about a complex buyout requiring tens of billions of new equity and perhaps some special purpose vehicle – with all the legal and financial scrutiny this would entail – and that’s all been discussed in the past week with the board, to the point where Musk felt able to announce it and claim funding had been secured. Got it. The announcement raises other questions for the board. Did it approve of the CEO putting this announcement out via Twitter during market hours, before the stock’s trading had been suspended and in the absence of any real detail? Sub-question: Was the board even aware this announcement was going out when it did? Tesla hasn’t gotten back to me on those yet, but I’ll update if it does. Moreover, taking all these statements at face value: If this process is at such an advanced stage that the CEO feels ready to put it out there and claims funding has been secured, has the board found time in the past week to take the obvious step of forming a special committee? If so, that’s not clear from Wednesday’s statement. Back to timing, though. The board’s discussions with Musk apparently kicked off in the same week Tesla reiterated it is on the cusp of profitability and positive cash flow. This, if it were actually to come to pass, would be the surest defense against skeptics. And yet, less than a week later, the company is considering an ill-defined, multi-billion-dollar take-private proposal as a way to silence them instead. Why? These are just questions and no doubt rather dry and boring ones. But almost 24 hours into this latest Tesla episode, they need answering urgently. To contact the author of this story: Liam Denning at ldenning1@bloomberg.net To contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.net This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal’s Heard on the Street column and wrote for the Financial Times’ Lex column. He was also an investment banker. ©2018 Bloomberg L.P. “,
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“text”: “News Alerts Tesla Chief Elon Musk Weighs Go-Private Deal For Electric Carmaker Going private would take the company out of the quarterly reporting cycle, making it \”free from as much distraction and short-term thinking as possible,\” Elon Musk said in a blog post. World | Agence France-Presse | Updated: August 08, 2018 05:29 IST Share PRINT COMMENTS Elon Musk’s tweet comes as Tesla faces continued pressure to ramp up output of the Model 3 sedan. New York, United States:\nControversial Tesla chief executive Elon Musk said Tuesday he was considering taking the electric carmaker private, sending shares sharply higher in anticipation of a big premium.\nGoing private would take the company out of the quarterly reporting cycle, making it \”free from as much distraction and short-term thinking as possible,\” Musk said in a blog post.\nMusk, who has depicted the quest to build up no-emissions electric cars as an environmental mission, said he viewed going public as \”the best path forward,\” but that a final decision had not been made and ultimately rested on shareholder support.\nShares finished up 11 percent at $379.57 after being suspended for about 90 minutes following a series of Musk statements on Twitter in which he initially floated the idea of going private.\nMusk’s first tweet said funding was \”secured\” for a transaction that could value the company at $420 a share.\nAt that price, the Tesla transaction would be worth more than $71 billion.\nA leveraged buyout of this size — one using debt — would eclipse by a wide margin the prior record, the purchase for utility TXU Corp. in 2007 by a consortium that included KKR and TPG for $44 billion.\nGains following the tweet added to upward movement on the stock after the Financial Times reported that a Saudi Arabian sovereign wealth fund had built a stake of between three and five percent in the company.\nMusk’s tweet comes as Tesla faces continued pressure to ramp up output of the Model 3 sedan, its first effort at the middle market.\nThe billionaire Musk, who owns about 20 percent of the company, said a transaction would not \”substantially\” alter his stake and that he expected to continue to lead the company if it occurred.\nPolarizing figure\nMusk has previously discussed possibly going private as a means to realize long-term growth and accomplish a goal that some Tesla acolytes embrace with near-messianic passion.\nSupporters of Musk and the company view him as a visionary akin to Apple co-founder Steve Jobs, while critics have likened him to a \”Wizard of Oz\” like figure who has yet to turn a profit. Advertisement\nTesla shareholder Quint Tatro, managing director of Joule Financial, praised the idea as \”brilliant,\” adding that \”Musk is tired of dealing with all the challenges of being ‘public.’\”\nThe South African-born Tesla chief has courted plenty of controversy.\nLast month, he apologized for calling British caver Vernon Unsworth, who helped rescue 12 Thai boys from a cave, a \”pedo\” — short for pedophile — after Unsworth spoke dismissively of the Tesla chief’s proposal for bringing the boys to safety.\nHe has also had a prickly relationship with Wall Street, apologizing last week to equity analysts after refusing to answer questions on a May investor call.\nMusk’s approach to a possible go-private transaction also went against the grain of many companies that release major news in non-trading hours.\nBy contrast, Musk made the initial comment on Twitter and then embellished on the remarks in a series of responses to users on the platform.\nIn its August 1 earnings release, Tesla confirmed output was on track after missing earlier benchmarks as it reported a bigger-than-expected loss.\nShares have rallied strongly since those earnings, but Musk has continued to show a short fuse towards critics, lambasting \”short\” sellers of Tesla shares — those who take bets that the stock will fall in value.\nFollowing the company’s surge after last week’s earnings, Musk took aim again at a short-seller in a reported short YouTube video that likened these investors to Hitler’s last days.\nMusk amplified this point Tuesday, saying on Twitter that going private \”will be way smoother,\” end \”negative propaganda from shorts\” and benefit shareholders.\n\”Am super appreciative of Tesla shareholders,\” Musk said. \”Will ensure their prosperity in any scenario.\” (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.) “,
