Category Archives: Business

Business

Elon Musk Says ‘Haven’t Had Sex In Ages’, Denies Affair With Google Co-Founder’s Wife

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Elon Musk denied he had an affair with Nicole Shanahan, wife of Google co-founder Sergey Brin

Washington:

Tesla CEO Elon Musk denied a media report that alleged that he had an affair with Nicole Shanahan, the wife of billionaire Google co-founder Sergey Brin.

Replying to a link to the story posted on Twitter, Musk described the report as “total bs”.

“This is total bs. Sergey and I are friends and were at a party together last night,” Elon Musk tweeted.

Elon Musk said he has seen Sergey Brin’s wife twice in three years, both times in the presence of other people, and there was “nothing romantic” between them.

“I’ve only seen Nicole twice in three years, both times with many other people around. Nothing romantic,” he added.

Elon Musk followed up his denial with claims that the publication has engaged in “character assassination” numerous times before and alleged that “none of the key people involved in these alleged wrongdoings were even interviewed!”

The report alleged that the affair happened after Elon Musk’s breakup with partner and singer Grimes in September 2021.

While denying all the claims, Elon Musk also said that he hasn’t had sex in the longest time.

“Haven’t even had sex in ages (sigh),” he replied to another tweet.

He also uploaded a photo of himself at a party with Sergey Brin close by, claiming it was taken recently.

Elon Musk is clearly disappointed with the media after reading such allegations about him.

“The amount of attention on me has gone supernova, which super sucks. Unfortunately, even trivial articles about me generate a lot of clicks. Will try my best to be heads down focused on doing useful things for civilization,” he tweeted.

Not only this, a few weeks ago, several reports surfaced online that stated Elon Musk had secretly fathered twins in November 2021 with Shivon Zilis, an executive at Musk’s company Neuralink.

Meanwhile, Elon Musk is currently locked in a legal battle with Twitter after he dropped a bid to purchase the social media company.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Business

China’s Alibaba to apply for dual primary listing in Hong Kong

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A man walks past the Alibaba Group office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang

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  • Expects to add HK primary listing by end-2022, keep NYSE listing
  • Hong Kong shares jump 5%; move will diversify investor base -CEO
  • Seen boosting mainland China investor access to Alibaba shares
  • In line with move Ant execs step down from Alibaba partnership

SHANGHAI, July 26 (Reuters) – Alibaba (9988.HK) will apply for a primary listing in Hong Kong and keep its U.S. listing, the first big company to take advantage of a rule change allowing high-tech Chinese firms with dual class shares to seek dual primary listings in Hong Kong.

The e-commerce giant’s move, announced on Tuesday, comes as both Washington and Beijing sharpen scrutiny over Chinese companies’ listings, and after a devastating regulatory crackdown in China left Alibaba with a $2.8 billion fine and scuppered an initial public offering (IPO) of its affiliate Ant.

Alibaba’s stock jumped 4% at the start of trading in Hong Kong as analysts said the change should give mainland China investors easier access to the shares via a link to the Hong Kong bourse known as the Stock Connect. At 0303 GMT, the shares were up 5% while the Hong Kong benchmark (.HSI) was up 1.2%.

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Already present on the Hong Kong bourse with a secondary listing since 2019, Alibaba said it expects the primary listing to be completed by the end of 2022. Chief Executive Daniel Zhang said the dual listing would foster a “wider and more diversified investor base”.

The move comes after the Hong Kong Stock Exchange (HKEX) in January changed its rules to allow “innovative” Chinese companies – operating an internet or other high-tech business – with weighted voting rights or variable interest entities (VIE) to carry out dual primary listings in the city.

Under a VIE structure, a Chinese company sets up an offshore entity for overseas listing purposes that allows foreign investors to buy into the stock.

“Hong Kong is also the launch pad for Alibaba’s globalisation strategy, and we are fully confident in China’s economy and future,” Alibaba’s CEO Zhang said in a statement.

