Category Archives: Business

United Airlines to tap U.S. Treasury loans, CEO says

United Airlines UAL.O intends to tap U.S. Treasury loans available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Chief Executive Scott Kirby said at a news conference on Capitol Hill on Tuesday.

Tesla’s Elon Musk promises dramatic cuts in electric car costs, shares plunge

CEO Elon Musk outlined Tesla Inc’s TSLA.O plans to cut electric vehicle battery design and manufacturing costs so radically that a $25,000 car that drives itself will be possible, but the automaker’s shares tumbled as Musk forecast the change could take three years or more.
All told, Tesla’s market capitalization plunged $50 billion from its Monday close, as investors wiped out $20 billion of that in just two hours after trading closed Tuesday.

United States places Atiku, family under close watch over alleged fraud

The Financial Crimes Enforcement Network (FinCEN), an agency of the U.S. Department of Treasury, Tuesday placed the candidate of the Peoples Democratic Party, PDP, in the 2019 presidential election, Alhaji Atiku Abubakar and his family members under close watch over alleged financial fraud.Premium Times unraveled new findings by FinCEN which flagged some transactions linked to the senior politician as suspicious as it surveilled money movements within the international financial system.

Microsoft buys Fallout creator Bethesda for $7.5bn

Xbox-owner Microsoft has acquired the games company behind blockbuster titles including Doom, Fallout, Skyrim and Wolfenstein.
It is paying $7.5bn (£5.85bn) for Bethesda’s parent ZeniMax Media.

LONDON MARKET CLOSE: Stocks Sold Off As Covid-19 Alarm Bells Ring

Stocks in London ended firmly in the red on Monday as investors fretted over mounting fears of a second wave of coronavirus infections.

UK Prime Minister Boris Johnson spent the weekend with senior ministers and advisers discussing what action to take as the rise in the number of new cases showed no sign of slowing. It is thought Johnson could announce new measures in a press conference as early as Tuesday.

Oracle and Walmart to jointly own TikTok Global after President Trump’s approval

The United States President Donald Trump, said in a statement over the weekend that the proposed deal that would enable TikTok to avoid a ban in the U.S. was agreeable for the government. Originally, the President had ordered ByteDance (owner of TikTok based in China) to divest the video-sharing social network.As per the new deal, TikTok Global will be a United States-based entity. Oracle Corporation (NYSE: ORCL) will own 12.5% of the new company. Oracle published its earnings report for the fiscal first quarter earlier in September that topped analysts’ estimates for earnings and revenue.

TikTok unaware of $5bn US ‘education fund’ request

Bytedance, the owner of TikTok, says it has not heard about a $5bn (£4bn) contribution to a new education fund requested by US president Donald Trump, at a rally in North Carolina.
The firm released a statement on its Chinese language website.
It said it wanted to offer an “explanation of some false rumours” about its deal with Oracle and Walmart.
It also said there was no plan to transfer ownership of the valuable algorithms which power TikTok.

Tesla traders bet on Musk battery pitch to spark rally

Fasten your seatbelt, because Tuesday is Tesla’s “Battery Day”, and some investors expect Chief Executive Elon Musk’s pitch on the electric car maker’s energy storage advances to re-energize its rally following a recent 21% stock slump.

Tesla’s stock has recovered in the runup to the event scheduled and it gained 1.4% in early trading on Monday, helped by a leaked email from Musk that said the company was hopeful of racking up record car deliveries in the third quarter.

Ending VAT-free shopping ‘will hit UK tourism and retail’

A government plan to end VAT-free shopping for international visitors at the end of the year could cost the UK billions of pounds in lost income, travel and retail bosses have warned..     ….          In a letter to the chancellor, the heads of firms such as Marks & Spencer, Heathrow and Selfridges said the move also put 70,000 jobs at risk.

About £3.5bn in tax-free sales are made to non-EU tourists each year.

Woman falls out of Moving car on Motorway while filming Snapchat video

A woman is ‘lucky to be alive’ after falling out of a moving car on the motorway while leaning out the window to film a snapchat video.
She fell into a ‘live lane’ on junction six of the M25 in Surrey at around 1.30am.She was treated at the scene by paramedics and no arrests were made.