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“text”: “Breitbart: Elon Musk Wants Tesla Private Again to End ‘Enormous Pressure’ from Public Investors Elon Musk Wants Tesla Private Again to End ‘Enormous Pressure’ from Public Investors AFP 7 Aug 2018 Tesla CEO Elon Musk emailed employees today to discuss the possibility of the company going private, saying “a final decision has not been made,” and complaining about investors short-selling the company’s stock. Elon Musk published a letter he sent to employees regarding the possibility of taking Tesla private two hours after he tweeted the idea of taking the company private once its stock price reaches $420 per share. According to Musk’s tweets, funding to go private is secured and investors have backed the move, but the final say in the matter remains up to shareholders:\nAm considering taking Tesla private at $420. Funding secured.\n— Elon Musk (@elonmusk) August 7, 2018\nInvestor support is confirmed. Only reason why this is not certain is that it’s contingent on a shareholder vote. https://t.co/bIH4Td5fED\n— Elon Musk (@elonmusk) August 7, 2018\nIn the letter to employees, Musk reiterates the idea of taking Tesla private at $420 per share, but does say a final decision has not been made.\nMusk’s stated reasons for going private include avoiding the quarterly earnings cycle that places pressure on public companies, and he also mentions that Tesla stock has attracted short sellers who “have incentive to attack the company.”\nMusk compares Tesla to SpaceX, which he considers to have advantages due to being privately held. At the same time, he claims it is not his intention to merge the company with SpaceX.\nIn the letter Musk outlines potential structure and ownership for a private Tesla, and claims, “this has nothing to do with accumulating control for myself.”\nThe market halted trading in Tesla’s stock before the release of Musk’s letter to employees, when trading resumed, the company’s stock price rose by as much as 11 percent.\nThe letter can be read in full below:\nEarlier today, I announced that I’m considering taking Tesla private at a price of $420/share. I wanted to let you know my rationale for this, and why I think this is the best path forward.\nFirst, a final decision has not yet been made, but the reason for doing this is all about creating the environment for Tesla to operate best. As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders.\nBeing public also subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term. Finally, as the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.\nI fundamentally believe that we are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve. This is especially true for a company like Tesla that has a long-term, forward-looking mission.\nSpaceX is a perfect example: it is far more operationally efficient, and that is largely due to the fact that it is privately held. This is not to say that it will make sense for Tesla to be private over the long-term. In the future, once Tesla enters a phase of slower, more predictable growth, it will likely make sense to return to the public markets. Here’s what I envision being private would mean for all shareholders, including all of our employees.\nFirst, I would like to structure this so that all shareholders have a choice. Either they can stay investors in a private Tesla or they can be bought out at $420 per share, which is a 20% premium over the stock price following our Q2 earnings call (which had already increased by 16%). My hope is for all shareholders to remain, but if they prefer to be bought out, then this would enable that to happen at a nice premium.\nSecond, my intention is for all Tesla employees to remain shareholders of the company, just as is the case at SpaceX. If we were to go private, employees would still be able to periodically sell their shares and exercise their options. This would enable you to still share in the growing value of the company that you have all worked so hard to build over time. Third, the intention is not to merge SpaceX and Tesla.\nThey would continue to have separate ownership and governance structures. However, the structure envisioned for Tesla is similar in many ways to the SpaceX structure: external shareholders and employee shareholders have an opportunity to sell or buy approximately every six months.\nFinally, this has nothing to do with accumulating control for myself. I own about 20% of the company now, and I don’t envision that being substantially different after any deal is completed. Basically, I’m trying to accomplish an outcome where Tesla can operate at its best, free from as much distraction and short-term thinking as possible, and where there is as little change for all of our investors, including all of our employees, as possible.\nThis proposal to go private would ultimately be finalized through a vote of our shareholders. If the process ends the way I expect it will, a private Tesla would ultimately be an enormous opportunity for all of us. Either way, the future is very bright and we’ll keep fighting to achieve our mission.\nThanks, Elon\nLucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan_ or email him at lnolan@breitbart.com\nBreitbart California Economics Tech Elon Musk Masters of the Universe SpaceX stock market Tesla”,
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“text”: “Even with the S&P Index near an all-time high, the U.S. economy humming along, inflation seemingly contained, and another strong corporate earnings season, investors apparently can’t totally shake off trade worries. A focus this morning appears to be $16 billion in Chinese goods that will be subject to a 25% U.S. tariff starting later this month. China responded by announcing a 25% tariff of its own on the same amount of U.S. imports. It’s the latest tit for tat in a trade spat between the world’s two largest economies that has led some market watchers to worry that an escalation to a full-blown trade war could dent global economic growth.\nThe trade worries appear to have helped cause the market to lose some of the recent momentum that helped stocks continue higher Tuesday amid lighter-than-average summer volumes. All three major U.S. indices finished higher, while the S&P Index moved closer to its all-time high just above 2872 set back in January.\nBefore Wednesday morning, it had appeared that investors were continuing to trade on momentum from another bumper earnings season even as they let worries about international trade slip into the background. As Wednesday’s early pause in momentum showed, however, headlines about trade can move the market back and forth, especially when there is an absence of other news.\nShades of 2017 in VIX In one indication that worry was lower, the Cboe Volatility Index dropped more than 3% to just under 11 on Tuesday. That’s its lowest point since January, around the time that the S&P 500 was hitting record highs. The Cboe Volatility Index spent parts of 2017 under 10. Although it has risen some this morning, the VIX was still relatively subdued at around 11.\nWhile a relatively low Cboe Volatility Index could be one indication that the market is healthy, another could be the broad-based gains across multiple sectors. Over the course of the past year, only three of the 11 S&P 500 sectors are in the red, as of Tuesday’s close. The biggest gainer is information technology, despite a recent stumble in some tech names, with a near 30% rise from a year ago. That is followed by double-digit gains in the consumer discretionary, energy, healthcare and financial sectors.