Month: March 2017

Asia markets mostly higher, ZTE resumes trade and jumps 10%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares in Asia were mostly positive on Thursday, following Wall Street’s higher close after the Federal Reserve raised rates but kept a dovish stance.

The Japanese benchmark, Nikkei 225, fell just 0.07 percent as the yen strengthened against the weaker dollar.

Down Under, the ASX 200 was up 0.27 percent.

Australia’s unemployment rate in February rose to 5.9 percent, higher than the expected 5.7 percent.

The unemployment rise to 5.9 percent is a bit of a slap in the face for RBA governor Philip Lowe who, only recently, said he’d like to see it move lower. This makes it the highest since January 2016 and above the 12-month average of 5.7.

The Australian government is set to spend up to AUSD 2 billion (USD 1.54 billion) to expand the output of the Snowy Mountains Hydroelectric scheme by up to 50 percent to help solve a power crisis.

South Korea’s Kospi jumped 0.78 percent.

China’s Shanghai composite shot up 0.67 percent in early trade and the Shenzhen composite rose 0.69 percent.

Shenzhen-listed ZTE resumed trade on Thursday after an eight-day hiatus, and added 10 percent to hit the maximum allowed move. The telecommunications equipment supplier had plead guilty to violating U.S. sanctions on Iran, and paid nearly USD 900 million in settlements.

Hong Kong’s Hang Seng added 1.4 percent.

On central bank watch, the Bank of Japan and Bank Indonesia will announce monetary policy decisions today.

The Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 0.75 percent to 1 percent in a widely-telegraphed move. The rate hike comes amid growing confidence that the economy is poised for more growth.

The central bank also indicated that it still expects three moves, as each Fed members’ expectations for where rates will be in coming years changed little from the last meeting.

“Even though the dot plot is not relevant because so much can change, the Fed reminded us all of the gradual nature of their expected behavior on this rate hike cycle,” said Peter Boockvar, chief market analyst at The Lindsey Group, in a Wednesday note.

US stocks closed higher on Wednesday, as oil prices bounced back and the Fed took a less hawkish stance than expected.

The Dow Jones industrial average was up 0.54 percent to finish at 20,950.1, the S&P 500 rose 0.84 percent to close at 2,385.26 and the Nasdaq composite added 0.74 percent to 5,900.05.

During Asian trade, Brent crude futures were up 0.66 percent to USD 52.15 a barrel, and US crude gained 0.57 percent to USD 49.14.

Oil prices climbed for the first time in a week on Wednesday during US hours on a surprise drawdown in US crude inventories. The International Energy Agency (IEA) also suggested that the Organization of Petroleum Exporting countries output cuts could create a crude deficit in the first half of 2017, Reuters reported.

The weaker dollar after the Fed raised rates as expected also helped to make the greenback-denominated crude less expensive for holders of other currencies.

The dollar index, which tracks the greenback against a basket of major currencies, slipped below the 101 handle to trade at 100.54 early Asian time.

Against the dollar, the yen was stronger at 113.3 compared to levels above 114 yesterday and the Australian dollar was stronger at USD 0.7690.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US Fed raises rates at March meeting

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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For the second time in three months, the Federal Reserve increased its benchmark interest rate a quarter point amid rising confidence that the economy is poised for more robust growth.

The move, widely anticipated by financial markets, takes the overnight funds rate to a target range of 0.75 percent to 1 percent and sets the Fed on a likely path of regular hikes ahead.

Despite a well-telegraphed move, news of the rate hike pushed government bond yields lower while major averages in the stock market moved higher.

“The market was bracing for a much more hawkish tone from the Fed. The early reaction looks to be one of relief, that the market’s worst fears were averted,” said Michael Arone, chief investment strategist at State Street Global Advisors.

Some market participants had feared that the statement and accompanying economic projections Wednesday would point to a more hawkish Fed, with a faster pace of rate hikes ahead. However, the closely watched “dot plot” that shows each member’s expectations for where rates will be in coming years changed little from the last meeting.

More broadly, though, officials left expectations for economic growth little changed. The forecast for GDP gains in 2017 remains 2.1 percent, while 2018 was pushed up one-tenth to 2.1 percent. Longer-run growth estimates remained at 1.8 percent.

Inflation expectations remained in check as well, as the Federal Open Market Committee — the central bank’s policy-setting group — sees a slight uptick in 2017 from 1.8 percent to 1.9 percent but the longer-run tending toward 2 percent.

