Elon Musk sold nearly $4 billion worth of Tesla shares this week, just days after the billionaire agreed to purchase Twitter for $44 billion, according to filings with the Securities and Exchange Commission. According to the filings, the CEO offloaded about 4.4 million shares of the electric vehicle company for about $3.9 billion, with the majority of the…
Elon Musk Sells $4 Billion Tesla Shares After Agreeing to Purchase Twitter, Says ‘No More Sales Planned’
Amazon Declines to Describe Search-Algorithm Data: Australian Regulator
SYDNEY—Amazon.com Inc. has declined to describe its product-search system to an Australian competition regulator that has heard complaints of large marketplace platforms giving preference to in-house wares. The company’s withholding of the information sets the scene for a possible repeat of Australia’s 2021 showdown with Facebook Inc. and Alphabet Inc.’s Google, which resulted in those…
Global Tax Overhaul Will Not Slow Google’s Investment in Ireland, CEO Says
DUBLIN—A global tax deal will make “no difference” to Alphabet Google’s operations in Ireland as the company remains committed to investing and adding staff to its European hub there, Chief Executive Sundar Pichai said on Thursday. Last year 136 countries agreed the first major overhaul in a generation of the rules for taxing multinationals, with…
Swiss National Bank Posts $34 Billion Loss as Bond Losses Bite
April 29, 2022
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bondBusiness & EconomyCompanieseconomic policieseconomyEuropeinflationInternationalMarketsprofit lossRussia-Ukraine WarstocksSwiss National BankWorld
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ZURICH—The Swiss National Bank reported a first quarter loss of 32.8 billion Swiss francs ($33.75 billion), the central bank said on Thursday, as lower bond prices and the higher franc dented the value of its foreign currency investments. The bank made a loss of 36.8 billion francs from its foreign currency investments built up during…
BOJ Maintains Stimulus, Vows to Continue Unlimited Bond Buying
TOKYO—The Bank of Japan maintained its massive stimulus on Thursday and pledged to continue buying unlimited amounts of 10-year government bonds to defend its implicit 0.25 percent cap, signaling its resolve to focus on supporting a fragile economy. The BOJ also left unchanged its guidance to keep its interest rate targets at current or lower…
Indonesia Industry Body Confident Palm Oil Export Ban Could End in May
JAKARTA—Indonesia should be able to tackle its cooking oil shortage in the next few weeks and lift an export ban on palm oil and its refined products in May, an industry body said on Thursday, a day after a last-minute policy U-turn sparked more alarm for markets. The world’s top palm oil producer expanded an…
Meta Expanding Massive $1 Billion Illinois Data Center, Set to Power Everything From Facebook to Instagram Beginning Next Year
April 29, 2022
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By Robert Channick From Chicago Tribune Meta, the social media giant formerly known as Facebook, is expanding its massive $1 billion data center under construction in DeKalb to nearly 2.4 million square feet, putting the college town west of Chicago at the center of its metaverse. Slated to open next year, the five-building complex filled…
Huawei’s Q1 Sales Down 14 Percent as US Sanctions Remain
April 29, 2022
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Business & EconomyChinaChina Business & EconomyCompaniesHuaweisanctiontechnologyUSUS-China relations
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SINGAPORE—Chinese telecoms equipment and smartphone maker Huawei’s sales fell 14 percent in January–March from a year earlier as it grappled with U.S. sanctions, according to figures released by the company Thursday. Huawei Technologies said its revenue was 131 billion yuan ($19.8 billion) in the first quarter of 2022, compared to 152.2 billion yuan a year…
WTO Chief Warns Against Retreat From Global Trade
April 29, 2022
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Business & Economyeconomic policieseconomyEuropeMarketsNgozi Okonjo-IwealaRussia-Ukraine WarUkraineWorldWorld Trade Organization
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WASHINGTON—Fragmentation of the global economy and a retreat from global trade would make countries more vulnerable to production shocks arising from natural disasters and outbreaks of fatal diseases, the head of the World Trade Organization said on Wednesday. WTO Director General Ngozi Okonjo-Iweala told an event hosted by the National Foreign Trade Council that economists…
Reserve Bank of Australia Needs More Monetary Experts: Economist
April 29, 2022
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AustraliaBusiness & EconomyBusinesses in COVID-19economic policieseconomyinflationJim Chalmersjosh frydenbergmonetary policyReserve Bank of AustraliaWorld
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The Reserve Bank of Australia (RBA) needs more monetary experts on its board as part of a much needed structural reform, the chief economist at the Centre of Independent Studies said. Peter Tulip, who previously worked at the RBA, noted that while many media reports have suggested an external RBA review to focus on the…
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