News

Bloomberg Billionaire Elon Musk said the transportation tunnel his startup Boring Co is building in Las Vegas will hopefully be operational next year. The Tesla Inc chief executive officer made the comments about the $48.7 million subterranean transit project in the US resort city in Twitter posts, The Las Vegas tunnel is the company’s only major project so far other ...

Bloomberg Spotify Technology SA will stop selling US political advertising in early 2020, following Twitter Inc’s lead in steering clear of a contentious election cycle. The move will apply to Spotify’s ad-supported service, as well as its original and exclusive podcasts, the company said. The music-streaming service never sold political ads in other countries, so the change only affects the ...

Bloomberg Regeneron Pharmaceuticals Inc said it plans to cut some staff as it restructures its partnership with French drugmaker Sanofi, with whom it had shared drug sales responsibilities. Regeneron employees to be affected work on the rheumatoid arthritis drug Kevzara, which Sanofi is expected to gain global rights to under the restructuring. There will be no Kevzara roles at Regeneron ...

Bloomberg Melinta Therapeutics Inc, a bio-pharmaceutical company specialising in infectious disease treatment, filed for Chapter 11 bankruptcy in Delaware with plans to continue operating. Melinta listed as much as $500 million in assets and up to $500 million in liabilities in its bankruptcy petition. Founded in 2000 by scientists including Nobel Prize winner Thomas Steitz, the company sells drugs that ...

Bloomberg In the agriculture world, news of the partial US-China trade deal has sparked a lot of buzz about soybeans. It turns out, wheat could actually end up being a bigger surprise winner. Speculations is mounting that China will work to fill its wheat-buying quota as part of the detente, a pledge it failed to stick to in the past. ...

Bloomberg A New York University cardiologist claims Apple Inc’s Watch uses his patented heartbeat-monitoring invention and he wants compensation. Dr Joseph Wiesel, who teaches at NYU School of Medicine, filed a suit recently against the tech giant, in federal court in Brooklyn. Wiesel claims the Apple Watch infringes his patent for a method to detect an irregular heartbeat. Apple promotes ...

Bloomberg Amazon.com Inc’s purchase of a minority stake in UK food startup Deliveroo faces a British probe in another sign of mounting antitrust scrutiny of American tech giants. The Competition and Markets Authority said it’s opening an in-depth investigation of Amazon’s investment of about $500 million, saying it risked a “substantial lessening” of competition “in the supply of online food ...

Bloomberg Tesla Inc will start delivering China-built cars on Monday, a major milestone for Elon Musk’s company as it expands in the world’s largest electric-vehicle market. The first 15 units of Model 3 sedans assembled at Tesla’s new multi-billion-dollar Shanghai plant — its first outside the US — will be delivered to company employees on December 30, capping several months ...

Bloomberg A stock swap offer to help shareholders of billionaire Mukesh Ambani’s unlisted retail business monetise their investment has valued the unit at $34 billion. Share owners in Reliance Retail Ltd can exchange four shares for one of its listed parent Reliance Industries Ltd, according to a so-called scheme of arrangement posted on the group’s website. With Reliance’s market capitalization ...

Bloomberg China’s top legislature approved changes to the nation’s Securities Law, including formalising registration-based initial public offerings after years of reviews, as it eased listing rules and stiffened penalties for violations in the country’s $21 trillion capital markets. The revisions are effective from March 1, according to a report from a government website citing decisions made by the National People’s ...