Tesla: 1,800 Model 3 reservations a day

The waiting list for Tesla’s new Model 3 is growing fast

Tesla (TSLA) said Wednesday it is now averaging more than 1,800 net reservations each day for its cheaper electric car, following an event last week to hand over keys to the first 30 Model 3 vehicles. Tesla did not provide an updated figure for its total waiting list. At the event last week, Tesla CEO Elon Musk said the reservation number was over 500,000. On a conference call with analysts Wednesday, he clarified the number was actually 455,000, including cancellations.

The strong demand is a mixed blessing for Tesla as it grapples with scaling up production to make good on deliveries for its first mass market car. Tesla said it remains “on track” to hit its production goals. Tesla expects to produce 1,500 Model 3 vehicles in the upcoming third quarter, 5,000 vehicles produced per week by the end of this year and 10,000 per week by the end of 2018.

http://cnn.com…   Thu.,  03  August 2017

Bitcoin and Bitcoin Cash

Orders for bitcoin cash are ‘exploding’

On Tuesday afternoon, bitcoin split into two in an event known as a “hard fork” that has divided the virtual currency’s online community.

Two competing strands of bitcoin emerged after some of its leading backers disagreed on the best way to take it forward.

The price of the cryptocurrency fell by around 4pc to around $2,700 (£2,000) after the fork, while the predicted price of Bitcoin cash rose from just over $200 to about $370, but traders are still unsure what will happen when the dust settles.

http://www.telegraph.co.uk…   Wed.,  02  August 2017

Brexit exodus for Investment banking jobs

70,000 roles may be relocated from the City of London post-Brexit

A banking exodus from London will be costly. International lenders may need to shift as many as 40,000 investment banking jobs to the European Union to maintain activities on the continent after Brexit, according to financial consultants Oliver Wyman.

Banks may also have to pump as much as $50 billion in extra capital into EU subsidiaries “to support new European entities,” analysts at Oliver Wyman said in a report published on Tuesday.

Oliver Wyman is not alone in predicting a banking exodus. The Centre for London estimated last month that as many as 70,000 roles may be relocated from the City of London post-Brexit, while EY last year predicted 83,000 financial services jobs could be lost. Brussels think tank Bruegel made a more conservative forecast of 30,000 jobs lost.

http://www.oliverwyman.com…   Tue.,  01  August 2017

Brexit: Japan’s biggest bank moves investment operations to Amsterdam

Hundreds of MUFG staff could be leaving the UK

Japan’s biggest bank is reportedly set to move its European investment operations from London to Amsterdam because of the uncertainty posed by Brexit. MUFG could move hundreds of its 2,100 London employees to the Dutch capital, sources told the Financial Times.

Other banks are also looking to set up new offices in various European cities because of Brexit. The UK’s withdrawal from the EU is likely to have a significant effect on the financial services industry in the UK – along with numerous other areas – as companies in Britain will no longer be able to operate within the EU framework.

This could potentially block access to clients and significantly interfere with business. Amsterdam is already home to MUFG’s retail and corporate banking operations.

http://www.independent.co.uk…   Mon.,  31  July 2017

Obamacare: US senate votes down ‘skinny repeal’ of health act

The revolt of John McCain

Arizona senator John McCain provided a historic and critical vote to torpedo the Obamacare repeal bill – and with it Donald Trump’s legislative agenda – in a night of high drama on Capitol Hill. McCain, who only returned to Washington earlier this week after a diagnosis of brain cancer, joined fellow Republicans Susan Collins of Maine and Lisa Murkowski of Alaska in voting down the so-called “skinny repeal” bill 51-49. The six-term senator, who was his party’s 2008 presidential candidate against Barack Obama, told reporters “wait for the show” before arriving for the vote in the Senate chamber.

