Tesla Raises Price of 'Full Self-Driving' to $15,000
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Elon Musk says the price of Tesla’s FSD driver assistance software is rising. Elon Musk announced on Sunday that the price of Tesla’s Full Self-Driving system (FSD) will increase by $3,000 next month, the second time it has risen in price this year. Musk took to Twitter to announce the cost increase. Consumers will see the price rise as of Sept. 5, Musk said.
McDonald’s board adds three new directors in a shake-up. McDonald’s board is also losing one longtime director. Sheila Penrose will retire on Sept. 30 after 16 years on the board and surviving Carl Icahn’s proxy fight. The new board additions include Marriott International CEO Tony Capuano, Salesforce CFO Amy Weaver, and Johnson & Johnson Chairman of pharmaceuticals Jennifer Taubert.
European gas prices surge as Russian pipeline maintenance fuels fears of a total shutdown. Gas flows via the Nord Stream 1 pipeline will be suspended for the three-day period from Aug. 31 to Sept. 2. Holger Schmieding, the chief economist at Berenberg Bank, said Gazprom’s announcement was an apparent attempt to exploit Europe’s dependence on Russian gas.
The Euro hit parity with the dollar again. It was the euro that bore the brunt of the selling pressure against the dollar after Russia announced late on Friday a three-day halt to European gas supplies via the Nord Stream 1 pipeline at the end of this month. It was languishing at five-week lows, weighed down by concern that a three-day halt to European gas supplies later this month will exacerbate an energy crisis. Read more here.
Ford to eliminate 3,000 jobs in an effort to cut costs. The majority of which are in North America. The cuts will include 2,000 salaried positions and 1,000 agency jobs in the U.S., Canada, and India, Ford Chairman Bill Ford, and CEO Jim Farley said in an email to employees. The cuts are occurring across Ford’s businesses, which it split into two units earlier this year.
Record lows for rivers across China, the US, and Europe sap economies. Severe droughts have been gripping Asia, the US, and Europe. And it’s leading to record low water levels on key rivers. It’s also affecting the transportation of goods, factory production, and of course, agriculture. Rivers like the Rhine and the Po River in Italy are really important for transport. All sorts of different goods go up and down those rivers. Source(1:25)
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Citi is predicting 18% inflation in the UK during Q1 2023. These numbers are making developed nations look like undeveloped nations where dictators have torpedoed the currency as a way to consolidate power. And the bad news isn’t exclusively forward-looking. Estonia is already seeing 23% inflation today. The situation in Europe appears to be just beginning as the energy crisis rage on. Read more here.
New apartments at a 50-year high may ease pressure on US rents. This year, 420,000 apartments are expected to be delivered nationwide, according to a study by listing service RentCafe. It would be the second year in a row that the industry tops 400,000 units, a mark that was last reached in 1972. The construction boom was driven by demand, particularly in Southern cities such as Dallas and Miami where many Americans flocked during the pandemic.
Goldman says the upside to stock market comeback is limited from here, and downside risks loom. There’s room for upside if institutional investors, who are lightly positioned in stocks, add risk in a rising market. On the other hand, renewed fears about the prospect of a recession would almost surely unwind the recent rally. Goldman economists estimate a one in three probability of a recession in the next 12 months. Read more here.
Amazon is among the bidders for Signify health. Signify is for sale in an auction that could value it at more than $8 billion, according to people familiar with the matter. Bids are due around Labor Day, according to the people, but it is always possible an eager bidder could strike a deal before then. CVS Health Corp. is also among the suitors. A deal would mark Amazon’s latest foray into the healthcare sector.