Boeing Co (BA) has pulled out of a $4.2 billion agreement to purchase Embraer SA’s (ERJ) commercial aviation business.The aerospace company announced on Saturday that it has terminated its Master Transaction Agreement (MTA) with Embraer, after the latter did not satisfy the necessary conditions. The two companies had planned to create a joint venture with Embraer's commercial jets unit and a second joint venture to develop new markets for the C-390 Millennium medium airlift and air mobility aircraft.Under the terms of the agreement Boeing had an option to terminate the agreement until April 24."Boeing has worked diligently over more than two years to finalize its transaction with Embraer. Over the past several months, we had productive but ultimately unsuccessful negotiations about unsatisfied MTA conditions," said Marc Allen, president of Embraer Partnership & Group Operations. "It is deeply disappointing. But we have reached a point where continued negotiation within the framework of the...
Tesla (TSLA) CEO Elon Musk has revealed that Texas is a potential option for the company’s new Cybertruck factory- nicknamed ‘the Cybertruck Gigafactory’- following a grilling by the Twittersphere on Saturday.He also described the company’s California, Fremont factory as ‘at max capacity.’ The Fremont factory is currently in shutdown but should resume normal operations on May 4 following the expiration of the area’s stay-at-home directive.“Not saying new Giga will be in Texas, but Cybertruck will be produced there wherever it is, as Fremont is at max capacity” Musk told Twitter- a comment which earned him over 1,000 likes. He separately confirmed that an Austin-based ‘Giga Texas’ is an option for the company.Musk also clarified that the factory would produce both Cybertrucks and Model Y vehicles, adding “Needs to be more than halfway to east coast.”With multiple states and regions offering various incentives in their factory bids, Musk wrote “Incentives play a...
Investors were also nervous after reports surfaced saying North Korea’s leader Kim Jong Un may be “gravely ill”. This news is important because his death would threaten the stability in the region....
AT&T (T) announced on Friday that its chief executive officer Randell Stephenson will retire after a 13-year tenure and will be replaced by the telecom and media giant’s Chief Operating Officer John Stankey.Stankey who will take over as CEO on July 1, will join the company’s Board of Directors on June 1. He has been holding the COO post since October 2019. Stephenson will serve as Executive Chairman of the Board of Directors until January 2021 to support the leadership transition.AT&T had been searching for Stephenson’s successor since 2017 and most recently finalized a 5-month intensive search process to select a CEO who could lead the company “during these challenging economic times”.Commenting on the leadership change U.S. President Donald Trump called the succession “great news”.“Randall Stephenson, the CEO of heavily indebted AT&T, which owns and presides over Fake News@CNN, is leaving, or was forced out,” Trump said in a Twitter post....
Tesla (TSLA) is planning to ask some employees to return to work at its factory in Fremont, California from next week, according to a report by Bloomberg. This request comes before the end of San Francisco’s lockdown period, where stay-at home directives are still in place due to Covid-19.In fact, San Francisco Mayor London Breed revealed on April 24 that it ‘is very likely’ that the stay-at-home order could be extended past the current May 3 expiration date in the Bay area ‘by a few weeks or even a month.’According to the Bloomberg report, supervisors asked staff from the Fremont factory’s paint and stamping unit to return to work on April 29. They then told workers to confirm if they intend to turn up for work on that date or not.Given that the expiration date of the lockdown is May 3, Tesla had previously required workers to return on May 4-...
In just a few months, the coronavirus pandemic has destroyed so much fuel demand as billions of people curtail travel that it has done what financial crashes, recessions and wars had failed to ever do - leave the United States with so much oil there was nowhere to put it. While the unusual circumstance of negative oil prices may not be repeated, many in the industry say it is a harbinger for more bleak days ahead, and that years of overinvestment will not correct in a period of weeks or even months....
(Bloomberg Opinion) -- Crude oil's collapse into negative prices on Monday was a clear warning of just how scarce storage space for oil is getting. Prices below zero are the market's way of telling producers to stop pumping, now.Dismissing the historic move in the May contract for West Texas Intermediate crude as “more of a financial thing than an oil situation,” as U.S. President Donald Trump did, misses the point. People left holding that contract when trading ceased on Tuesday would have had to take delivery of the oil at the Cushing storage hub in Oklahoma. But with the world awash in oil, there was nowhere for them to store it. So they had to get rid of that obligation, at almost any price.The situation has arisen because there is still simply too much crude being produced in a world that can’t use it.The output cuts agreed to on April 12, after a four-day standoff between Mexico and the other members of...
