Markets
Lucid Motors Receives Billion Dollar Investment From Saudi Arabia’s Sovereign Wealth Fund
Tesla stock dropped Monday on reaction to the news, the same day that the Saudi fund announced it had taken its first loan, an $11bn borrowing from global banks as it tries to expand its investments. The all-electric Lucid Air will have a range of over 400 miles (640 kilometers). Lucid plans to make the Air at a factory it's building in Casa Grande, Arizona. [Full Article...]
Elon Musk may face more than one lawsuit from British rescue diver
Vernon Unsworth sued over Musk's reference to him in a July 15 tweet as a "pedo guy," a comment for which Musk later apologized . Mr Unsworth became a target for Mr Musk after cave rescuers rejected his offer of a mini-submarine created by his rocket company SpaceX to rescue the football team. [Full Article...]
Trump imposes tariffs on $200B more of Chinese goods
Collection of 10 per cent tariffs will start on September 24 but the rate will increase to 25 per cent by the end of the year, allowing U.S. companies some time to adjust their supply chains to other countries, a senior administration official said. [Full Article...]
Dena, Vijaya, BoB to merge and form country’s 3rd largest bank
The meeting chaired by Jaitley was attended by Ministers Piyush Goyal and Nirmala Sitharaman . He further said that the employees of Dena Bank will benfit the most. "Aspirations of the fastest growing economy have to be supported by stronger and globally competitive banks, with increased choices to the stakeholders". [Full Article...]
China will hit back at any new United States tariffs: ministry
He also warned that if China retaliated then the U.S. would "immediately pursue phase three" which would mean imposing further tariffs with taxes on another $267bn worth of Chinese products. The Retail Industry Leaders Association pointed out that the new tariffs would still hit more than $1 billion worth of gas grills from China, $843 million worth of luggage and travel bags, $825 million worth o... [Full Article...]
Salesforce founder purchases TIME magazine for US$190 million
Time magazine is being sold - again. Benioff , who is one of the four co-founders of the cloud computing pioneer, is personally purchasing Time from Meredith Corp ., and the transaction is unrelated to Salesforce.com, the announcement said. [Full Article...]
Trump Sets Tariffs On $200 Billion In Imports From China
Larry Kudlow, director of the National Economic Council, speaks to members of the media on June 1 at the White House in Washington , D.C. Kudlow said Monday that President Donald Trump would likely be announcing tariffs on hundreds of billions worth of additional Chinese imports. [Full Article...]
Trump to Lay Out Line on China Trade
In response to President Trump's threatened tariffs, Beijing has teed up tariffs of five to 25 percent on $60 billion of United States goods including pig hides, cocoa butter and condoms. The White House had no immediate comment on Monday. "The president has suggested tariffs on a couple $100 billion" in Chinese goods, Kudlow told CNBC's Becky Quick on Monday at the Economic Club of NY. [Full Article...]