“It is important for the public to understand that we’re getting closer to reaching our objectives,” Fed Chair Janet Yellen said during a post-meeting news conference.

The statement also reaffirmed the previous meeting’s language stating that risks to the FOMC forecasts are “roughly balanced.”

The FOMC took the target rate to near-zero during the financial crisis and left it there until beginning a path toward a more normalized level in December 2015.

This week’s hike comes amid hopes that more aggressive fiscal policy under President Donald Trump will allow the Fed to cede its economic stimulus role to Congress and the White House.

While hard economic data have been mixed, sentiment surveys are running high that the economy is poised to grow more than the lackluster post-crisis level. Businesses, consumers and professional investors all have indicated they believe better times are ahead.

According to reports released just before the Fed decision, home builder confidence is at a 10-year high, and manufacturing in New York is surging due to a multi-year high in orders and a decade-high in unfilled orders.

However, the confidence has been slow to transfer to actual growth.

The Atlanta Fed on Wednesday cut its view for first-quarter GDP to a 0.9 gain – coincidentally, the same level of fourth-quarter growth when the FOMC approved the December 2015 rate hike.

Yellen said Wednesday that GDP is a “noisy” indicator from quarter to quarter and believes the economy over the long run is running at about a 2 percent pace.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Boeing and Ford power ahead with China expansion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US firms Boeing and Ford are powering ahead with China expansion plans, betting big despite the country’s economic slowdown.

Boeing is set to break ground on its first overseas plane factory by the end of this month, and will aim to deliver 100 planes per year, with the initial batch expected in 2018, Chinese state media reported.

Auto manufacturer Ford is also growing in Asia’s largest economy with plans to produce an all-new SUV in China for Chinese customers by the end of 2019, according to a company spokesperson. The new vehicle will be built in Chongqing, and will put the US car company head-to-head with other foreign luxury car brands in China, such as Mercedes-Benz, owned by Daimler.

China’s transportation industry is booming — it’s already the world’s largest auto market and manufacturer globally, and commercial airlines have rushed to add routes as more airports open across the country.

Major companies like Boeing and Ford are seeking opportunities to gain a greater slice of the market, despite a slowdown in growth in the world’s second-largest economy.
Ford’s luxury Lincoln brand has been quite popular in China — last year, the company posted a stunning 180 percent growth in sales, selling 32,558 vehicles. To meet demand, Lincoln doubled its Chinese footprint in 2016 to 65 Lincoln stores and seven branches.

“The Lincoln product and ownership in China is resonating with Chinese customers even beyond our expectations,” Kumar Galhotra, president of Lincoln, said in a statement. “We are now taking Lincoln to the next level by building a new SUV in China to join a dynamic lineup of imported cars and SUVs.”

The Michigan-based company will still continue exporting Lincoln vehicles from North America, including its flagship luxury sedan, the Lincoln Continental, which launched last year.

Boeing’s new factory will focus on finishing the interior and exterior of the company’s popular commercial 737 aircraft, along with delivery to Chinese customers, according to Boeing.

The plant, a joint venture with state-owned Commercial Aircraft Corporation of China, was announced in 2015 and will be located in Zhoushan, a city in northeastern China. The factory is estimated to create 2,000 jobs, reported Chinese state media.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chinese factory output kicks off 2017 on high note

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China’s factory output rose 6.3 percent in January-February from the same period a year earlier, while fixed-asset investment grew 8.9 percent, both beating expectations.

Analysts polled by Reuters had predicted factory output would growth 6.2 percent in the first two months this year, picking up from December’s 6.0 percent as demand for manufactured goods improves at home and abroad.

Analysts had expected fixed-asset investment growth of 8.2 percent, quickening from 8.1 percent in the whole of 2016.

Growth of private investment quickened to 6.7 percent from 3.2 percent last year, the National Bureau of Statistics said on Tuesday, suggesting an improved appetite from private firms to invest after a sharp loss of momentum in the last few years.

Private investment accounts for about 60 percent of overall investment in China.

Retail sales growth was well below expectations, however. Retail sales rose 9.5 percent in January-February from a year earlier. Analysts had forecasted they would rise 10.5 percent, easing from December.

China combines January and February activity data in a bid to smooth out seasonal distortions caused by the timing of the long Lunar New Year holidays, which began in late January this year but fell in February last year.

