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Tesla warns on challenges of scaling up production

FRANKFURT: Tesla Chief Executive Elon Musk warned on Tuesday about the difficulties of speeding up production as an expert cautioned the carmaker's increased reliance on large-scale aluminium parts could bring new manufacturing challenges. While carmakers such as Mercedes-Benz have said automation has limitations, Musk has pressed on with plans to create a hyper-automated factory, which he refers to as the "alien dreadnought", or "the machine that builds the machine". Advertisement Advertisement "The extreme difficulty of scaling production of new technology is not well understood. It's 1,000per cent to 10,000per cent harder than making a few prototypes. The machine that makes the machine is vastly harder than the machine itself," Musk said on Twitter. Musk's warning comes ahead of a "battery day" later on Tuesday, when Tesla is expected to unveil steps to boost battery production. For its new Model Y, Tesla plans to replace 70 components glued and riveted into th..

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Explaining Stock Market Volatility, a Sophisticated Tool Anyone Can Understand

Commentary There has been much discussion recently about the increase in U.S. stock market volatility. And this month is the 300-year anniversary of one of the most important historical examples of a bubble bursting. In 1720, many in England lost large fortunes after the stock price of the South Sea Co. fell dramatically. Such “bubbles” always have a justification, and for the South Sea Co., it was the potential for profit from exclusive trading rights with Spains colonies in South America and the West Indies. Profits were expected to grow quickly and maintain that growth trajectory for a very long time. When that growth proved unsustainable, the price for the companys shares came crashing down. Bubbles are hard to understand. At least we now have financial technology available to help us understand the fears and concerns of some market participants. Financial Technology Financial technology, to an old-timer like me, has two meanings. The new meaning of “fintech” refers to being a..

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US Household Net Worth Surged to Record High in 2nd Quarter

American household wealth has hit a historic high, with savings accounts and equity portfolios seeing a big boost from federal pandemic relief and surging stock markets, according to a Federal Reserve report. The Feds most recent Flow of Funds report, released Sept. 21, provides a snapshot of the wealth and income of U.S. households and nonprofit organizations as of June 30. The report shows that when the second quarter ended in June, household net worth—which is the value of homes, stock investments, and other assets minus whats owed on mortgages and other loans—hit a record high of $118.9 trillion. The $7.6 trillion jump from the prior quarter also is the biggest quarterly increase in history. Changes in Net Worth: Households and Nonprofit Organizations, 2015–2020. (Financial Accounts of the United States via Federal Reserve) Household net worth at the end of the final quarter of 2019 stood at $118.5 trillion. The outbreak of the CCP (Chinese Communist Party) virus then dealt the..

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CBO Downgrades Americas Long-Term Economic Growth Projections

Americas economy is projected to grow more slowly in coming decades than previously forecast, due in large measure to the impact of the CCP virus, according to the Congressional Budget Office (CBO). The CBO, a non-partisan agency that produces economic and budgetary analyses to support the congressional budget process, on Monday released its newest long-term debt and growth projections through 2050. They show higher than previously expected levels of federal debt and weaker growth. “In CBOs extended baseline projections, growth in potential (or maximum sustainable) GDP over the next 30 years is slower than it has been over the past 50 years. From 2020 to 2050, real potential GDP increases at an average rate of 1.6 percent per year, whereas it grew at an average annual rate of 2.8 percent from 1969 to 2019,” the CBO said in its report. The current projection of 1.6 percent average annual growth through 2050 is over a quarter percentage point lower than the CBO forecast in June 2019, ..

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Tennis: Damir Dzumhur and coach taking legal action against French Open organisers over Covid-19 test

PARIS (REUTERS) – Bosnian player Damir Dzumhur is taking legal action against the organisers of the French Open after he was barred from entering the qualification round as his coach Petar Popovic tested positive for Covid-19. Popovic said the test was a "false positive" because he had already contracted the virus earlier this year and he was "full of antibodies". He said a new private test he underwent in Serbia returned negative, according to French sports daily L'Equipe. Former world number 23 Dzumhur and Popovic said they were denied a second test by French Open organisers, the French tennis federation (FFT). The FFT, however, said it was following a protocol that had been signed by the players. "It's a scandal and a huge frustration," Popovic told L'Equipe on Tuesday (Sept 22). "I'm sure we're going to win in court. They're going to pay a lot for this. It makes me crazy." Six players have already been denied a place in the qualification phase a..

