Latest news with #Panglossian
Mint
13-06-2025
- Automotive
- Mint
Why regretful tweets can't fix Musk's Tesla mess
Sometime in the wee hours of Wednesday, Elon Musk shared a pang of contrition: 'I regret some of my posts about President @realDonaldTrump last week. They went too far." Telling the president that he owes his election to you, amplifying calls for his impeachment and throwing in alleged associations with a dead sex offender do indeed err toward the pugnacious. Even so, Musk, like Trump, is not one to back down easily. Besides reported interventions from the likes of Vice President J.D. Vance, the slump in Tesla's shares during last Thursday's online onslaught presents an obvious rationale. Investors appear relieved that the boss is showing his seldom seen humbler side, with the stock having made back virtually all of that loss. Also Read: Musk versus Trump: A case of mutually assured destruction Meanwhile, a frisson had arrived on Tuesday in the form of a brief clip on X, Musk's social media platform, apparently showing a self-driving Model Y turning a corner in Austin. This most Panglossian read of the past week ignores a couple of things. Regarding the spat with US President Donald Trump, the salient point is not that Musk now appears open to reconciling. It is that the chief executive of a $1 trillion-ish market cap company thought it was smart to pick that fight in the first place. Tesla, like other companies in the Muskplex, is very exposed to a vengeful administration, should it choose to let loose. Just as when Musk has gambled with Tesla's brand and legal exposure in prior episodes of endorsing hard-right politics and touting 'funding secured," the lesson is that he is prone to erratic behaviour that can wipe out tens of billions of dollars of value in as much time as it takes to tap out a tweet. In that, he is enabled by a board that has been conspicuous in its silence these past few days. Also Read: X factor: The rise and fall of Elon Musk as a political figure In short, even if you now think Musk and Trump will just let this all slide, you still own stock in a company run by a man who could quite easily, and needlessly, throw the dice again without warning. And it's as yet unclear if this act of contrition will be enough to curry special favour with the administration on issues such as regulatory oversight and autonomous vehicle legislation that are central to Tesla's investment thesis. The episode threatened to overshadow Tesla's big robotaxi launch in Austin. Tuesday's video clip came in the nick of time. Where this vehicle lay on the spectrum of 'self-driving' is unclear. While there is no one visible in the driving seat, it looks as if there may be someone sitting in the passenger seat, and the vehicle is also being closely followed by another Tesla. As I wrote recently, Tesla's robotaxi launch looks likely to involve a limited operating domain twinned with a lot of remote support. Perhaps more importantly, Musk provided a specific rollout date for the first time, 22 June. This is later than the reported target date of 12 June that surfaced in a Bloomberg News story in late May, but still within the targeted month. That said, Musk posted that he was setting this date, just eight days before month-end, only 'tentatively." Note, too, that it is a Sunday, when traffic is quieter. Also Read: Electric debacle: Tesla's troubles started before Musk wore the MAGA cap This is all happening against a backdrop of weak sales in Tesla's actual main business of making and delivering electric vehicles. The latest figures out of China this week show a drop in May of 30%, year over year. This offers strong evidence that Tesla has a demand problem as opposed to the rationale it offered for weak sales in the first quarter, namely factory downtime to refresh the Model Y. Meanwhile, with less than three weeks left in the quarter, we are yet to see the 'more affordable models" Tesla said it would begin production of by then. Come early July, Tesla will likely release another set of weak official sales numbers, followed soon after by what will almost certainly be underwhelming earnings. Of course, a handful of robotaxis may be driving around bits of Austin by then, and Musk may be saying nice things about the president he just trashed. What more could one hope for? ©Bloomberg The author is a Bloomberg Opinion columnist covering energy.
