Tesla: Musk makes peace with the SEC yet again
Elon Musk settled the legal fight over his Twitter usage with the Securities and Exchange Commission, said Bob Van Voris and Dana Hull in Bloomberg.com. The Tesla CEO “agreed to amend an earlier settlement to add specific topics he can’t tweet about” without approval from a company lawyer. Musk dodged a contempt-of-court decision by a federal judge for violating a previous agreement. Last week, Tesla also reported one of the worst quarterly losses in its history after a dramatic 31 percent decline in vehicle deliveries. The new losses mean Tesla may need to borrow money or sell shares to keep funding its business.
Federal Reserve: Moore pick in jeopardy
Following the withdrawal of Herman Cain, pressure is building on President Trump’s other pick for the Federal Reserve board, said Heather Long in The Washington Post. Stephen Moore’s potential nomination “appeared on the edge of failure” this week after four Republican women senators expressed concerns about Moore, with Iowa’s Joni Ernst saying she was “very unlikely” to vote for him. Moore, a frequent conservative columnist, apologized over the weekend for past comments about women, including a 2014 column that suggested “it would cause societal unrest if women earned more than men.”
Oil: Battling for control over huge U.S. fields
Berkshire Hathaway will inject $10 billion to help Occidental buy Anadarko, said Bradley Olson and Cara Lombardo in The Wall Street Journal. The backing by Warren Buffett’s company this week gives Occidental more capital to fight the larger Chevron in the battle to acquire Anadarko and represents a confident bet on U.S. oil by the famed investor. Anadarko owns acreage in the heart of the U.S. oil boom in West Texas and New Mexico. Bigger oil companies have been “stalking” Anadarko for years, hoping to add to their holdings there.
Retail: Amazon Prime to offer free one-day delivery
Amazon dropped a bombshell on its rivals last week, said Daniel Kline in TheMotleyFool.com, with plans to “upgrade its free-shipping option for Prime members to one-day delivery.” The retail giant currently offers free two-day shipping for its 103 million Prime members. The upgrade will cost Amazon $800 million for the next three months alone, but one-day shipping is a perk that the company’s competitors, already struggling to match Amazon’s reach and efficiency, will find hard to match. That puts Walmart and Target “in a hole that will be tough and expensive to climb out of.”