Trade deficit at record $30 billion in July; exports hits five-month low

India’s trade deficit widened to a record $30 billion in July as exports grew at a much slower pace compared to imports, data released by the commerce and industry ministry showed on Friday. Merchandise exports declined to a five-month low of $36.27 billion in July but witnessed a marginal … Read more

Rivian’s Losses Nearly Triple to $1.7 Billion

Rivian Automotive Inc. reported its net loss in the second quarter nearly tripled to $1.7 billion, further pressuring the electric-vehicle startup to conserve cash and move quickly to fill customer orders. The California-based SUV and truck maker said revenue for the quarter was about $364 million as it increased production and deliveries of its first … Read more

Sanofi and GSK Sink as Zantac Worries Wipe Out $40 Billion

(Bloomberg) — Sanofi, GSK Plc and Haleon Plc extended their declines and have lost a combined $40 billion in market value since Tuesday’s close amid mounting concerns about litigations around recalled heartburn drug Zantac. Most Read from Bloomberg Sanofi fell as much as 13% on Thursday, taking its two-day decline to 20%, the steepest drop … Read more

Elon Musk Sells Nearly $7 Billion Worth of Tesla Stock Amid Twitter Uncertainty

Elon Musk sold nearly $7 billion worth of Tesla stock in recent days, regulatory disclosures show, amid uncertainty over the fate of his $44 billion deal to buy Twitter Inc. Mr. Musk, Tesla’s chief executive and largest shareholder, sold around 7.9 million shares between Friday and Tuesday, the disclosures show, leaving him with a 15% … Read more

Musk Sells $6.9 Billion of Tesla Shares After Saying He Was Done

(Bloomberg) — Elon Musk sold $6.9 billion of shares in Tesla Inc. according to regulatory filings Tuesday, just months after saying he didn’t plan to sell any more stock in the pioneering electric-car maker. Most Read from Bloomberg Tesla’s chief executive officer offloaded about 7.92 million shares on Aug. 5, according to the new filings. … Read more

US Tax Bill Costs Corporations Nearly $300 Billion More, While Middle Class Pays Less

Breadcrumb Trail Links PMN Business Corporations will pay nearly $296 billion more in US federal taxes over the next decade, and middle-income households will see some tax cuts, under the tax-and-climate bill that is likely to become law in the coming days. Author of the article: Bloomberg News Laura Davison Article content (Bloomberg) — Corporations … Read more

Munich Re’s Profit Slumps as It Takes $1 Billion Hit to Investment Portfolio

Munich Re’s profit slumped as the reinsurer took a hit of almost $1 billion to its investment portfolio in a volatile quarter for financial markets. The Munich-based company wrote down the value of its holdings by 908 million euros ($926 million) in the three months through June, mainly reflecting declines in the value of its … Read more