Time of India
29-05-2025
- Business
- Time of India
Hang Seng, FTSE fall with global markets on trade uncertainty; oil climbs on geopolitical risks
Global stock markets fell on Wednesday as optimism over eased trade tensions dissipated, with the Hang Seng Index among those closing lower. Oil prices surged as Washington signaled a potential new round of sanctions on Moscow over the Ukraine conflict. On Wall Street, all three major indexes ended the day down ahead of earnings from AI giant Nvidia. Despite tighter export controls, Nvidia's shares rose sharply after hours following a strong quarterly report, posting $18.8 billion in profit on $44.1 billion in revenue. Meanwhile, US Treasury yields edged higher. Minutes from the latest Federal Reserve meeting revealed that US companies warned the central bank that the cost of President Donald Trump's tariffs would likely fall on consumers, AFP reported. European markets in London, Paris, and Frankfurt also declined, following Asia's trend. Oil Prices Rise Amid Heightened Tensions Crude oil prices jumped over two percent before trimming some gains ahead of an OPEC meeting on production. Rising tensions around Russia and Iran added to supply concerns. President Trump's unusual direct criticism of Russian President Vladimir Putin over intensified attacks in Ukraine — warning he was 'playing with fire' — increased expectations of tougher US sanctions targeting Russian energy and financial sectors. Meanwhile, stalled US-Iran nuclear talks intensified speculation of further sanctions. The US dollar strengthened against major currencies, but analysts noted this masked deeper weaknesses in the greenback and the US debt market. Stephen Innes of SPI Asset Management commented, 'It's the creeping realization that US assets no longer provide the same refuge. Dollar strength is no longer reflexive — it's contested.' Investors Look Beyond Tariff Announcements Markets reversed gains from earlier in the week after President Trump's announcement to pause the planned 50-percent tariffs on the European Union , which had sparked a brief rally. Kathleen Brooks, research director at XTB, noted, 'The market no longer takes Trump at his word when he delivers sweeping tariff hikes seemingly at random.' David Morrison, senior analyst at Trade Nation, added, 'Investors seem to be looking past tariffs, assuming all will turn out well — a Panglossian view that could soon be challenged, as a US-EU trade deal may prove difficult.' In corporate news, European auto group Stellantis named North America chief Antonio Filosa as its new CEO, replacing Carlos Tavares who was dismissed last December. The company granted Filosa CEO powers effective June 23. Stellantis shares closed over two percent lower in Milan. Key Market Figures as of 2045 GMT: New York S&P 500: Down 0.6% at 5,888.55 Dow Jones: Down 0.6% at 42,098.70 Nasdaq Composite: Down 0.5% at 19,100.94 London FTSE 100: Down 0.6% at 8,726.01 Paris CAC 40: Down 0.5% at 7,788.10 Frankfurt DAX: Down 0.8% at 24,038.19 Tokyo Nikkei 225: Flat at 37,722.40 Hong Kong Hang Seng Index: Down 0.5% at 23,258.31 Shanghai Composite: Down less than 0.1% at 3,339.93 Currency and Oil prices: Euro/dollar: Down at $1.1291 from $1.1329 Pound/dollar: Down at $1.3468 from $1.3504 Dollar/yen: Up at 144.82 yen from 144.34 yen Euro/pound: Down at 83.84 pence from 83.88 pence Brent North Sea Crude: Up 1.3% at $64.90 per barrel West Texas Intermediate: Up 1.6% at $61.84 per barrel Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Recorder
29-05-2025
- Business
- Business Recorder
Stocks sink as rally over eased trade tensions fades
LONDON: Stock markets sank Wednesday on evaporating cheer over eased tariff tensions, and oil prices climbed as Washington appeared closer to possibly putting fresh sanctions on Moscow over Ukraine. London, Paris and Frankfurt all closed lower, following Asia down. New York was trading in similar red territory. Much of the focus on Wall Street was on Nvidia, the US chipmaker, whose earnings report — to be released after New York's close — was being viewed as a bellwether for tech stocks generally. 'This is expected to be another quarter of monster revenue for Nvidia, however it may lead to the familiar question, can these results continue?' asked Kathleen Brooks, research director at XTB. She and others pointed to uncertainty over US restrictions on semiconductor exports, against a backdrop of effervescent chip demand as artificial intelligence development accelerates. Crude prices surged more than two percent, ahead of an OPEC meeting to discuss output and hiked tensions over Russia and Iran. President Donald Trump's rare rebuke Tuesday of Russian counterpart Vladimir Putin over stepped-up attacks on Ukraine — saying he was 'playing with fire' — raised the prospect of tougher US sanctions on Russian energy and banking sectors. US-Iran talks on curbing Tehran's nuclear programme have also yielded no breakthrough so far, additionally fuelling speculation of tightened sanctions. The US dollar picked up against major currencies, but analysts said that masked a fundamental weakness in the greenback, and in the US debt market, evident in recent weeks. 'It's the creeping realisation that US assets no longer provide the same refuge' they used to, said Stephen Innes of SPI Asset Management. 'Dollar strength is no longer reflexive — it's contested.' Europe and Asia were down after a rally over the previous two days triggered by Trump's announcement he was pausing threatened 50-percent tariffs on the European Union to give space to trade negotiations. 'The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random,' said Brooks. David Morrison, senior market analyst at Trade Nation, said: 'It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds. This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve.' In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named a new CEO — its North America chief Antonio Filosa — to succeed Carlos Tavares, who was sacked in December. 'To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23,' the company said. Stellantis shares closed more than two percent down. A Financial Times report that European Central Bank President Christine Lagarde had discussed leaving her post early to take the helm of the World Economic Forum had little impact on the euro. 'It is trading in a relatively tight range, suggesting that reports Christine Lagarde may not fulfill her full term at the ECB is not having an impact on European markets,' said XTB's Brooks.
