NEW YORK: Wall Street stocks finished lower on Tuesday (Jul 16), retreating from records following mixed earnings and economic data and amid talk the market is due for a pullback.Earnings from large banks topped analyst expectations, but highlighted the risk that the expected Federal Reserve interest rate cut could pinch profits.Some analysts pointed to comments from President Donald Trump indicating the US and China are still far from a trade deal, while others focused on the effects of gravity following a string of recent records in share prices."The S&P 500 has reached into a level of overbought territory that suggests a period of consolidation and increased volatility may lie directly ahead," Canaccord Genuity equity strategist Tony Dwyer warned.The Dow Jones Industrial Average finished down 23.53 points (0.09 per cent) at 27,335.63.The broad-based S&P 500 shed 10.26 points (0.34 per cent) to end the session at 3,004.04, while the tech-rich Nasdaq Composite Index … [Read more...] about US stocks retreat from records on mixed earnings, data
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An Energy Absolute Mine Mobility Spa1 electric vehicle stands in Bangkok on June 10. (Bloomberg photos) It’s the epitome of a closed circuit: the utility helping power one of Southeast Asia’s biggest cities is building electric cars, batteries and charging stations for the nascent market, and then supplying the juice to keep them all running.Billionaire Somphote Ahunai envisions his Energy Absolute Plc as a titan of EVs even though there are less than 1,500 battery-powered vehicles in the country. That’s about 0.004% of registered vehicles through December. Southeast Asia has been slow to adopt passenger EVs because of high sticker prices and a predilection for two-wheelers, but the Thai government sees them as a way to ease Bangkok’s air pollution and fortify an automotive industry generating about 12% of gross domestic product. Energy Absolute is using subsidies and tax breaks to put 5,000 EVs on the road by next year, backed by 700-plus … [Read more...] about Electricity billionaire building Tesla of Thailand
By David Olive Business Columnist Sun., May 5, 2019 It appears the Trump administration isn’t all that interested in a deal to replace the North American Free Trade Agreement (NAFTA) after all. Last week, White House acting chief of staff Mick Mulvaney was sanguine about the prospect of Congress rejecting NAFTA’s proposed replacement, the United States-Mexico-Canada Agreement (USMCA). “You could stay status quo,” Mulvaney told a California business conference. “Your real Plan Bs are either NAFTA or withdraw from NAFTA.” It might be that U.S. President Donald Trump has reverted to his years-long preference to simply kill NAFTA without replacing it. Trump won’t budge on the reasonable changes that Congressional Democrats seek to make to the USMCA agreement. He also seems determined to keep in place the steel and aluminum tariffs he applied against Canada and Mexico about a year ago. And that alone pretty much … [Read more...] about Time to say goodbye to NAFTA’s replacement?
REUTERS: Tesla Inc launched issues of new shares and debt worth more than US$2 billion on Thursday, with Chief Executive Officer Elon Musk pitching in US$10 million as the electric carmaker gave in to Wall Street pressure to bolster its cash reserves.Analysts have been predicting for months that Tesla would need to raise funds for its expansion plans, which include the construction of a factory in Shanghai, the upcoming Model Y SUV, and the crucial ramp up of Model 3 sedan production.Shares in the Silicon Valley company rose more than 5 percent on news of the capital raise plan, which follows Musk's hint last week that a fund-raising was imminent after Tesla lost US$700 million in the first quarter..The company said in the filing that it would seek to raise US$650 million in new shares and US$1.35 billion in debt, with underwriters having the option to buy an additional 15 percent of each offering, potentially raising the proceeds to US$2.3 billion."This was a smart move by Musk and … [Read more...] about Tesla seeks up to US$2.3 billion from share, debt issues