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Elon Musk sells $7B in Tesla shares ahead of Twitter fight

August 10, 2022 by www.moneycontrol.com

Tesla CEO Elon Musk. Elon Musk has sold nearly $7 billion worth of shares in Tesla as the billionaire gets his finances in order ahead of his court battle with Twitter. Musk disclosed in series of regulatory filings that he unloaded about 8 million shares of his company Tesla Inc. in recent days. In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners dont come through, it is important to avoid an emergency sale of Tesla stock," Musk tweeted late Tuesday. Musk is by far the largest individual shareholder in both Tesla and Twitter. Shares of Tesla rose almost 2% before the opening bell Wednesday. Shares of Twitter Inc., up 16% in the past month with most believing Musk faces long-shot odds of success in court, jumped another 3%. Close Musk countersued Twitter last week, accusing the company of fraud over his aborted $44 billion acquisition. He claimed that Twitter held back critical information and misled his team … [Read more...] about Elon Musk sells $7B in Tesla shares ahead of Twitter fight

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Norway inflation at 34-year high boosts rate-hike pressure

August 10, 2022 by www.theedgemarkets.com

- A + A (Aug 10): Norway’s inflation exceeded forecasts for a fourth straight month, hitting a new 34-year high and adding pressure on Norges Bank to deliver a bigger interest rate hike this month than it has flagged earlier. Consumer prices rose 6.8% in July from a year earlier, the fastest pace since July 1988, according to data from Statistics Norway on Wednesday. Underlying inflation, the measure followed by the central bank, rose to an annual 4.5% — the highest on record. The median estimate in the analyst poll for core price growth was 3.8%, while Norges Bank had projected a pace of 3.2%. The data triggered revisions by several banks in their forecasts on Norway’s rate path, with Norges Bank now seen delivering another half-point interest rate hike from 1.25% at its interim meeting next week and possibly also at its September meeting. While Norwegian policy makers have been among the most aggressive in raising rates among the holders of major currencies, … [Read more...] about Norway inflation at 34-year high boosts rate-hike pressure

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SoftBank sees US$34 bil gain from selling Alibaba shares

August 10, 2022 by www.theedgemarkets.com

- A + A TOKYO (Aug 10): SoftBank Group Corp expects to post a gain of more than US$34 billion (RM151.5 billion) from selling down its stake in Alibaba Group Holding Ltd, cashing in a chunk of its most storied investment to shore up finances as global markets deteriorate. The Japanese investment giant's board approved on Wednesday the early physical settlement of prepaid forward contracts corresponding to about 242 million American Depositary Receipts. After the settlement, which will run from August to September, its stake in China's e-commerce leader will fall to 14.6% from 23.7% as of the end of June. Masayoshi Son has this year accelerated the sale of assets, speeding the transformation of his conglomerate into a pure investment house. Investors have long pressed SoftBank to cash in its shares in Alibaba, monetising one of the most lucrative bets in venture capital history — and one that made Son's reputation as a start-up investor. SoftBank had previously … [Read more...] about SoftBank sees US$34 bil gain from selling Alibaba shares

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Coinbase disappoints with user forecast, revenue miss

August 10, 2022 by www.theedgemarkets.com

- A + A PORTLAND/NEW YORK (Aug 10): Coinbase Global Inc has posted a record US$1.1 billion (RM4.9 billion) second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices. Shares of the company, which were first listed last April, dropped about 6% in US pre–market trading. Coinbase has slumped 65% so far this year amid what has been labelled as the latest "crypto winter". Revenue declined by more than 60% to US$808.3 million, missing the US$854.8 million estimate from analysts polled by Bloomberg . Monthly transacting users dropped to nine million in the second quarter, a 2% decline from prior quarter. Trading volume also missed estimates, with bitcoin's share of trading volume rising to 31% from 24%. Total assets on platform plunged 63% to US$96 billion. "The current downturn came fast and furious," the company said in a shareholder letter, adding that soft crypto market conditions are … [Read more...] about Coinbase disappoints with user forecast, revenue miss

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China military ‘completes tasks’ around Taiwan, plans regular patrols

August 10, 2022 by www.theedgemarkets.com

- A + A BEIJING/TAIPEI (Aug 10): China's military has "completed various tasks" around Taiwan but will conduct regular patrols, it said on Wednesday, potentially signalling an end to days of war games but also that Beijing will keep up its pressure on the island. Furious at a visit to Taipei last week by US House Speaker Nancy Pelosi, China extended its largest-ever exercises around the self-ruled island it claims as its own beyond the four days originally scheduled. Last week's drills included launches of ballistic missiles, some of which flew over the island's capital of Taipei, and simulated sea and air attacks in surrounding skies and waters. In a brief statement, the Eastern Theatre Command of the People's Liberation Army said its joint military operations around Taiwan "successfully completed various tasks and effectively tested the integrated combat capabilities of the troops". It added: "Theatre forces will keep an eye on the changes in the situation in … [Read more...] about China military ‘completes tasks’ around Taiwan, plans regular patrols

