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Musk to brief Modi on Tesla’s India investment plans: Report

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1 year ago

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Elon Musk will directly brief Prime Minister Modi on Tesla’s manufacturing plans for India, Reuters said.

Tesla chief executive Elon Musk will directly brief Indian Prime Minister Narendra Modi on plans to set up a manufacturing base in India, the Reuters news agency has reported citing a source with direct knowledge.

The meeting, the first at a high level to discuss the expansion, will take place on Tuesday during Modi’s state visit to the United States, said the source, who declined to be named as the discussions will be private.

Executives of the US automaker visited India and held talks with Indian bureaucrats and ministers last month on establishing a manufacturing base for cars as well as on making batteries in India.

Musk will discuss investment plans and outlook with Modi, the source said, describing the planned discussion as a “high-level meeting about India’s economic potential”.

“Tesla has very strong plans for India, including looking at manufacturing,” the person added.

Tesla did not respond to queries from Reuters. An Indian government spokesperson did not respond to a request made outside of business hours.

Musk said last month Tesla would probably pick a location for a new factory by the end of this year, adding that India was an interesting place for a new plant.

US companies like Tesla and Apple face challenges of reducing reliance on China as a manufacturing base in the face of tensions between Washington and Beijing.

Tesla last year shelved its India entry plans due to high import tax structures but has renewed talks in recent weeks by sharing plans with Indian officials about a manufacturing base there, which India has long sought.

Modi’s meeting with Musk, who owns Twitter, will assume greater significance as it comes days after Twitter co-founder Jack Dorsey accused India of threatening to shut down the platform for not complying with content takedown orders during a 2020-2021 protest. India called the allegation an “outright lie”.

Musk has not commented on the episode, which caused a political storm in India.

Musk said at an event on Friday: “I’m generally a fan of that we should have free speech as much as possible, as much as is allowed by the laws of any country.”

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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3 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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