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His tweet followed a report suggesting Saudi Arabia became a major Tesla shareholder earlier in 2018. Tesla declined to offer further comment on the matter and the SEC didn't respond immediately to requests for comment. So while Musk tweeted that Tesla would produce 500,000 cars in 2019, what he really meant was that Tesla would reach an annualized production rate of 500,000 cars by the end of 2019-a clarification Musk tweeted out a few hours after his initial tweet.
  • Ford reports investigation for USA emissions certification re: analytical modeling

    Ford reports investigation for USA emissions certification re: analytical modeling

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    The problems do not involve " defeat device " software that activates pollution controls for emissions tests and turns them off on the road, according to Ford. Federal and state regulators have been cracking down on automakers in the wake of the VW revelations in 2015, which has cost the German automaker more than $30 billion in fines, fees and penalties.
  • Kraft Heinz reports $12.6bn loss after write-down

    Kraft Heinz reports $12.6bn loss after write-down

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    Now, if Kraft Heinz was banking on buying another company to feed its growth prospects, that avenue may not longer be available. In the fourth quarter of 2018, as a result of findings from the investigation, the Company recorded a $25 million increase to costs of products sold as an out of period correction as the Company determined the amounts were immaterial to the fourth quarter of 2018 and its previously reported 2018 and 2017 interim and year to date periods.
  • Zimbabwe devalues currency to tackle economic crisis

    Zimbabwe devalues currency to tackle economic crisis

    Markets

    On Wednesday, the bank unveiled a foreign exchange trading system that effectively devalued its quasi-currency, the bond note, which was officially pegged at parity with the U.S. Zimbabwe has launched a new financial "currency" after a shortage of dollars pummelled its economy and sent millions into poverty. The rate of 1USD:2.50RTGS$ is much lower than the rates which are now obtaining on the streets of between 1USD: 3.9 RTGS$ and 1USD:4.2 RTGS$ and it remains to be seen how long the rate ...
  • Crunch time as high-level US-China trade talks resume

    Crunch time as high-level US-China trade talks resume

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    But demands for structural changes to China's economy likely will be far harder to resolve than complaints about the soaring US-China trade imbalance, which has hit record heights since Trump took office. Washington has demanded that Beijing reverse much of its industrial policy, charging that China has sought global dominance through the alleged theft of American technology, massive subsidies and the promotion mammoth state-owned enterprises.
  • Disgruntled airport employee was behind Gatwick drone chaos, source claims

    Disgruntled airport employee was behind Gatwick drone chaos, source claims

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    Sussex Police had faced criticism for its handling of the incident after wrongly arresting a couple and then suggesting there may not have been a drone at all. Passengers should contact their airline's website for flight updates. Dublin Airport said that police and other authorities were informed of the incident immediately - Ireland has drone regulations that impose a 5km exclusion zone around airports, among other things.
  • China's Dalian port bans Australian coal imports, sets 2019 quota

    China's Dalian port bans Australian coal imports, sets 2019 quota

    Markets

    The Chinese port of Dalian told shipping companies earlier this week it would cap total coal imports in 2019 at 12 million tonnes. But Canberra can't explain why ships are floating outside certain Chinese ports still laden with Australian coal - other than to say these things have happened before and everything ultimately returns to normal.
  • Oil Prices Fall As U.S. Crude Output Hits Record 12m bpdoil

    Oil Prices Fall As U.S. Crude Output Hits Record 12m bpdoil

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    In fact, the crude oil price was also boosted by United States sanction on OPEC members such as Venezuela and Iran , alongside an outage in an offshore oil field in Saudi Arabia's Safaniya, slashing output further, which used to produce 1,00,000 barrels of crude per day.
  • After alienating Huawei, US President now wants 5G and 6G

    After alienating Huawei, US President now wants 5G and 6G

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    Nobody really knows what Trump was talking about here, although the suspicion is that it all revolves around a concern that the 5G push is going to be something that sees Chinese company Huawei get a foothold in places where Trump and various government agencies believes it shouldn't.
  • Tesla Model 3 Loses Consumer Reports' Recommendation Over Reliability Concerns

    Tesla Model 3 Loses Consumer Reports' Recommendation Over Reliability Concerns

    Markets

    The magazine rates brands based on owner-satisfaction surveys and its own road tests and reliability predictions. "We've seen this with other vehicles such as the Jeep Wrangler and Chevrolet Corvette". Tesla also received another ding on Consumer Reports' latest rankings. Consumer Reports said that the auto it purchased for testing exhibited the last of those when a crack appeared in its rear window.
  • Southwest Airlines faces an

    Southwest Airlines faces an "operational emergency"

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    No such decleration was made in the days following the death of a Wells Fargo executive on a Southwest flight from Dallas to New York City in April 2018 as a result of an engine failure, they argued. In response, the union said Southwest's requirements imposed extra-contractual demands with a threat of termination for failing to comply, and asked for its contract to be respected.
  • Honda confirms Swindon UK plant closure

    Honda confirms Swindon UK plant closure

    Markets

    Its restructuring is aimed at adjusting its operations to reflect stronger demand in Asia and North America, Hachigo said . Still, workers spoke to media outside the plant, criticising the government's inability to come to a working Brexit agreement.
  • SC holds Anil Ambani guilty of contempt; orders RCom to pay Ericsson

    SC holds Anil Ambani guilty of contempt; orders RCom to pay Ericsson

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    The undertaking that was given was false to the knowledge of the court and apart from affecting the administration of justice, it is also a breach of undertaking given to the Supreme Court . The Bench ruled that the chairpersons' undertakings were neither as per the court's orders nor in accordance to the earlier ones given in the NCLAT.
  • Bezos stars in Amazon's escape from NY as HQ2 plan flops

    Bezos stars in Amazon's escape from NY as HQ2 plan flops

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    The unlikely ending could never have been predicted when Amazon first announced it was searching for its second headquarters in September 2017. New York Mayor Bill de Blasio slammed Congress freshman Alexandria Ocasio-Cortez claiming she's "out of touch" and is failing to be a "progressive" leader after she helped push Amazon out of New York .
  • Flybmi collapse: What to do if your holiday is affected

    Flybmi collapse: What to do if your holiday is affected

    Markets

    Flying from Aberdeen, Derry, Bristol, the East Midlands, Stansted and Newcastle in the United Kingdom, its planes travelled to destinations in the Czech Republic, Denmark, France, Germany, Italy, Norway, Poland and Sweden. The airline's sudden collapse has revived calls to implement stronger consumer protections for consumers in the event of airline bankruptcies in Europe.
  • Payless to liquidate USA stores, including 40 in metro Detroit

    Payless to liquidate USA stores, including 40 in metro Detroit

    Markets

    At one time Payless had 4,400 stores. The company said Friday it expects to begin liquidation sales Sunday. A spokeperson said its worldwide franchises and Latin American stores will not be affected. Often these companies end up with a second bankruptcy soon after. Payless was founded in 1956 by two cousins, Louis and Shaol Lee Pozez, to offer self-service stores selling affordable footwear.