SWEEPING CRACKDOWN

Alibaba listed on the New York Stock Exchange in September 2014, marking what was at the time the largest IPO in history.

Since 2020, the company’s share price has tanked in both markets, as a sweeping regulatory crackdown by Beijing has battered Chinese tech companies.

At the same time, U.S. regulators have stepped up scrutiny of accounts of Chinese firms listed in New York, demanding greater transparency.

While broad in scope, a core focus of China’s crackdown has been regulators seeking to expand oversight of public offerings.

Last year, Chinese authorities launched a probe into ride-hailing giant Didi Chuxing just after it listed in New York, citing data privacy concerns.

The company later de-listed and began preparations to list in Hong Kong, leading analysts to interpret the probe as driven by a desire on Beijing’s part for data-rich companies to list domestically.

ANT DECOUPLING

Alibaba also found itself in similar crosshairs when regulators abruptly halted Ant Group’s planned $37 billion IPO in Hong Kong in Shanghai in late 2020.

Concurrent with the announcement of its dual primary listing, Alibaba said on Tuesday in its annual financial report that several Ant Group executives had stepped down from their posts in the Alibaba Partnership, a top decision-making body for the e-commerce giant. read more

The departures are part of an ongoing decoupling of the fintech division from Alibaba, spurred by the botched IPO. read more

Justin Tang, head of Asian research at investment advisor United First Partners in Singapore, said that Alibaba’s decision would boost Alibaba shares due to its potential inclusion in Stock Connect.

“With regards to other tech listings of similar kind, this will be the playbook for companies looking to hedge against regulatory risk that Chinese companies are facing on the U.S. bourses,” he said.

In order to switch to a dual primary listing, the HKEX said companies had to have a good track record of at least two full financial years listed overseas, and a capitalisation of at least HK$40 billion ($5.10 billion) or a market value of at least HK$10 billion plus revenue of at least HK$1 billion for the most recent financial year.

($1 = 7.8493 Hong Kong dollars)

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Reporting by Josh Horwitz in Shanghai, Scott Murdoch in Hong Kong; Additional reporting by Anshuman Daga in Singapore; Editing by Kenneth Maxwell

Our Standards: The Thomson Reuters Trust Principles.

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Business

S&P 500 ends choppy session nearly flat; investors eye Fed, earnings

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  • Apple, Amazon.com among companies to report earnings this week
  • FOMC to kick off two-day policy meeting from Tuesday
  • Miner Newmont falls after raising annual cost forecast
  • Indexes: Dow up 0.3%, S&P 500 up 0.1%, Nasdaq down 0.4%

NEW YORK, July 25 (Reuters) – The S&P 500 see-sawed on Monday and ended close to unchanged as investors girded for an expected rate hike at a Federal Reserve meeting this week and earnings from several large-cap growth companies.

The Nasdaq ended lower, and S&P 500 technology (.SPLRCT) and consumer discretionary (.SPLRCD) led declines among major S&P sectors. The energy sector (.SPNY) gained along with oil prices.

“Right now we’re just in a holding pattern waiting for all those developments to play out,” said Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut.

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The Fed is expected to announce a 75 basis-point rate hike at the end of its two-day monetary policy meeting on Wednesday, effectively ending pandemic-era support for the U.S. economy.

Comments by Fed Chairman Jerome Powell following the announcement will be key, as some investors worry that aggressive rate hikes could tip the U.S. economy into recession. read more

This week is expected to be the busiest in the second-quarter reporting period, with results from about 170 S&P 500 companies due. Microsoft Corp (MSFT.O) and Google-parent Alphabet (GOOGL.O) are due to report Tuesday. Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) are set for Thursday.

“It’s a crucial earnings season for the market, especially given the (recent) attempt by Nasdaq to climb higher,” said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.

The Nasdaq, which has led declines among major sectors this year, gained more than 3% last week.

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 25, 2022. REUTERS/Brendan McDermid

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The Dow Jones Industrial Average (.DJI) rose 90.75 points, or 0.28%, to 31,990.04, the S&P 500 (.SPX) gained 5.21 points, or 0.13%, to 3,966.84 and the Nasdaq Composite (.IXIC) dropped 51.45 points, or 0.43%, to 11,782.67.