\nWhile strong earnings appear to be helping stocks, so does a relatively healthy economy that is growing at a decent clip while inflation isn’t rising at an alarming pace. We’ll get another couple of readings on inflation later this week — first the Producer Price Index (PPI) Thursday, followed by the Consumer Price Index (CPI) Friday.\nOn the Corporate Front… One unexpected twist came Tuesday via Tesla. CEO Elon Musk tweeted that he was considering taking the electric car maker private at $420 per share, that funding was secured and that investor support was confirmed. The company’s shares ended nearly 11% higher, closing at $379.57, well under the premium indicated in Musk’s tweet.\nIn earnings news, the Walt Disney Co. after the bell Tuesday reported weaker-than-expected earnings and revenue. Adjusted earnings came in at $1.87 a share on revenue of $15.23 billion. For fiscal Q3, Disney had been expected to report adjusted EPS of $1.97 on revenue of $15.32 billion, according to third-party consensus analyst estimates. In the same quarter last year, adjusted EPS came in at $1.58 on revenue of $14.24 billion.\nFigure 1: Hello, Again: As the S&P 500 (purple line) approaches highs last seen back in January, the Cboe Volatility Index (candlestick) is revisiting levels it last reached back early this year when the SPX was at its peak. Data Source: S&P Dow Jones Indices, Cboe. Chart source: The thinkorswim® platform from TD Ameritrade. For illustrative purposes only. Past performance does not guarantee future results. Data Source: S&P Dow Jones Indices, Cboe. Chart source: The thinkorswim® platform from TD Ameritrade.\nRising Rates And Stocks: Just because the Federal Reserve is in a rate-tightening cycle, it doesn’t necessarily spell doom and gloom for the market to continue moving higher. Let’s turn to investment research firm CFRA for a brief history lesson. Including the one we’re in now, there have been 17 rate-tightening cycles since the one in 1946. Although the Dow Jones Industrial Average reacted negatively to rate hikes in the 1970s and 1980s, that benchmark rose an average of 7.8% during all those rate-tightening cycles and was higher more than half of the time, including during this tightening cycle. When you exclude the one-off rate hikes in 1971, 1984 and 1997, the benchmark rose at an average of 9.5% and was higher 71% of the time.\nInternational Demand for Treasuries: There’s been lots of talk about whether the 10-year Treasury yield will meaningfully push above 3% anytime soon, whether it will stay above that psychologically important threshold and what that might mean for corporate borrowing and bank profits. The yield has hit 3% recently but now is just below that level. International demand could be one factor keeping the yield in check, according to Massud Ghaussy, Nasdaq IR Intelligence senior analyst. Gains in the U.S. dollar and tighter U.S. monetary policy even as the Bank of Japan and European Central Bank keep their policies more accommodative have made U.S. Treasury bonds more attractive to international investors, he said in written commentary. According to Ghaussy, that demand has helped push the yield on longer-dated Treasurys lower, contributing to the flattening of the yield curve, or the spread between shorter- and longer-dated Treasurys. That flattening may not be as worrisome as some market watchers may be fearing. “I do not see the flattening of the yield curve as a warning sign of a looming recession but yield-hungry global investors in an environment where rates elsewhere are zero to negative chasing higher returns in the U.S.” Ghaussy said.\nEmerging-Market Equities vs. Domestic Stocks: There are many decisions investors have to make when deciding where to put their money. One question an investor might want to consider is what percentage of stocks and bonds to hold. Of those stocks, the question arises of whether to hold emerging market stocks and if so, what percentage? Based on the performance of the S&P Index and the MSCI Emerging Market Index, it appears that investors are preferring domestic stocks at the moment. Both hit highs in January, with the S&P setting a record and the MSCI Emerging Market Index hitting its highest point since 2007. The S&P is back within spitting distance of its record, but the MXEF has fallen more than 15 percent from its January peak. One reason could be the strengthening of the U.S. dollar, which can dampen demand for dollar-denominated commodities, often a staple of emerging market exports, by making them more expensive. Gains in the buck can also make it harder for emerging market countries to service dollar-denominated debt. A third reason a stronger dollar can hurt emerging markets is by making imports of U.S. goods more expensive.\nTD Ameritrade® commentary for educational purposes only. Member SIPC.”,
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“title”: “Taking Tesla private: Elon Musk’s $82 billion gambit to silence critics”,
“text”: “Taking Tesla private: Elon Musk’s $82 billion gambit to silence critics Taking Tesla private: Elon Musk’s $82 billion gambit to silence critics In a May conference call, the CEO blithely said that if investors were concerned about the volatility of Tesla’s stock, they shouldn’t own the shares. By: Bloomberg | Published: August 8, 2018 8:45 AM To take Tesla private, Musk would have to pull off the largest leveraged buyout in history, surpassing Texas electric utility TXU’s in 2007. (Reuters)\nThe wild tweet hit Wall Street at precisely 12:48 p.m. Tuesday — and things just keep getting wilder. Seemingly out of the blue, Elon Musk proclaimed that he might pull his money-losing Tesla Inc. off the market. Taking the electric-car company private at the price he touted would amount to an $82 billion valuation, a monumental sum that left many investors wondering: Is this a joke?\nIt wasn’t.\nMusk, the enfant terrible of Tesla and SpaceX, has defied the odds before. But Tuesday’s gambit — unleashed in tweet after tweet over the next 2 hours and 40 minutes — opened a new chapter in one of the most tempestuous business stories of our time.\nTesla’s Potential Take-Private Coverage: Tesla’s crazy day, in one chart How Musk’s tweets boosted his net worth Comparing the deal with the biggest buyouts in history A QuickTake on SEC rules for social media Musk says Tesla could copy SpaceX’s structure This company shouldn’t be publicly traded: Liam Denning Even fans seemed unsure whether Musk could pull this off — or, if he does, where that will leave Tesla. Only a week ago, the company with a seemingly unshakable base of firm believers and equally fierce legion of detractors recorded another huge loss after burning through hundreds of millions of dollars.\n‘Better Environment’ Indeed, Musk’s initial tweet, sent roughly half an hour after news emerged that Saudi Arabia’s sovereign wealth fund had built a stake in Tesla worth about $2 billion, was the latest in a series of unusual maneuvers that have thrust the executive into the public spotlight.\nHe’s made no secret that he has little patience for his naysayers. In a May conference call, the CEO blithely said that if investors were concerned about the volatility of Tesla’s stock, they shouldn’t own the shares.