Elon Musk: Tesla is not immune to tough economic conditions
Tesla and SpaceX CEO Elon Musk warned that the electric vehicle pioneer Tesla is not immune to global economic conditions, which he foresees to be difficult in the coming 12 months.
During the company’s annual shareholder meeting in Texas, Musk played down the rumors that he may step down as Tesla CEO, touched upon two new mass-market models the company is developing, and reaffirmed that the deliveries of its long-delayed Cybertruck pickup would begin this year.
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The International Monetary Fund (IMF) stated that it “strongly supports” the efforts of Brazil in improving the South American nation’s fiscal position, and the organization also commended Brazil’s “ambitious agenda” to have a sustainable, inclusive and green economy. Ana Corbacho, Brazil’s leader of an annual mission, said that “enhancing Brazil’s fiscal framework, broadening the tax base, and tackling spending rigidities would support sustainability and credibility.”
New home prices in China have grown for the fourth consecutive month in April but at a slower pace which heightens fears over fading demand in the Asian nation despite its recent re-opening from COVID-19 restrictions. Some economists believe that more policy stimulus may be needed to ensure that China’s recovery stays on track after data shows that imports dropped sharply, factory gate prices fell once more and industrial output and retails missed projections.
The U.S. dollar regained momentum on Wednesday while Asian currencies continued to drop in value amid recent hawkish comments from the Federal Reserve which may indicate further interest rate hikes to tame the relatively high inflation in the nation. The dollar index, which tracks the greenback against other major currencies, surged 0.39% to 102.800.
Gold prices fell on Wednesday beneath the $2,000 mark as the precious metal is under pressure amid growing uncertainty over the U.S. debt ceiling situation, which boosted the dollar greenback and deterred investors from the bullion. Gold futures fell 0.23% to $1,988 per ounce.
Oil prices bumped higher on Wednesday despite a surprise increase in U.S. crude inventories which can typically dwindle the price-tag of the highly-traded commodity. Brent futures jumped 0.20% to $75.07 a barrel while WTI futures increased 0.17% to $70.97 per barrel.
USA: S&P500 -0.64%, Dow Jones Industrial Average -1.01%, Nasdaq Composite +0.09%
Europe: FTSE 100 +0.02%, DAX +0.26% CAC 40 -0.14%
Asia: Nikkei 225 +0.84%, Hang Seng -2.09%, CSI 300 -0.45%, Nifty 50 -0.52%
Daimler and Toyota announced on Tuesday that they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the partnership’s memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors would be combined under a holding company, as said in a statement.
OpenAI CEO Sam Altman said on Friday that the corporation is not planning on leaving Europe and areas of the European Union, contrasting a threat made earlier in the week to exit the region if it becomes difficult to comply with stringent artificial intelligence laws. The European Union is drafting a first set of global rules to govern artificial intelligence and Altman believes that the current draft is “over-regulating”.