After the closing bell, shares of Walmart (WMT.N) were down more than 8% after the retailer said it was cutting its forecast for full-year profit and blamed food and fuel inflation. read more

S&P 500 earnings are expected to have climbed 6.1% for the second quarter from the year-ago period, according to IBES data from Refinitiv. Along with inflation and rising interest rates, investors have been concerned about the impact of currency headwinds and lingering supply chain issues for companies this earnings season.

Tuesday brings reports on two housing indicators – the S&P Case-Shiller’s 20-city composite (USSHPQ=ECI) and the Commerce Department’s new home sales number.

Recent housing data has suggested the sector may be a harbinger of a cooling economy. read more

Newmont Corp (NEM.N)fell 13.2% after the miner raised its annual cost forecast and missed its second-quarter profit, hurt by lower gold prices and inflationary pressures. read more

Volume on U.S. exchanges was 9.34 billion shares, compared with the 11.0 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 50 new highs and 105 new lows.

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Reporting by Caroline Valetkevitch; additional reporting by Shreyashi Sanyal and Aniruddha Ghosh in Bengaluru and Sinead Carew in New York; Editing by Sriraj Kalluvila, Anil D’Silva and David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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Business

The Choco Taco is gone for good

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The beloved Klondike product, packaged ice cream in a taco-shaped cone, has been discontinued.

“Over the past 2 years, we have experienced an unprecedented spike in demand across our portfolio and have had to make very tough decisions to ensure availability of our full portfolio nationwide,” a Klondike Brand representative told CNN Business in an email, adding “we know this may be very disappointing.”

You could possibly still find Choco Tacos around as sellers run through their inventory, the representative said.

During the pandemic, it became common for companies to slim down their portfolios to help meet demand for their most popular items. But even less popular products have devoted fans who are upset by the decisions.
“Choco Taco has fallen,” one Twitter user declared. “They always take the best things away from us,” another mused. Others berated Klondike for the decision.
The Choco Taco was born in the early 1980s, according to a 2016 article in Eater. At first it was available mostly through ice cream trucks. Eventually, Unilever, which now owns Klondike, began to distribute the product more widely.

Ice cream in a waffle cone with toppings is not all that innovative. But ice cream in a taco shell — that was a game changer, according to inventor Alan Drazen.

“When you eat a sugar cone, you generally eat the nuts, chocolate, and ice cream on the top,” Drazen told Eater. “With the Choco Taco you’re getting the ice cream, cone, nuts, and chocolate with just about every bite.”

For many, the Choco Taco conjures long-ago memories of biting into a cold, sweet treat on a hot summer’s day. Others may have more recent memories, especially because Taco Bell -— which used to sell the product years ago — brought it back to some stores for a limited time earlier this year.

Not all hope is lost, however. Some notable fans are already trying to figure out ways to resurrect the Choco Taco.

“I’d like to buy the rights to your Choco Taco and keep it from melting away from future generations’ childhoods,” Reddit cofounder Alexis Ohanian tweeted at Unilever, Klondike’s parent company. Patrick Shriver responded that he’d “go in on this.”



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Business

Best Buy is testing a tiny digital-first store that opens its doors Tuesday

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Best Buy is opening a digital-first, small-format store on Tuesday in Monroe, North Carolina, that takes a very different approach than most of its “big box” retail locations. The 5,000-square-foot location is only about 15 percent as big as the typical 35- to 40,000-square-foot Best Buy location and is even smaller than many smaller Apple Stores, which are typically between 6,000 to 8,500 square feet.

Bloomberg reported last year that Best Buy was testing downsized locations of about 27,000 square feet to as small as 15,000 square feet, but this is much smaller, squeezing nearer to the now-closed Best Buy Mobile footprint. This test store is in the Charlotte area, where Best Buy also launched five other test stores last year, trying experiences ranging from a remodel to an outlet-style approach.