\n“The reason for doing this is all about creating the environment for Tesla to operate best,” Musk, 47, wrote in an email to employees. He said wild swings in the carmaker’s stock price are a “major distraction” to Tesla workers, who are all shareholders. And he said that being public “puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term.”\nBiggest Buyout To take Tesla private, Musk would have to pull off the largest leveraged buyout in history, surpassing Texas electric utility TXU’s in 2007. And Tesla doesn’t fit the typical profile of a company that can raise tens of billions of dollars of debt to fund such a deal.\nIt’s lost money on an operating basis every year since going public and has been burning through billions of dollars amid the struggle to iron out production issues with its Model 3 sedan. Neither Musk’s tweets nor his blog post make mention of how the company would pay for it.\nTesla closed at $379.57, up 11 percent from Monday. Viewed differently, though, the stock ended the day about 10 percent below the $420 price Musk said he’d pay to take the company private, highlighting the doubts traders have about his ability to pull the deal off.\n“The market doesn’t believe him,” said David Kudla, the CEO of Mainstay Capital Management, which is betting against Tesla. “His credibility has come into question over a number of things. If this were real, you’d expect the stock to go closer to $420 a share than it has.”\nMost major buyouts also require a trip to the junk bond markets, where Tesla has fallen out of favor. Its inaugural offering of the notes last year fell below par almost immediately and never recovered. The bonds rallied Tuesday, but at just 92.4 cents on the dollar, they too reflect investor skepticism. If the deal were to actually go through, creditors would reap — thanks to a clause in the bond contract — a price of 101 cents on the dollar.\n“Funding $50 billion-plus for a negative free cash flow business would be difficult, if not extraordinary,” said Joel Levington, an analyst at Bloomberg Intelligence.\n‘Lot of Noise’ Musk has a long history of bristling at the amount of scrutiny Tesla endures from investors and the media.\nIn an interview with Bloomberg News in January 2015, he spoke of the benefits of running his closely held rocket company, Space Exploration Technologies Corp., and his frustrations with having taken Tesla public in June 2010.\n“There’s a lot of noise that surrounds a public company and people are constantly commenting on the share price and value,” he said in 2015. “Being public definitely increases the management overhead for any given enterprise.”\nSpaceX Model Musk pointed to SpaceX as a model for how Tesla could be taken public. He said in a tweet his hope is that all current investors in the electric-car company would stick with it by buying into a “special purpose fund,” and said that this has been done through a Fidelity investment in the rocket manufacturer.\nTaking Tesla private “makes a ton of sense” from Musk’s perspective, said Gene Munster, a managing partner at venture capital firm Loup Ventures. Though even he — one of Tesla’s biggest bulls — assigns long odds to the CEO pulling off this deal.\n“Musk does not want to run a public company,” Munster said. “Our guess is there is a 1 in 3 chance he can actually pull this off.”\nGet live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds , calculate your tax by Income Tax Calculator , know market’s Top Gainers , Top Losers & Best Equity Funds . Like us on Facebook and follow us on Twitter .\nVolatile stock markets? Buy Right. Sit Tight. Best of Financial Express”,
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“title”: “Hopes for more shareholder rewards lift ABN Amro”,
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“text”: “Hopes for more shareholder rewards lift ABN Amro Bart Meijer 3 Min Read\nAMSTERDAM (Reuters) – Shares in ABN Amro registered their biggest gain in eight months on Wednesday as the Dutch bank hinted at more rewards for shareholders and announced plans to shrink its international corporate banking activities.\nFILE PHOTO: The head office of ABN AMRO bank is seen in Amsterdam May 29, 2007. REUTERS/Koen van Weel /File Photo ABN Amro said its capital buffers had grown towards the top end of the range deemed necessary for extra shareholder rewards, as second-quarter net profit of 688 million euros ($800 million) comfortably beat analysts’ forecasts, despite a 28 percent drop.\n“We feel more confident now than we did three months ago,” Chief Executive Kees van Dijkhuizen said, when asked at a news conference about possible higher dividends or share buybacks.\n“We will pay out 50 percent of our sustainable profit as promised, and we’ll decide on possible extra shareholder rewards at the end of the year.”\nABN Amro had said it would maintain relatively large capital buffers as new banking regulations, dubbed Basel IV, look set to significantly shrink them when they come into effect.\nThe bank’s core capital adequacy ratio was 18.3 percent at the end of June, up from 17.5 percent three months earlier, near the upper end of the 17.5-18.5 percent range set for this year.\nThat improvement “will raise hopes again about higher capital returns” for investors, KBC Securities analyst Jason Kalamboussis said in a note.\nABN Amro shares were up 3.2 percent to 24.08 euros at 0930 GMT, topping the blue chip AEX index in Amsterdam.\nJOB CUTS The impact of Basel IV made ABN Amro, one of the three dominant banks in the Netherlands, decide to cut its international corporate banking activities, as stricter capital requirements limit their profitability.\nABN said it would focus its Corporate and Institutional Banking (CIB) division on higher-yielding activities, such as lending to Dutch corporations, clearing and private equity.\n“CIB’s financial performance has not been good enough and its growth requires a lot of capital”, Van Dijkhuizen said.\nTo improve profitability, the amount of capital allocated to the division will be reduced, ABN said, mainly limiting trade and commodity finance operations in the offshore energy, diamond and shipping sectors.\nThe bank will cut up to almost 10 percent of the 2,600 jobs at the division, lowering its costs by 80 million euros.\nABN in December said it would assess the future of its corporate bank, as the new banking rules hurt profitability by requiring banks to hold more capital for assets with a relatively high risk.\nThe cut in corporate activities will reduce the risk-weighted assets on ABN’s balance sheet by 5 billion euros by 2020, the bank said, to 34 billion euros.\nABN was nationalised during the 2008 financial crisis and returned to the stock market in 2015. The Dutch government still holds 56 percent of the bank’s shares and hasn’t sold any in almost a year.\nSince its bailout, ABN has refocused on the Dutch market, cutting thousands of jobs in the process.\n($1 = 0.8606 euros)\nReporting by Bart Meijer; Editing by Gopakumar Warrier and Mark Potter\n “,