The country is targeting growth of around 9 percent in fixed asset investment for 2017, while retail sales were expected to increase about 10 percent, the state planner said during the nation’s annual parliamentary session this month.

China has cut its economic growth target to about 6.5 percent this year to give policymakers more room to push through painful reforms to contain financial risks. The economy grew 6.7 percent in 2016, the slowest pace in 26 years.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asia markets mixed; Toshiba falls 6% as it delays earnings filing

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asia traded sideways on Tuesday, following Wall Street’s mixed close as the Federal Reserve’s kicks off its two-day meeting.

In Japan, the Nikkei 225 dipped 0.15 percent.

Toshiba plunged 6.1 percent by 9:40 am HK/SIN after the company announced it would postpone earnings filings again due to the need for more time with auditors to review its US nuclear subsidiary probe, Reuters reported. The Japanese conglomerate will hold a news conference later at 3pm HK/SIN.

The Australian benchmark ASX 200 wavered for most of the morning, up 0.08 percent, supported by strengths in its energy sub-index, which was up 1.21 percent, and its materials sub-index, which was up 0.99 percent.

National Australia Bank’s monthly business survey of more than 400 firms showed that the index of business conditions fell 7 points to +9 in February. All sectors except retail reported improved conditions last month.

South Korea’s Kospi was up 0.41 percent, even as the country remains engulfed in political uncertainty after the impeachment of President Park Geun-hye last Friday.

Hyundai Engineering signed a deal with an Iranian investment fund on Sunday for a 3.2 billion euro (USD 3.2 billion) petrochemical project, which is awaiting financing by Korean banks, Reuters reported. Shares of Hyundai Engineering were up 0.52 percent.

China’s Shanghai composite added 0.11 percent while the Shenzhen composite gained 0.15 percent.

Goldman Sachs upgraded China’s stocks to “overweight” on Monday, saying that the increasing producer price index will translate to better corporate revenues and easing credit stress in the short-term. The investment bank also added that Chinese banks had brighter credit outlook and loan pricing.

Over in Hong Kong, the Hang Seng index was up 0.32 percent.

Traders are likely to focus on the Federal Open Market Committee’s upcoming decision on whether to raise interest rates, looking for clues on how quickly the US central bank is planning to tighten monetary policy.

“Solid Us employment growth of 235,000 in February, a fall in unemployment and a slight rise in wages growth keep the Fed on track to raise interest rates again this coming Wednesday,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital, in a weekly note.

“However, with US monetary policy a long way from being tight, future rate hikes likely to be gradual and US economic data likely to be solid we don’t see it derailing the bull market in shares,” Oliver said.

Market expectation for a tighter US monetary policy is at 95.2 percent, according to CME Group’s FedWatch Tool at 7am HK/SIN.

On the economic data calendar, China will release its fixed asset investment, industrial production and retail sales and Australia will release its NAB Business Confidence survey.

In the broader currency market, the greenback traded at 101.41 against a basket of currencies, above levels around 101.2 seen yesterday. At 8:12 am HK/SIN, the yen was weaker against the dollar at 114.92, while the Australian dollar was at USD 0.7565.

Oil prices continued to fall from three-month lows on Tuesday Asian time. Brent crude futures lost 0.12 percent to USD 51.29 a barrel, while US crude fell 0.14 percent to USD 48.33.

Stateside, the Dow Jones industrial average fell 0.1 percent to close at 20,881.48. The S&P 500 index inched up 0.04 percent to close at 2,373.47 and the Nasdaq added 0.24 percent to finish at 5,875.78.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wall Street’s top cop Preet Bharara fired after refusing Trump’s call to resign

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Preet Bharara said Saturday he was fired “moments ago” after refusing to agree to the surprise Trump Justice Department demand that he and 45 other US attorneys submit their resignations.

In a tweet, he reiterated that he did not resign his post as one of the nation’s top federal prosecutors.

The afternoon announcement came less than a day after the Justice Department asked 46 holdover US attorneys from the Obama administration to submit their resignations.

The Justice Department said it was not unusual for a new administration to request such resignations.

“I did not resign,” Bharara said in a tweet. “Moments ago I was fired. Being the US Attorney in SDNY will forever be the greatest honor of my professional life.”

Just months ago, Bharara met with Donald J Trump at Trump Tower, and announced that the then-president-elect had asked him to stay on as the high-profile United States attorney for the Southern District of Manhattan.

