Hong Kong stocks fall as huge protests hit financial center - CNN

The Hang Seng index ended the day 1.7% lower. Leading the sell-off were property companies like Wharf Real Estate Investment, which fell 5.4%, and New World Development, which declined 4.2%.

"We're going to see a hit on the markets because the ramifications of the bill are so significant," said Richard Harris, chief executive officer of Port Shelter Investment Management.

The bill, which would enable China to extradite people from Hong Kong, was due to be debated by lawmakers in a Legislative Council session on Wednesday.

But that meeting was postponed after protesters hit the streets around the legislature, which shares prime waterfront real estate with many large banks and financial services companies.

Critics say the bill will leave anyone in Hong Kong vulnerable to extradition by Chinese authorities for political reasons or business offenses, undermining the city's legal system.

Hong Kong has long been home to foreign companies that want easy access to China and other growth markets in Asia.

The former British colony was returned to China in 1997, when Beijing agreed to guarantee its semiautonomous legal system for the next 50 years. Harris said growing uncertainty over its legal status is prompting companies to rethink their presence in the city.

"People loved Hong Kong because it was China, but it wasn't China. If Hong Kong is going to become more like China, of course they're going to be looking elsewhere," including Singapore, he said.

Analysts also say Hong Kong's market may have been due for a correction. The Hang Seng index is up 5.7% this year.

Francis Lun, chief economist of GE Oriental Financial Group, predicted that the market reaction to the protests will be similar to when the city was paralyzed by pro-democracy demonstrations in 2014.

Lun said that investors were "rattled a bit, but the stock market didn't crash."

"The economy will keep on humming along, and as far as the political scene is concerned, China has control of everything. What can you do? Everyone will protest, but it will remain the same," Lun added.

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https://www.cnn.com/2019/06/12/investing/hang-seng-hong-kong-stocks-protesters/index.html

2019-06-12 10:13:00Z
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Move Over Tony Stark, Elon Musk Admits To James Bond Villain Side Project - CleanTechnica

Boats

Published on June 12th, 2019 | by Kyle Field

June 12th, 2019 by Kyle Field 

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He may or may not have been digging around in his pocket to find his bowtie, but even without it, Elon Musk’s jacket started looking a bit more like a Tuxedo jacket when a shareholder from the audience dropped the last question of the day. The shareholder in question asked if Tesla had any plans to make an aquatic car and Musk started giggling as if he had been waiting for this exact question all day.

“It’s funny you should mention that,” Musk said as laughter erupted in the room. Many of the enthusiasts in the room already knew that he had actually gone out and purchased the original Lotus submarine from the iconic James Bond film The Spy Who Loved Me. Musk shocked even the most die hard of fans when he continued.

“We do actually have a design for a submarine car,” he said. Musk has a way of taking otherwise incredulous topics and tying them down to the real world and grounding them in a hefty dose of sound logic.

He admitted that the idea started with the vehicle in the James Bond film and grew from there. “If you make it a bit bigger, then you can actually have a submarine car.” Lotus’ are tiny cars, so that’s sound logic, especially when taking into account the extra gear a real, working submarine needs to stay waterproof as it navigates the depths of the seven seas.

“I think the market for this will be small,” he admitted amidst a healthy chorus of laughter. “Small but enthusiastic.” As if the world expects anything else from the man who builds companies on this exact type of thing.

He raised millions for The Boring Company by selling limited edition hats and a contraption that looks like a blend of Star Wars and a backyard BBQ gone wrong called the Not A Flamethrower. Despite the name, the device looked and functioned suspiciously like the thing that it is so obviously not named after.

“But we actually do have a design for a submarine car,” he confirmed. “It would be a bit of a distraction, I think. Maybe we will make one as a show car at some point.” Thank God he wasn’t totally serious about adding Tesla’s first watercraft to the lineup. Let’s get into the millions of vehicles per year territory before we take on any extraneous side projects thank you very much. Now that’s an ending to a public meeting that you’re not going to get at any other listed companies. Thanks Elon.

If you are in the market for a Tesla, find someone locally that you know (like in real life) and use their referral code. If you don’t know anyone with a Tesla, go find someone at your local Supercharger and try not to be a creep and ask them for their referral code (they won’t mind). If that doesn’t work, ask a co-worker or a distant relative, post on Facebook or Twitter or just hit up Google. If all that fails and it’s an odd numbered day and not too sunny out, you can use my Tesla referral link to get 1,000 miles of free Supercharging, I guess. Here is my referral code: http://ts.la/kyle623

 
 

Tags: BBQ, Elon Musk, James Bond, lotus, Not A Flamethrower, Star Wars, Tesla, Tesla Annual Shareholders Meeting, The Boring Company, The Computer History Museum, The Spy Who Loved Me

About the Author

Kyle Field I'm a tech geek passionately in search of actionable ways to reduce the negative impact my life has on the planet, save money and reduce stress. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. TSLA investor.

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https://cleantechnica.com/2019/06/12/move-over-tony-stark-elon-musk-admits-to-james-bond-villain-side-project/

2019-06-12 04:52:04Z
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Amazon’s Restaurants delivery service is shutting down - The Verge

Amazon will wind down its Amazon Restaurants delivery service in the US at the end of this month, reports GeekWire. Combined with its closure in London last year, this means that Amazon’s Uber Eats rival will officially be no more. “As of June 24th, we will discontinue the Amazon Restaurants business in the US,” an Amazon spokesperson said in a statement to GeekWire.