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“text”: “Twitter\nIn the battle between Asia and the U.S. for the next wave of technology listings, the shareholder advocates lost out.\nAfter years of debate, Hong Kong and Singapore’s stock exchanges this year allowed companies to list shares with different voting rights. The fear that the next Alibaba Group Holding Ltd. or Baidu Inc. would opt for New York finally won out over concerns that dual-class shares would erode the long-term integrity of markets by allowing corporate founders to run roughshod over other investors.\nXiaomi Corp. illustrates why. The Chinese smartphone maker raised $5.4 billion in an initial public offering in Hong Kong in July, shortly after the new rules took effect. It is now one of the most actively traded stocks on the exchange and its second-largest tech company by market value. And a raft of other tech issuers are waiting in the wings, including restaurant review and delivery giant Meituan Dianping.\nIt’s “the dawn of an exciting new era,” Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Charles Li said in April when announcing the adoption of dual-class shares. Read more about Hong Kong’s blockbuster summer for IPOs\nWhile opponents to dual-class shares like Aberdeen Standard Investments are sticking to their guns, the rising clout of tech companies — whether they use such structures or not — underscores why there’s no turning back for Asian exchanges. Apple Inc. is now the world’s only $1 trillion market value company, and tech companies occupy the top five spots by that measure. Alibaba and Tencent Holdings Ltd., China’s most famed internet success stories, are also its most valuable companies. Titans Rising The biggest tech, communications IPOs since ’08 with weighted voting rights Source: Bloomberg data\n“It looks like dual-class shares are here for now,” said David Smith, Asia head of corporate governance at Aberdeen. “We need to be careful, though, that investor protection is balanced with this commercial desire to attract listings.”\nDual-class shares are nothing new, and they’ve long been a favored option among tech founders who say the setup allows them to make strategic decisions that may be unpopular among investors focused on the vagaries of quarterly earnings. As Google parent Alphabet Inc. and Facebook Inc. rose to global dominance, Chinese founders took note.\nWhat are dual-class shares? Read an explainer\nHong Kong changed its rules in April to allow dual-class listings, while Singapore approved them in June. China is finalizing rules for so-called Chinese depository receipts, a new type of security that will allow dual-class structures, to keep up in the race for tech listings.\nTheir decisions are bearing fruit: Hong Kong’s IPO market is in the middle of its biggest summer on record, despite a slumping benchmark stock index and some high-profile disappointments. The city will be a key beneficiary as Greater China companies with a combined value of as much as $1 trillion seek listings this year, consultancy EY estimates.\nSingapore so far has had less luck attracting tech IPOs. However, Hong Kong billionaire Richard Li’s insurer FWD Group is considering listing there with dual-class shares, Bloomberg News “,
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“title”: “Most Asian Stocks Rise, NZD Climb on CPI Expectations At Risk”,
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“title”: “Most Asian Stocks Rise, NZD Climb on CPI Expectations At Risk”,
“text”: “by Daniel Dubrovsky , Junior Analyst Classic technical analysis, macro and economic themes Daniel Dubrovsky Daniel Dubrovsky Asian Stocks Talking Points: Shanghai Composite, Australian Dollar, NZD/USD Most Asia/Pacific shares echo gains from Wall Street, Shanghai Composite falls post US tariffs New Zealand Dollar appreciated after local 2-year inflation expectations rose in Q3 from Q2 NZD/USD’s push higher is at risk on a relatively dovish RBNZ monetary policy announcement\nFind out what retail traders’ equities buy and sell decisions say about the coming price trend!\nMost Asia/Pacific benchmark indexes traded higher, echoing gains from the US session. There on Wall Street, the S&P 500 and NADAQ Composite rose 0.50% and 0.31% respectively. Heading into the conclusion of Wednesday’s Asia session, Japan’s Nikkei 225 rose 0.48%. It was led by industrials and telecommunication. South Korea’s KOSPI and Australia’s ASX 200 were up 0.30% and 0.32% each.\nThe exception came from China’s stock market, where the Shanghai Composite declined about 0.32 percent. Heading into the trading session, the US imposed the rest of its $50b in Chinese import tariffs . This amounted to $16b and is expected to go into effect on August 23 rd . With that in mind, local shares may have not taken the news well as the two largest economies inch deeper into trade spats.\nLooking at currencies, the Australian Dollar edged cautiously higher following a speech from RBA Governor Philip Lowe. It seemed to be buoyed also by Chinese trade data in which both import and export growth beat expectations in the month which US tariffs went into effect. Meanwhile, the New Zealand Dollar also rose after local 2-year inflation expectations rose for the third quarter from the second.\nOver the remainder of the day, a top tier event risk on the economic calendar will be the RBNZ rate decision. Amidst softer inflation and jobs data, the central bank may offer a relatively dovish tone and send the New Zealand Dollar lower. Crude oil prices will look to official EIA weekly inventories. Recent API estimates points to a larger-than-expected contraction at 6.02m bbl and that could send the commodity higher.\nWe released our 3Q forecasts for Crude Oil, US Dollar and the Japanese Yen in the DailyFX Trading Guides page NZD/USD Technical Analysis\nWhile NZD/USD saw some gains during Wednesday’s Asia session, the pair still remains in consolidation mode when looking at the bigger picture. It seems to have failed pushing below near-term support at 0.6716, which is a combination of the mid-July and early-August lows. From here, near-term resistance appears to be around 0.6851 or just of the upper boundary of NZD/USD’s recent range. NZD/USD and other equities Trading Resources: See how equities are viewed by the trading community at the DailyFX Sentiment Page Join a free Q&A webinar and have your trading questions answered\n— Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com\nTo contact Daniel, use the comments section below or @ddubrovskyFX on Twitter\n “,
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“title”: “शेयर बाजार का लगातार तीसरे दिन रिकॉर्ड : सेंसेक्स ने 37897 और निफ्टी ने 11452 का उच्च स्तर छुआ”,