Unlike Best Buy’s outlet stores and big locations that sport many large appliances and electronics, this new store will be equipped with a “curated selection” of Best Buy merchandise that includes large TVs, computers, headphones, wearables, cell phones, etc. What it doesn’t have any of, however, is large appliances.




  • Image: Best Buy



  • Image: Best Buy



  • Image: Best Buy


The “digital first” store experience includes Best Buy’s website and apps — it also has lockers for online order pickups — but in-store, it starts as visitors are greeted at the entrance by a 7-foot screen with information on what the store has to offer.

Much like the Apple Store, you’ll be able to browse items on the sales floor, but with the exception of smaller items eligible for mobile self-checkout (charging cords, phone cases, and gift cards), most of them are simply display units. When you want to buy something, all you have to do is scan a QR code on the product to start Best Buy’s Just Scan It process. Someone will go to the back and bring out the item for you to purchase.

Fear not if you were worried about whether the location will contain blue shirt human interactions, as it includes members of the Geek Squad and has other consultation areas for customers in-store. You could also get live shopping help while in the store with an expert from someone in Best Buy’s “virtual store” via voice call, video call, or online chat.

Best Buy is just one retailer reevaluating its usual brick-and-mortar operating plans after customer behaviors shifted during the pandemic, as we’ve seen Walmart, for example, expand deliveries directly to your refrigerator. On the opposite end, Amazon opened a brick-and-mortar clothing store in May, implementing new technology to improve in-person shopping for things that an online experience can’t replace.

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Business

Ex-US congressman among 9 charged in insider trading cases

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NEW YORK (AP) — A former U.S. congressman from Indiana, technology company executives, a man training to be an FBI agent, and an investment banker were among nine people charged in four separate and unrelated insider trading schemes revealed on Monday with the unsealing of indictments in New York City.

It was one of the most significant attacks by law enforcement on insider trading in a decade, and a prosecutor and other federal officials pledged fresh enthusiasm for similar prosecutions in the future. They said the cheating resulted in millions of dollars of illegal profits for defendants situated on both coasts and in middle America.

Stephen Buyer was accused in court papers of engaging in insider trading during the $26.5 billion merger of T-Mobile and Sprint, announced in April 2018. An indictment identified him as someone who misappropriated secrets he learned as a consultant to make $350,000 illegally.

Buyer, 63, of Noblesville, Indiana, was arrested Monday in his home state. He served on committees with oversight over the telecommunications industry while a Republican congressman from 1993 through 2011.

He was described as making purchases of Sprint securities in March 2018 just a day after attending a golf outing with a T-Mobile executive who told him about the company’s then-nonpublic plan to acquire Sprint, according to a civil case brought against Buyer by the Securities and Exchange Commission in a federal court in Manhattan.

Authorities said he also engaged in illegal trading in 2019 ahead of Navigant Consulting Inc.’s acquisition by consulting and advisory firm Guidehouse. Documents said he leveraged his work as a consultant and lobbyist to make illegal profits.

His lawyer, Andrew Goldstein, said in a statement: “Congressman Buyer is innocent. His stock trades were lawful. He looks forward to being quickly vindicated.”

U.S. Attorney Damian Williams told a news conference that the cases, in addition to several other recently announced crackdowns on insider trading, represent a follow-through on his pledge to be “relentless in rooting out crime in our financial markets.”

“We have zero tolerance, zero tolerance for cheating in our markets,” said Gurbir S. Grewal, director of the SEC Enforcement Division.

“When insiders like Buyer — an attorney, a former prosecutor, and a retired Congressman — monetize their access to material, nonpublic information, as alleged in this case, they not only violate the federal securities laws, but also undermine public trust and confidence in the fairness of our markets,” Grewal said.

In a second prosecution, three executives at Silicon Valley technology companies were charged with trading on inside information about corporate mergers that one of them learned about from his employer.

