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(Bloomberg) -- Tesla Inc.’s factory near Berlin faces no major hurdles before getting the final green light to start producing electric cars next year, according to the premier of the state where it’s being built.Public hearings into the plant east of Berlin in the state of Brandenburg were off to a rocky start and have taken nearly two weeks instead of two days. Environmental activists and local residents have grilled authorities on hundreds of issues from deforestation and water usage to increased truck traffic and noise pollution.Despite the drawn-out process, Brandenburg Premier Dietmar Woidke isn’t concerned and expects the project to progress as planned.“As of now, I know of no problem that would stand in the way of the construction permit,” Woidke told Bloomberg News at the state government’s headquarters in Potsdam. “My assumption is that a legally sound permission is possible here.”The plant, Tesla’s first in Europe, is slated to...
(Bloomberg) -- Oil headed for a second weekly loss amid growing concern the global energy demand recovery has stalled, although figures showing OPEC’s crude output held steady last month eased fears of a potential glut.Futures in New York fell toward $38 a barrel Friday after slumping 3.7% on Thursday. The chance of any more U.S. fiscal stimulus before the November election appeared to be fading after talks yielded no immediate breakthrough. The coronavirus is resurgent in Europe and hasn’t been brought under control in big economies such as India, leading to a chorus of forecasters scaling back their estimates for when oil demand will get back to pre-virus levels.Still, the Organization of Petroleum Exporting Countries’ crude production was almost unchanged last month from August, according to a Bloomberg survey. The United Arab Emirates cut its oil output to the lowest in two years, offsetting increased Saudi Arabian exports as well as...
DraftKings’ (DKNG) short time as a publicly traded company has been a huge success. With a year-to-date share gain of 478%, the online sports betting (OSB) player is riding a momentum wave that shows no signs of slowing down yet.But this could only be the opening salvo. DraftKings operates in a sector which is just getting started and might turn into a very lucrative industry. In fact, Needham analyst Brad Erickson estimates the OSB industry could be worth “between $42 and $58 billion annually longer-term.” The 5-star analyst expects DraftKings to make good use of the opportunity at play.Erickson counts two significant reasons why online gaming and sports betting has “the potential to create many tens of billions of incremental equity value.”The first is regulatory. Covid-19 has left big holes in state budgets which need to be filled somehow. The windfall from expected OSB tax revenue could therefore see many states...
U.S. stock futures extended losses on Friday after President Donald Trump said he and his wife had tested positive for the coronavirus, weeks ahead of elections. Futures for the S&P 500 slid 1.21% by early afternoon in Asia, while Treasury yields also fell. The U.S. dollar rose, particularly against the British pound, the Australian and New Zealand dollars in a sign of risk aversion....
Stocks sold off and investors quit riskier assets on Friday after U.S. President Donald Trump said he and his wife had tested positive for the coronavirus and would isolate, four weeks before U.S. elections. Shortly before 0500 GMT, Trump said on Twitter that he and his wife had been tested for coronavirus after Hope Hicks, a senior advisor who recently traveled with the president, tested positive. S&P 500 futures -- which fell sharply on Trump's tweet -- stabilised somewhat and were down 1.4% at 0931 GMT ....
