Friday 28 September 2018

Daily Investor Update: Tesla shares sink on SEC lawsuit, sources say Musk could settle

Reuters.com Newsletter

Tesla shares sink on SEC lawsuit, sources say Musk could settle

Shares of Tesla Inc plunged 13 percent on Friday after U.S. securities regulators accused Elon Musk of fraud and sued to have him banned from the leadership of the electric carmaker, although sources said the high-tech billionaire could still reach a settlement.

Facebook unearths security breach affecting 50 million users

Facebook Inc said on Friday that hackers had discovered a security flaw that allowed them to take over up to 50 million user accounts, a major breach that adds to a bruising year for the company's reputation.

U.S. trade judge declines to block iPhone imports

A U.S. trade judge on Friday declined to block the importation of Apple Inc iPhones with chips from Intel Corp , handing a major defeat to Qualcomm Inc in its high-stakes legal dispute with the iPhone maker.

Italy budget woes hit Europe, boost dollar; Wall Street dips

The U.S. dollar rose on Friday as the euro fell on deepening worries about the Italian budget and its new higher-than-expected deficit target, which also slammed European stocks.

U.S. consumer spending rises, monthly inflation moderates

U.S. consumer spending increased steadily in August, supporting expectations of solid economic growth in the third quarter, while a measure of underlying inflation remained at the Federal Reserve's 2 percent target for a fourth straight month.

Credit Suisse is fined $10 million in U.S. over customer orders

Credit Suisse Group AG was fined $10 million on Friday by the U.S. Securities and Exchange Commission and New York Attorney General Barbara Underwood over its handling of retail customer orders, including through its dark pool.

U.S., Mexico to release trade deal text as pressure mounts on Canada

The text of the Trump administration's trade agreement with Mexico is due to be released on Friday, launching a contentious U.S. approval process as pressure mounts on Canada to join its partners in revamping the North American Free Trade Agreement.

Facebook's slide stalls Intel-led advance on Wall Street

Wall Street rose by a smidgen on Friday as gains led by Intel, real estate companies and utilities offset Facebook after the social network disclosed a security breach.

EU regulators want to know if merchants hurt by Amazon copies

EU antitrust regulators are asking retailers and manufacturers whether Amazon's sales of own brand products similar to theirs have harmed their business, a move which could lead to a formal case and possibly fines against the U.S. tech giant.

Cost to insure Tesla debt spikes to record high

The cost to insure debt holdings in electric carmaker Tesla Inc rose to its highest-ever level on Friday as the bond market reflected growing worries about a default, following the news that Chief Executive Elon Musk had been accused of fraud by federal regulators.

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