California wildfire liability raise PG&E bankruptcy concerns

Sacramento, California: PG&E Corp’s shares plunged more than 18 per cent on Monday after sources said the California utility is exploring filing for bankruptcy protection as it fears a massive charge in the fourth quarter related to potential liabilities from wildfires. The utility is considering the move for some or all of its businesses, Reuters […]

Mohammad Bin Rashid approves DIFC’s new expansion plan

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said that Dubai is working towards cementing its position as a pivotal economic and commercial hub for the region in line with the Fifty-Year Charter recently announced by His Highness that aims to ensure Dubai’s […]

Japanese billionaire’s tweet goes viral, shared 4.3 million times

Billionaire Japanese tycoon and future space tourist Yusaku Maezawa said Monday his tweet promising a cash giveaway of nearly $10,000 was the most retweeted ever. The 43-year-old Maezawa posted a tweet on Saturday promising one million yen ($9,250) in cash each to 100 randomly selected followers who had retweeted it by Monday. The tweet – […]

First Tesla factory outside US breaks ground in China, to produce ‘affordable’ cars

After four years of planning, Tesla Inc. finally broke ground on its planned $5 billion factory in the world’s biggest auto market. But the timing couldn’t be more inauspicious. Chief Executive Officer Elon Musk and some Shanghai officials, including Mayor Ying Yong, on Monday attended a function at a site near the city to kick […]