Rows of new Tesla cars appear in a parking area near a customer collection point on April 15, 2024.Leon Neal | Getty ImagesTesla CEOs Drew Baglino and Rohan Patel announced Monday that they are leaving the electric car maker and clean energy company. CEO Elon Musk thanked each of the departing executives at X, the social network he owns and runs as chief technology officer.This news comes after Tesla said it would lay off more than 10% of its workforce.Baglino has been with Tesla since its early years, starting as a firmware and electrical engineer in 2006. He most recently…
Author: ricardofrancois
Washington – Former President Trump made history last year as the nation's first chief executive to be charged with a crime.This week, he will add another chapter — becoming the first former president to stand trial on criminal charges.Later this year, he may surpass that if he becomes the first candidate with a criminal record to win the presidency.Here's a look at the unprecedented legal questions raised by Trump's situation.Can Trump become president after being convicted of a crime? Yes. There is nothing in the Constitution or federal law that prevents a felon from holding the highest office in the…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.Aluminum posted its biggest intraday gain since at least 1987, and nickel and copper prices also rose after the UK and US imposed sanctions that effectively ban new Russian supplies of the vital industrial metal from being traded on two of the world's largest exchanges.Aluminum, which is used to make cans, aircraft and buildings, rose as much as 9.4 percent on Monday, the largest intraday rise since the contract was launched in its current form 37 years ago, before retreating to trade…
Check out the companies making headlines before the bell. Goldman Sachs – Shares of Goldman Sachs jumped 3.3% in premarket trading after the company beat Wall Street's first-quarter earnings expectations. Goldman posted earnings of $11.58 per share on revenue of $14.21 billion for the period, helped by its commercial and investment banking businesses. Analysts surveyed by LSEG had called for earnings of $8.56 per share on revenue of $12.92 billion, in the meantime. Logitech – Shares fell nearly 2% after Morgan Stanley downgraded the computer peripherals stock to below weight. Analyst Eric Woodring believes the market is “mispricing” Logitech's outlook…
The Commerce Department reported Monday that higher inflation in March did not deter consumers, who continued to shop at a faster pace than expected.Retail sales rose 0.7% during the month, much faster than the Dow Jones forecast for a 0.3% increase, according to Census Bureau data that was adjusted for seasonality but not for inflation.The Consumer Price Index rose 0.4% in March, the Labor Department reported last week in data that was also above Wall Street expectations. This means that consumers were able to keep up with the pace of inflation, which reached an annual rate of 3.5% during the…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.The Danish tax authority accused trader Sanjay Shah's hedge fund of orchestrating a “meticulously planned” tax fraud on Monday, opening a trial that an English judge described as one of the most complex to hit London's courts.Lawyers representing the Danish Customs and Excise Service (SCAT) told the High Court that dozens of defendants led by Shah's hedge fund, Solo Capital Partners, conducted the fraud over three years, resulting in them receiving a total of about £1.44 billion in recoveries. Profits taxes.The case…
Good morning. It's Monday, April 15th. I'm Vanessa Franco, associate editor on the Audience Engagement team, writing from Coachella. Here's what you need to know to start your day. the news You're reading the Essential California newsletter Our reporters walk you through the top news, features and recommendations every morning Enter your email address Involve me You may occasionally receive promotional content from the Los Angeles Times. Reports of Coachella's death have been greatly exaggerated I've spent the past three days in dusty Indio, walking tens of thousands of steps with tens of thousands of other people at the Coachella…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, selects her favorite stories in this weekly newsletter.CVC may be a great deal maker, but it hasn't had much luck in timing its own listing. Over the past two years, the European private equity group has twice postponed its IPO plans, as markets were turbulent due to geopolitical tensions. It has now announced its intention to float, thus joining the list of those eagerly monitoring developments in the Middle East.Despite the circumstances, it's not hard to see why CVC is keen to move forward. Large private equity groups love…
Layoffs usually arouse concern and sympathy for affected employees, but rarely does anyone talk about what happens to employers who are sometimes asked to leave when companies decide to cut headcount. In fact, tech companies cut up to half their hiring teams when they were laying off people in droves in 2022 and 2023. Paraform, a recruiting platform targeting startups, feels there is an opportunity to tap into the pool of laid-off recruiters who have since branched out to start their own businesses, helping startups source talent and access a broader talent network. To fund this effort, the company recently…
Traders work on the floor of the New York Stock Exchange on April 1, 2024.Brendan McDiarmid | ReutersUS stock futures rose on Monday, rebounding from last week's strong sell-off. Goldman Sachs Profits and hopes that the conflict in the Middle East will not escalate further.Futures contracts are linked to the Dow Jones Industrial Average It rose 220 points, or 0.6%. Standard & Poor's 500 And Nasdaq-100 futures By 0.5% and 0.6%, respectively.Iran launched drones and missiles at Israel on Saturday evening, in the first direct attack on Israel from Iranian territory. While the majority of threats have been intercepted, fears…