“text”: “Add Hindi News » Business » Sensex Today Stock Market Hit Record High On Wednesday 08 August 2018 शेयर बाजार का लगातार तीसरे दिन रिकॉर्ड : सेंसेक्स ने 37897 और निफ्टी ने 11452 का उच्च स्तर छुआ सेंसेक्स मंगलवार को 37,665.80 पर और निफ्टी 11,389.45 पर बंद हुआ था DainikBhaskar.com | Last Modified – Aug 08, 2018, 01:56 PM IST\n- सेंसेक्स ने 12 जुलाई से 8 अगस्त तक 18 कारोबारी सत्रों में 12 नए उच्च स्तर छुए – निफ्टी ने 26 जुलाई से से 8 अगस्त के बीच 8 कारोबारी सत्रों में 8 नए हाई बनाए\nमुंबई. शेयर बाजार ने बुधवार को लगातार तीसरे दिन नया रिकॉर्ड बनाया। मिडसेशन में सेंसेक्स ने 200 से ज्यादा अंक की बढ़त हासिल कर 37,897.05 का स्तर छुआ। निफ्टी ने 60 अंक चढ़कर 11,451.80 का हाई बनाया। सेंसेक्स मंगलवार को 37,876.87 तक पहुंचा था। निफ्टी ने 11,428.95 का हाई बनाया था।\nबुधवार को ओएनजीसी और टाटा मोटर्स के शेयर में 2% से ज्यादा तेजी आई। रिलायंस, टाटा स्टील और कोटक बैंक करीब 1.5% चढ़े। 1,329 शेयरों में तेजी और 1,062 में गिरावट दर्ज की गई। 133 कंपनियों के शेयरों में फ्लैट स्तरों पर कारोबार नजर आया। निफ्टी की 50 में से 35 कंपनियों की शेयरों में बढ़त दर्ज की गई। बीएसई का मिडकैप इंडेक्स 0.17% चढ़ा। निफ्टी मिडकैप 100 इंडेक्स में 0.14% उछाल आया। बीएसई के स्मॉलकैप इंडेक्स में 0.07% तेजी दर्ज की गई।\nबाजार में तेजी की वजह : कारोबारियों के मुताबिक अमेरिकी और एशियाई बाजारों से अच्छे संकेत और विदेशी निवेशकों की खरीदारी से भारतीय बाजार में उछाल आया। मंगलवार को विदेशी निवेशकों ने 314.83 करोड़ रुपए के शेयर खरीदे। हालांकि, घरेलू निवेशकों ने 319.90 करोड़ की बिकवाली की। अमेरिकी बाजार मंगलवार को बढ़त में रहे। एसएंडपी 500 इंडेक्स 0.28% तेजी के साथ 2,858 के पर बंद हुआ। डाओ जोंस ने 127 अंक ऊपर 25,629 पर कारोबार खत्म किया। नैस्डैक की क्लोजिंग 24 प्वाइंट की बढ़त के साथ 7,884 पर हुई। दैनिक भास्कर पर Hindi News पढ़िए और रखिये अपने आप को अप-टू-डेट | अब पाइए News in Hindi, Breaking News सबसे पहले दैनिक भास्कर पर |”,
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“text”: “Technology Musk tweets he may take Tesla private and shares roar FILE- In this June 14, 2018, file photo Tesla CEO and founder of the Boring Company Elon Musk speaks at a news conference in Chicago. Musk says he is considering taking the electric car maker private. Tesla’s stock spiked Tuesday, Aug. 7, after Musk made the abrupt announcement in a terse tweet. (Kiichiro Sato, File/Associated Press) by Associated Press August 7 at 2:28 PM NEW YORK — Tesla CEO Elon Musk announced Tuesday that he is considering taking the electric car maker private, causing the company’s stock to spike. In keeping with his unorthodox style, Musk made the out-of-the blue announcement in a terse tweet. He said he may take the company private at $420 a share and already has secured funding. “Am considering taking Tesla private at $420. Funding secured,” Musk tweeted, following up with “good morning” and a smiley emoji. His tweet came hours after the Financial Times reported that Saudi Arabia’s sovereign wealth fund had built a significant stake in Tesla Inc., but it was unclear if that was the funding Musk was referring to. The Financial Times, citing unnamed people with direct knowledge of the matter said Saudi Arabia’s Public Investment Fund had built a stake of between 3 and 5 percent of Telsa’s shares. Tesla did not immediate respond to requests for comment. The company’s shares were up more than 5 percent at more than $360. It’s highly unusual for the head of a major company make a significant announcement in such casual manner. The tweet prompted questions about how serious Musk’s intentions were. His asking price of $420 would be 22 percent of Monday’s closing share price, and nearly 9 percent above the stock’s all-time closing high of $385. The figure even drew some jokes on Twitter about whether it was a pot reference, with 420 being a common slang term for marijuana. Musk’s tweet came two weeks after Tesla revealed it had burned through $739.5 million in cash on its way to a record $717.5 million net loss in the second quarter, as it cranked out more electric cars. Tesla has spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June. The company says production is rising, with the goal of 6,000 per week by the end of August. Musk pledged earlier this month to post net profits in future quarters, and he said he expects to company to avoid returning to the markets for capital and to be self-funding going forward. Musk’s abrasive style has often been a source of friction with Wall Street. Earlier this year, he caused a stir during a first quarter earnings call when he angrily cut off two analysts whose questions annoyed him. The CEO apologized to those analysts during the second quarter call. Musk’s other company, aerospace firm SpaceX, is privately owned. Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The story must be told. Your subscription supports journalism that matters. “,
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“text”: “BloombergOpinion Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events Elon Musk Is Terrible at Being Public, Not Tesla by Stephen Gandel | Bloomberg August 8 at 1:39 PM Elon Musk, after hate-tweeting journalists and short-sellers, shunning analysts and disparaging rescue workers, seems to have found a new No. 1 enemy: public markets. Put aside for now the question of whether Musk has or could actually put together the more than $60 billion in financing he would need to make good on his tweet that he’s looking to take Tesla Inc. private at $420 a share. Perhaps a more important question is whether going private would actually be good for the electric car company. It’s hard to see how that could be. First, by any measure, being public has been great for Tesla. In the past 10 years, public markets have increased the value of the company’s shares by more than 1,100 percent, or 36.7 percent annualized. What’s more, Tesla’s shares trade at a valuation of nearly 128 times 2019 earnings. Ford Motor Co. trades at 7 times 2019 earnings. General Motors Co.’s forward price-to-earnings ratio is 6. Those are the companies that should complain about being public, not Telsa, whose shareholders seem happy to give it money that couldn’t possibly be returned, at least with earnings, for a decade or more. Musk has had to endure heated public criticism from short-sellers, and some of that would no doubt go away if the company went private. But he also gets more than his fair share of boosterism from public investors and true believers. Not all of them are car owners. Going private would quiet some of that support as well. What’s more, its not clear short-sellers would disappear entirely. Tesla would still most likely have bonds that shorts, using credit default swaps, could bet against. And while the go-private transaction could wipe out the current CDS, as the only market for short-sellers it would most likely only become more intense. Musk is right that private markets have become more hospitable to larger companies that are still in growth mode. But the public market is still the best place for companies that have much of their growth ahead of them, like Tesla. Musk has said that Dell Inc. is a good model for Tesla, given the computer company’s success in remaking itself outside of public markets. But going private was a good option for Dell because it was the opposite of Tesla; its best growth days were most likely behind it and private investors could better reap the cash flow. That type of company has always been a prime candidate for a leveraged buyout and the private