July 18, 2019

Lotus ups the ante on the electric hypercar with the Evija: 2,000 hp, 200 mph at $2 million

The Lotus Evija electric hypercar, manufactured by Group Lotus Plc, a unit of Zhejiang Geely Holding Group Co Ltd., sits on display following its unveiling at the Royal Horticultural Halls in London, U.K., on Tuesday, July 16, 2019.Bloomberg | Bloomberg | Getty ImagesIt's been 11 year since Lotus Cars introduced a new model, so it's making sure the first car out of that drought won't get lost in the crowd. The new Evija — pronounced "e-VY-a" – is an all-electric hypercar that can zap out nearly 2,000 horsepower, enough to launch it from 0 to 60 in less than three seconds, with a top speed of more than 200 mph. Since it won't come out until next year, potential buyers will have time to start counting pennies. Lots of them, as the Evija, will go for just over $2 million at current exchange rates. The Evija is the latest in a growing list of all-electric exotics coming to market, a list that already includes the Rimac C Two and Pininfarina Battista, with Tesla promisin..
July 18, 2019

Analysts stick by plunging Netflix shares, see comeback this quarter driven by ‘Stranger Things’

Wall Street analysts were urging clients to remain calm in the wake of Netflix's disappointing earnings report after the bell on Wednesday. The company only added 2.7 million global subscribers while Wall Street expected the number to be closer to 5 million. It also reported an unexpected loss in U.S. subscribers. Shares of the company tanked almost 11% after the report. Many analysts are already predicting the streaming giant will bounce back in the third quarter anchored by Netflix's original show, 'Stranger Things.' "Early 3Q trends are strong, led by Stranger Things S3, & we believe churn rates have receded closer to pre-price increase levels," J.P. Morgan analyst Doug Anmuth said. Strong content is still going to be the backbone for Netflix driving subscriber growth going forward, analysts say. "Conversely, in 2H'19, there should be a positive impact from an improving slate and we are, therefore, optimistic about the company's opportunity to grow su..
July 18, 2019

Airline sends $106,000 bill to woman who tried to open doors mid-flight

Jet2 or Jet2.com budget airline carrier Boeing 737-800 specifically 737-85P(WL) winglets airplane, with registration G-JZHH and aircraft name Costa Brava.NurPhoto | NurPhoto | Getty ImagesA woman who allegedly caused two fighter jets to be scrambled to escort a plane she was traveling on has received an £85,000 ($106,000) bill by the airline In a statement posted on its website, Jet2 said 25-year-old Chloe Haines had tried to open the door of a plane midway between London's Stansted Airport and Dalaman in Turkey. The alleged incident on June 22 led to passengers and crew restraining Haines while pilots rerouted the plane back to Stansted. The airline accused Haines of "a catalogue of aggressive, abusive and dangerous behaviour." According to one media report a fellow passenger said that Haines then screamed: "get off me, I'm going to kill everyone."' Jet2, who said it has also banned Haines for life, said the U.K. Royal Air Force scrambled two Typhoon fighters to escort ..
July 18, 2019

Brexit Secretary Stephen Barclay told EU negotiator Michel Barnier Brexit deal will not pass Parliament unchanged

18 July 2019 Brexit Secretary Stephen Barclay told EU negotiator Michel Barnier Brexit deal will not pass Parliament unchanged The Brexit Secretary, Stephen Barclay, appeared before the Commons EU Exit Committee yesterday. Asked about his recent meeting with EU Chief Brexit Negotiator Michel Barnier, Barclay said some reports had been “misleading,” adding, “In terms of the Withdrawal Agreement, what I said was that the House had rejected it three times, including the third time by a significant margin; that the European election results in my view had further hardened attitudes across the House and that the text [of the deal], unchanged, I did not envisage going through the House.” He further said that Task Force 50, the EU negotiation team led by Barnier, currently has no mandate from the EU27 to renegotiate the Withdrawal Agreement, but that a new mandate could change this. On the subject of No Deal mitigation, Barclay said, “Is No Deal disruptive? Yes. Are there mitigations the..
July 17, 2019

