Author: Chief Editor

Elon Musk’s rocket and satellite company SpaceX is in talks about an offering of mostly secondary shares that could value the company at up to $150 billion, representing a 20% increase in valuation, sources told Reuters. The offering would be aimed at helping employees and shareholders cash out, two of the sources said. That view appears to contradict earlier information from a separate source that the offering would raise up to $1 billion for SpaceX via a new share issuance. Talks with potential investors are centering around a price of $85 apiece for SpaceX shares, up from a split-adjusted $70…

Oil prices steadied on Wednesday, as geopolitical tensions following an attack on an oil tanker off the coast of Oman were offset by concerns over rising COVID-19 cases in China capped gains. Brent crude futures gained 12 cents, or 0.1%, to $93.98 a barrel by 1227 GMT, and U.S. West Texas Intermediate (WTI) crude futures eased 21 cents, or 0.2%, to $86.71 a barrel. Both benchmarks rose sharply after a tanker was hit off the coast of Oman on Tuesday, sustaining minor damage, highlighting the geopolitical risks in the world’s busiest routes for oil shipments. Three maritime sources told Reuters that a…

Solana, a poster coin of the crypto future, is in trouble. The cryptocurrency, which had been lauded by FTX’s founder Sam Bankman-Fried, has been hit harder than any other major coin by the collapse of the exchange. The Solana token, or SOL , has dropped 53.8% since the furor began unfolding on Nov. 2. By comparison, ether has fallen about 20% and bitcoin 19%. “In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem,” said Stefan Rust, CEO of blockchain wallet company Laguna Labs. He and several other crypto players said FTX and sister firm Alameda Research likely…

A Tesla Inc (TSLA.O) director and a former executive took the stand on Monday and defended Elon Musk’s $56 billion pay package against a shareholder’s claims that the entrepreneur dictated terms of the deal to finance his dream of traveling to Mars. Tesla shareholder Richard Tornetta hopes to prove that Musk used his dominance over the electric vehicle maker’s board to craft the 2018 package and then duped investors into approving it. The first day of a week-long trial in Wilmington, Delaware, featured testimony from Ira Ehrenpreis, a Tesla director since 2007, who was pressed to explain why the board did not…

Walmart Inc (WMT.N) on Tuesday forecast a smaller fall in annual profit as demand for groceries holds up despite higher prices, while discounts on clothing and electronics attract more inflation-hit shoppers to the top U.S. retailer’s stores. The company also raised its full-year net sales expectations and announced a new $20 billion share buyback plan, pushing its shares up 7% in premarket trading. Its results boosted stocks of other major retailers including Target Corp (TGT.N) and Macy’s Inc (M.N). Sales of food and other essentials that fill much of Walmart’s shelf space have proved resilient, even as shoppers cut back on discretionary spending amid decades-high…

China’s economy suffered a broad slowdown in October as factory output grew more slowly than expected and retail sales fell for the first time in five months, underscoring faltering demand at home and abroad. The world’s second-largest economy is facing a series of headwinds including protracted COVID-19 curbs, global recession risks and a property downturn. In a sign of persistent weakness in sector, data on Tuesday also showed property investment falling at its fastest pace since early 2020 in October. The downbeat data poses a challenge for Chinese policymakers as they steer the $17 trillion dollar economy through choppy waters,…

Saudi Arabia recorded second-quarter foreign direct investment (FDI) flows down 85% year on year, an investment ministry report showed on Tuesday. The FDI inflows were at 7.9 billion riyals ($2.1 billion) in the second quarter, compared with about 51.9 billion riyals in the same period last year. With the exclusion of the closing of state-owned Saudi Aramco’s IPO deal in the second quarter of 2021, the Kingdom’s foreign direct investment grew 46.5% year on year. ($1 = 3.7580 riyals) [Reuters]

Rich nations have stuck to pledges to phase out coal power despite the energy crunch in the wake of the Ukraine war but China’s expanding coal fleet risks counteracting the climate impact of the closures, a report said on Tuesday. Countries within the Organization for Economic Cooperation and Development (OECD) policy forum and the European Union are on track to close more than 75% of their coal power capacity from 2010 to 2030, the Powering Past Coal Alliance (PPCA) said. Greenhouse gas emissions from burning coal are the single biggest contributor to climate change. Weaning the world off coal is…

Every four years, the world puts its differences aside for one brief month to come together and celebrate the greatest festival on earth: the FIFA World Cup. Featuring the mightiest teams and their greatest players, the tournament has gifted fans with numerous unforgettable moments since its inception in 1930. Putting on a show at the grandest stage on earth is every footballer’s dream, but only a handful have succeeded in their endeavor. Today, we will take a look at the most revered performers in FIFA World Cup history and try to create the strongest possible XI. Now, without further ado, let’s…

One of the many issues Chelsea are currently facing is the lack of potency in the final third. This has made it a bit difficult for the Blues to score as many goals as possible to finish off games when required. The west London club have registered the least number of goals, among the top 10 teams on the Premier League log this season (17). Chelsea also don’t have any players amongst the top 10 goal scorers in the league so far this season. The highest scorers at the club so far are Kai Havertz and Raheem Sterling, who both have three goals. Ahead of…