Tesla Inc has doubled discounts on some already made new Model 3 electric cars and offered discounts on the Model Y and others in its U.S. inventory to entice buyers amid economic uncertainty, rising competition and the upcoming redesign of its mainstay model. In California, a Model 3 variant in inventory was priced at $42,060, a […]
JPMorgan Chase & Co will shut 21 branches of First Republic Bank by the end of the year as it integrates the failed lender into its operations, a JPMorgan spokesperson said on Thursday. The locations account for about a quarter of First Republic’s 84 branches across eight states. The lender, which was the largest to collapse […]
Billionaire Elon Musk was showered with praise during a trip to China this week, with people on social media calling him “a pioneer”, “Brother Ma” and “a global idol” while the CEO of Tesla, Twitter, SpaceX and other companies also met in person with three government ministers. Since landing in Beijing on Tuesday, Musk has […]
Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS, said two sources with direct knowledge of the matter. Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. A locally incorporated […]
Hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS, two people familiar with the matter said on Wednesday. Credit Suisse bankers, worried about their future are seeking safer employment at competitors, one person said. Both declined to be […]
For the ambitious Chinese tech entrepreneur, expanding into the U.S. just keeps getting harder. Before 2019, there were few major impediments to having a Chinese company that did business in the U.S. from China. But amid escalating U.S.-Sino trade tensions, particularly after Washington slapped sanctions on telecom giant Huawei (HWT.UL), some Chinese firms began setting […]
BlackRock, Korea’s SK, Switzerland’s UBS and other companies are chasing an investment boom in battery storage plants in Texas, lured by the prospect of earning double-digit returns from the power grid problems plaguing the state, according to project owners, developers and suppliers. Projects coming online are generating returns of around 20%, compared with single digit […]
Multinational corporations routinely shift their profits to tax havens globally in order to benefit from low-tax environments. This column uses German municipal data on trade and property tax rates to study the consequences of such corporate tax avoidance on government tax revenues and tax revenue structures. It shows that increases in trade tax rates lead […]
In the coming century, the global economy will experience an unprecedented convergence of two trends, as the world’s population reaches its peak while simultaneously approaching near-zero levels of growth – a combination that will invert both the population pyramid and dependency rates. This column examines this transformation within the context of changes to the global […]
There are growing concerns that low-income countries may be in or close to a systemic debt crisis. This column argues that while debt distress indicators in these countries have been steadily rising over the last decade, they remain substantially below their levels in the mid-1990s and do not yet indicate a systemic crisis of the […]