Time of India
18-05-2025
- Entertainment
- Time of India
Believe: How Crystal Palace pulled off the Ted Lasso dream
Ted Lasso is the finest football show to be ever made. Everything about it is perfect and comes together including Ted's Panglossian optimism, Coach Beard's Nietzschean nihilism, Jamie Tarth's evolution from twat to team man, Roy Kent just channelling Roy Keane, and obviously Dani Rojas' football-is-life optimism. It's the kind of show you go back to when you are feeling down, when the burden of life becomes too much. And at the heart of it is Believe : the notion that together you can overcome any obstacle. And now Ted Lasso's giddy optimism has crossed from reel to real as Crystal Palace – the club that inspired AFC Richmond – beat Manchester City to win their first FA Cup title and their first major trophy since its foundation in 1905. #TedLasso " Football is Life " Part 1 - Entry of Dani Rojas- S0E1 E06 Two Aces in #AppleTv TedLasso The Man City bankrolled by infinite oil money whose budget is £528 million more than Crystal Palace. In a season where football felt more like finance, and goals came second to spreadsheets, Palace reminded the world that sometimes, belief does beat billions. Now to the no-Premier League watcher, even the name Crystal Palace might sound ridiculous, like a druggie hang out where they sell crystal meth (as evidenced in Breaking Bad). South London vs The System This wasn't just a cup final. It was England's Game versus Football Inc. . Crystal Palace are what football used to be – local, loyal, loud. A stadium that creaks like your granddad's knees. Fans who still boo referees in person instead of tweeting threats. A club run by fans who once literally saved it from liquidation. A place where a mascot named Kayla is a bald eagle, not a venture capital firm. City? They're the Apple Store of football. Sleek, perfect, bloodless. A club with more global brand managers than local fans. A team that has turned trophies into KPIs. And yet, the machine broke down. Not from a lack of code – but from a lack of soul. Palace didn't just beat City. They reminded us that the game still belongs to the boroughs, not the billionaires. Dean Henderson and the Gospel of Chaos Dean Henderson may have lived 10 lives in one match. First, a borderline handball outside the box that somehow didn't get him sent off. Then, a penalty save – his fourth in eight attempts – followed by a reflex stop on Erling Haaland's rebound. It was as if a bloke who used to be Manchester United's third-choice keeper suddenly became Gandalf on the goal line: 'You shall not pass!' Palace fans sang 'England's No. 1,' and for once, it didn't sound like drunk optimism. Henderson's heroics weren't just clutch – they were mythic. Lassoism Lives Top 10 Most Heartwarming Ted Lasso Moments 'It's the hope that kills you,' mutter football fans like it's scripture — a phrase passed down from grandfathers who watched England lose on penalties in black and white. But Ted Lasso took that defeatist mantra, chewed it up, and spat out something else entirely: Believe. Crystal Palace believed. They'd been here before — in 1990, when they came within a whisker of beating Manchester United. In 2016, when they led in the final and then danced their way into footballing purgatory thanks to Alan Pardew's ill-fated jig. Both times, dreams dissolved like spilled beer at Selhurst Park. But this time, it was different. Oliver Glasner's Palace didn't just play like underdogs. They played like spiritual insurgents — soaking up pressure like they'd rationed possession under wartime austerity, then unleashing attacks with blitzkrieg precision. As Guardiola overthought, Palace held the line. As City prodded and passed and pirouetted, Palace waited — not passively, but patiently. And when Eberechi Eze volleyed that ball into the net, it wasn't just a goal. It was an exorcism. Of missed finals, of financial near-death, of 119 years of being told to stay in their lane. It was a scream into the void: We are not just here to survive. We are here to win. Football's Last Romantic Forget NFTs and crypto sponsors. Forget VAR drama and brand activation zones. What happened at Wembley was something that hasn't happened in football for a long time: a story that made you feel. Crystal Palace didn't just lift a trophy. They lifted a city. They lifted memories. They lifted the sport itself – dragging it, kicking and screaming, back from the abyss of soulless superclubs and oil-funded juggernauts into the arms of humanity. Ted Lasso once said, 'Doing the right thing is never the wrong thing.' And for 90 minutes – plus added time – the right thing was Crystal Palace. They dared to dream. They dared to believe. And in doing so, they reminded the world that football, at its very best, isn't about domination. It's about defiance. Believe.