Several officials familiar with the matter told NBC News that Bharara was certain Trump wanted him to stay on.

His removal leaves a void in the fight against corruption and Wall Street crime.

Bharara, 48, was preparing to try former aides and associates of Gov. Andrew M. Cuomo in a bid-rigging case. His office also has been investigating New York Mayor Bill de Blasio’s campaign fundraising and the alleged sexting to a 15-year-old girl by disgraced former U.S. Rep. Anthony Weiner.

He also won a record $1.8 billion insider-trading settlement against billionaire Steven A Cohen’s SAC Capital Advisors, and handled major terrorism cases, including the conviction of and life sentence for Times Square bomber Faisal Shahzad.

In a statement praising Bharara for his “integrity, tenacity, and commitment to rooting out wrongdoing,” Democratic New York state Attorney General Eric Schneiderman blasted Trump and Attorney General Jeff Sessions.

“President Trump’s abrupt and unexplained decision to summarily remove over 40 US Attorneys has once again caused chaos in the federal government and led to questions about whether the Justice Department’s vital and non-partisan work will continue under Attorney General Sessions, as it must,” Schneiderman said.

Bharara was appointed in 2009 by President Barack Obama. He previously served as chief counsel to Sen. Charles E Schumer, D-NY, who is now Senate minority leader and a vocal critic of Trump.

After receiving the order from acting Deputy Attorney General Dana Boente, Bharara told his staff he had no intention of resigning and was going to be at the office on Monday for work, sources told NBC News.

‎Some in law enforcement circles suggested that Bharara was essentially daring the Justice Department and the White House to fire him‎, according to NBC.

After his Twitter announcement, Bharara issued a statement saying, “One hallmark of justice is absolute independence, and that was my touchstone every day.”

He said Deputy US Attorney Joon Kim will serve as acting U.S. attorney.

Lawyers mentioned as a possible permanent replacement include Marc Mukasey, according to The New York Times. The newspaper noted that Mukasey is a former federal prosecutor in the Southern District and is now a lawyer at the New York law firm where Trump friend and advisor Rudy Giuliani works.

Bharara’s announcement on Twitter came just eight days after he set up his personal account, in which he described himself as a Bruce Springsteen fan, a “Patriotic American & proud immigrant.” The first tweet by the India native, on March 3, was rather ominous.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asia mixed, China producer inflation jumps to fastest since 2008

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian equities were a mixed picture, as traders digest China’s February inflation data and track crude oil prices.

China’s producer price index (PPI) jumped more than expected by 7.8 percent in February from the previous year, the fastest pace since Sept. 2008. In contrast, consumer prices slowed, to 0.8 percent year-on-year, its slowest pace since January 2015.

The Shanghai composite was down 0.7 percent and the Shenzhen composite fell 0.59 percent. Hong Kong’s Hang Seng plunged 0.96 percent.

Japan’s Nikkei 225 was up 0.1 percent, slipping from earlier increases.

The benchmark ASX 200 wavered for most of the morning session, last trading down 0.36 percent. The index was weighed heavily by a 1.87 percent drop in its energy sub-index and a 2.34 percent decline in its materials sub-index.

Crude benchmarks plunged more than 5 percent during US hours on Wednesday after US crude inventories surged to a record high at an increase of 8.2 million barrels last week, compared with the consensus expectation for a 2 million barrels.

But oil recovered during Asian hours, as US West Texas Intermediate crude steadied to climb 0.66 percent to USD 50.62 a barrel, while global benchmark Brent crude rose 0.79 percent to USD 53.55.

South Korea’s Kospi was nearly flat, up 0.04 percent.

Samsung Electronics was down 0.05 percent, Samsung C&T was flat and Samsung Heavy shed 2.06 percent.

Meanwhile, Samsung Group’s chief Jay Y. Lee will go on trial for bribery and embezzlement, amid a corruption scandal that has led to the impeachment of President Park Geun-hye.

Traders in the region will also watch for more geopolitical-related news out of east Asia, after Washington’s ambassador to the United Nations Nikki Haley said Wednesday that the UN was re-evaluating how it must deal with North Korea after its repeated missile tests and that “all options are on the table.”

Over in the US, major indexes closed mostly lower amid plunging oil prices and data which showed private sector employment added 298,000 jobs last month, according to ADP and Moody’s, well above a Reuters poll estimate of 190,000.

