(Illustration: Camille Charbonneau)
• Record quarterly deliveries for Tesla, but lower than expected. Tesla on Monday reported production and delivery of a record number of electric vehicles in the fourth quarter, but below Wall Street expectations, weighed down by logistics problems, slowing demand, rising interest rates and fears of a recession.
• Panama would have presented a final version of the contract to First Quantum. Panamanian President Laurentino Cortizo said Monday that the government had submitted to Canadian miner First Quantum Minerals a final version of the contract regulating its operations.
• Bankman-Fried is expected to plead not guilty in her fraud trial. Sam Bankman-Fried is expected to plead not guilty to criminal charges of defrauding investors and looting billions of dollars from FTX, his now-bankrupt cryptocurrency exchange, according to a source familiar with the matter.
• SpaceX will raise US$750 million for a US$137 billion valuation, according to CNBC. SpaceX, Elon Musk’s company, is reportedly raising US$750 million in a new round of funding that would value the rocket and satellite company at US$137 billion from investors including Andreessen Horowitz, according to reports. CNBC reported late Monday night.
• Beijing raises its fuel export quotas for the start of 2023. China has increased its export quotas for refined petroleum products for the first batch of the year by nearly half from a year earlier, China-based consulting firms said on Tuesday, as Beijing seeks to increase refinery output and achieve better export margins amid weak domestic demand.
TRENDS BEFORE OPENING
Futures for Canada’s main stock index gained ground on the first day of trading in 2023, benefiting from higher gold prices. Wall Street futures are ahead as investors await the release this week of key economic indicators and the Federal Reserve’s latest meeting minutes for clues to future rate hikes. Most Asian markets ended the session on positive ground, while European shares traded higher. The US dollar is ahead of most major currencies. Oil prices have fallen due to weak demand in China and a gloomy global economic outlook. The S&P Global PMI manufacturing index for the month of December is published today.
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TITLES TO FOLLOW
• First quantum minerals: Panamanian President Laurentino Cortizo said on Monday that the government had submitted to the Canadian mining company a final version of the contract to regulate its operations. Addressing the nation, he pledged to respect the constitution during negotiations and establish a “fair relationship” between the parties, who are at odds over issues relating to the stability of the contract and the government’s project to increase annual royalties to US$375 million, two points at the heart in the negotiations. Crispiano Adames, president of the country’s National Assembly, said in a separate speech that he had proposed a new mining code to prevent Panama’s needs from coming after the needs of multinational corporations.
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