An indictment accused Amit Bhardwaj, 49, of San Ramon, California, who was the chief information security officer of Lumentum Holdings Inc., of using secrets to trade illegally and then giving the information to criminal associates, including four friends. The SEC said Bhardwaj and his friends generated more than $5.2 million in illicit profits by trading ahead of two corporate acquisition announcements.

A lawyer for Bhardwaj did not immediately return messages seeking comment.

In a third case, Seth Markin, of Washington Crossing, Pennsylvania — a man who was training to be an FBI agent — allegedly stole inside information from his then-girlfriend who was working at a major Washington D.C. law firm. According to court papers, he and a friend made more than $1.4 million in illegal profits after he learned that Merck & Co. was going to acquire Pandion Therapeutics. It was unclear who would represent Markin in court.

In a fourth indictment, an investment banker based in New York was charged with sharing secrets about potential mergers with another person, on the understanding that the pair would share illegal profits of about $280,000.

Authorities said seven of the nine defendants were arrested Monday while two were arrested previously.

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Business

Walmart Inc. provides update for second quarter and fiscal year 2023

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BENTONVILLE, Ark.–(BUSINESS WIRE)–Walmart Inc. (NYSE: WMT) provided a business update today and revised its outlook for profit for the second-quarter and full-year, primarily due to pricing actions aimed to improve inventory levels at Walmart and Sam’s Club in the U.S. and mix of sales.

Comp sales for Walmart U.S., excluding fuel, are expected to be about 6% for the second quarter. This is higher than previously expected with a heavier mix of food and consumables, which is negatively affecting gross margin rate. Food inflation is double digits and higher than at the end of Q1. This is affecting customers’ ability to spend on general merchandise categories and requiring more markdowns to move through the inventory, particularly apparel. During the quarter, the company made progress reducing inventory, managing prices to reflect certain supply chain costs and inflation, and reducing storage costs associated with a backlog of shipping containers. Customers are choosing Walmart to save money during this inflationary period, and this is reflected in the company’s continued market share gains in grocery.

“The increasing levels of food and fuel inflation are affecting how customers spend, and while we’ve made good progress clearing hardline categories, apparel in Walmart U.S. is requiring more markdown dollars. We’re now anticipating more pressure on general merchandise in the back half; however, we’re encouraged by the start we’re seeing on school supplies in Walmart U.S.” said Doug McMillon, Walmart Inc. president and chief executive officer.

Guidance updates

Based on the current environment and the company’s outlook for the remainder of the year, it is providing the following updates to its guidance.

  • Consolidated net sales growth for the second quarter and full year is expected to be about 7.5% and 4.5%, respectively. Excluding divestitures1, consolidated net sales growth for the full year is expected to be about 5.5%.
  • Net sales include a headwind from currency of about $1 billion in the second quarter. Based on current exchange rates, the company expects a $1.8 billion headwind in the second half of the year.
  • The company maintains its expectations for Walmart U.S. comp sales growth, excluding fuel, of about 3% in the back half of the year.
  • Operating income for the second-quarter and full-year2,3 is expected to decline 13 to 14% and 11 to 13%, respectively. Excluding divestitures1, operating income for the full year2 is expected to decline 10 to 12%.
  • Adjusted earnings per share4 for the second quarter and full year is expected to decline around 8 to 9% and 11 to 13%, respectively. Excluding divestitures1, adjusted earnings per share4 for the full year is expected to decline 10 to 12%.

1The company completed the sale of its operations in the U.K. and Japan in the first quarter of fiscal 2022.

The company’s updated guidance includes the effects of the following discrete items in the second quarter:

  • Proceeds from an insurance settlement for Walmart Chile, which positively affects operating income by $173 million and adjusted earnings per share by $0.05
  • Proceeds from a special dividend received by the company related to its equity investment in JD.com, which positively affects other gains and losses by $182 million and adjusted earnings per share by $0.05

The company will provide further details on business performance and its outlook for the year when it reports second-quarter results on Aug. 16, 2022.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, approximately 230 million customers and members visit more than 10,500 stores and numerous eCommerce websites under 46 banners in 24 countries. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

1The company completed the sale of its operations in the U.K. and Japan in the first quarter of fiscal 2022.

