Tuesday, April 20

Month: November 2019

Tesla move will draw further companies into Germany – state premier

Tesla move will draw further companies into Germany – state premier

business
A flagstore shop of electric carmaker Tesla is pictured in Berlin, Germany, November 13, 2019. REUTERS/Fabrizio BenschFRANKFURT (Reuters) - Tesla’s (TSLA.O) announcement earlier this month that it will build its first European factory near Berlin will draw further companies from the electric mobility and energy storage sectors into Germany, a state premier told newspaper Die Welt. “They are already on their way. I’m hearing there are further inquiries with the communities and the regional business development program. Tesla will cause other companies to follow,” said Dietmar Woidke, premier of the eastern German state of Brandenburg that surrounds Berlin. He said Brandenburg was already in talks with other companies, declining to identify them due to confidentiality agreements. “I expe
Chanda Kochhar moves High Court against ICICI Bank over termination

Chanda Kochhar moves High Court against ICICI Bank over termination

Finance
MUMBAI: Former ICICI Bank chief executive, Chanda Kochhar, has moved the Bombay High Court against her ex-employer for terminating her when the bank had accepted her request for an early retirement. Kochhar, one of India’s most prominent woman CEOs, said that Sandeep Bakshi was named her successor only after ICICI Bank had accepted her request for an early retirement. She pointed out that her retirement request was accepted by the bank in October 2018 and in February 2019, the bank issued her a termination letter. Kochhar, in her petition, has challenged the ‘purported termination’ and denial of the agreed remuneration, said two people familiar with the development. ICICI Bank didn’t respond to ET’s mailed queries. Kochhar has termed her termination “illegal, untenable, and unsustainable
Tesla, Facebook, GE & more

Tesla, Facebook, GE & more

investment
Elon Musk, co-founder and chief executive officer of Tesla Motors.Yuriko Nakao | Bloomberg | Getty Images(This story is part of the Weekend Brief edition of the Evening Brief newsletter. To sign up for CNBC's Evening Brief, click here.)Wall Street analysts tend to run in packs, with most stocks finding an informal consensus on Wall Street among this crowd.But there are a few stocks which deeply divide analyst opinions — and, perhaps unsurprisingly, far and away the most controversial is Elon Musk's electric automaker, Tesla. No stock has a wider gap than Tesla from the average analyst price target to the top and bottom targets, according to a CNBC analysis of FactSet data.Tesla may be the most divisive stock on the Street, but it's also not alone. Several top technology companies — Facebo
China’s factory activity unexpectedly returns to growth in November

China’s factory activity unexpectedly returns to growth in November

business
BEIJING (Reuters) - Factory activity in China unexpectedly returned to growth in November for the first time in seven months, as domestic demand picked up on Beijing’s accelerated stimulus measures to steady growth. FILE PHOTO: An employee works at the production line of aluminium rolls at a factory in Zouping, Shandong province, China November 23, 2019. Picture taken November 23, 2019. REUTERS/Stringer But gains were slight, and export demand remained sluggish. More U.S. tariffs are looming within weeks and Beijing and Washington are still haggling over the first phase of a trade deal. With China’s economic growth cooling to near 30-year lows and industrial profits shrinking, speculation is mounting that Beijing needs to roll out stimulus more quickly and more aggressively, even if it ri
HR Khan to take charge of microfinance code from December

HR Khan to take charge of microfinance code from December

Finance
KOLKATA: Reserve Bank of India's former deputy governor HR Khan will take charge as the first chairman of the steering committee of Code for Responsible Lending (CRL) in microfinance on December 1, a person familiar with the development said. MFIN wanted a heavyweight for this CRL project, which is a self-regulatory step for a diverse set of lenders engaged in microfinance such as banks, small finance banks, non-banking financial companies (NBFC), NBFC-MFIs and not-for-profit firms. So far, 97 entities have signed the code which has proposed to cap the total indebtedness of a borrower to Rs 1 lakh and bar more than three lenders offering loans to a single borrower. Four banks -- Axis Bank, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank -- have signed the code. Others who have agreed to...
PG&E says its distribution lines caused no deadly fires in 2019

