SINGAPORE, Jan 3 (Reuters) – Oil prices held in a narrow range on Tuesday, though the outlook for demand was clouded by a weak manufacturing activity survey from China, and a warning from the head of the International Monetary Fund that the global economy faced a tough year ahead.
Brent crude futures recovered from their early weakness, when prices fell by $1 a barrel, rebounding to $86.29 a barrel by 0737 GMT, an increase of 38 cents, or 0.44%. U.S. West Texas Intermediate crude was at $80.77 a barrel, up by 51 cents, or 0.64%.
Full coverage: REUTERS
Exclusive: Tesla Makes China Boss Highest-Profile Executive After Musk
Jan 3 (Reuters) – Tesla Inc’s (TSLA.O) China chief Tom Zhu has been promoted to take direct oversight of the electric carmaker’s U.S. assembly plants as well as sales operations in North America and Europe, according to an internal posting of reporting lines reviewed by Reuters.
The Tesla posting showed that Zhu’s title of vice president for Greater China had not changed and that he also retained his responsibilities as Tesla’s most senior executive for sales in the rest of Asia as of Tuesday.
Full coverage: REUTERS
South Korea Fines Tesla $2.2 Mln For Exaggerating Driving Range Of EVs
SEOUL, Jan 3 (Reuters) – South Korea’s antitrust regulator said it would impose a 2.85 billion won ($2.2 million) fine on Tesla Inc (TSLA.O) for failing to tell its customers about the shorter driving range of its electric vehicles (EVs) in low temperatures.
The Korea Fair Trade Commission (KFTC) said that Tesla had exaggerated the “driving ranges of its cars on a single charge, their fuel cost-effectiveness compared to gasoline vehicles as well as the performance of its Superchargers” on its official local website since August 2019 until recently.
Full coverage: REUTERS
Startups Spring From Ashes Of Big Tech Purge
Jan 3 (Reuters) – Nic Szerman lost his job at Meta Platforms (META.O) in November, just two months after joining full-time, falling victim to a sweeping 13% reduction of its workforce as the advertising market cratered.
Days later he was back working, seeking investment for his own company Nulink, a blockchain-based payment company, and sent pitches to startup accelerator Y Combinator and Andreessen Horowitz’s cryptocurrency fund.
Full coverage: REUTERS
Morning Bid: Making Waves
A look at the day ahead in European and global markets from Tom Westbrook.
The first trading day for most major markets in Asia was a choppy one, as investors grappled with the contradictory implications of China’s opening up and a resurgence in COVID-19 cases. European and U.S. futures struggled to make headway.
Surveys out over the weekend showed China’s factory activity in December shrank at the sharpest pace in nearly three years as COVID infections swept through production lines. Tuesday Caxin figures also showed shrinking activity.
Full coverage: REUTERS