2Growth rates reflect an adjusted basis for prior year results, which excludes business restructuring charges in the fourth quarter of fiscal 2022.

3Based on current foreign exchange translation rates, operating income includes estimated negative impacts of about $60 million and $100 million for the second quarter and fiscal 2023, respectively.

4Growth rates reflect an adjusted basis for prior year results, which exclude gains and losses on the Company’s equity investments, business restructuring charges, loss on extinguishment of debt recorded during the third quarter of fiscal 2022 and the incremental loss on the sale of the Company’s operations in the U.K. and Japan recorded during the first quarter of fiscal 2022.

Forward-looking statements

This release contains statements regarding Walmart management’s forecasts and guidance of or for consolidated net sales performance, comparable sales performance for its Walmart U.S. segment, consolidated operating income performance, adjusted earnings per share, and the impacts of foreign currency exchange rates, in each case, for the three month period ending July 31, 2022 and the full fiscal year ending January 31, 2023. Walmart believes such statements may be deemed to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”) and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Assumptions on which such forward-looking statements are based are also forward-looking statements. Such forward-looking statements are not statements of historical facts, but instead express our estimates or expectations for our consolidated, or one of our segment’s or business’, economic performance or results of operations for future periods or as of future dates or events or developments that may occur in the future or discuss our plans, objectives or goals.

Our actual results may differ materially from those expressed in or implied by any of these forward-looking statements as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and factors including: the impact of the COVID-19 pandemic on our business and the global economy; economic, capital markets and business conditions; trends and events around the world and in the markets in which we operate; currency exchange rate fluctuations, changes in market interest rates and market levels of wages; changes in the size of various markets, including eCommerce markets; unemployment levels; inflation or deflation, generally and in particular product categories; consumer confidence, disposable income, credit availability, spending levels, shopping patterns, debt levels and demand for certain merchandise; the effectiveness of the implementation and operation of our strategies, plans, programs and initiatives; unexpected changes in our objectives and plans; the impact of acquisitions, investments, divestitures, and other strategic decisions; our ability to successfully integrate acquired businesses; changes in the trading prices of certain equity investments we hold; initiatives of competitors, competitors’ entry into and expansion in our markets, and competitive pressures; customer traffic and average transactions in our stores and clubs and on our eCommerce websites; the mix of merchandise we sell, the cost of goods we sell and the shrinkage we experience; our gross profit margins; the financial performance of Walmart and each of its segments, including the amounts of our cash flow during various periods; the amount of our net sales and operating expenses denominated in the U.S. dollar and various foreign currencies; commodity prices and the price of gasoline and diesel fuel; supply chain disruptions and disruptions in seasonal buying patterns; the availability of goods from suppliers and the cost of goods acquired from suppliers; our ability to respond to changing trends in consumer shopping habits; consumer acceptance of and response to our stores, clubs, eCommerce platforms, programs, merchandise offerings and delivery methods; cyber security events affecting us and related costs and impact to the business; developments in, outcomes of, and costs incurred in legal or regulatory proceedings to which we are a party or are subject, and the liabilities, obligations and expenses, if any, that we may incur in connection therewith; casualty and accident related costs and insurance costs; the turnover in our workforce and labor costs, including healthcare and other benefit costs; our effective tax rate and the factors affecting our effective tax rate, including assessments of certain tax contingencies, valuation allowances, changes in law, administrative audit outcomes, impact of discrete items and the mix of earnings between the U.S. and Walmart’s international operations; changes in existing tax, labor and other laws and regulations and changes in tax rates including the enactment of laws and the adoption and interpretation of administrative rules and regulations; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; adoption or creation of new, and modification of existing, governmental policies, programs, initiatives and actions in the markets in which Walmart operates and elsewhere and actions with respect to such policies, programs and initiatives; changes in accounting estimates or judgments; the level of public assistance payments; natural disasters, changes in climate, geopolitical events, global health epidemics or pandemics and catastrophic events; and changes in generally accepted accounting principles in the United States.

