Connect with us

Business

Musk’s Boring Company Valued at $5.6 Billion After Latest Funding Round

Clayton Lee

Published

on

(C) Reuters. FILE PHOTO: A modified Tesla Model X drives into the tunnel entrance before an unveiling event for the Boring Co. Hawthorne test tunnel in Hawthorne, California, U.S., on December 18, 2018. Robyn Beck/Pool via REUTERS

(Reuters) – Elon Musk’s The Boring Company has raised $675 million in Series C funding round, which now values the tunneling enterprise at $5.675 billion, the company said https:// on Wednesday, adding that the proceeds will be used to ramp up its hiring across sectors.

The Austin, Texas-based company, which plans to expand its workforce in engineering, operations, and production to scale up its Loop projects, said the funding round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.

Boring Company had launched its commercial tunnel project in Las Vegas last June to transport visitors through the city’s Convention Center using human-driven Tesla (NASDAQ:TSLA) vehicles.

Musk, who also leads electric vehicle maker Tesla Inc and rocket company SpaceX, is seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

Musk had earlier sold Boring Company hats and flamethrowers to raise funds.

Last week, billionaire Musk took aim at Twitter Inc (NYSE:TWTR) with a $43 billion cash takeover offer. His offer price of $54.20 per share was a 38% premium to Twitter’s April 1 close, the last trading day before his 9.1% stake in the social media platform was made public.

Musk’s Boring Company valued at $5.6 billion after latest funding round

Read More

Original Post: investing.com

Business

U.S. Senate Committee Backs Biden Nominee to Be Ukraine Ambassador

Clayton Lee

Published

on

By

(C) Reuters. FILE PHOTO: Bridget Brink, nominated to be U.S. ambassador to Ukraine, testifies at her Senate Foreign Relations Committee confirmation hearing at the U.S. Capitol in Washington, U.S., May 10, 2022. REUTERS/Kevin Lamarque/File Photo

WASHINGTON (Reuters) – The U.S. Senate Foreign Relations Committee on Wednesday unanimously approved U.S. President Joe Biden’s nominee to be the next ambassador to Ukraine, veteran diplomat Bridget Brink, and planned to push for her quick confirmation by the full Senate.

Brink is expected to easily win confirmation to a crucial position that has been vacant for three years.

The committee held Brink’s confirmation hearing on May 10, just two weeks after Biden sent her name to the Senate. The quick action underscored the desire from both Biden’s Democrats and Republicans to send an ambassador to support Ukrainian President Volodymyr Zelenskiy as he faces Russia’s invasion.

The Senate is expected later this week to approve nearly $40 billion in military and humanitarian support for Kyiv.

A Michigan native who speaks Russian, Brink is currently U.S. ambassador to Slovakia. She has been a career diplomat for 25 years and has worked in Uzbekistan and Georgia as well as in several senior positions across the State Department and White House National Security Council.

Brink was confirmed by unanimous voice vote in 2019, when former Republican President Donald Trump nominated her for the position in Bratislava.

U.S. Senate committee backs Biden nominee to be Ukraine ambassador

Read More

Article: investing.com

Continue Reading

Business

Japan’s Trade Gap Widens As Import Costs Surge on Supply Pressures

Clayton Lee

Published

on

By

(C) Reuters. FILE PHOTO: A cargo ship and containers are seen at an industrial port in Tokyo, Japan, February 15, 2022. REUTERS/Kim Kyung-Hoon

By Tetsushi Kajimoto and Daniel Leussink

TOKYO (Reuters) – Japan’s exports logged a third straight month of double-digit gains in April led by U.S. demand, but surging global commodity costs inflated the country’s import bill to a record, adding to worries about the rising cost of living.

Shoring up the prospects of a private demand-led recovery, however, was a gauge of capital expenditure that posted its first monthly gain in three months.

The mixed data on Thursday followed the yen’s falls to two-decade lows beyond 131 to the dollar earlier in May, which stoked fears of worsening terms of trade and added financial burdens for the resource-poor Japanese economy as import costs soar.

A weak yen, once considered a boon to the export-led economy, is now having less of an impact as shipments grow smaller, given the ongoing shift by Japanese manufacturers to offshore production.

Japan’s exports rose 12.5% in April from a year earlier, Ministry of Finance data showed, led by U.S.-bound shipments of cars and undershooting a 13.8% increase expected by economists in a Reuters poll. It followed a 14.7% rise in March.

Imports rose 28.2% in the year to April, versus the median estimate for a 35.0% increase, as a weaker yen helped boost already surging global commodity prices.

That resulted in a trade deficit of 839.2 billion yen ($6.54 billion), narrower than the median estimate for a 1.150 trillion yen shortfall but posting a ninth straight month in the red.

Analysts have warned of the risks of prolonged cost-push inflation to the fragile economy with external factors, not domestic demand, pushing import bills higher.

Separate data showed on Thursday Japan’s core machinery orders rose 7.1% in March from the previous month, versus a 3.7% increase expected by economists in a Reuters poll.

The volatile data series, regarded as a leading gauge of capital expenditure in the coming six to nine months, provided a glimmer of hope for a domestic demand-led recovery.

Japan’s economy shrank for the first time in two quarters in the January-March period as COVID-19 curbs hit the service sector and surging commodity prices created new pressures.

($1 = 128.3600 yen)

Japan’s trade gap widens as import costs surge on supply pressures

Read More

Article: investing.com

Continue Reading

Business

Barclays Appoints Hossein Zaimi As Asia Pacific Markets Head

Clayton Lee

Published

on

By

(C) Reuters. FILE PHOTO: A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter Nicholls

HONG KONG (Reuters) – Barclays (LON:BARC) said on Thursday Hossein Zaimi had been appointed as its head of markets for Asia Pacific and would join the bank after a long career at rival HSBC

Zaimi will remain based in Hong Kong and report to Adeel Khan and Stephen Dainton, co-heads of Barclays global markets business and Jaideep Khanna, the bank’s head of Asia Pacific, a statement said.

Zaimi spent more than 17 years at HSBC and was most recently the global head of equities and global co-head of securities financing.

Barclays appoints Hossein Zaimi as Asia Pacific markets head

Read More

Article: investing.com

Continue Reading

Trending

NewsW3.com