Page 2981 - Business Finance

Stroll leads rescue deal for Force India F1 team

LONDON (Reuters) - The Force India Formula One team will come out of administration after a rescue deal involving a consortium of investors led by Canadian billionaire Lawrence Stroll, administrators and management said in a statement on Tuesday.

Tesla options bulls reap windfall on Musk's going private tweet

NEW YORK (Reuters) - Tesla Inc's options activity surged on Tuesday after Chief Executive Elon Musk tweeted he was considering taking the company private and some quickly executed trades netted massive paper profits as shares in the electric car maker rallied as much as 9 percent.

Elon Musk considers taking Tesla private in tweet, shares rise

(Reuters) - Tesla Inc shares jumped more than 7 percent on Tuesday after Chief Executive Elon Musk said on Twitter he is considering taking the electric car maker private at $420 per share as it goes through a period of rapid growth and financial constraints.

Musk tweets he may take Tesla private and shares roar

Tesla CEO Elon Musk announced Tuesday that he is considering taking the electric car maker private, causing the company's stock to spike. In keeping with his unorthodox style, Musk made the out-of-the blue announcement in a terse tweet. He said he may take the company private at $420 a share and already has secured funding. "Am considering taking Tesla private at $420. Funding secured," Musk tweeted, following up with "good morning" and a smiley emoji. His tweet came hours after the Financial Times reported that Saudi Arabia's sovereign wealth fund had built a significant stake in Tesla Inc., but it was unclear if that was the funding Musk was referring to. The Financial Times, citing unnamed people with direct knowledge of the matter said Saudi Arabia's Public Investment Fund had built a stake of between 3 and 5 percent of Telsa's shares. Tesla did not immediate respond to requests for comment. The company's shares were up more than 5 percent at more than USD 360. It's highly ...

CORRECTED: Elon Musk considers taking Tesla private in tweet, shares rise

(Reuters) - (This version of the story corrects fourth paragraph to show Musk was agreeing with a comment from another person on Twitter, not making the comment himself.)

Arsenal: Alisher Usmanov agrees to Stan Kroenke's buyout offer

Arsenal's majority shareholder and American billionaire Stan Kroenke's bid to buyout second-largest shareholder Alisher Usmanov's 30 per cent stake at the club in an all-cash multi-million deal was accepted by the latter on Tuesday.The deal, which is reportedly around the £550 million mark, will give Kroenke, whose net worth stands at $8.1 billion and currently owns 67 per cent of the club's shares, complete autonomy at Arsenal.Usmanov's stake at the London club, which is valued at £1.8 after the agreement of the deal, was the only thing between Kroenke and total authority at Arsenal as the two launched multiple attempts to buyout the other's shares over the years.Kroenke, who also owns American Football team Los Angeles Rams and the Denver Nuggets in the National Basketball Association (NBA), issued a statement saying, "We at KSE (Kroenke Sports & Entertainment) are moving forward with this offer leading to 100 per cent ownership of the club. We appreciate Usmanov's dedication to

Tesla starts hiring for new $2 billion Shanghai plant

BEIJING/SHANGHAI (Reuters) - Tesla Inc has started hiring for a new factory in Shanghai, according to job postings on its website, just a month after the U.S. electric vehicle (EV) maker signed agreements with local authorities for the $2 billion project.

Gold gains after drifting near $1,200 as dollar drops vs. yuan

CHICAGO/LONDON (Reuters) - Gold climbed nearly 1 percent on Tuesday, having drifted near $1,200 an ounce this week, as the U.S. dollar fell versus China's yuan against a backdrop of U.S.-China trade tensions.

Fox posts offer document for Sky deal

(Reuters) - Twenty-First Century Fox Inc on Tuesday posted an offer document and form of acceptance for its 14 pounds a share offer to buy UK's Sky on Tuesday.

Birla Corporation net profit up 94% in Q1

Birla Corporation on Tuesday reported a 94 per cent increase in its consolidated net profit to Rs 83.86 crore during the quarter ended June 30, 2018 as compared to Rs 43.21 crore in the year-ago period.

