China slashes interest rate as housing sales collapse

The People’s Bank of China cut its five-year loan prime rate (LPR) by 15 basis points to 4.45%, the second reduction this year and the largest on record. Most analysts had expected a cut of five basis points. China’s LPR is the rate at which commercial banks lend to their best customers. It serves as … Read more

Tesla’s stock price is plummeting

Placeholder while article actions load Tesla’s stock — and Elon Musk’s wealth — took a huge hit Friday, continuing a downward spiral and possibly imperiling the billionaire’s deal to buy Twitter. Shares of the electric car company, from which much of Musk’s wealth comes, sank more than 10 percent during trading Friday, falling at one … Read more

Factbox: The Great Rebrand: Western business reborn in Russia under new names

May 20 (Reuters) – McDonald’s Corp (MCD.N) is selling its restaurants in Russia to one of its current local licensees, who will reopen the branches under a new name yet to be decided – the most high-profile rebranding so far of companies extricating themselves from Russia. read more Scores of Western brands have said they … Read more

Oracle’s Larry Ellison joined Nov. 2020 call about contesting Trump’s loss

Placeholder while article actions load Larry Ellison, the billionaire co-founder and chairman of the software company Oracle and the biggest backer of Elon Musk’s attempted Twitter takeover, participated in a call shortly after the 2020 election that focused on strategies for contesting the legitimacy of the vote, according to court documents and a participant. The … Read more

This is the most valuable car in the world

Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG, and Renata Jungo Brüngger, Member of the Board of Management of Mercedes-Benz Group AG with the Mercedes-Benz 300 SLR Uhlenhaut Coupe. A unicorn in the collector car world just went under the hammer, and sold for a record-breaking, astounding amount. Mercedes-Benz Group (MBG.DE) … Read more

Elon Musk denies sexual harassment claims

“I have a challenge to this liar who claims their friend saw me ‘exposed’ — describe just one thing, anything at all (scars, tattoos, …) that isn’t known by the public. She won’t be able to do so, because it never happened,” the Tesla and SpaceX CEO tweeted early Friday morning. The tweet comes after … Read more

Deere, Foot Locker, Palo Alto Networks and more

The Deer & Co. John Deere 8R fully autonomous tractor is displayed ahead of the Consumer Electronics Show (CES) on January 4, 2022 in Las Vegas, Nevada. Patrick T. Fallon | AFP | Getty Images Check out the companies making headlines in midday trading. Deere — The stock plummeted 11.4% after Deere reported a miss … Read more

Netflix axes 150 of its wokest staff and warns others to stop meddling as profits tank

Netflix’s recent axing of 150 staff targeted many of the firm’s wokest workers who are prolific social justice warriors on social media. The struggling streaming service has pulled the plug on several projects that were aimed at discussing race and LGBTQ issues, Variety reported, and axed the diverse employees working on and promoting them.  In addition … Read more