market. That’s not the case with Tesla, which had a negative $3.4 billion in free cash flow last year alone. Moreover, private companies have to rely more heavily on debt markets for funding. Given how poorly Tesla’s bonds have performed so far, Tesla would most likely be a far worse private company than it is a public one. What Tesla should be doing is becoming more public, selling as much stock as possible and stocking away as much cash as possible at its 128 P/E. That would be the best way to ensure the company’s long-term survival, even if it would depress the stock price in the short term and prove Tesla’s short-sellers correct, at least temporarily. That would be painful for Musk and perhaps the sole reason he won’t do it. Tesla does have an issue with being public. It has a thin-skinned CEO who turns into a public relations disaster under the slightest of heat. And he has created disclosure issues for the company. At times, Tesla has not said enough (see its purchase Solar City or its offering a few years ago without disclosing a fatal car crash that might have involved its autopilot feature). More often, Musk has said too much, with his latest tweet potentially landing him in more trouble. Musk says he doesn’t want to live with the short-term demands that come with being public. Then he should just stop putting out short-term goals, like pronouncing how many cars the company will produce each week or the precise quarter when the company will turn a profit. Jamie Dimon and Warren Buffett’s recent call for companies to stop giving quarterly guidance gave Musk the cover to keep quiet and run his business. That, of course, is not his style. Musk’s biggest problem may be that Telsa is public. But it is not Telsa’s. The company’s biggest problem, as a public company, is Musk. Unable to give him up, it may be forced to give up the best thing it has going for it — its more-than-forgiving and generous shareholders — instead. To contact the author of this story: Stephen Gandel at sgandel2@bloomberg.net To contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.net This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Stephen Gandel is a Bloomberg Opinion columnist covering banking and equity markets. He was previously a deputy digital editor for Fortune and an economics blogger at Time. He has also covered finance and the housing market. ©2018 Bloomberg L.P. “,
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“text”: “print\nBill Pugliano / Stringer / Getty Images Elon Musk sent Tesla share soaring on Tuesday after tweeting that he was considering taking the company private in a $420-per-share deal, and had \”funding secured.\” The tweet vaults Tesla into uncharted territory, as a CEO has never conveyed such sensitive corporate information in such an unconventional and casual manner. It also raises some legal red flags, especially if any part of Musk’s tweet is found to be untrue, according to a legal expert interviewed by Business Insider.\nElon Musk ‘s quest to become the most unorthodox CEO of all time took another strange turn on Tuesday.\nThe Tesla chief took to Twitter around 1 p.m. ET, telling his 22.3 million followers that he had a funding in place to take his company private at $420 — a roughly 20% premium to the stock’s Monday closing price. Not only was he specific on the price, but he also said funding was \”fully secured.\”\nTesla’s stock immediately hit intraday highs, spiking more than 8% for the session before trading was halted around 2 p.m. ET. The shares resumed trading around 3:45 p.m. ET and quickly set another new daily high, climbing as much as 13%. The stock closed at $379.57, up from $344 where it started the day.\nIn the end, Tesla added roughly $7 billion in market value on the day. The stock also received a boost shortly before Musk’s tweet on reports Saudi Arabia’s sovereign wealth fund acquired a $2 billion stake in the company.\nMarkets Insider\nWith Musk’s tweet, Tesla was plunged into unprecedented market territory. Never before has the CEO of a company so massive and widely-followed disclosed something so sensitive on a social media platform like Twitter.\n\”Typically you’d halt the stock to make an announcement like this,\” Greg Sichenzia , a lawyer who advises companies on securities law, told Business Insider by phone. \”I know he gets legal advice, but it’s unclear whether he sought it before tweeting.\”\nAnd as speculative investor fervor raged, so did cries of market manipulation. Armchair Twitter pundits in particular frothed at the mouth. How could Musk flaut convention so flagrantly?\nUltimately, what it comes down to is whether what Musk tweeted was completely factual — and that means every part of it. If either the highly-specific $420-per-share price or the full funding is found to have been untrue, Musk could be legally liable, said Sichenzia.\n\”When you announce the price, it certainly smells like market manipulation,\” he told Business Insider. \”If any part of it isn’t true, he could certainly be facing legal liability. It’s surprising that the CEO of a company would announce news like that.\”\nHarvey Pitt, who formerly served as chairman of the Securities and Exchange Commission ( SEC ), made similar comments during an interview on CNBC . In his mind, whether Musk did something illegal comes down to the CEO’s motive in the manner.\n\”If his comments were issued for the purpose of moving the price of the stock, that could be manipulation, and it could also be securities fraud,\” said Pitt. \”The use of a specific price for a potential going-private transaction is highly unprecedented, and therefore raises significant questions about what his intent was. So that would have to be investigated.\”\nSichenzia says there could very well be an SEC investigation into the veracity of Musk’s market-moving tweet. He says Musk should be particularly worried about a potential violation of Rule 10b-5 under the Securities Exchange Act of 1934, which deals with the release of misleading statements.\nPerhaps the most damning part of Musk’s tweet, as it pertains to Rule 10b-5, is once again its specificity, says Sichenzia. Even if it comes out that Musk had a fully funded deal in place at $400 per share, rather than $420, that could still be construed as materially misleading information.\nMusk could also be facing a bevy of private legal challenges, says Sichenzia. He notes this is an entirely realistic scenario if Tesla’s stock drops suddenly in the upcoming days.\n\”If people are buying, buying, buying on the hype, and the stock crashes back to earth, perhaps below where it was, that could be problematic for him,\” said Sichenzia. \”If the stock is down big, there could be private claims — some sort of class action.\”\nMusk sent an email to all Tesla employees following his tweet, which the company then posted on its blog, outlining a possible go-private scenario and his reasons for considering it. He said \” a final decision has not yet been made\” on going private, but that \” the reason for doing this is all about creating the environment for Tesla to operate best.