HYPERLOOP TEST TUNNEL TO OPEN ON DEC 10, SAYS ELON MUSK

SINGAPORE: Elon Musk moved a step forward in his vision for the future of public transportation, announcing that his Boring Co.’s hyperloop test tunnel will open in less than two months.

“The first tunnel is almost done,” Musk said on his official Twitter account. “Opens Dec 10.”

While the trial tunnel—which begins on the site of Musk’s rocket company Spacex in Hawthorne, California—injects a dose of realism to his vision of a hyper-fast underground system, key questions remain. It’s unclear how Musk will achieve the top speeds of 760 miles (1,220 kilometers) per hour he has touted for a hyperloop tunnel, and the mode of transport that will be used there.

Fiat to sell parts unit Marelli to KKR’S Calsonic Kansei

HONG KONG/NEW YORK: Fiat Chrysler Automobiles NV agreed to sell its car-parts unit, Magneti Marelli, to KKR & Co.’s Calsonic Kansei in the first major deal for the Italian-american carmaker under new chief executive officer Mike Manley. The transaction, valued at €6.2 billion ($7.1 billion), will create Japan-based Magneti Marelli CK Holdings, according to a statement on Monday. Beda Bolzenius, chief executive officer of the acquirer, will lead the combined entity, which will supply components to Fiat Chrysler through a multiyear agreement. The Italian business will remain in Milan, according to a statement on Monday. Shares of Fiat Chrysler advanced as much as 7.2% in Milan after a delayed opening. The stock was up 5.3% to €14.15 at 2:01pm local time. The sale price is more than €1 billion higher than analysts’ average valuation for the business, Mediobanca said in a note. The deal creates an auto-parts maker with more than $17 billion in annual revenue and about 65,000 workers from Tokyo to Milan.

Rupee skids 24 paise to close at 73.56 against $

MUMBAI: The rupee pared its early gains to settle 24 paise lower at 73.56 against the US dollar on Monday due to steady capital outflows and strengthening of the American currency. The rupee came under pressure following heavy selling in domestic equities and the crude oil breaching the $80 per barrel mark on geo-political worries related to killing of Saudi journalist Jamal Khashoggi. Brent crude, the international benchmark, again went past the the $80-mark to quote $80.14 per barrel on Monday, putting pressure on the local unit. At the Interbank Foreign Exchange, the rupee opened on a higher note at 73.36 and gained further ground to hit an intra-day high of 73.19 against the US dollar.

Gold slips on weak global cues, muted demand

NEW DELHI: Gold slipped by ₹50 to ₹32,220 per 10 gram at the bullion market on Monday amid a weak global trend and slackened demand from local jewellers. Silver also shed ₹100 to ₹39,500 per kg due to reduced offtake by industrial units and coin makers. Apart from a weak global trend, marketmen said, tepid demand from local jewellers and retailers at the domestic spot market, weighed on gold prices. Globally, gold fell 0.02% to $1,227.20 an ounce, while silver was up 0.21% to $14.73 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity declined by ₹50 each to ₹32,220 and ₹32,070 per 10 gram, respectively.

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