(Bloomberg) -- Even in the innovative world of electric vehicles, it’s an unusual proposition: Plunk down as much as $5,000 now to reserve the right in a few years to buy a battery-powered truck, before seeing a prototype or manufacturing plan to assure it’ll ever be built.That’s what Nikola Corp., the Phoenix-based company whose sudden stock surge has captured the attention of investors, is asking customers to do starting Monday. The reservations, which are refundable, take a page from Tesla Inc.’s playbook, but they require would-be vehicle buyers to take an even bigger leap of faith than Elon Musk ever did.Nikola founder Trevor Milton has said he hopes the truck, called the Badger, will one day rival Ford Motor Co.’s F-150, which for 43 years has been America’s best-selling pickup. Nikola went public on June 4 through a reverse merger, and the stock more than doubled on June 8 after he...
(Bloomberg) -- Facebook Inc. shares were poised to fall for a second day after more businesses, including Starbucks Corp. and Diageo Plc, joined the growing number of brands planning to halt spending on social media, undermining the company’s growth outlook.Shares declined about 2.5% in early trading before markets in New York opened on Monday. The stock had tumbled 8.3% Friday after Unilever, one of the world’s largest advertisers, said it would cease spending on Facebook properties this year, eliminating $56 billion in market value and shaving the net worth of Chief Executive Officer Mark Zuckerberg by more than $7 billion. Shares closed at $216.08 Friday after reaching a record $242.24 the preceding Tuesday.Starbucks and Diageo followed Unilever, Coca-Cola Co. and several other companies in saying they will cut ad spending, part of an exodus aimed at pushing Facebook and other social media platforms to limit hate speech and posts that divide...
Jun.29 -- MEP and German CDU Politician David McAllister discusses the negotiations between the EU and the U.K. over their future relationship, the risks of no deal and his outlook for the talks. He speaks on “Bloomberg Markets: European Open.”...
(Bloomberg) -- European stocks slid while S&P 500 futures fluctuated as investors weighed scattered signs of economic improvement against the accelerating virus spread in the U.S., Brazil and India.The dollar slid against all of its major peers after three days of gains. Oil futures fell below $38 a barrel in New York. The yield on Treasury five-year notes traded near a record low. Poland’s zloty strengthened after presidential election results pointed toward a run-off. Investors began the week bracing for more risk-off sentiment as infections cases surpassed 10 million globally and a resurgence in the U.S. continued to batter states likes Texas and Florida, with several halting plans to reopen. India’s economy is hurtling for its first contraction in more than 40 years. “The recovery is going to be much slower and much more uneven than most people believe,” David Hunt, president and chief executive officer of PGIM Inc., said on...
(Bloomberg) -- China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars.Senior executives from China Petroleum & Chemical Corp., PetroChina Co., Cnooc Ltd. and Sinochem Group Co. are in advanced talks to iron out details of the plan, said people familiar with the initiative, who asked not to be identified as discussions are private and ongoing. The proposal has won the support of the Chinese central government and relevant industry watchdogs, the people said.For a start, the group is set to collectively issue bids for certain Russian and African grades in the spot market, they said. While it’s unclear how the cooperation will evolve, the group represents refiners that import more than 5 million barrels of oil a day. That’s nearly a fifth of OPEC’s total output, which would make it the world’s largest crude buyer...
