(Bloomberg) -- Tesla Inc. will buy cobalt from from Glencore Plc, the world’s biggest miner of the metal, as the carmaker looks to avoid a future supply squeeze on the key battery metal, a person familiar with the matter said.The contract will help Tesla shore up its cobalt supply for new plants in China and Germany, said the person, who asked not to be identified as the details are private. The opening of Tesla’s so-called gigafactory in China this year has helped propel its shares to a record, as investors turn bullish on Elon Musk’s ambition to transform the company into a global mass-market automaker.While there’s enough cobalt supply for now, demand is expected to surge in the coming years as Tesla expands in China and Europe and Volkswagen AG to BMW AG roll out fleets of electric vehicles. Warnings about long-term shortages caused cobalt prices to spike in 2017 and...
Jazz Pharmaceuticals (JAZZ) and partner PharmaMar have announced a surprise early approval from the US FDA for its Zepzelca treatment for adults with metastatic small cell lung cancer (SCLC) with disease progression on or after platinum-based chemotherapy. This comes notably ahead of the 8/16 PDUFA date.Zepzelca (lurbinectedin) was approved under accelerated approval based on overall response rate (ORR) and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial, the company said.Data from an open-label, multi-center study showed that in patients with relapsed SCLC, Zepzelca demonstrated an ORR of 35 percent and a median duration of response of 5.3 months as measured by investigator assessment.“Small cell lung cancer is a disease with limited treatment options, and the approval of Zepzelca represents an important advance for patients,” said Bruce Cozadd, JAZZ CEO. “While patients may initially respond to traditional chemotherapy, they often experience...
Fracking pioneer Chesapeake Energy Corp (CHK) is preparing to file for bankruptcy as soon as this week, three people familiar with the matter have told Reuters.According to the Reuters sources, CHK is now wrapping up negotiations for a $900 million debtor-in-possession loan. It is also discussing with creditors the potential to “roll up” its existing debt and make it part of the bankruptcy loan, bringing the total debtor-in-possession financing closer to $2 billion, the sources said.At the same time the company is also looking for an equity infusion from creditors. Chesapeake plans to file for bankruptcy on Thursday, but if the financing required further discussions this could move to next week, the sources added.If the company lives on post-bankruptcy, creditors like Franklin Resources Inc will take over Chesapeake in exchange for deleting over $7 billion of debt, Reuters reports.With a massive debt burden of around $9 billion, CHK missed an interest payment...
Companies Reporting Before The Bell • MFA Financial Inc. (NYSE:MFA) is expected to report quarterly earnings at $0.14 per share on revenue of $152.30 million. Companies Reporting After The Bell • Groupon Inc. (NASDAQ:GRPN) is expected to report quarterly earnings at $0.08 per share on revenue of $380.22 million.• Oracle Inc. (NYSE:ORCL) is estimated to report quarterly earnings at $1.20 per share on revenue of $10.90 billion.• H&R Block Inc. (NYSE:HRB) is expected to report quarterly earnings at $2.61 per share on revenue of $1.74 billion.View more earnings on MFA• InnerWorkings Inc. (NASDAQ:INWK) is expected to report quarterly earnings at $0.02 per share on revenue of $270.75 million.• Vince Holding Inc. (NYSE:VNCE) is expected to report quarterly earnings at $0.99 per share on revenue of $36.80 million.• Volt Information Sciences, Inc. Common Stock Inc. (AMEX:VOLT) is estimated to report quarterly earnings at $0.41 per share on revenue of $209.50 million.• ClearSign...
(Bloomberg) -- Gold steadied as investors counted down to testimony from Federal Reserve Chairman Jerome Powell on the central bank’s next steps to combat the hit from the coronavirus pandemic.Powell, who delivers his semi-annual policy report Tuesday and Wednesday, is expected to echo the downbeat view he gave June 10 after policy makers signaled rates would probably stay near zero. Earlier, bullion got a lift from concerns over new outbreaks in the U.S. and China, plus a weaker dollar.Bullion has rallied this year as the pandemic triggered an unprecedented wave of stimulus, bolstering the haven’s appeal. On Monday, gold pared a drop after the Fed said it will begin buying individual corporate bonds, and expanded a lending program. On Tuesday, the Bank of Japan revised the estimated size of its virus-response measures, while the Reserve Bank of Australia said the nation’s economy is likely to need policy support for some time.“Gold...
As economies reopen and border restrictions lift, Delta (DAL) will add almost 1,000 flights system-wide in July, the airline has now announced.It revealed that it has implemented several measures to encourage extra space and has capped cabin seating at 60% in the main cabin and 50% in first class and blocking middle seats until the end of September.“Confidence in a safe travel experience is key to a successful recovery,” said Joe Esposito, Senior Vice President – Network Planning. “While we’re rebuilding our network at home and abroad, it’s even more critical that we provide the highest industry standard of safety, space and clean so when our customers are ready to travel, we’re ready for them.”Customers can also change their plans without a fee for a year, for new flights purchased through June 30.Even with the modest growth in demand, Delta’s July schedule will be approximately 70% smaller than the same time last year, including reductions...
(Bloomberg) -- Banks including Credit Suisse Group AG and Morgan Stanley face a $300 million shortfall on margin loans to the embattled founder of Luckin Coffee Inc., after they sold shares he had pledged as collateral for deeply depressed prices.The lenders, which also include Haitong International Securities Group and Goldman Sachs Group Inc., raised about $210 million from Luckin stock disposals over the past two months, people familiar with the matter said. Luckin Chairman Lu Zhengyao defaulted on $518 million of margin debt in early April, Goldman said in a statement at the time, after revelations of accounting fraud caused shares of the Chinese coffee chain to plunge.The stock sales represent the latest attempt by Lu’s creditors to limit losses from a scandal that has fueled calls in Washington for tougher scrutiny of financial ties between the U.S. and China. Luckin’s fall from grace blindsided some of the biggest names on...