‘Expect craziness’ as China readies debut of Nasdaq-style board

SHANGHAI - In a packed Shanghai classroom on a hot afternoon, nearly a hundred "mom-and-pop" investors were honing their trading skills ahead of the first opening bell for China's Nasdaq-style tech board. They were learning survival techniques from veteran trader Shen Shikang, who predicted "a burst of stir-frying" -- quick buying and selling of stocks -- when trading starts on Monday. Markets are brutal, Shen warned, urging students to "be disciplined" and "cut their losses ruthlessly". Eight months after President Xi Jinping unveiled plans for Shanghai's technology innovation board, the first batch of 25 companies - ranging from chip-makers to biotech firms - will debut on the STAR Market. Modeled after Nasdaq, and complete with a U.S-style IPO system, STAR may be China's boldest attempt at capital market reforms yet. It is also seen driven by Beijing's ambition to become technologically self-reliant as a prolonged trade war with Washington catches Chinese tec..
July 17, 2019

As Fed nears rate cut, policymakers debate how deep, and even if

CHICAGO - With the first US interest rate reduction in a decade expected later this month, two Federal Reserve policymakers sketched out arguments on Tuesday on how deep the cut should be, even as a third said she needs more data before being ready to sign on at all. The remarks, from the chiefs of the Federal Reserve regional banks of Chicago, Dallas and San Francisco, show that the US central bank is edging towards a widely anticipated rate cut at its upcoming July 30-31 meeting without a consensus narrative about why a cut is needed, or even if it is. The competing cases made Tuesday by the two policymakers supportive of a rate cut suggested the decision of whether to reduce rates by a quarter or a half of a percentage point could hinge on whether the goal is to guard against developing risks in the world economy and signalled by bond markets, or deliver a solid jolt meant to boost inflation in the United States. "There is an argument that if I think it takes 50 basis points befo..
July 17, 2019

Ebix signs agreement to acquire Yatra

Ebix, the international supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries, and Yatra Online announced today that that they have entered into a definitive agreement under which Ebix will acquire Yatra via merger at an enterprise value of $337.8 million in an all stock deal. The companies said each ordinary share of Yatra (“Yatra Ordinary Share”) will be entitled to receive 0.005 shares of a new class of preferred stock of Ebix . Each share of Ebix Convertible Preferred Stock received for each Yatra Ordinary Share will, in turn, be convertible into 20 shares of common stock of Ebix. Ebix said based on the trailing 15-day volume weighted average price (“VWAP”) of Ebix Common Stock of $49.05 per share, each Yatra Ordinary Share convertible into Ebix Common Stock would be valued, on an as-converted basis, at $4.90 per share. The companies said post adjustment for indebtedness, working capital, warrants to be converted ..
July 17, 2019

Giving 330 days for IBC resolution including litigation a right step: Abizer Diwanji, EY

Earlier a 270-day period was given but had not mentioned time for litigation and the processes had dragged on for ages like in case of Essar, says Abizer Diwanji, Partner, EY. Excerpts from an interview with ETNOW. What do the IBC Amendments actually mean and how crucial are they? There were a few large issues which have been tackled here. One of the biggest issues which I have been talking about for a long time is that the time-bound process was quite frustrated by the legal system. The legal courts had interpreted that any time taken for litigation was excluded from the 270-day period for resolution. Now according to the Amendment from, a maximum of 330 days including the period of litigation has been given, That puts a lot of stress on our courts to actually resolve the issues. Let us take Essar for example. The whole process has been going on for two years because the time at which Essar was in litigation was not included in the 270-day deadline period. But now it says that the ..
July 17, 2019

Tech View: Nifty forms Spinning Top; investors appear indecisive

NEW DELHI: Nifty advanced to hit the 11,700 level on Wednesday in intraday trade but saw selling pressure, as investors turned indecisive at higher levels. This eventually led the index to form a ‘Spinning Top’ candle on the daily chart. A higher high and low pattern for past three sessions suggested that support has shifted higher. But a weak advance-decline ratio remained a concern. Analysts said should Nifty slip below 11,720, it may trigger profit taking. The index tested its 40-day exponential moving average, which acted as a cap for the day. It also went on to test the upper end of a rising channel on the hourly chart, said Gaurav Ratnaparkhi of Sharekhan. “In terms of Fibonacci retracement, the index has retraced nearly 50 per cent of the post-Budget decline. Hence, the pullback is likely to subside near 117,00 and 11,720 levels, which would result in a fresh downward move. On the downside, the junction of the recent low and the daily lower Bollinger Band i.e. 11,461-11,450 w..

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