\”\n\”As a public company, we are subject to wild swings in our stock price that can be a major distraction for everyone working at Tesla, all of whom are shareholders,\” he added. Musk’s prolonged battle with Tesla short sellers\nImmediately after Musk’s initial tweet about taking Tesla private, cynics on Twitter wondered aloud: Is this just the CEO’s latest strike in his months-long battle against short sellers ?\nIf so, the ensuing stock surge was a victory of sorts for Musk. The 8% increase likely cost short sellers hundreds of millions, squeezing their positions like a vice. After all, Tesla is the most shorted company in the US market by a margin of billions — and such large, extended positions have huge downside.\nMusk even addressed short-sellers in his memo to staff, saying:\n\”As the most shorted stock in the history of the stock market, being public means that there are large numbers of people who have the incentive to attack the company.\”\nIn the event that Tesla does get taken private at the $420-per-share price floated by Musk, Tesla bears will incur a $4.4 billion loss on the positions they’ve built throughout 2018, according to financial technology and analytics firm S3 Partners .\nIn order to fully understand what a victory this is for Musk, one must be familiar with his ongoing crusade — which he usually wages over Twitter .\n\”If you’re short, I suggest tiptoeing quietly to the exit …\” he taunted in May, following Tesla’s previous earnings report.\nIn a Rolling Stone profile last year, he called them \” jerks who want us to die ,\” while also describing their behavior as \”hurtful.\” He also fired off a tweet in June 2017 in which he said short sellers \” want us to die so bad they can taste it .\”\nThen, in early April 2018, after a period of considerable stock strength, Musk escalated his taunts, tweeting , \”Stormy weather in Shortville.\”\nIn the end, whether Musk’s tweet was a ploy to crush short sellers, an attempt to manipulate Tesla’s stock, or a completely legitimate — albeit unconventional — corporate announcement, one thing is certain: the CEO never fails to entertain. 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“title”: “Tesla CEO Elon Musk Stuns Investors With Tweet to Take Carmaker Private”,
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“text”: “Tesla CEO Elon Musk Stuns Investors With Tweet to Take Carmaker Private Tesla CEO Elon Musk Stuns Investors With Tweet to Take Carmaker Private Drew Harwell, Renae Merle, The Washington Post , 08 August 2018 Reddit Comment\nTesla founder Elon Musk stunned investors when he tweeted Tuesday that he would push to take his all-electric automaker private in a deal worth billions of dollars, further highlighting the unpredictability of America’s most valuable car company – and its billionaire celebrity chief.\nThe announcement sent Tesla’s stock soaring on hopes the maneuever would become one of the largest such deals in corporate American history, requiring a turbo-charged boost of cash to eject Tesla from public shareholders’ hands.\nBut Musk, an erratic micro-manager infamous for his explosive leadership style, decided to announce the plan with his signature brand of chaos: via a 9-word Twitter message, fired off in the middle of the trading day and hours before his company had officially announced the plan.\n\”What chaos,\” said Teresa Goody, a former Securities and Exchange Commission official who now advises companies on securities law and corporate governance. \”It is not reasonable to expect investors to monitor and keep track of Elon Musk’s tweets.\”\nMusk said he had secured funding to take the company private at $420 (roughly Rs. 28,800) a share, far above its pre-tweet price of $355 (roughly Rs. 24,400), in a deal that could value the company at more than $70 billion (roughly Rs. 4.8 lakh crores). In a letter to employees Tuesday afternoon, Musk added that a final decision had not yet been made and that the proposal would ultimately need approval from a shareholder vote.\nBut many questions remained, including where Musk would get all the money he needed to fund the deal. Neither he nor the company provided any details about financing, leading skeptics to question the viability of Musk’s master plan.\nThe move saw immediate blowback from market and legal experts because it broke precedent with how companies traditionally unveil such monumental news: by halting trading or distributing official releases so as not to unduly jolt the markets or boost their share price. Tesla’s stock immediately spiked 7 percent before the company suspended trading Tuesday afternoon in order to give an official statement.\nHarvey Pitt, the SEC chairman under President George W. Bush, said the \”extraordinarily unusual\” announcement could expose the company to SEC investigations or charges of fraud or stock manipulation if Musk had overstated his part of the deal. The SEC declined to comment on whether it was investigating Musk’s disclosure.\nTrading in the company’s shares was halted for 92 minutes Tuesday afternoon – an eternity in stock-market terms – before resuming shortly before the market closed. The stock ended the day up about 11 percent, at $379.57 (about Rs. 26,000).\nMusk has long chafed at Tesla’s public ownership, which allows the company to raise money from shareholders on the open market, because it comes with public disclosure requirements that have forced Musk to routinely defend the embattled company to analysts, journalists and investors.\nIn his letter, Musk said taking the company private would help reduce distractions from the stock market, where investors betting the company will fail have made Tesla the most shorted company on Wall Street.\n\”We are at our best when everyone is focused on executing, when we can remain focused on our long-term mission, and when there are not perverse incentives for people to try to harm what we’re all trying to achieve,\” Musk wrote.\nBut taking the company private would greatly reduce visibility for investors eager to see how the company is performing. It would also further consolidate corporate power beneath Musk, who has sparred with analysts, journalists, company critics, and former employees when he has believed the company is under attack.\nInvestors have in recent months been repeatedly unnerved by Musk’s frantic, ferocious leadership style. He slammed investment analysts for asking \”boring, bonehead\” questions (and later apologized); called a hero of the Thai cave rescue operation a \”pedo\” (and later apologized); and fired off late-night emails to company employees urging them to remain vigilant for shadowy \”outside forces,\” saying, \”Only the paranoid survive.\”\nMusk took a much more reserved tone in his letter than his Twitter style, laying out the plan’s rationale and saying \”the future is very bright.\” Current shareholders, Musk wrote, would be allowed to stay on as private investors or could be paid for their shares at a healthy profit. Musk – Tesla’s top shareholder, with 20 percent of i