Bloomberg Tesla Inc. pushed back the reveal of its semi truck by three weeks as Chief Executive Officer Elon Musk focusses on boosting production of the cheaper sedan that the electric-car maker is counting on to dramatically increase sales. Resources are being diverted to address the bottlenecks holding back the Model 3, Musk said. He’s also delaying the semi unveiling ...
Read More »Facebook ‘embeds’ helped Donald Trump win elections
Bloomberg Facebook Inc.’s platform was a crucial messaging tool for President Donald Trump’s 2016 campaign, according to the campaign’s digital director—who told CBS’s “60 Minutes†that he hand-picked pro-Trump “embeds†from the company to help him use the platform in targeted ways. “Twitter is how [Trump] talked to the people, Facebook was going to be how he won,†Brad Parscale ...
Read More »Catalonia’s banks prepare to move amid fears of customer exodus
Bloomberg Catalonia’s biggest banks are getting closer to leaving the politically volatile region as customers signaled that a declaration of independence would prompt them to pull their deposits. Banco Sabadell SA confirmed it will move its headquarters to the Spanish city of Alicante, while CaixaBank SA’s board will consider transferring its registered office to the Balearic Islands, said a person ...
Read More »Singapore, Thailand weigh e-payment alliance in digital push
Bloomberg Singapore and Thailand are in discussions about connecting their national digital payment systems to forge an unprecedented regional alliance, as officials step up efforts to curb the use of cash. The link would bring together Southeast Asia’s first national digital-payment platforms, Singapore’s PayNow and Thailand’s PromptPay, said Naphongthawat Phothikit, director of payment systems policy at the Bank of Thailand. ...
Read More »Goldman Sachs finds ally in White House for loans breaching debt limit
Bloomberg Leverage debt guidelines set up to help prevent a rerun of the financial crisis are losing adherents under the Trump administration. With the say-so of the Treasury Department, Goldman Sachs Group Inc. is among underwriters of leveraged buyouts arranging deals that skirt guidance designed to contain excessive leverage that left banks with more than $200 billion of unsellable LBO ...
Read More »New chief of India’s biggest bank faces rising bad debts
Bloomberg Prime Minister Narendra Modi’s government tapped Rajnish Kumar to helm State Bank of India (SBI), handing him the task of curtailing a surge in bad debts at the nation’s biggest lender. Kumar, who has headed the state-run bank’s domestic lending business since November 2015, was elected chairman on Saturday as Arundhati Bhattacharya’s four-year term ends, the government said in ...
Read More »HSBC traders used code word to trigger front-running: US
Bloomberg With just four words, Mark Johnson allegedly passed a secretive signal to fellow HSBC Holdings Plc currency traders to launch a buying spree of pounds: “My watch is off.” The bank’s former global head of foreign exchange alerted the traders around the globe via phone calls and chat messages, prosecutors at Johnson’s fraud trial say. The gambit in December ...
Read More »Bombardier hit with new US jet duties in Boeing trade spat
Bloomberg The US slapped duties on Bombardier Inc.’s showcase commercial jet for the second time in as many weeks, upholding Boeing Co.’s case that its Canadian competitor sold planes at less than fair value. The Commerce Department imposed a preliminary import duty of 80 percent on Bombardier C Series aircraft based on its finding, according to an emailed statement. The ...
Read More »Sycamore seeks $4bn for retail buyout fund
Bloomberg Sycamore Partners is betting on the ailing retail sector at a time when other investors are shying away. The buyout firm, which bought Staples Inc. last month, is trying to raise $4 billion for its biggest fund yet, two people with knowledge of the matter said. It’s planning to finish raising the money in January, one of the people ...
Read More »South African Air to hire experts to spur economy
Bloomberg South African Airways has agreed to hire a restructuring expert to help turn around the state-owned airline and meet conditions laid down by lenders to roll over debt, according to two people familiar with the matter. Incoming Chief Executive Officer Vuyani Jarana met with British industry veteran Peter Davies last month and he agreed to help try return SAA ...
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