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Tennis: Bianca Andreescu pulls out of French Open, to take rest of 2020 off

OTTAWA (REUTERS) – Canada's Bianca Andreescu has pulled out of the French Open and will take the rest of the season off to focus on her recuperation, the world number seven said on Tuesday (Sept 22). Andreescu, who did not defend her 2019 US Open crown in New York this year, has not played on tour since the WTA Finals in Shenzhen last year where she retired with a knee injury that also kept her out of the Australian Open in January. "I have come to the difficult decision to skip the clay court swing this year and will be taking the remainder of the season off to focus on my health and training," Andreescu said in a statement. "As hard as it was to come to this conclusion, I have so much to look forward to in 2Read More – Source [contf] [contfnew] straitstimes [contfnewc] [contfnewc]

Business

Football: Thiago Silva brushes off age concern as he prepares for Chelsea debut

LONDON (AFP) – New Chelsea signing Thiago Silva has shrugged off concerns that he might struggle to adapt to the extreme pace of the Premier League, insisting "age is just a number". The veteran Brazil defender joined Frank Lampard's side from Paris Saint-Germain on a free transfer last month after suffering defeat to Bayern Munich in the Champions League final. The centre-back, who turned 36 on Tuesday, brushed off concerns he would struggle to come to terms with the speed of the English top-flight. "Physically I feel really good," he told reporters on Tuesday (Sept 22). "Age is just a number on your document. Physically, I feel very young. I'm very well prepared for this." The former AC Milan player, who is expected to make his debut in Chelsea's League Cup match against Barnsley on Wednesday, said the Premier League had not previously held great appeal for him. "My impression of the football played was that it was long balls, high balls, long shots and at the tim..

Business

Disney appeal to California: ‘It’s time’ to let Disneyland reopen

LOS ANGELES: Walt Disney Co urged California officials on Tuesday to let the company reopen the Disneyland theme park, which remains shuttered six months after closing down to help curb the spread of coronavirus. With approval from local authorities, Disney has reopened its parks in Shanghai, Paris and Florida with limited attendance, face mask requirements and other measures to prevent COVID-19 infections. Hong Kong Disneyland is set to reopen on Friday. Advertisement Advertisement Disney parks officials, in a video briefing for reporters on Tuesday, said their safeguards had been successful and were given high marks by guests in customer surveys. The video included footage of families and employees throughout various parks wearing masks, keeping their distance on rides and saying they felt safe and enjoyed their visit. Josh D'Amaro, chairman of Disney parks, experiences and products, urged California officials to provide "fair and equitable guidelines" to allow Disneyland ..

Business

US airlines to make urgent call for new bailout ahead of Oct 1 job cuts

WASHINGTON/CHICAGO: Major US airlines plan to make a last-ditch bid to persuade Congress to grant them a new US$25 billion bailout to help avert thousands of employee furloughs set to begin Oct 1, even as a separate US$25 billion in government loans for the sector sits untapped. The chief executives of American Airlines, United Airlines and JetBlue Airways and major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. Advertisement Advertisement On Monday, two key Republican senators introduced legislation that would authorise another US$25.5 billion in payroll assistance for passenger airlines, but congressional aides said it was unlikely to win passage given aid requests from many other struggling industries. The first US$25 billion in payroll assistance to airlines was included under the US$2...

Business

Nikola partners back company despite founder Milton’s exit, CFO says

LONDON: Nikola Corp Chief Financial Officer Kim Brady said on Tuesday the electric-truck maker continues to enjoy the support of all its automotive partners even after the departure of founder Trevor Milton. Shares of the company were up nearly 5 per cent on Tuesday, after losing about 19 per cent in market value during the previous session. Advertisement Advertisement Milton stepped down following claims of nepotism and fraud by short-seller Hindenburg, which had said the company misled investors and partners over its technology. "We feel very confident about due diligence that has been performed by our partners, and as you can see, our partners have been 100 per cent supportive and behind us," Brady told investors at a virtual conference organised by Evercore ISI. General Motors Co and Germany's Bosch had said on Monday they were sticking to their alliances with Nikola. Brady said Bosch and GM were "incredibly thorough" in terms of tRead More – Source [contf] [contfnew]..

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