The world this week: Business
Even by the standard of his previous capricious outbursts, Elon Musk’s tweet that he is thinking about taking Tesla private left investors scratching their heads. Such a buyout would be the biggest in history. In a memo on the carmaker’s website, Mr Musk said he was considering the move to shield Tesla, which has been plagued by production problems, from the short-term demands of public markets and to stop short sellers from attacking Tesla’s shares. Some wondered whether such a significant disclosure about the business followed the proper regulatory rules. Mr Musk’s announcement came on the heels of reports that a Saudi investment fund had taken a stake in the company.
The trade war between America and China intensified. The Trump administration proceeded with plans to impose tariffs on a further $16bn-worth of goods from China, which come into effect on August 23rd. China said it would respond in kind. It had earlier threatened to levy new duties on $60bn-worth of American exports if America implemented tariffs on another $200bn-worth of Chinese products.
Germany’s economy ministry in part blamed “uncertainties” in trade for a decline in manufacturing orders. Orders from within the euro zone and domestically fell by almost 3% between May and June. Those from outside the currency bloc dipped by 6%.
New York’s city council voted to stop issuing new licences for ride-hailing cars for a year while it reassesses the industry, and also to set a minimum wage for drivers. Although existing licensed drivers will still be allowed to operate, the ruling is a setback for Uber in its biggest market.
纽约市议会(New York city council)投票决定，在对共享汽车服务行业重新进行评估的一年内停止发放新牌照，并为司机设定最低工资。尽管现有的持牌司机仍可运营，但该裁决对优步而言是其在最大市场上遭遇的一个挫折。
Unfazed by American sanctions and boosted by higher oil prices, Rosneft’s quarterly net profit surged, to 228bn roubles ($3.7bn). After years of big acquisitions, the Russian oil producer, the world’s biggest listed oil company by output, said its buoyant earnings reflected improved efficiency.
Glencore’s headline profit for the first half of the year rose to $8.3bn, a record for the mining and commodities-trading firm. Its metals business benefited from rising commodity prices in the first half, particularly in battery-related metals such as nickel and cobalt. However, cobalt prices have plunged recently, as China has upped its exports of the metal.