Our most recent annual report on Form 10-K and subsequent quarterly report on Form 10-Q filed with the SEC discuss other risks and factors that could cause actual results to differ materially from those expressed or implied by any forward-looking statement in the release and related management commentary. We urge you to consider all of the risks, uncertainties and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this release. Walmart cannot assure you that the results reflected in or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects for or on our operations or financial performance. The forward-looking statements made today are as of the date of this release. Walmart undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances.



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Business

Tesla subpoenaed over Elon Musk’s tweets … again

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Tesla (TSLA) disclosed in a quarterly regulatory filing Monday that it received a new subpoena from the SEC on June 13, related to “our governance processes around compliance with the SEC settlement.” That settlement, which stripped Musk of his title as chairman of Tesla while allowing him to remain as CEO, came because of Musk’s 2018 tweet that he had “funding secured” to take Tesla private.
The SEC charged that despite discussions with Saudi investors, Musk did not have the funding secured to take Tesla private. As part of that settlement, Musk agreed to the charge and also agreed to submit any future tweets containing information that could be material to investors to other executives at Tesla for approval.

Musk has been bitterly critical of the SEC since that settlement. At a TED conference earlier this year, Musk said he agreed to a settlement only because if he continued to fight the agency, Tesla’s banks would have cut off funding at a time when it needed cash.

He went on to compare the experience to having someone point a gun to his child’s head.

Musk’s lawyers also filed complaints with the federal judge overseeing the settlement complaining that the SEC is attempting to “chill his exercise of First Amendment rights” because Musk is an “outspoken critic of the government.”
In addition to its investigation of Musk’s role at Tesla, the SEC is looking into his tweets about his effort to buy Twitter (TWTR). The agency sent a letter to Musk on June 2 with questions about his tweets related to the buyout effort, including his those about the deal being paused, according a Thursday regulatory filing. The agency had already questioned Musk in an April letter about his apparent delay in disclosing his large ownership stake in Twitter.

Tesla had previously disclosed a subpoena related to an SEC probe of the settlement in November 2021. Tesla wrote in the Monday filing that the company “routinely” cooperates with regulatory and governmental probes, including subpoenas. The SEC did not have a response to questions about its latest subpoena to Tesla.

Also in Monday’s filing Tesla provided more details about its cryptocurrency holdings. The company said its remaining bitcoin and other crypto currency assets had a carrying value of $218 million as of June 30, down from $1.26 billion at the end of last year. Last week in its earnings report Tesla disclosed that it had sold 75% of its bitcoin stake during the second quarter.

Bitcoin has lost nearly half of its value in the first half of this year. Tesla said it took a charge of $170 million for the loss in value of its crypto investments, while at the same time recording a $64 million gain on the holdings it did sell for more than their original purchase price.

During the call with investors last week Musk said the sale of bitcoin was prompted by the need to maintain the company’s cash reserves due to costs from having its Shanghai plant shutdown for most of the quarter by Covid lockdowns. He also noted costs associated with starting up new plants in Texas and Germany which he previously described as “gigantic money furnaces” due to supply chain problems that kept their early output “puny.”

Musk said the company had not lost faith in bitcoin, and noted that it had not sold holdings in another digital currency, dogecoin, during the quarter.

The company will have needs for additional cash going forward. The filing also disclosed plans to spend between $6 billion and $8 billion on capital expenses, such as equipment, construction and other large ticket items this year as well as the next two years. That’s up $1 billion from the range it had previously said it planned to spend annually in those years.

— CNN Business’ Clare Duffy contributed to this report.

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Business

Oil rises as dollar strength eases, but Fed weighs

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Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo

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  • U.S. Fed to hold policy meeting on July 26-27
  • Libya to increase oil output to 1.2 mln bpd in 2 weeks – NOC
  • EU tweaks sanctions to unblock Russian oil deals with third countries
  • Russia won’t supply oil to countries imposing price cap – c.bank

HOUSTON, July 25 (Reuters) – Oil prices rose on Monday, bolstered by supply fears, a dip in the U.S. dollar and stronger equity markets, but prices seesawed as some worried rising U.S. interest rates would weaken fuel demand.

