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CNBC
13 minutes ago
- CNBC
Asia-Pacific stocks set to slip as investors weigh tariffs, OPEC+ output hike
Asia-Pacific markets are poised to open lower Monday as investors assess the latest Trump administration's new round of tariffs and jobs data report, which dragged Wall Street lower and fueled bets on a Fed rate cut next month. Investors will also be watching oil prices after OPEC+ concluded a slew of major output hikes. Good morning from Singapore. Investors are continuing to assess the U.S.'s latest tariffs which have now raised concerns over mounting inflation levels and an economic slowdown. They will also be keeping a watch on oil prices after OPEC+ agreed to raise production to 547,000 barrels per day in September. Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 39,965, while its counterpart in Osaka last traded at 39,900, against the index's Monday close of 40,799.60. Futures for Hong Kong's Hang Seng index stood at 24,282 pointing to a weaker open compared with the HSI's last close of 24,507.81. Australia's S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,587, compared with its last close of 8,662. — Amala Balakrishner Oil prices slipped on Friday, weighed down by a stronger U.S. dollar and the possibility that OPEC+ will further increase its crude oil output. Dado Ruvic | Reuters OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. OPEC+ cited a healthy economy and low stocks as reasons behind its decision. "Given fairly strong oil prices at around $70, it does give OPEC+ some confidence about market fundamentals," said Amrita Sen, co-founder of Energy Aspects, adding that the market structure was also indicating tight stocks. In early Asian trade on Monday, Brent crude futures fell 43 cents, or 0.62%, to $69.24 a barrel by 2218 GMT, while U.S. West Texas Intermediate crude was at $66.94 a barrel, down 39 cents, or 0.58%, after both contracts closed about $2 a barrel lower on Friday. Read more here. — Reuters Stocks closed lower on Friday, after a weaker-than-expected jobs report worried investors that the economy is meaningfully slowing down. The S&P 500 slipped 1.6% to close 6,238.01, while the Nasdaq Composite pulled back 2.24% 20,650.13. The Dow Jones Industrial Average fell 542.40 points, or 1.23%, to finish the session 43,588.58. — Brian Evans
Yahoo
39 minutes ago
- Yahoo
Group run by billionaire Elon Musk spent more than $47 million in the first half of the year
The super PAC run by billionaire Elon Musk spent $47.4 million in the first half of the year, when the group was actively engaged in helping former Waukesha County Judge Brad Schimel run unsuccessfully for a seat on the Wisconsin Supreme Court. The new filing by America PAC includes for the first time confirmation of $1 million payments that Musk gave to each of three individuals at a Green Bay rally "in appreciation for you taking the time to vote." It also reports that America PAC spent $27 million on in-kind payments for "petition incentives" on June 30. The payment came from the United States of America Inc., a new business created by Musk last year. It is not clear what those payments were for, but the super PAC offered Wisconsin voters $100 to register their opposition to "judicial activists" via a website. Musk's group also made numerous payments to consultants, media groups and canvassers in the first six months of the year. Overall, the report indicates Musk gave a little more than $18 million to America PAC in the first half of the year. That comes on top of the $27 million in-kind payment by the United States of America Inc. A spokesman for America PAC could not be immediately reached for comment. On April 1, liberal Dane County Judge Susan Crawford defeated Schimel, a conservative, in an election that determined the ideological control of the Supreme Court. Liberals now hold a 4-3 edge with Crawford's investiture on Aug. 1. The race set a record for the most spent on a judicial race in the United States. Even before America PAC's latest report, all sides had reported paying out more than $100 million on the hotly contested race, with independent groups far outspending the two candidates. Alison Dirr can be reached at adirr@ Contact Daniel Bice at (414) 313-6684 or dbice@ Follow him on X at @DanielBice or on Facebook at This article originally appeared on Milwaukee Journal Sentinel: Group run by billionaire Elon Musk spent more than $47 million Solve the daily Crossword
Yahoo
42 minutes ago
- Yahoo
Elon Musk Accused of Stiffing Small Businesses for Millions of Dollars, Causing Some to File for Bankruptcy
Tesla CEO Elon Musk, the richest man in the world, has allegedly been stiffing small businesses, causing some of them to file for bankruptcy. According to an investigation by CNN, contractors have filed liens — claims of possession of property until a debt is paid off — for more than $110 million against Tesla over the last five years. The company still owes dozens of businesses more than $24 million. Worst of all, many of these firms are mom-and-pop operations, making them extremely vulnerable when a contractor like Tesla simply doesn't pay up after they've already put their limited resources into a service. The investigation highlights how Musk's firms are systematically taking advantage of their contractors — a pattern, strikingly, that's very similar to the longstanding business practices of US president and former Musk ally Donald Trump. And it's not just Tesla — the billionaire's social media platform Twitter, since renamed X, also allegedly stopped paying rent on its offices in San Francisco, and failed to pay out annual bonuses. Its "extreme belt-tightening" required "nearly everyone to whom it owes money to sue," as attorney Ethan Jacobs wrote in a 2023 court filing. Musk also oversaw brutal cost-cutting efforts as the unofficial head of the so-called Department of Government Efficiency in DC, pulling out the rug beneath entire agencies in a complete disregard for social norms and the fate of regular people. It's become so common for Tesla not to pay up, even one of its lawyers admitted that Tesla takes "some time to pay," including legal bills, during a bankruptcy proceeding against the carmaker last year, as quoted by CNN. Tesla's construction of its enormous Gigafactory in Austin, in particular, has left countless broken promises and small businesses in distress in its wake. Many businesses CNN reached out to, which filed liens and lawsuits against Musk's companies, weren't willing to go on the record for fear of retaliation, pointing to his infamous wielding of non-disclosure contracts. Some firms said they were still hoping to be paid. Others have already written off the losses. Many of them pointed to the many ways Tesla tries to wriggle out of having to pay them through convoluted language in its contracts that often only lawyers can make sense of. All of those broken contracts and unpaid labor have understandably left a sour taste in the mouths of many small-time contractors and businesspeople. "[Musk's] goal is to run through everything now — he doesn't care what or who that impacts — to save the future of the world," one entrepreneur told CNN. "Tesla was probably one of the only companies we did business with where it just felt like they absolutely did not care about putting a company out of business." Musk's systematic unwillingness to pay the firms on which his empire is built has shocked legal experts. Jacobs told CNN that he was shocked that Musk was brazen enough to have "a practice of not paying people until they sue." "They were essentially saying that they just decided not to pay until they had to," he said, referring to former Twitter executives under Musk. "It's not the way I have generally seen people doing business." More on Elon Musk: Elon Musk Publicly Kicks His AI Employee's Legs Out From Under Him Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data