SolarCity has left modest growth plan in the US market due to withdrawal of subsidy from renewable energy sector. Investment of $10 million by billionaire entrepreneur Elon Musk has surprised many. This acquisition is believed to bring back confidence among the investors of SolarCity as a long term investment.
Industry
Peabody Energy Corp facing problem over $1.47 bln self-bonding
US-based coal mining company Peabody Energy Corp is facing a major problem over its $1.47-billion self-bonding practice. The coal miner has been negotiating with debtors for several months. Certain groups are criticizing the self-bonding practice, lodged complaints in courts against Peabody Energy Corp.
S&P downgrades Saudi Arabia to 'A Minus / A-2'
Standard & Poor's (S&P) has cut rating on Kingdom of Saudi Arabia (KSA) as it's suffering from lower oil prices. The long -term foreign and local currency sovereign credit has been lowered to 'A minus/ A-2' from 'A plus / A-1.'
Walmex Q4 net income down by 18.4%
Wal-Mart De Mexico SAB posted an 18.4% drop in its fourth-quarter net income. High spending during the fourth quarter affected the retailer's earnings.
Meta AR Showed As a Serious Rival to HoloLens and Amazed Audience in TED 2016
On Wednesday, Meta demonstrated its new augmented reality headset at TED conference in Vancouver, Canada. The new Meta 2 headset mesmerized the audience and showed to be rival for Microsoft Holo Lens.
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On Wednesday, the data storage specialist NetApp reported its revenue at a lower than expectation. The company suffered a low demand of its product and will cut 12% of its employees.
Yahoo announced another round of layoff after early February cutoff. Around 300 employees in California office will lose their jobs.
The US-based Victory Brewery and Southern Tier Brewing companies are forming an alliance to increase sales volume. However, the two mid-sized breweries will work independently under the parent company Artisanal Brewing Ventures (ABV).
Japan’s auto workers unions had agreed on slimmer pay raise of 3,000 yen, only half the amount they demanded last year. That would hinder Prime Minister Abe’s determination to put an end to the country’s economy stagnation by boosting domestic growth and reviving exports.
Honest Co was accused for a fraudulent labeling in its home and personal care products. The plaintiffs claim that more than 40 of its products contained chemical and toxic ingredients.
Abengoa SA has been witnessed to tatter since Spain government has withdrawn subsidy on renewable energy sector. The company has been battling with a debt burden of €8.9 billion and seeks fresh cash injection of €1.66 billion by the next two years. However, analysts doubt on the Spanish energy producer’s cash requirements.
Indian Rupee further fell in a narrow range and was nearing its record low. On the other hand, stocks on the Indian bourses staged a recovery. The S&P BSE Sensex was up 0.8 percent paring intraday loss of 1.2 percent. Overseas investors continued to offload in the Indian stock markets.
The largest mining company's shares dropped as nickel and metal price plunge, following order reduction from China. Last week, nickel reached its lowest price in 13 years.
Crédit Agricole SA has been widely criticized for its complex cross-shareholding between listed entity and cooperative parent banks. Finally it has announced plans for simplification of its capital structure. The French Green bank has also announced dividend of €0.60 per share while recording €882 million in net profit.
