Pictured: Elon Musk, Tesla’s CEO (centre), meets with officials in China last month. The company said on Wednesday that it would invest $5bn to build a battery and vehicle factory near Shanghai. Photo credit: Elon Musk on Twitter
Fed doesn’t raise interest rates, and IMF’s Greece warning. Delano’s breakfast briefing for Thursday.
Tesla posts big loss, but made more
Tesla lost $717m during the second quarter of the year, reported the BBC, Reuters and Wired. However, the electric car company had revenue of $4bn, up 43% compared to the same period last year. Tesla had about $2.2bn in cash at the end of June, meaning that its burn rate had slowed. CEO Elon Musk apologised for being rude during last quarter’s investors call. Tesla shares were up 9% in after-hours trading.
Fed holds interest rates, for now
The US Federal Reserve kept interest rates at 1.75%-2%, saying America’s economy was “strong”, reported the Australian Financial Review, Financial Times and USA Today. The central bank was expected to raise rates this month, but now is likely to do so in September.
IMF warns Greece not out of the woods
The International Monetary Fund has issued a negative forecast for Greece’s economy as the country prepares to leave the international bailout programme, reported Bloomberg, Kathimerini and the New York Times. While praising the Greek government for taming its budget and restoring growth, the IMF said Greece’s debt is “unsustainable” in the long-run and its banking system remained too weak.
Trump turns up pressure in China trade war
Donald Trump has suggested raising punitive tariffs from 10% to 25% on $200bn worth of Chinese goods, reported CNBC, the Financial Times and France 24.
Trump tariffs good for ArcelorMittal
Punitive tariffs on steel imports into the US, introduced by Donald Trump, have helped ArcelorMittal’s bottom line, according to Bloomberg.
Unrest in Zimbabwe after vote
Three people have been killed in protests after Zimbabwe’s ruling Zanu-PF party won a massive victory in parliamentary elections, reported the BBC, Guardian and NPR. The opposition said the poll was rigged.
Migrants filling German nursing care gap
Der Spiegel spoke with one of the geriatric nurses being recruited from Africa to fill Germany’s acute shortage of retirement home staff.
Robots can collectively organise themselves
Researchers showed that robots can autonomously form “chain gangs” or “robot swarms” to complete complicated tasks, according to Science magazine.
This Uber driver asked a lot of questions
Were spies sent to work undercover as Uber drivers during last month’s Aspen Security Forum? That’s what one GQ writer wanted to know.