Indian Adani begins record sell-off in shares as short seller triggers $44bn rout

Indian Adani begins record sell-off in shares as short seller triggers bn rout

MUMBAI, Jan 27 (Reuters) – Shares of Indian firm Adani Enterprises (ADEL.NS) fell 15% on Friday as a scathing report from a U.S. short seller sparked a rout at the conglomerate’s listed companies , casting doubts on how investors will react to the company’s record $2.45 billion secondary sale. Seven listed companies in the Adani … Read more

Musk describes Tesla’s recession book: cost recovery

Musk describes Tesla’s recession book: cost recovery

Jan 26 (Reuters) – Elon Musk has a playbook for Tesla (TSLA.O) heading into what he thinks is a “serious” recession: cutting costs on everything from parts to logistics, while maintaining pressure on competitors with reduced prices. . During a conference call to discuss Tesla’s fourth quarter results, Musk and other executives outlined plans to … Read more

Musk says Tesla price cuts sparked demand, 2023 sales could reach 2 million vehicles

Musk says Tesla price cuts sparked demand, 2023 sales could reach 2 million vehicles

Jan 25 (Reuters) – Tesla Inc’s (TSLA.O) aggressive price cuts have boosted demand for its electric vehicles, Chief Executive Elon Musk said on Wednesday, downplaying fears a weak economy could strangle the buyer interest. The company slightly beat Wall Street’s fourth-quarter revenue and profit targets earlier on Wednesday despite a sharp decline in vehicle profit … Read more

Rupert Murdoch drops proposal to merge Fox, News Corp, considers sale of Move

Rupert Murdoch drops proposal to merge Fox, News Corp, considers sale of Move

Jan 24 (Reuters) – Rupert Murdoch on Tuesday withdrew his proposal to bring together News Corp (NWSA.O) and Fox Corp as the company also plans to sell Move Inc, which operates the Realtor.com website, to the CoStar Group, according to to a regulatory filing and to sources familiar with the process. Three sources familiar with … Read more

Hindenburg says it holds short positions on Adani in India

Hindenburg says it holds short positions on Adani in India

BENGALURU, Jan 25 (Reuters) – Hindenburg Research said on Wednesday it held short positions in Adani Group companies through U.S.-traded bonds and derivatives not traded in India, sending shares of the companies tumbling. of the Indian conglomerate. The short seller said seven Adani-listed companies are down 85% on a fundamental basis due to skyrocketing valuations … Read more

China proposes Sri Lanka debt moratorium, IMF aid still uncertain

China proposes Sri Lanka debt moratorium, IMF aid still uncertain

China offers debt service relief in 2022, 2023 Sri Lankan sources unsure if China’s letter will be enough for IMF Broad IMF-China deal on Zambia could provide clues NEW DELHI/COLOMBO, Jan 24 (Reuters) – The Export-Import Bank of China has offered Sri Lanka a two-year debt moratorium and said it would support the country’s efforts … Read more

Microsoft to invest more in OpenAI as tech race heats up

Microsoft to invest more in OpenAI as tech race heats up

Jan 23 (Reuters) – Microsoft Corp on Monday announced a new multi-billion dollar investment in OpenAI, deepening ties with the startup behind chatbot sensation ChatGPT and paving the way for more competition with rival Alphabet Inc (GOOGL.O) Google. Recently touting a revolution in artificial intelligence (AI), Microsoft is building on a bet it made on … Read more

Wall Street surges, propelled by the technological rebound

Wall Street surges, propelled by the technological rebound

Baker Hughes stumbles upon missing fourth-quarter earnings estimates Activist investor Elliott Management takes stake in Salesforce Tokens on track for biggest daily gain since November Indices up: Dow 0.98%, S&P 1.41%, Nasdaq 2.09%, NEW YORK, Jan 23 (Reuters) – Wall Street surged on Monday, led by tech stocks as investors embarked on an earnings-heavy week … Read more

New vendors are rushing to plug into the electric car market

New vendors are rushing to plug into the electric car market

WOKING, England, Jan 23 (Reuters) – The global auto industry has committed $1.2 trillion to the development of electric vehicles (EVs), providing a golden opportunity for new suppliers to grab contracts supplying everything from batteries to motors and inverters. Startups specializing in batteries and coatings to protect electric vehicle parts, and suppliers traditionally focused on … Read more

Exclusive: Geely plans to turn London black cab maker into powerhouse

Exclusive: Geely plans to turn London black cab maker into powerhouse

COVENTRY, England, Jan 23 (Reuters) – China’s Geely (0175.HK) is planning a big investment to transform the maker of London’s iconic black cabs into a high-volume all-electric brand with a range of commercial and passenger vehicles, unit leaders told Reuters. London Electric Vehicle Company (LEVC) is also aiming to expand its range of services, which … Read more