Chinese Electric-Car Startup NIO Prices Debut Model at $67,783

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Source: Bloomberg MarketsChinese electric-car maker NIO has launched sales of its first vehicle three years after the company was founded, undercutting the price of a rival model from Tesla Inc.Chinese customers can buy the ES8 sports utility vehicle, with a range of 500 kilometers (311 miles) on a single charge, for 448,000 yuan ($67,783), the company said late Saturday in … [Read more...]

Hunter Harrison, Famed Railroad Turnaround CEO, Dies at 73

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Source: Bloomberg MarketsE. Hunter Harrison, who turned around three railroad carriers during a five-decade career before being tapped by CSX Corp. to improve the company’s lackluster performance, has died days after taking medical leave. He was 73.Harrison died in Wellington, Florida, on Saturday from complications from a recent illness, the company said in a statement.“Hunter … [Read more...]

Suspicious Deaths of Billionaire Canada Couple Investigated

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Source: Bloomberg MarketsCanadian police continue to weigh whether to open a homicide investigation after the deaths of billionaire pharmaceutical executive Bernard “Barry” Sherman and his wife shocked the country’s corporate and political worlds.The bodies of the 75-year-old founder of Apotex Pharmaceutical Holdings Inc. and his wife Honey Sherman were found in their home in … [Read more...]

How You Can Exploit the Tax Bill Right Now

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Source: Bloomberg MarketsAt the end of every year, millions of Americans can make strategic moves to shave a few bucks off their April tax bill. Right now, millions more should be able to get into the act, with Congressional Republicans poised to pass a 503-page law that fundamentally restructures the U.S. tax code.If the bill passes, new tax rates and countless other … [Read more...]

Satellites Are Reshaping How Traders Track Earthly Commodities

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Source: Bloomberg MarketsA lump of coal is scooped onto a truck bed in Australia, driven to a port, loaded on a ship, piloted across the ocean to a dock in China, piled into a train car and delivered to power plant. And it would all happen under the watchful eyes of coal traders, if a fleet of new satellite tracking firms can deliver on ambitious promises.Companies like Ursa … [Read more...]

Banned Over Terror Clients, FBME Has Added Woe: U.S. Probe

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Source: Bloomberg MarketsU.S. prosecutors in Brooklyn are examining whether FBME Bank Ltd., a small international bank already barred from the U.S. financial system over suspected terror financing, also aided fraudulent activities by online pornography and gambling companies, according to people familiar with the matter.The previously unreported investigation of FBME’s … [Read more...]

Egypt’s Giant Zohr Gas Field Starts Production

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Source: Bloomberg MarketsEgypt’s Eni SpA-operated Zohr natural gas field has started production, bringing the country closer to its goal of energy self-sufficiency.Gas from the Mediterranean’s largest offshore field is pumped to a facility in Port Said city, to be prepared for delivery to the national distribution network, with initial production of 350 million cubic feet per … [Read more...]

Tencent to Buy Stake in Supermarket Chain in Rare Retail Foray

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Source: Bloomberg MarketsTencent Holdings Ltd. will buy a stake in Chinese supermarket chain Yonghui Superstores Co. for about 4.22 billion yuan ($638 million), setting up a clash with arch-rival Alibaba Group Holding Ltd. in physical retail.China’s largest internet corporation is acquiring about 5 percent of Yonghui from existing shareholders at 8.81 yuan apiece, Yonghui said … [Read more...]

Puerto Rico to Lose Tax Advantages Under GOP Plan, Expert Says

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Source: Bloomberg MarketsThe final version of the Republican tax plan would end some of the tax advantages companies with operations in Puerto Rico have long enjoyed, potentially delivering an economic blow to the territory still reeling from Hurricane Maria and a record setting bankruptcy, according to an expert who reviewed the plan Friday.Gabriel Hernandez, the head of the … [Read more...]

Four of the Most Explosive Claims Against Uber in Ex-Employee’s Letter

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Source: Bloomberg MarketsA salacious letter alleging questionable and deceptive business practices by Uber Technologies Inc. was released to the public Friday as part of Alphabet Inc.’s lawsuit over trade-secret theft. The letter, written by an attorney representing former Uber security employee Richard Jacobs, said the ride-hailing company spied on rivals, bribed officials and … [Read more...]