Tesla names new board chair ef­fec­tive im­me­di­ately

The Daily Star (Lebanon) - - BUSINESS -

DE­TROIT: Tesla’s board has named one of its own as chair­man to re­place Elon Musk’s term, com­ply­ing with a fraud set­tle­ment with U.S. se­cu­ri­ties reg­u­la­tors. The elec­tric car and so­lar panel com­pany’s board Thurs­day named Aus­tralian telecom­mu­ni­ca­tions ex­ec­u­tive Robyn Den­holm as chair­man, ef­fec­tive im­me­di­ately. Den­holm will step down as chief fi­nan­cial of­fi­cer and strat­egy head at Tel­stra, Aus­tralia’s largest telecom­mu­ni­ca­tions com­pany, af­ter a six­month no­tice pe­riod. She’ll work full time at Tesla, where she has served on the board since 2014. Musk will re­main as Tesla’s chief ex­ec­u­tive as part of the set­tle­ment deal with the U.S. Se­cu­ri­ties and Ex­change Com­mis­sion. The U.S. agency filed a law­suit al­leg­ing that Musk duped in­vestors in Au­gust with mis­lead­ing state­ments on Twit­ter about se­cur­ing the fund­ing to take Tesla pri­vate. –

Italy slams Brus­sels deficit warn­ing

BRUS­SELS: Italy Thurs­day flatly dis­missed the EU’s more pes­simistic out­look for the Ital­ian econ­omy as the IMF warned that Rome’s bud­get bat­tle with Brus­sels could en­snare other Euro­pean coun­tries. The pop­ulist govern­ment in Rome is un­der mas­sive pres­sure since the Euro­pean Com­mis­sion on Oct. 23 re­jected its 2019 bud­get, giv­ing the rul­ing coali­tion in Rome un­til Nov. 13 to make changes to it. Fail­ing that, Brus­sels could put Italy into some­thing called the “ex­cess deficit pro­ce­dure,” a com­pli­cated process that could even­tu­ally lead to fines and pro­voke a strong mar­ket re­ac­tion. The Ital­ian govern­ment plans to run a pub­lic deficit of 2.4 per­cent of GDP, three times the tar­get of its cen­ter-left pre­de­ces­sor. Scru­ti­niz­ing those plans, the Euro­pean Com­mis­sion Thurs­day said Italy’s deficit will reach 2.9 per­cent of its Gross Do­mes­tic Prod­uct next year, much big­ger than the 1.7 per­cent in its pre­vi­ous fore­cast. –

UBS eyes new le­gal bat­tle in U.S.

ZURICH: Swiss bank­ing giant UBS said Thurs­day that it was brac­ing for an­other le­gal bat­tle in the U.S. over sales of mort­gage-backed se­cu­ri­ties in the run-up to the fi­nan­cial cri­sis a decade ago. The bank said it had been ad­vised that the U.S. Depart­ment of Jus­tice “in­tends to file a civil com­plaint as early as Nov. 8, 2018.” “UBS an­tic­i­pates that the com­plaint will seek un­spec­i­fied mone­tary civil penal­ties” over trans­ac­tions that date back to 2006 and 2007, it said in a state­ment. The bank in­sisted Thurs­day that the new U.S. au­thor­i­ties’ claims against it were “not sup­ported by the facts or the law,” and said it would con­test any com­plaint “vig­or­ously.” “UBS is con­fi­dent in its le­gal po­si­tion and has been fully pre­pared for some time to de­fend it­self in court,” it said. Sub­prime mort­gages – which are risky but clas­si­fied as safe in­vest­ments by credit rat­ings agen­cies – were at the heart of the 2007-08 fi­nan­cial cri­sis that dev­as­tated com­mu­ni­ties around the world and brought a num­ber of bank­ing gi­ants to their knees. –

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