TESLA SHARES FALL 5% AFTER CEO ELON MUSK SHUNS BUYOUT

SAN FRANCISCO: Trading in Tesla shares in Germany on Monday pointed to a 5% drop when US markets open as investors reacted to chief executive Elon Musk’s decision to abandon plans to take the luxury electric car maker private. Musk said in a blog post late on Friday that consultations done with the help of Goldman Sachs and Morgan Stanley had shown most of Tesla’s existing shareholders opposed the deal he proposed on Twitter three weeks ago to widespread shock on Wall Street. Tesla’s shares, already down nearly 10% from their level on August 7, just before Musk tweeted that he had “funding secured” for a buyout at $420 a share, fell 5% in trading in Germany to $263.50.

Shell to buy out Total in Hazira LNG terminal

NEW DELHI: Royal Dutch Shell on Monday said it will acquire French oil major Total SA’S 26% stake in the company that operates 5 MTPA Hazira LNG terminal in Gujarat. The size of the deal was however not disclosed. “Shell Gas BV, a subsidiary of Royal Dutch Shell plc, has signed a binding Letter of Intent (LOI) with Total Gaz Electricité Holdings France to acquire its 26% equity in the Hazira LNG and Port venture in India, subject to regulatory approvals,”it said in a statement.

Rupee to average at 69 per dollar this fiscal: report

NEW DELHI: The rupee is likely to average at 69 per US dollar this financial year, largely driven by stronger domestic macro fundamentals and foreign fund flows, says a report. According to a Bank of Baroda research report, India’s twin deficit and inflation are at a “far more comfortable position” than in 2013. Besides recent fall in oil prices and strong foreign portfolio investors’ (FPI) inflows will also support the domestic currency.

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