“Bumper US ADP payrolls re-energizes the dollar and sends UST 10-year yields ever-closer to the key 2.60 percent level,” said Nizam Idris, Gareth Berry, and Teresa Lam, strategists at Macquarie Bank in a Thursday note.

“If Friday’s nonfarm payrolls convey a similar message about labour market strength, Fed may signal 4 hikes for 2017 in their new dot plot.”

The Dow Jones industrial average was down 0.33 percent, or 69.03 points at 20,855.73, the S&P 500 dropped 0.23 percent or 5.41 points to close at 2,362.98 and the Nasdaq composite rose just 0.06 percent or 3.62 points to end at 5,837.55.

On Wednesday, China unexpected posted its first trade deficit in three years last month, as a construction boom pushed imports up 38.1 percent in dollar-denominated terms as exports fell 1.3 percent.

The upbeat data reinforced that China’s economic activity picked up in the first two months in 2017 and contributed to a global manufacturing revival, Reuters reported.

The dollar index was trading at 102.10 during Asian time, above the levels around 101 for the past four sessions. The stronger dollar led the yen to weaken to 114.38 by 10:10 am HK/SIN and the Australian dollar slipped to USD 0.7523.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zuckerberg put employees on lockdown for 2mths to launch FB Live

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Facebook Live was a rushed project that has caused headaches for the company ever since, according to a new report in the Wall Street Journal.

CEO Mark Zuckerberg decided to prioritize the video product after a February 2016 meeting, according to the WSJ. A product executive told him that 70 percent of live video trial users were college or high school-aged with a large portion African-American teenagers, groups that had been moving away from the platform towards competitors like Snapchat.

As a result, Zuckerberg decided to put more than 100 employees under “lockdown” for two months in order to roll out Facebook Live to everyone, sources told the paper.

However, the platform is dealing with issues, especially livestreamed violence. There have been at least 50 incidents of crime broadcast through the video service, according to the Wall Street Journal. Facebook has also been under fire for removing controversial videos, although the platform has said some of the actions were due to technical glitches rather than editorial decisions.

Advertisers told CNBC in January they were still skeptical about Facebook’s video products. For Facebook Live in particular, companies are concerned over the context in which their ads will appear. Facebook is also dealing with measurement controversies, including admitting to accidentally overestimating the average viewing time on its video ads. The company agreed to an external audit of its metrics in early February.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The world economy can’t handle even one US rate hike: Sri-Kumar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Even one small interest rate increase by the Fed could have a sweeping impact on US and world economies, Komal Sri-Kumar told CNBC on Monday.

“I think they are going to hike” on March 15, Sri-Kumar said on “Squawk Box,” echoing a theory shared by many analysts. “But that is going to prompt capital outflows from the euro zone, especially with the political risk. It is going to increase the capital outflow from China, and the US economy will feel the impact.”

These moves would strengthen the dollar against other currencies, putting downward pressure on the euro, said Sri-Kumar, president of Sri-Kumar Global Strategies.

“The problem is in terms of capital outflows,” he said, cautioning that divestment in Europe could raise risk in overseas markets. “These economies, despite some positive numbers, … they are not in strong enough shape to take an increase in interest rates on the part of the United States.”

The reason for this weakness in global markets stems from a long period of liquidity, or market price stability, according to Sri-Kumar.

“We have had too long a period of excessive liquidity,” he said. “The markets have been distorted. The bond yields are very, very low, much lower than they would have been in the absence of quantitative easing and zero interest rate policy.”

As a result, small changes in the US economy reverberate worldwide, Sri-Kumar said, adding that had the Fed started hiking rates as the country emerged from the 2008 financial crisis, the United States may have been better off.

The strategist argued that if rate normalization had started in 2009, bond yields would be up, equity markets would be rising on the back of fundamentals rather than liquidity creation, and the economy would be improving more rapidly.

“I said they should have raised by 1 to 1½ percentage points three years ago. The markets would have taken a hit, but we would be on the way up. But if you do this Chinese water torture in terms of slight increases, you are not going to get sustained economic growth,” Sri-Kumar said.

Sri-Kumar predicted that once the Fed sees the impact of its expected March hike, Fed Chair Janet Yellen will become “a once-a-year Yellen in 2017 as well.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US govt changed H-1B visa rules. Here’s what it means for tech

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow