Posted by editor on April 28, 2017

Tesla (NASDAQ:TSLA) executive Klaus Grohmann was ousted last month after a clash with Chief Executive Elon Musk over the strategy of Grohmann's firm, which Tesla had acquired in November, a source familiar with the matter told Reuters.
The Silicon Valley luxury electric carmaker is counting on Grohmann Engineering's automation and engineering expertise to help it ramp up production to 500,000 cars per year by 2018.
At the time of the purchase, it described Klaus Grohmann and the company he founded as a "world leader in highly automated manufacturing".

Posted by editor on April 27, 2017

Nintendo Co Ltd (T:7974) expects its new Switch console to more than double annual operating profit and end the eight-year sales decline that dogged its previous offering just as players were turning to smartphone gaming.

The Japanese firm entered the mobile gaming market last year to the relief of shareholders fretting about diving console sales. Now the early success of the Switch has fueled hope of a long-term earnings recovery and sent the firm's share price about 20 percent higher since the console's March debut.

Posted by editor on April 26, 2017

McDonald's Corp (N:MCD) has put on hold plans to sell shares in its Japan unit, which recently returned to profit for the first time in three years after a series of food scandals shook consumer confidence in the chain.
The fast food giant has "made the decision to not proceed with the transaction at this time," Chief Finance Officer Kevin M. Ozan told investors on a conference call on Tuesday.
The decision followed a review of its stake, Ozan said.
"We believe the market is poised to maintain its strong momentum," he added.

Posted by editor on April 25, 2017

LONDON, April 25 (Reuters) - British finance minister Philip Hammond met his budget deficit target in the 2016/17 financial year, avoiding another fiscal slip-up after he was forced into a tax policy u-turn last month.

The shortfall in the public accounts in the 12 months to the end of March stood at 52.0 billion pounds, down nearly 28 percent from the previous year thanks in large part to the strength of the economy since the Brexit vote.

Posted by editor on April 24, 2017

Credit Suisse (S:CSGN) will not decide on how it wants to raise fresh capital until after this week's annual general meeting, SonntagsZeitung reported on Sunday.

The Swiss bank is considering a quick-fire share sale or listing 20 to 30 percent of its Swiss business in order to raise between 3 and 6 billion Swiss francs ($3-$6 billion) in new capital, the Swiss newspaper said, citing sources close to Chairman Urs Rohner.

The newspaper also reported that Rohner expects all the banks' proposals to be accepted by shareholders at its annual general meeting on Friday.

Posted by editor on April 21, 2017

By Richard Leong and Saqib Iqbal Ahmed

NEW YORK (Reuters) - Hedging has become all the rage as investors seek cover ahead of Sunday's national elections in France that could signal whether the country remains in the European Union.

Prices for protection against wild swings in stocks, bonds and the euro have surged this week as polls have tightened and investors fretted that another unforseen election outcome could upend a solid start to the year for risk assets.

Posted by editor on April 20, 2017

General Motors (N:GM) said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.

The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.

Posted by editor on April 19, 2017

Mexico, seeking closer ties with the rest of Latin America, expects to finish negotiations on a trade deal with Argentina involving cars and agricultural products around the end of the year, Mexico's deputy minister for foreign trade said in an interview on Tuesday.

Mexico has been trying to diversify its trade partners since Donald Trump was elected president of the United States, its biggest export market.

Posted by editor on April 18, 2017

HOUSTON/PUNTO FIJO, Venezuela (Reuters) - In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can't set sail in international waters.

The vessel is among many that are constantly contaminated at two major export terminals where they load crude from Venezuela's state-run oil company, PDVSA. The water here has an oily sheen from leaks in the rusty pipelines under the surface.

Posted by editor on April 17, 2017

CalPERS, the largest pension fund in the United States, is considering changes in how it invests in private equity that could slash payments to fund managers, according to a report by the Wall Street Journal.

The internal review is an attempt by the California Public Employees' Retirement System to reconsider some of its pricier investments as it faces a funding shortfall and weaker-than-expected estimates of its future investment earnings.

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