Saturday, 5 Dec 2020

Nintendo H1 profit triples as pandemic drives Switch sales boom

In 2010, Elon Musk had big plans for Tesla. Listen to his predictions

New York (CNN Business)Tesla has become the most valuable and (by some measures) the most profitable automaker in the world, But a short while ago it nearly toppled into bankruptcy.

CEO Elon Musk tweeted this week that the company was within a month of filing for bankruptcy when it was struggling to bring its best-selling vehicle, the Model 3 sedan, to market.
“Closest we got was about a month,” he said when asked via Twitter how close Tesla got to bankruptcy. “The Model 3 ramp was extreme stress & pain for a long time — from mid 2017 to mid 2019. Production & logistics hell.”

    Tesla was in a serious cash crunch as losses mounted and it struggled to hit various production targets for the Model 3. But Musk hadn’t previously disclosed the company was close to filing for bankruptcy — although he did joke about a bankruptcy filing in a separate tweet on April Fool’s Day in 2018.
    Tesla shares sink 7% despite record car sales
    Today, Tesla’s struggles seem to be ancient history.

    Tesla has recently reported record, sustained profits, an industry-leading profit margin and strong cash flows. And the stock has responded in kind, with shares of Tesla (TSLA) soaring more than 400% this year.

    Police ‘Kettle’ and Arrest Nearly 60 Protesters in Manhattan

    The police broke up crowds after peaceful demonstrations turned into heated confrontations in the West Village and near Union Square.

    By Ed Shanahan

    Man shot dead in triple shooting in Denver is identified

    A man who was shot dead in Denver, in a triple shooting, has been identified.

    Eric Macias, 34, was shot early Wednesday morning in the 3200 block of Locust Street, according to the Denver Office of the Medical Examiner. His manner of death is a homicide.

    Macias was one of three people shot early Wednesday on Locust Street, police said. He was taken to Denver Health Medical Center where he was pronounced dead.

    The two other victims were also taken to the hospital. An investigation is ongoing.

    Federal Reserve Meets Amid Major Uncertainties

    The Fed will release its latest policy statement on Thursday, sandwiched between an undecided election and the October jobs report.


    By Jeanna Smialek

    Pennsylvania official says several hundred thousand ballots need to be counted

    Mail-in ballots are pictured as they are counted in Lehigh County, Pennsylvania, U.S., November 4, 2020. REUTERS/Rachel Wisniewski

    WASHINGTON (Reuters) – Pennsylvania Secretary of State Kathy Boockvar said on Thursday that several hundred thousand ballots for the presidential election still need to be counted in the battleground state.

    Boockvar also said she was unaware of any recent allegations of voter fraud.

    There’s a Simple Reason Workers Covered Windows at a Detroit Vote-Counting Site

    By Davey Alba

    Enel 9-Month Profit Rises

    Enel (ENLAY.PK,EN) Thursday said its group net income for first nine months of 2020 rose to 2.921 billion euros from 813 million euros last year.

    Last year’s bottom line was negatively impacted by impairment recognized on a number of coal-fired plants.

    On an adjusted basis, net income rose 9.0% to 3.593 billion euros from 3.295 billion euros last year.

    EBITDA for the first nine months of 2020 slipped 3.8% to 12.705 billion euors from 13.21 billion euros last year.

    Ordinary EBITDA inched down 0.9% to 13.146 billion euros from 13.27 billion euros a year ago. The decrease reflects a reduction in Infrastructure and Networks, mainly reflecting exchange rate developments in Latin America, and End-user markets, partly offset by an improvement in the performance of Enel Green Power and Thermal Generation and Trading.

    Revenues for the first nine-months period slipped 19.0% to 48.050 billion euros from 59.332 billion euros last year.

    The decrease is primarily attributable to End-user markets as a result of a decline in the volume of gas and electricity sold in Italy and Spain mainly reflecting the impact of the COVID-19 outbreak, to the activities of Thermal Generation and Trading in Italy due to a decrease in trading activities, and the effect of the application of IFRIC interpretations, on top of adverse exchange rate developments in Latin America.

    Nintendo H1 profit triples as pandemic drives Switch sales boom

    TOKYO, Nov 5 (Reuters) – Japan’s Nintendo Co Ltd on Thursday reported operating profit tripled in the six months ended September as consumers splurged on home gaming during the COVID-19 pandemic, boosting sales of its hit Switch console.

    The Kyoto-based gaming firm’s operating profit for the first half of the financial year climbed to 291.4 billion yen ($2.8 billion), up 209% from 94 billion yen in the same period a year earlier.

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