Twitter cites UK national security law in legal letter to Musk as $44bn deal teeters

Twitter cited a new British law in a legal letter to Elon Musk, in what lawyers say may indicate that the UK government had concerns about what the $44bn transaction would mean for UK national security. Twitter’s legal team demanded the billionaire comply with his obligations under the merger agreement “including by taking all steps … Read more

Tesla Ends Streak of Record Quarterly Profits After China Factory Shutdown

Updated July 20, 2022 6:17 pm ET Listen to article (2 minutes) Tesla reported its first sequential decline in quarterly profit in more than a year as it navigates global economic turmoil and recovers from an extended shutdown at its Shanghai assembly plant. The company has felt the sting of supply-chain disruptions, the global chip … Read more

FCA branded ‘not fit for purpose’ as protesters march for better regulation

A crowd of roughly 75 protesters branded the Financial Conduct Authority “not fit for purpose” as they began a march from the Royal Courts of Justice on 24 May. There is “chronic and catastrophic regulatory failure in the UK”, Andy Agathangelou, founder of campaign group the Transparency Taskforce, told the Rally For Better Financial Regulation. “Trust … Read more

CEO reportedly laments red ink incurred from Air Force One deal as Boeing posts $1.2 billion first-quarter loss

Boeing said Wednesday that it lost $1.2 billion in the first quarter as it took large write-downs and lost money in both its civilian-airplane and defense businesses. The loss was bigger than Wall Street had forecast, and the company’s quarterly revenue also fell short of expectations. Boeing burned through $3.2 billion in cash. “Messier quarter … Read more

Hot hiring market for London lawyers continues into 2022 despite M&A slump

The booming recruitment market for lawyers in London has stayed hot into 2022, despite a slowdown in deal flow and worries about the impact of rising inflation and the war in Ukraine. Data on legal market hiring from recruitment firm Robert Walters and data provider Vacancysoft showed strong demand for legal talent did not slow … Read more

London lawyers hit back at ‘dangerous’ criticism of Russia links

Politicians and the press are giving City law firms an unfair kicking over their links with Russia, according to some in the legal profession. Lawyers have been called out in parliament for representing oligarchs in libel cases and acting for Russian clients facing sanctions. The City’s legal industry was blasted in a recent Times leader for … Read more

Larry Fink says globalization is over — Here’s what it means for the markets

BlackRock founder Larry Fink declared that the Russia-Ukraine war is bringing the era of globalization to an end, but investors should keep in mind that the global economy and the financial system can’t turn on a dime, analysts say. “There is a lot of talk about countries going back to local production and the era … Read more

Hang Seng slumps 3% over COVID lockdown worries, oil falls as Russian attacks in Ukraine intensify

BANGKOK (AP) — Stocks were mixed in Asia and oil prices fell Monday as uncertainty over the war in Ukraine and persistently high inflation kept investors guessing about what lies ahead. Tokyo and Sydney advanced while Hong Kong, Seoul and Shanghai declined. U.S. futures were higher. Ukrainian President Volodymyr Zelenskyy vowed to keep negotiating with … Read more

Rivian stock falls nearly 13% after EV maker loses more than $2 billion, trims production targets

An earlier version of this report had incorrect quarterly loss figures for Rivian. It has been corrected. Rivian Automotive Inc. lost more than $2 billion in the fourth quarter, saying that supply-chain disruptions and other problems continued to plague its assembly line. Rivian RIVN, -6.35% said late Thursday it lost $2.46 billion, or $4.83 a … Read more

Why Stocks Rebounded After Russia Invaded Ukraine

Russia invaded Ukraine to start the biggest land war in Europe since Hitler. U.S. stocks soared. What gives? It isn’t that Wall Street secretly loves Vladimir Putin. A close look at the market’s performance on Thursday shows the reality: U.S. equities had a near-perfect reverse of what had been going on this year. It was … Read more