PG&E says its distribution lines caused no deadly fires in 2019

business
(Reuters) - California utility PG&E Corp (PCG.N) has determined there were no lives or structures lost in 2019 wildfires that may have been caused by its distribution lines, according to a Friday court filing. FILE PHOTO: An air tanker makes a retardant drop while battling the Kincade fire near Calistoga, California, U.S. October 29, 2019. REUTERS/Stephen Lam/File PhotoThe company also said it found 218 instances of damage from wind or falling vegetation that could have caused wildfires if it had not taken the controversial step of shutting power to millions of customers during high winds in late October. The company filed for Chapter 11 bankruptcy in January to deal with $30 billion of liability from wildfires linked to its equipment in 2017 and 2018. PG&E has been using the ma...
Buffett is sitting on $128B, raising questions on market valuation

Buffett is sitting on $128B, raising questions on market valuation

investment
Warren BuffettGerard Miller | CNBCDespite having $128 billion to burn, Warren Buffett just backed out of a bidding war after a slightly higher offer topped Berkshire Hathaway's.If the Oracle of Omaha is that shy to just spend a tad more of his giant cash pile, could that be saying something about the stock market's overall valuation?Last week, the Berkshire chairman and CEO bid $140 a share, or just over $5 billion, for Tech Data, a hot technology distributor, according to an exclusive report Friday from CNBC's Becky Quick. Then private-equity giant Apollo Global Management then sweetened its initial bid to $145 a share, or $5.14 billion.Buffett then bowed out.Little is cheap in the market right now as stocks' record run this year has driven multiples higher across the board and lifted mo...
Exclusive: Mexico’s Pemex fights in court to suspend clean diesel rule – documents

Exclusive: Mexico’s Pemex fights in court to suspend clean diesel rule – documents

business
MEXICO CITY (Reuters) - Mexico’s state-run oil company Pemex has been fighting for almost a year in court to suspend a rule issued by the previous government, requiring the nationwide sale of clean diesel to start this year, court documents seen by Reuters show. FILE PHOTO: A diesel and fuel pump machine are seen at a gas station, in Mexico City, Mexico January 15, 2019. REUTERS/Henry RomeroMexico does not produce enough ultra-low sulfur diesel (ULSD) to satisfy the demand the new rule - which was issued by the nation’s energy regulator in 2016 - would create, so U.S. refiners started gearing up last year to supply the neighboring country with more clean fuel. But a district court granted Pemex legal protection in January by suspending enforcement of the rule across most of the country. T
Former RBI deputy governor appointed as chairman of MFI panel

Former RBI deputy governor appointed as chairman of MFI panel

Finance
KOLKATA: Former deputy governor of the Reserve Bank of India (RBI), H R Khan has been appointed as the first chairman of the steering committee of the Code for Responsible Lending (CRL) in micro-credit. The CRL is a self-regulatory step for the micro-credit industry making diverse entities like banks, NBFC-MFIs and NBFCs adhere to standards of customer protection, a statement by Micro-finance Institutions Network (MFIN) said. CRL was launched in September by MFIN and Sa-Dhan, an RBI-recognised association of MFIs, along with Finance Industry Development Council, an association of NBFCs. "I am excited to be part of this initiative of MFIN and Sa-Dhan. I strongly believe in the importance of promoting responsible finance to protect the interests of underserved and unserved borrowers," Kh...
Robinhood pulls bank charter application as fintechs face hurdles to disrupting financial system

Robinhood pulls bank charter application as fintechs face hurdles to disrupting financial system

investment
Robinhood co-founder and co-CEO Vlad Tenev speaks onstage during the TechCrunch Disrupt New York event on May 10, 2016.Noam Galai | Getty Images for TechCrunchRobinhood is no longer looking to become a federally insured bank.The stock-trading start-up announced Wednesday that it was pulling its bank charter application with the Office of the Comptroller of the Currency, which was submitted earlier this year. A Robinhood spokesperson said the withdrawal was voluntary. But the move highlights the struggles a tech company can face when trying to upend the financial system."Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone," the spokesperson told CNBC. "We appreciate the efforts and collaboration of all t...