Activists join hands to save loss-making BEST undertaking

Transport activists today joined hands to "save" the Brihanmumbai Electrical Supply and Transport (BEST) undertaking which is in red due to heavy losses. Saeed Mirza, national award winning film director, has released a "People's Plan" to save the BEST undertaking. The activists, including Mirza, Vidyadhar Date, Ashok Datar, Sudhir Badama, A V Shenoy, Hussain Indoriwala and S Balakrishnan, said the government and politicians have failed to save the BEST undertaking. Balakrishnan demanded that such undertakings be given subsidies. The 112-year-old BEST administration is now looking at the BMC (Brihanmumbai Municipal Corporation) to bail them out financially. The BEST is struggling to pay salaries to its over 40,500 staffers and had borrowed from banks to make the payments. The transport undertaking operates on 483 routes in the metropolis and adjoining Thane and Navi Mumbai. It is incurring an estimated Rs 2 crore loss per day. Its fleet of 3,337 buses, including 120 ...

American Tower fights to recover tens of millions from TV Azteca

MEXICO CITY (Reuters) - American Tower Corp is seeking to recover nearly $97 million from TV Azteca, saying the Mexican broadcaster has defaulted on a loan, according to court papers.

Saudi sovereign fund PIF has bought a below five percent stake in Tesla: source

DUBAI (Reuters) - Public Investment Fund, Saudi Arabia's sovereign wealth fund, has bought a minority stake in Tesla at just below 5 percent, a source familiar with the matter said on Tuesday.

Significant reduction in food inflation in last 4 years: Goyal

Rejecting the claims that the inflation has risen in the last four years, the government on Tuesday said instead, it has gone down continuously.

Karunanidhi a giant among TN male politicians: Anand Mahindra

Mahindra Group Chairman Anand Mahindra on Wednesday said DMK President late M. Karunanidhi was a giant among the male politicians of Tamil Nadu.

Elon Musk considers taking Tesla private

(Reuters) - Elon Musk is considering taking Tesla Inc private, the electric car maker's chief executive tweeted on Tuesday.

S&P nears record as bank, tech stocks climb

(Reuters) - The S&P 500 index hovered near record levels on Tuesday, lifted by gains in bank and technology shares, with a strong second-quarter earnings season fueling optimism about the strength in the U.S. economy.

M&M's Q1 standalone net profit up 63%

Automobile major Mahindra and Mahindra (M&M) on Tuesday reported a 63 per cent rise in its standalone net profit for the quarter-ended June 2018-19.

Luminous to focus on solar, home electrical segments

Luminous Power Technologies today said it will focus on solar and home electrical segments and maintain double digit growth in the current fiscal. "We will focus on solar and home electrical segments. We expect 50 per cent of our growth to come from our solar and home electrical products in the next five years," said Vipul Sabharwal, Managing Director,Luminous Power Technologies here today. The last 30 years have been a great journey for the brand. Our aim is to further strengthen presence and empower India by making three out of every five homes, a Luminous home by 2022. The brand caters to over 70 million consumers today, he claimed. Company official said states like Punjab, Haryana and Himachal Pradesh are its biggest growth drivers, making north India a priority market for the brand. These states have accounted for 22 per cent of growth in the last five years, official said. Luminous Technologies' headquarters, and research and development facility are based in Haryana, while ...

J&K seeks extension of incentives under NEIDS

Jammu and Kashmir Governor N N Vohra has written to the Centre seeking extension of incentives to the state available under the North East Industrial Development Scheme (NEIDS)-2017 for giving push to investment and industrialisation in the state. "The governor has, through separate communications, addressed to Prime Minister Narendra Modi, Union Finance Minister Piyush Goyal and Union Minister for Industries and Commerce Suresh Prabu, and sought their intervention in getting incentives available under NEIDS extended to J&K to promote investment, industrialisation and socio-economic stability in the state," an official spokesman said. NEIDS was launched by the Centre in 2017 to catalyse industrial development in the North Eastern Region and it will remain in force up to March 31, 2022. NEIDS covers new units in manufacturing and services sectors and provides for Central Capital Investment Incentives for access to credit, Central Interest Incentive, Central Comprehensive Insurance .