Month: June 2017

Elon Musk is leaving presidential councils over withdrawal from Paris accord

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

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Elon Musk said he will leave his positions on three presidential councils.

Musk’s decision follows an announcement from President Donald Trump that the U.S. will back out of the Paris climate accord.

Leaving the agreement is “not good for America or for the world,” the Tesla and Space X CEO said in a tweet.

Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world.

— Elon Musk (@elonmusk) June 1, 2017

Musk had served on councils advising Trump on business, manufacturing jobs and infrastructure. He had defended his decision to serve the president, despite criticism. However, on Wednesday Musk warned he might quit if Trump withdrew from the Paris Agreement.

The landmark climate deal calls for the U.S. to reduce its greenhouse gas emissions by between 26 and 28 percent below 2005 levels by 2025, among other things.

Trump has said the Paris accord was negotiated to have terms that are unrealistic and unfair to the U.S.

The president is looking to withdraw from the accord and immediately restart talks to set targets that would be more fair. However, French, German and Italian officials said they do not believe the agreement can be renegotiated.

The accord was the result of more than 20 years of negotiations, and the only countries in the United Nations Framework Convention on Climate Change that have not signed on to the deal are Syria and Nicaragua.

Proponents of the deal expect it will help bolster businesses like those that Musk runs. Both electric cars and solar energy can be used to help reach the targets proposed in the deal.

Musk isn’t the only CEO who has pushed Trump to uphold the deal. Others include Apple and Microsoft.

Silicon Valley investor Doug Derwin, who had pledged to spend up to $2 million of his own money on a campaign to pressure Musk to quit the councils, welcomed the news.

“Thanks, Elon, for doing the right thing,” said Derwin, in a statement sent to CNBC on Thursday. “Welcome to the resistance.”

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 opens flat following softer lead from Wall Street; Caixin PMI in focus

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

Listen to the Article (6 Minutes)

Stocks in Asia were mostly flat on Thursday following a slightly lower close on Wall Street in the last session and ahead of the Caixin PMI data from China due later in the morning.

Japan’s benchmark Nikkei 225 index was higher by 0.18 percent, while the Kospi gained 0.06 percent in early trade.

Down Under, the S&P/ASX 200 was basically flat, trading lower by 0.04 percent.

Indonesian markets are closed for a public holiday.

In economic news, Australia retail sales for the month of April are expected at 9:30 a.m. HK/SIN. Markets are also likely to focus on Caixin manufacturing PMI figures for China due 9:45 a.m.

Meanwhile, annual economic growth in India slowed in the quarter ended March, coming in at 6.1 percent. The weaker than expected figures reflected the lagged impact of demonetization, Goldman Sachs said in an early morning note, adding that economic growth for the year remained in line with expectations.

Oil prices gained after falling 3 percent in the last session due to an increase in production numbers out of Libya. US crude jumped 1.12 percent to trade at USD 48.86 barrel while Brent crude gained 1.02 percent at USD 51.28.

The dollar traded against a basket of six major currencies at 96.995, softer than levels around the 97 handle seen last week. The dollar was mostly steady against the yen. At 8:07 a.m. HK/SIN, the greenback fetched 110.86 yen, lower than the 111 handle seen last week but off lows of 110.65 seen in the overnight session.

Meanwhile, the British pound recovered slightly after falling to a one-month low earlier in the week. The pound last traded at USD 1.2873.

Stateside, stocks closed slightly lower due to soft performance from financials and concerns over inflation after the Fed’s Beige Book was released. Following the release of the Beige Book on Wednesday, the 10-year Treasury yield at one point dipped below 2.2 percent mark.

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