Three months ago, Tesla Inc. notched up a $9 billion gain in market capitalisation in the immediate aftermath of reporting a $143 million quarterly profit. On January 29, it reaped $12 billion on $105 million. Don’t forget the $50 billion it racked up in between those dates, of course. Tesla’s market cap has more than doubled to more than $100 ...

3M Co.’s messy quarter does little to inspire faith in the company or the industrial economy at large. The maker of Post-it notes, Scotch tape and wound dressings announced a pair of charges – $134 million for a restructuring plan and $214 million for litigation related to PFAS chemicals – that pulled its fourth-quarter earnings per share below analysts’ estimates. ...

Bloomberg Chinese policymakers prepared to shore up financial markets, which are bracing for a sell-off when trading re-starts on Monday. The People’s Bank of China (PBOC) and other regulators announced a slew of targeted measures over the weekend aimed at calming financial markets and helping companies, banks and individuals hurt by the viral pneumonia outbreak. The central bank will supply ...

Bloomberg Malaysia can expect half of its banking assets to be Islamic by 2030 as the industry’s growth outpaces conventional banking, according to a lenders’ association. Loans that comply with the religion’s ban on interest is set to increase by 10% to 15% annually over the next five years, outpacing the 5% to 7% growth seen for non-Islamic loans, said ...

Bloomberg State Bank of India (SBI) posted its biggest ever quarterly profit as it wrote back provisions on bad loans and recoveries improved. Net income rose to 55.8 billion rupees ($782 million) in the three months ended in December from 39.6 billion rupees a year earlier. That’s broadly in line with the 58.7 billion rupee average of analysts’ estimates compiled ...

Bloomberg Bolivia’s central bank reiterated its commitment to the nation’s currency peg and said its $6.5 billion international reserve levels are adequate, in a statement rejecting comments made by a Fitch Ratings analyst to Bloomberg News earlier this week. The nation’s foreign currency reserves “are at levels that are solid for covering internal and external payments in foreign currency under ...

Bloomberg The US central bank’s No. 2 official said it’s too early to determine whether the coronavirus outbreak in China will significantly affect the US economy, which remains in a “good place.” “It is a wild card,” said Federal Reserve Vice Chairman Richard Clarida in an interview on Bloomberg Television. “We’re looking into how it translates into the outlook for ...

Bloomberg Bitcoin’s infrastructure is more centralized than ever before —raising alarms about the security and viability of what is championed as a decentralised network. Transactions on the Bitcoin network are processed by so-called miners — mostly companies operating vast arrays of computers. As competition increased, many smaller participants became unprofitable and dropped out, while the larger operations have entered into ...

Bloomberg Malaysia’s anti-graft agency said it’s already investigating corruption allegations surrounding AirAsia Group Bhd as detailed in Airbus SE’s record $4 billion bribery settlement. The Malaysian Anti-Corruption Commission is in touch with UK authorities on the matter, Chief Commissioner Latheefa Koya said in a statement. Documents filed in the Airbus case said the planemaker paid $50 million in sponsorships to ...

Bloomberg Potentially dangerous wiring in Boeing Co’s 737 Max jets is the most recent flare-up between US and European regulators, further complicating the grounded plane’s return to service, according to the Wall Street Journal, which cited people familiar with the details. Experts at the European Union Aviation Safety Agency want certain wires moved to reduce the risk of short circuits, ...