BUSINESS
Elon Musk needs ‘massive loan’ or big Tesla stock sale to buy Twitter
The purchase isn’t straightforward, but Musk has several financing paths.
BUSINESS
The Twitter investors Musk hopes to keep may not want to stay
“I should also say the intent is to retain as many shareholders as is allowed by the law in a private company, which I think is around 2,000 or so,” Musk said at a TED event in Vancouver. “We’ll try to bring along as many shareholders as we’re allowed to.”
BUSINESS
Online traders plough into Twitter with bet on the power of Musk
Retail investors piled into Twitter Inc. stock on Thursday, after the world’s richest person and head of Tesla Inc. roiled the financial world with an audacious bid to purchase the company for $43 billion
BUSINESS
Sequoia’s Shailendra Singh leaves Zilingo board amid accounting probe
Shailendra Singh , a managing director at the influential venture capital firm, resigned as a director about a week ago, after the departures of Temasek Holdings Pte’s Xu Wei Yang and Burda Principal Investments Ltd.’s Albert Shyy, said the people, asking not to be identified because the move hasn’t yet been made public.
BUSINESS
Fake Tesla release sends Lithium miner's stock on a wild ride
Lithium Corp.’s stock more than tripled to $1.09 shortly before noon in New York before paring its gain. The shares were trading up about 25% at 1:16 p.m., while Tesla shares rose 3.1% to $1,017.19.
BUSINESS
Here’s how China’s lockdowns are rippling through economy
The restrictions are intended to eradicate any trace of the virus in the community, but they’ve also pressured everything from manufacturing and trade to inflation and food prices.
BUSINESS
Rishi Sunak’s rating sinks after UK mini-budget and wife’s bad press
The online poll of 2,145 U.K. adults was conducted April 8-10, before both the chancellor and Johnson were fined by police for breaking the coronavirus rules their own government made.
BUSINESS
JPMorgan boosts reserves for bad debt on rising recession odds
The increase, the bank’s first since the depths of the pandemic in 2020, included about $300 million linked to Russia, Chief Financial Officer Jeremy Barnum said Wednesday on a conference call with analysts. The rest reflects recession concerns.
BUSINESS
Indian backdoor for Russian oil weakens calls for European ban
If Europe adopts official sanctions on Russian crude and fuel, prices will likely surge, and India could profit even more from refining Russian oil to fuels it then sells to Europe for more money.
BUSINESS
Airports clogged with queues as travel rebound strains resources
Passengers checking in at Sydney Airport this week have waited for hours in queues snaking outside terminals. Staff absences are running as high as 50% at Qantas Airways Ltd., while the airport’s workforce is little more than half its normal size. The U.K. has also been hit by disruptions and flight cancellations.
BUSINESS
Holcim weighs sale of India’s $9.6 billion Ambuja Cements
The Swiss giant is gauging interest in its controlling stake in Ambuja, the people said, asking not to be identified as the information is private. Holcim controls 63.1% of Ambuja, which has a market value of about $9.6 billion.
BUSINESS
Xi Jinping’s graft-buster has direct role in probe of Jack Ma’s Ant
The Central Commission for Discipline Inspection was seeking to understand the influence of Ma’s fintech empire and the extent of its transactions with state banks and enterprises, the people said, asking not to be identified discussing a sensitive issue. The agency’s involvement hasn’t been previously reported.
BUSINESS
Mukesh Ambani’s Reliance studying possible bid for Walgreens’s Boots chain
Reliance is in the early stages of exploring the feasibility of an offer for the Boots chain, the people said, asking not to be identified discussing confidential information.
BUSINESS
Honda CEO Toshihiro Mibe bets $40 billion to reach goal of going fully electric
Now, he’s backing that with numbers. Honda will spend 5 trillion yen ($40 billion) on its push into electric vehicles over the next decade to introduce 30 EV models by 2030 with production volume of more than 2 million vehicles a year.
BUSINESS
Barrick bets big on Pakistan with $7 billion copper mine project
The Toronto-based miner laid out revised plans Tuesday for developing the giant Reko Diq copper-gold deposit in a desert region close to the borders of Iran and Afghanistan.
BUSINESS
Germany weighs snubbing India as G-7 guest over Russia stance
Germany is set to include Senegal, South Africa and Indonesia as guests at the meeting in Bavaria, but India remains under consideration, the people said, asking not to be identified discussing confidential matters.
BUSINESS
Spotify’s podcasting architect will be leaving company
Courtney Holt will depart Spotify in the coming weeks and take on a yearlong advisory role, according to the people, who asked not to be identified discussing a personnel matter. Julie McNamara, head of U.S. studios and video, and Max Cutler, head of new content initiatives, will split Holt’s responsibilities, the people said.
BUSINESS
Meta, Snap sued by mother of Wisconsin teen for his suicide
Christopher James Dawley, who went by CJ, was a college-bound honors student who played sports and enjoyed outdoor activities, but he got so deeply drawn into social media that he was frequently communicating on Instagram at 3 a.m., according to a lawsuit filed Monday by his mother in Wisconsin federal court.
BUSINESS
Oil traders selling pricey Russian crude chafe Indian refiners
Processors in the South Asian nation recently bought millions of barrels of Urals crude via open tenders, with some supplies going at a premium of $1 a barrel to London’s Dated Brent benchmark on a delivered basis, said traders. That compares with discounts of more than $30 a barrel for the same grade in Europe.
BUSINESS
Snarled supply chains stretch wait times for top bicycle maker
“It is a hell of job,” Chairperson Bonnie Tu said in an interview at Giant’s Taichung City headquarters in Taiwan. Some bicycle parts have a lead time of two years and even simple components can take six months, she said. That compares with a normal wait time of one-to-two months.
BUSINESS
Singapore’s Zilingo is said to suspend CEO amid investigation
The company, which supplies technology to apparel merchants and factories, had been trying to raise $150 million to $200 million with help from Goldman Sachs Group Inc when investors began to question its finances as part of the due diligence process.
BUSINESS
Dubai utility surges after pulling off year’s second-biggest IPO
The deal is the latest sign of feverish appetite for IPOs from the Arab Gulf. DEWA almost tripled the size of its offer to 18% in the face of huge demand, drawing orders worth $86 billion, excluding cornerstone and strategic investors.
BUSINESS
Russia’s invasion supercharges push to make a new green fuel
A nearly 450% jump in European gas prices the past year made the green fuel of the future cost-competitive about a decade ahead of schedule, according to BloombergNEF. Now, investment funds are joining governments and utilities in ambitious plans to make hydrogen a viable substitute for fossil fuels in manufacturing, transportation and heating.
BUSINESS
Ford’s shuttered India factories may be reborn in EV push
In between, Ford invested heavily in two factories near the southern and western coasts of India, manufacturing cars and SUVs for both the domestic market and export. But it racked up losses of more than $2 billion in a decade, unable to crack a price-conscious market dominated by cheap cars and two-wheelers.