Amazon Restaurants initially launched in Seattle back in 2015, before expanding to as many as 20 cities in the US and internationally to London. In its statement, Amazon said that the “small number of employees affected by this decision have already found new roles at Amazon, and others will be provided personalized support to find a new role within, or outside of, the company.” The company also confirmed it’s shuttering its workplace lunch delivery service, Daily Dish, on June 14th.

The news of the closure of Amazon Restaurants will be good news for Uber, which GeekWire notes listed Amazon’s service as a competitor to its own Uber Eats service during its IPO. Uber Eats has grown massively since it was launched in 2015, and the company is currently testing integrating it into its main ride-hailing app.

Amazon isn’t withdrawing from the food delivery market entirely. It still sells nonperishable food from its main online store, and it also delivers groceries from Whole Foods in certain locations in the US. It also runs its AmazonFresh service, which costs an extra $14.99 per month on top of Prime. Amazon has tested making grocery deliveries directly to the trunks of Fresh customers’ cars. But its takeout delivery ambitions now appear to be focused outside of the Amazon brand after it recently invested in Deliveroo amid reports that its attempt to buy the delivery company had fallen through.

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2019-06-11 14:44:28Z
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Sprint, T-Mobile drop on report state AGs to sue to block merger - Seeking Alpha

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1. Sprint, T-Mobile drop on report state AGs to sue to block merger  Seeking Alpha
2. States to File Antitrust Suit to Block T-Mobile-Sprint Deal  Yahoo Finance
3. T-Mobile and Sprint merger reportedly hits opposition from 10 state attorneys general  CNET
4. Exclusive: US state attorneys general plan lawsuit to stop Sprint and T-Mobile merger  One America News Network
5. Exclusive: U.S. state attorneys general plan lawsuit to stop Sprint and T-Mobile merger  Yahoo Finance
6. View full coverage on Google News

https://seekingalpha.com/news/3470437-sprint-t-mobile-drop-report-state-ags-sue-block-merger

2019-06-11 14:11:00Z
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Apple can make US-bound iPhones outside of China if necessary - Engadget

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Zhang Peng/LightRocket via Getty Images

If the trade war between the US and China spirals out of control and leads to Chinese retaliation against American tech production, is Apple hosed? Not necessarily. Senior Foxconn exec Young Liu told investors that his manufacturing company has "enough capacity" to make US-bound iPhones outside of China if necessary. About a quarter of that capacity is elsewhere, Liu said, including growing Indian production. While Apple hasn't made any moves on that front, Foxconn can shift its lines elsewhere if things go south.

China reportedly met with tech companies in recent days, telling them not to comply with US orders that would dramatically affect their Chinese manufacturing plans. It allegedly threatened serious consequences, although it didn't outline what those were.

The safety net could be vital for Apple, not to mention for millions of people who could suddenly be cut off from future iPhones. However, this doesn't guarantee that Apple or other companies would be safe. Even if Apple can keep relying on Foxconn outside of China, some of its individual component suppliers are still located in the region -- there could be trouble if any of those partners are cut off. And even a quick transition could still choke production at a critical moment if it happens anywhere near the release of new iPhones. While Apple might avoid the worst, its situation could still be far from ideal.

Source: Bloomberg

In this article: apple, business, donald trump, foxconn, gear, hon hai, iphone, manufacturing, mobile, politics, production, smartphone, trade war, trump

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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2019-06-11 13:22:29Z
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Trump says Fed is keeping interest rates 'way too high' - MarketWatch

President Donald Trump on Tuesday complained on Twitter that the Federal Reserve was keeping interest rates "way too high," allowing "the Euro and other currencies" to be devalued versus the dollar. "The Fed interest rate way too high, added to ridiculous quantitative tightening. They don't have a clue," he wrote. Trump highlighted a Bloomberg story that tourists are flocking to Europe this summer.

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2019-06-11 13:13:00Z
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Trump says 'devalued' currencies put US at a disadvantage and the Fed doesn't have a 'clue' - CNBC

President Donald Trump, left, and Jerome Powell, the new chairman of the Federal Reserve on Thursday, Nov. 2, 2017.

Carlos Barria | Reuters

President Donald Trump said Tuesday the U.S. is at a disadvantage compared to other major currencies like the euro as other central banks keep interest rates low while the Federal Reserve's rates are higher by comparison.

"The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage," Trump tweeted, adding the Fed doesn't have "a clue."

Trump also said in a separate tweet the U.S. has low inflation, calling it "a beautiful thing."

The dollar fell slightly against the euro following Trump's tweets, but remained little changed.

Trump has repeatedly gone after the Fed for what he considers to be tight monetary policy. The Fed hiked rates four times in 2018.

In December, after the central bank raised rates for the last time last year, Trump eviscerated the Fed. Trump called the Fed "the only problem our economy has" in a tweet, noting they "don't have a feel for the Market."

Trump also told CNBC's Joe Kernen on Monday that the Fed "made a big mistake: They raised interest rates far too fast. " Meanwhile, China keeps devaluing its currency, Trump added. "Don't forget: the head of the Fed in China is President Xi ... he can do whatever he wants."

But market expectations for lower rates have increased recently after the release of weakening economic data. The Labor Department's jobs report for May showed employment growth of just 75,000, well below estimates. Meanwhile, manufacturing activity growth slowed last month to its slowest pace since October 2016.

The data, coupled with comments from Fed Chair Jerome Powell, led traders to price in a 78% chance of lower rates by July, according to the CME Group's FedWatch tool. Powell said last week the Fed will "act as appropriate" to keep the current economic expansion going.

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2019-06-11 12:40:19Z
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