Economy
Tesla tried to reassure Tesla investors at an executive speech
On Wednesday, several Tesla executives spoke to investors at a traditional event at which, as a rule, Elon Musk used to set the tone, writes Reuters. Is Tesla in trouble?
It came amid investor concern that Musk’s distraction from Twitter (NYSE:TWTR) could hinder Tesla’s growth. This time, there were 16 other executives on stage with Musk.
Who spoke to Tesla investors?
In particular, Tom Zhu, head of Tesla in China, stressed that Tesla and its suppliers were creating jobs and contributing to China’s economy by building a “gigafactory. Vice President Lars Moravi, who is in charge of automotive equipment and leads a team of engineers, technicians and analysts, also spoke. They promised a cheaper lineup of next-generation electric cars, which will include several models.
Other Tesla executives include senior vice president Drew Balino, who has spoken to investors several times before at such an event. They are responsible for Tesla’s efforts to produce its own batteries, having served as senior vice president of powertrain and energy since October 2019.
Franz von Holzhausen, senior director of engineering, previously spoke at the Tesla Cybertrack launch event in 2019, when he demonstrated the rugged design of the pickup.
Ashok Elluswaimi, who is responsible for the operation of the Autopilot autonomous driving system, joined the team in 2014. They got one of the most challenging tasks for artificial intelligence in the real world. They were the one who had to testify last year in the trial of a fatal accident involving a Tesla car.
Brendon Ehart, the company’s general counsel, also addressed investors directly, and defended Tesla’s board, which has been repeatedly pressured and criticized.
Also of note were two women who were present among the company’s 16 executives. One was Laura Shelby, vice president in charge of environmental, health, and safety criteria, who stated that Tesla employs 129,000 people, half of whom are employed in manufacturing. The second woman is Rebecca Tinnucci, who leads Tesla’s charging infrastructure team.
Earlier, we reported that the U.S. economy may avoid a recession.
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.
With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.
The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.
The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.
“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.
The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.
($1 = 7.1315 renminbi)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
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