Author: Steven Sahiounie

Following the decision, Mr Musk tweeted: “I Am Deeply Appreciative Of Jury’s Unanimous Finding Of Innocence In Tesla 420 Take-Private Case.”Saturday 4 February 2023 01:57, UKElon Musk did not deceive his investors when he tweeted in 2018 that he had the funding to take Tesla private, a jury has found.Investors had sought to sue the SpaceX owner for billions of dollars because his tweet caused Tesla’s shares to soar, only to crash 10 days later when it became clear the deal would not happen.An economist hired by the shareholders calculated investor losses as high as $12bn.The trial hinged on whether…

London’s FTSE 100 Index has reached an all-time high at 7905 earlier this afternoon.The Financial Times Stock Exchange index of the 100 most valuable companies on the London stock exchange beat the previous record of 7,903.5 set in May 2018.It comes as central banks – including the Bank of England and the US Federal Reserve – have this week signalled that their programmes of interest rate rises either have, or may be, moderating as they believe inflation to have peaked.On Thursday the Bank presented a less gloomy economic forecast despite reiterating its prediction that the UK economy is headed for a technical recession, defined as…

The German automotive giant BMW is in talks with the government about a £75m funding package that would secure production of electric Minis at its Oxfordshire plant.Sky News has learnt that BMW is negotiating with officials at the Department for Business, Energy and Industrial Strategy (BEIS) over a grant from Whitehall’s Automotive Transformation Fund.Industry sources said a deal could be finalised between the government and the company within weeks.One added that the package, which would be worth up to £75m, appeared to have support from both Grant Shapps, the business secretary, and Jeremy Hunt, the chancellor.It was unclear on Saturday when the…

US Attorney General Merrick Garland announced on Friday the first transfer of assets, confiscated as part of anti-Russia sanctions, to Ukraine to pay for the country’s reconstruction.The measure affects $5.4 million expropriated from Russian businessman Konstantin Malofeyev on charges of sanctions evasion, according to the top official.“With my authorization today, forfeited funds will next be transferred to the State Department to support the people of Ukraine,” Garland said, adding that the funds were confiscated following an indictment against Malofeyev, issued last April.Earlier this week, a federal court in New York allowed prosecutors to confiscate $5.4 million belonging to Malofeyev, paving the…

English and Welsh households are expected to see their water and sewage bills surging 7.5% starting April, marking the biggest increase in nearly 20 years, the country’s industry body Water UK announced on Thursday.The hike will see customers pay around £1.23 ($1.51) a day on average – an increase of £0.08 ($0.10) per day, or £448 ($551) per year, £31 ($38) more than in 2022.The updated figures come amid warnings that one in five customers are already finding it difficult to pay. Consumer groups are warning that the increase could further squeeze households hit by the raging energy crisis.However, Water UK highlighted…

The major gas project is expected to handle supplies previously directed through the Nord Steam 1 pipeline A major natural gas hub in Türkiye, proposed by Russian President Vladimir Putin and backed by his Turkish counterpart Recep Tayyip Erdogan, is expected to start operating as soon as this year, according Ankara’s energy minister.Fatih Donmez also said the issue had been discussed with several nations, which expressed their readiness to support the Turkish gas hub project, adding that ensuring energy security remained a priority for Türkiye.“A common opinion has been formed on doubling supplies via TANAP (Trans Anatolian Natural Gas Pipeline…

large stock of unfinished housing is among the major problems to be addressed, the fund says. Ed FreemanChina is still facing a real estate crisis and its government has a lot of work to do to fix the problems, the International Monetary Fund (IMF) said on Friday.The cash-strapped property sector, which accounts for a quarter of the Chinese economy, has struggled with defaults and stalled projects, hitting market confidence and dragging down growth in the world’s second-largest economy.IMF economists welcomed recent measures by the country’s authorities to ease restrictions on financing for the sector but pointed out that “additional action”…

EU member states will inevitably be hit by fuel shortages and skyrocketing energy prices due to a new price cap on Russian oil that comes into force on February 5, the Hungarian Energy Ministry said on Saturday.It added that Hungary would also be affected by the fresh anti-Russia penalties in the long term.On Friday, officials in Brussels announced that the bloc would set the price of refined petroleum products imported from Russia at $100 per barrel for diesel and $45 per barrel for fuel oil. The measure, supported by the US, Australia and other G7 countries, comes two months after…

A US Treasury official reportedly argued that attempts to damage the Russian economy are being hampered. US officials have warned Türkiye and the United Arab Emirates against maintaining economic and financial ties with Russia because trade is undermining sanctions, Bloomberg reported on Friday, citing people with knowledge of the matter. The warnings were reportedly voiced by Brian Nelson, the undersecretary for terrorism and financial intelligence at the US Treasury, during meetings with Turkish officials on Thursday and Friday. Nelson’s visit to Türkiye comes as part of a regional tour that included the UAE earlier this week, and is said to…

British armed forces have been “hollowed out by spending cuts,” General Richard Barrons has said The UK could deplete its ammunition stocks in mere hours should it be drawn into large-scale fighting, a former British commander warned on Thursday. This and other issues make the UK military unfit to be regarded as a “top tier” NATO member, he said. Retired General Richard Barrons, who formerly headed the UK’s Joint Forces Command, sounded the alarm in an op-ed published by The Sun in which he said the fighting force has been “hollowed out by spending cuts.” Barrons claimed that the British armed forces “are smaller…