Mint
15-05-2025
- Business
- Mint
Barry Eichengreen: The end of American exceptionalism?
American exceptionalism has had a long and successful run. Gauged by the growth of GDP per capita and other statistical measures, the US economy has outpaced its advanced-economy rivals since the turn of the century. America is home to the world's leading high-tech firms. It is at the forefront of artificial intelligence (AI). And investors have cashed in on that outperformance: as of late 2024, US large-cap markets had yielded an average annual return of 13% over the preceding ten years, compared to just 6% for European markets. The question is whether US President Donald Trump's destructive policies have now brought this economic exceptionalism to an end. That prospect was reflected in the stock market in April, when the S&P 500 fell more than 17% from its record high after Trump's inauguration. While the market has since recovered most of those losses, volatility remains high. Also Read: Is American exceptionalism finally on its last legs? Important voices, not only in the administration, insist that this is just one of those market disturbances that happen from time to time. The wellsprings of American economic excellence—high-tech dominance, a business-friendly environment, deep and liquid financial markets, and a culture of entrepreneurship—remain intact. Just give it time, say the optimists, and Trump's aberrant policies will be reined in by the bond market, mid-term US elections and the courts. This Panglossian take underestimates how recent events tear at the fabric of US economic exceptionalism and how difficult that fabric will be to mend. America's dominance of high technology derives not just from a vibrant business sector, but also from basic research done in universities and government, and from close public-private sector collaboration. It is no coincidence that the garage in which Hewlett-Packard originated was in Palo Alto, California, close to Stanford University. Nor is the fact that the internet emanated from the US Defense Advanced Research Projects Agency (DARPA), with an assist from the National Science Foundation. Also Read: Nouriel Roubini: US economic tailwinds will help it overcome tariff headwinds The Trump administration's attack on university and government research funding pulls the rug from under this collaboration. US researchers who have seen their funding cut and their academic and intellectual freedom curtailed are being actively recruited by other countries. The same is true of the administration's hostility to immigration. The excellence of America's universities and innovation hubs, such as Silicon Valley, depends on scientists and entrepreneurs who come to the US to study and decide to stay. Given what has been revealed about the way Trump's America treats immigrants, they will now think twice about studying and staying. Much has been written about how Trump's tariffs will disrupt US companies' supply chains and raise production costs. To be sure, companies will adapt, for example by re-shoring some production. But adapting to Trump's arbitrary trade regime will also mean offering under-the-table favours in exchange for concessions. A transactional president has revealed the US to be a transactional society, where the highest returns accrue to rent seeking and cronyism rather than initiative and innovation. Also Read: Will a US-China trade agreement work? Don't count on it A business environment in which access to the Oval Office is the key to success may increase market concentration, since only a few billionaires have such access. The US has seen how rising market concentration is accompanied by increased price mark-ups over costs, declining market-entry rates, falling job re-allocation and a growing gap between leading and lagging firms. Sooner or later, productivity growth will become a casualty. Ultimately, economic growth depends on the rule of law, as proponents of the 'Washington Consensus' have told developing countries for decades. That, in turn, depends on a separation of powers and a system of checks and balances to prevent the arbitrary exercise of executive authority. Also Read: How Trump's advisors got tied up in knots over his tariff obsession All of this was well understood by framers of the US Constitution. But recent political events in the US have shown that constitutional and statutory safeguards are weaker than previously supposed. A president who seeks to amass power can use executive orders to override the spending decisions of Congress and the regulatory decisions of supposedly independent government agencies. He can fire independent government administrators at will. He can stare down spineless members of Congress with political threats. Such a president can also disregard court rulings. If the bond market threatens to misbehave, he can lean on the Fed. As for the disciplining effect of the ballot box, he can dismiss the results of free and fair elections. Also Read: Columbia missed the bus of academic freedom that Harvard took In this environment, neither property rights nor contracts are secure. And as generations of political scientists have taught us, secure property rights are a fundamental determinant of investment, while reliable contract enforcement is the foundation of commerce and trade. Some observers expect the next US president to turn the clock back to pre-Trump days, making secure property rights, reliable contract enforcement and equality under the law facts of American life again. But some lessons, once learnt, are not easily unlearnt. Many investors, like house cats, will not jump onto a hot stove twice. ©2025/Project Syndicate The author is professor of economics and political science at the University of California, Berkeley, and the author, most recently, of 'In Defense of Public Debt'.