Brent crude futures for September rose $1.86, or 1.8%, to $105.06 a barrel by 1402 GMT by 11:35 a.m. ET (1535 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose $1.94, or 2%, to $96.61 a barrel.

“A slightly weaker U.S. dollar and improving equity markets are supporting oil,” UBS oil analyst Giovanni Staunovo said. (.STOXX)

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Oil futures have been volatile in recent weeks, pressured byworries that rising interest rates could limit economic activity and thus cut fuel demand growth but supported by tight supply especially since Russia’s invasion of Ukraineand Western sanctions on Moscow.

“The U.S. and European economies are slowing and with the Federal Reserve set to raise interest rates again this week, traders remain very cautious,” said Dennis Kissler, senior vice president of trading at BOK Financial.

Fed officials have indicated the U.S. central bank would likely raise rates by 75 basis points at its July 26-27 meeting.

China, the world’s second-biggest economy, narrowly missed a contraction in the second quarter, growing just 0.4% year-on-year. read more

But a steep front-month premium over the second month continues to signal near-term supply tightness. The spread settled at $4.82/bbl on Friday, an all-time high when excluding expiry-related spikes in the two previous months.

Libya’s National Oil Corporation (NOC) said it aimed to bring back production to 1.2 million barrels per day (bpd) in two weeks, from around 860,000 bpd.

But analysts expect Libya’s output to remain volatile as tensions remained high after clashes between rival political factions over the weekend. read more

Prices also drew support from “expectations that Russian oil supply will edge lower in the months ahead as widely-expected plans for a price cap on Russian oil may have the opposite effect on oil prices than hoped for,” said Warren Patterson, head of commodities strategy at ING.

The European Union said last week it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states last week aimed at limiting the risks to global energy security. read more

However, Russian Central Bank Governor Elvira Nabiullina said on Friday that Russia would not supply oil to countries that decided to impose a price cap on its oil. read more

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Additional reporting by Yuka Obayashi in Tokyo; editing by David Evans, Louise Heavens, Tomasz Janowski and David Gregorio

Our Standards: The Thomson Reuters Trust Principles.

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China approves Genuine Biotech’s HIV drug for COVID patients

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BEIJING, July 25 (Reuters) – China on Monday gave conditional approval to domestic firm Genuine Biotech’s Azvudine pill to treat certain adult patients with COVID-19, adding another oral treatment option against the coronavirus.

The availability of effective COVID vaccines and treatments is crucial in laying the groundwork for China’s potential pivoting from its “dynamic COVID zero” policy, which aims to eliminate every outbreak – however small – and relies on mass testing and strict quarantining.

The Azvudine tablet, which China approved in July last year to treat certain HIV-1 virus infections, has been given a conditional green light to treat adult patients with “normal type” COVID, the National Medical Products Administration said in a statement.

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“Normal type” COVID is a term China uses to refer to coronavirus infections where there are signs of pneumonia, but the patients haven’t reached a severe stage.

China in February allowed the use of Pfizer’s oral treatment Paxlovid in adults with mild-to-moderate COVID and high risk of progressing to a severe condition. In 2020, it approved the use of Lianhuaqingwen capsules, a traditional Chinese medicine-style formula, to alleviate symptoms of COVID such as fever and cough.

In a late-stage clinical trial, 40.4% of patients taking Azvudine showed improvement in symptoms seven days after first taking the drug, compared with 10.9% in the control group, Henan province-based Genuine Biotech said in a statement earlier this month, without providing detailed readings.

Other Chinese companies developing potential oral COVID treatments include Shanghai Junshi Biosciences (688180.SS) and Kintor Pharmaceutical (9939.HK).

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Reporting by Roxanne Liu and Ryan Woo
Editing by Louise Heavens and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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