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US inflation runs cooler than forecast, easing pressure on Fed

August 10, 2022 by www.theedgemarkets.com

- A + A NEW YORK (Aug 10): US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve (Fed) to continue aggressively hiking interest rates. The consumer price index (CPI) increased 8.5% from a year earlier, cooling from the 9.1% June advance that was the largest in four decades, Labor Department data showed on Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs. So-called core CPI, which strips out the more volatile food and energy components, rose 0.3% from June and 5.9% from a year ago. The core and overall measures came in below forecast. The data may give the Fed some breathing room, and the cooling in gas prices, as well as used cars, offers respite to consumers. But annual inflation remains high at more than 8% and food costs continue to rise, providing little relief for President Joe Biden and the … [Read more...] about US inflation runs cooler than forecast, easing pressure on Fed

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MACC officer: I only investigated Zahid in UKSB bribe probe

August 10, 2022 by www.theedgemarkets.com

Zahid is facing 33 charges of receiving S$13.56 million (RM42 million) in bribes from UKSB as an inducement. (Photo by Patrick Goh/The Edge) - A + A SHAH ALAM (Aug 10): Malaysian Anti-Corruption Commission (MACC) investigating officer Mahendran Vrejenan told the High Court here that when he began investigating Datuk Seri Dr Ahmad Zahid Hamidi on suspicion of receiving bribes from Ultra Kirana Sdn Bhd (UKSB), he omitted other ministers also alleged to have received bribes from the company as he was only tasked with probing Zahid. Mahendran was responding to questions posed by both the prosecution and the defence over the names of politicians in a ledger kept by a former UKSB manager as a record of whom he paid bribes to. Testifying at Zahid's corruption trial, Mahendran told the court that while the names of a number of politicians and ministers had appeared in the ledger, he did not concern himself with them as his main task was to investigate Zahid and the … [Read more...] about MACC officer: I only investigated Zahid in UKSB bribe probe

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Caely’s former executive chairman trims indirect stake in group

August 10, 2022 by www.theedgemarkets.com

- A + A KUALA LUMPUR (Aug 10): Former executive chairman of Caely Holdings Bhd Datuk Wira Ng Chun Hau has disposed of 2.03 million shares in an off-market trade leaving him with 113,000 indirect shares in the lingerie maker, according to a bourse filing on Wednesday. Prior to this, he held 2.14 million indirect shares or a 0.829% stake in the lingerie maker. Ng also holds a direct 4.603% stake or 11.89 million shares in Caely. He resigned on May 13 as group executive chairman to “pursue other personal opportunities”. Caely came under the spotlight in April after one of its subsidiary’s bank accounts was issued a freeze order by the Malaysian Anti-Corruption Commission. Caely shares were unchanged at 31 sen on Wednesday, which translates into a market capitalisation of RM78.76 million. … [Read more...] about Caely’s former executive chairman trims indirect stake in group

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Ranhill Utilities gets four-year PPA extension for [email protected] project

August 10, 2022 by www.theedgemarkets.com

- A + A KUALA LUMPUR (Aug 10): Ranhill Utilities Bhd has obtained a four-year extension of a power purchase agreement (PPA) to develop a 50 MW large scale solar plant under large scale solar phase [email protected] ( [email protected] ) in Perak. In a bourse filing, the water supply company via its wholly-owned unit Ranhill Solar I Sdn Bhd (RSI) said it had received a notification letter from the Energy Commission (EC) on the four-year extension agreement. This confirms a report by The Edge on August 2, which stated that LSS4 project owners have their power purchase agreements (PPAs) extended by four years to 25 years from 21 previously, citing sources. The four-year extension for LSS4 winning bidders appears to be a concession the EC is making in consideration of how the viability of certain projects have been affected, following a 30%-50% jump in solar panel prices — compared to when they submitted their bids in 2020, the report said. In the … [Read more...] about Ranhill Utilities gets four-year PPA extension for [email protected] project

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Tycoon Robert Kuok’s 80%-owned FFM faces RM46.36 mil fine if breached Competition Act

August 10, 2022 by www.theedgemarkets.com

- A + A KUALA LUMPUR (Aug 10): Malaysia Competition Commission (MyCC) has proposed to impose a financial penalty of RM46.36 million on FFM Bhd — one of five feed millers recently flagged by the commission for potential price fixing — subject to findings in relation to its alleged infringement of the Competition Act 2010. FFM is a 80%-owned subsidiary of PPB Group Bhd, the flagship company of tycoon Robert Kuok Hock Nien. In a filing with Bursa Malaysia on Wednesday (Aug 10), PPB said that it is providing further information relating to a proposed decision by the commission earlier. "MyCC's allegation against FFM was in relation to the purported entering into agreements or concerted practices by certain poultry feed millers in fixing the price of poultry feed," the diversified conglomerate said. However, PPB added that there is no operational or material financial impact on the group at this juncture. The group also noted it is working with its advisers on its … [Read more...] about Tycoon Robert Kuok’s 80%-owned FFM faces RM46.36 mil fine if breached Competition Act

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