Once there, McCain was lobbied by vice-president Mike Pence, who was on the floor of the Senate to preside in case of a tie, for over 20 minutes. The two went back and forth and occasionally disappeared from the chamber altogether. But as the votes were cast, McCain, who had long nurtured a reputation as a maverick willing to buck party lines, delivered a black eye to Trump, who had famously mocked McCain as “not a war hero” during the 2016 campaign. The dramatic conclusion ended months of furious negotiating that exposed a party riven over how to dismantle a law that extended healthcare coverage to millions of Americans and has taken root in several states, in some cases with the help of Republican governors.

http://www.theguardian.com…   Fri.,  28  July 2017

Foxconn unveils $10 billion plan to build LCD display plant in US

Trump announces that Apple’s top supplier is building a $10 billion factory in Wisconsin

Taiwanese electronics manufacturer Foxconn Technology Group announced at the White House Wednesday its plans to invest $10 billion to build a massive display panel plant in Wisconsin that could employ up to 13,000 workers but would require up to $3 billion in subsidies from state taxpayers.

“America does not have a single LCD plant to produce a complicated system. We are going to change that,” Foxconn chairman Terry Gou said at a news conference. “It starts today with this investment in Wisconsin.”

Foxconn is a major supplier of Apple iPhones and other Apple devices and comes a day after President Donald Trump told the Wall Street Journal that Apple CEO Tim Cook promised him the company would build “three big plants, beautiful plants” in the U.S.

The Wisconsin-based Foxconn plant will focus on display panels used in televisions and other devices. Last year, Foxconn bought Japanese electronics maker Sharp Corp.

http://www.usatoday.com…   Thu.,  27  July 2017

US/China trade war

Trump challenging China’s industrial policies

The top U.S. trade negotiator said late on Tuesday that President Donald Trump is determined to challenge China’s use of unfair subsidies and “non-economic” industrial policy to build up export industries that are costing American jobs.

U.S. Trade Representative Robert Lighthizer, in a rare media interview, said that the Trump administration would work to hold China’s practices to the rules of the World Trade Organization, an organization that he has criticized for being ineffective in enforcing fair trade.

Speaking on the syndicated “Kevin McCullough Radio” conservative talk show, Lighthizer said there was “no question that China has an industrial policy that is designed to create jobs and wealth in China.”

http://www.reuters.com…   Wed.,  26  July 2017

U.S. home sales stumble

Prices hit record high

U.S. home resales fell more than expected in June as a dearth of properties amid strong demand pushed prices to a record high, keeping first-time buyers on the sidelines. The housing market has experienced an acute shortage of homes for sale for about two years. As the labor market churns out more jobs and builders struggle to secure land, building materials and skilled labor, the situation could worsen.

“The fact that demand is so high is actually a good sign of economic health,” said Svenja Gudell, chief economist at Zillow. “But that’s probably small comfort to buyers, especially first-time buyers that are having an especially difficult time finding entry-level homes for sale.”The National Association of Realtors said on Monday existing home sales dropped 1.8 percent to a seasonally adjusted annual rate of 5.52 million units last month.

Economists had forecast sales falling 1.0 percent to a 5.58 million-unit rate. Sales were up 0.7 percent from June 2016. The shortage of properties has led to bidding wars, culminating in house price increases outpacing wage gains.

http://www.reuters.com…   Tue.,  25  July 2017

Oil price down

OPEC faces ‘mission impossible’ in sustaining oil prices

IHS Markit’s Victor Shum predicts Brent crude prices may settle around mid to high $40s per barrel as OPEC’s compliance to production cuts falls.

http://www.cnbc.com…   Mon.,  24  July 2017

Exit from BREXIT?

Voters must be allowed another referendum  at the end of the two year Article 50 process

Sir Vince Cable has offered voters the possibility of an “exit from Brexit” after being confirmed as the new leader of the Liberal Democrats. The former business secretary, 74, succeeds Tim Farron, who stood down in the wake of the General Election because of questions around his faith. The June election saw the Lib Dems increase their tally of MPs by from eight to 12, a modest revival after being almost wiped out in 2015.

Sir Vince, who is the party’s oldest ever leader, said the Government’s handling of Brexit was taking the UK towards the “disastrous outcome” of crashing out of the EU. Negotiations were being conducted by a “dysfunctional, disorganised, disunited” Government, whose strategy was devised before the full complexity of Brexit became apparent, he said, and during a time when Theresa May had “serious political authority”, something she has now lost.

http://news.sky.com…   Fri.,  21  July 2017