Business

Pertaining to and impacting businesses, markets and the economy

 
Indonesia’s Jokowi meets Tesla’s Musk to discuss investments
On Saturday, Indonesian President Joko Widodo met Tesla Inc (TSLA.O) Chief Executive Elon Musk in Texas to discuss potential investments and technology. According to Indonesian officials, the meeting between Musk and Widodo came after a round of working-level discussions on a potential investment in Indonesia's nickel (of which they have the largest reserves in the world) industry and supply of batteries for electric vehicles.
 
Elon Musk puts Twitter deal on hold over fake account details
On Friday, Elon Musk put his $44 billion deal for Twitter "temporarily on hold" while he awaits data on the proportion of its fake accounts. In a tweet, the Tesla billionaire referred to a Reuters story from May 2nd, citing a financial filing from Twitter that estimated false or spam accounts made up fewer than 5% of the company’s "monetizable daily active users" in the first quarter.
 
UN chief Guterres concerned Ukraine war could threaten global food security
Speaking in Vienna, UN Secretary-General Antonio Guterres said he was deeply concerned about the possibility of hunger spreading globally as the Ukraine war threatens food security. The Ukraine war has affected the shipping of grains and other commodities from Ukraine and Russia via the Black Sea.
 
G7 countries to phase out Russian oil imports
On Sunday, the Group of Seven (G7) nations committed to ban, or phase out, imports of Russian oil. In a joint statement, the G7 leaders elaborated, "We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion."
 
Elon Musk raises $7 billion for Twitter purchase
Elon Musk had promised to raise $20 billion of equity to pay for Twitter, yet it's still unclear where that money will come from. On Thursday, Musk secured partners to raise $7 billion to fund his buyout of the social media company.
 
Reformer pitches “public benefit” structure for Twitter
A prominent corporate reformer has pitched an idea to Elon Musk as the latter assumes control of Twitter Inc - to turn the social media platform into a "public benefit corporation" (PBC) to work for all stakeholders, not just its investors. Rick Alexander, the CRO of The Shareholder Commons, stated that adopting this specific legal structure would be one of several ways that Twitter (TWTR.N) could ensure that it serves the public interest - even in the event that Musk eventually sells the company again.
 
Taiwan presses US to deliver Stinger missiles on time
On Tuesday, Taiwan's Defence Ministry voiced its fears that the expected deliveries of Stinger anti-aircraft missiles could end up being delayed. The deliveries are expected to be delayed, as the missiles are in high demand in the Ukraine, where they've proved effective against Russian aircraft.
 
BVI premier detained on alleged drug smuggling
The premier of the British Virgin Islands (BVI) was arrested for alleged drug smuggling and money laundering in the US. Andrew Fahie was detained in Miami, FL by the US Drug Enforcement Agency (DEA) officials.
 
Meta stock soars despite slowed revenue growth
Facebook parent Meta’s first-quarter profit jumped well past Wall Street’s expectations despite slower revenue growth. The company earned $7.47 billion, or $2.72 per share, in the January-March period - down 21% from $9.5 billion, or $3.30 per share in the same period a year earlier.
 
Ford begins production of Lightning F-150 electric truck
On Tuesday, Ford Motor Co (F.N) began manufacturing its F-150 Lightning electric pickup truck. Ford marked the "Job One" ceremony for the Lightning truck with a webcast on Tuesday at 1:30 EDT (17:30 GMT).