Connect with us

Business

Elon Musk Tweets Prompt Criminal Probe By Justice Department

Editor

Published

on

[ad_1]

As it becomes less and less likely Tesla will go private at $420 a share, the odds that Tesla or CEO Elon Musk or both will be penalized for saying it would do so have only increased.

The solar power and electric car manufacturer is facing a criminal probe by the Department of Justice, federal officials told Bloomberg, over Musk’s public proclamation on Twitter on Aug. 7 that he had the “funding secured” to take Tesla private at $420.

Tesla confirmed in a statement that it has received a “voluntary request for documents from the DOJ and has been cooperative in responding to it,” according to CNBC, and that “we have not received a subpoena, a request for testimony, or any other formal process.”

Tesla stock soared after Musk’s tweet, growing the company’s market cap by nearly $4 billion until trading was temporarily halted. Those fortunes were more than reversed Tuesday with a sharp drop-off of more than 4 percent. (The company’s market cap currently sits at about $48 billion, a drop of more than $10 billion from last month.)

The DOJ probe is in addition to two separate civil investigations by the Securities and Exchange Commission. One, which resulted in a subpoena, is scrutinizing Musk’s tweets, and the other is looking into whether Musk misled investors over Model 3 production.

In a blog seeking to temper outrage after his tweet, Musk said the Saudi Arabian sovereign wealth fund had approached him “multiple times about taking Tesla private,” thus justifying his “funding secured” claim.

Tesla’s board of directors nixed any such notions after a meeting later that month. The possibility was further disqualified Monday, with the news that the Saudi sovereign fund is investing $1 billion in Lucid Motors, a rival electric vehicle startup.

The board has reportedly stepped up its search in recent months for a No. 2 executive to help lift some of the load at Tesla, where the strain of a year that Musk described in a New York Times interview as “excruciating” has more than started to show.

In July the CEO embarked on a diversion to Thailand, where he proceeded to accuse a British rescue diver of being a “pedo guy” after the diver helped rescue a team of trapped soccer players from a flooded cave.

Musk apologized for the claim, then said it was “strange” the diver hadn’t sued him and later referred to the diver as a “child rapist” in an email to BuzzFeed News. (The diver, Vernon Unsworth, has since filed suit.)

Musk continued his string of questionable behavior this month when he appeared on comedian Joe Rogan’s podcast and proceeded to smoke what Rogan said was marijuana:

[ad_2]

Source link

قالب وردپرس

Business

Ontario’s new automated speed enforcement explained

Editor

Published

on

By

(NC) To wage the war against speeding, many municipalities across Ontario have turned to automated speed enforcement. Most recently introduced in Toronto, speed cameras are a high-tech solution to reduce speeding and are considered one of the most effective ways to create safer roads and save lives.  

Recognizing police officers cannot catch all speeders, these cameras fill the gap, providing monitoring in specific locations around the clock. When a car’s speed is even one kilometre over the posted amount, it will take a picture of the offending vehicle’s license plate, using the captured photo as indisputable evidence. A ticket is then served to the vehicle’s owner, regardless of who was driving. 

With a focus on high-risk areas, Ontario’s automated speed enforcement cameras are located in two specific municipal areas: school and community safety zones. School zones are designated streets close to a school, featuring reduced speed limits as dictated by local bylaws. Community safety zones are high-risk corridors and intersections, subject to increased fines and penalties.  

While the Ontario Highway Traffic Act outlines the use of automated speed enforcement, municipalities can decide when and where to use cameras to curb speeding. The act does dictate financial penalties for speed violations captured with cameras, which vary depending on the number of kilometres caught over the speed limit.  

Speed enforcement is not new, but part of a broader, integrated road safety strategy that includes infrastructure improvements, awareness campaigns and new uses of technology. City officials hope for a halo effect, inspiring better driving behaviour across entire communities, not only in areas with cameras. A controversial topic, some critics take exception to speed cameras, labelling them as sneaky cash grabs for municipalities. Governments think the opposite. 

Safety advocate and auto insurance provider Onlia is hopeful that the cameras will provide drivers with a reminder to slow down, especially in high-risk areas like school and community safety zones.  

For those who obey the speed limit, automated speed enforcement shouldn’t change anything about your driving style, says Alex Kelly, Safety Ambassador at OnliaDrivers have fair warning as they approach areas with speed cameras, as mandatory signs provide reasonable notice of upcoming automated speed enforcement. Regardless of warnings, the best speed is the posted speed. 

You can start to understand your speeding style by downloading the insurance provider’s new safe driving app that coaches and rewards for you for safe driving habits.

Continue Reading

Business

Online banking: How to protect yourself from fraud

Editor

Published

on

By

(NC) Since the start of the COVID-19 crisis, a growing number of consumers are regularly using mobile and online banking to paybill payments, transfer money and make purchases.

Although these tools can give you easy access to your personal finances on demand, there are also some risks involved. For instance, your banking information—such as your debit or credit card number, user name, or personal identification number (PIN)—could be stolen. If criminals have access to your online banking information, they can steal your money, which is why it’s so important to be  vigilant when you bank online.

Follow these tips to help protect your personal and banking information:

  • For your online bank accounts, use a strong password that can’t be easily guessed, and never share your user name or password with anyone.
  • Check your accounts regularly to make sure there are no transactions you didn’t make or authorize.
  • When making online purchases, never authorize a website to save your credit card information, password or other personal information. Giving websites this permission will save you some time the next time you access the site, but it poses a real threat if a hacker manages to access your information.

Most financial institutions have policies to protect you from transactions that you didn’t make.

However, you are responsible for protecting your online and mobile banking information. If you give your details to anyone—including your spouse or partner, a family member or a friend—your financial institution may hold you responsible for any unauthorized transactions in your account, and even strip you of protection from unauthorized transactions in the future.

If you suspect your information may have been compromised, change your passwords immediately, and check your account and credit card statements for anomalies and report any suspicious transactions to your financial institution.

The Financial Consumer Agency of Canada has created resources to help you protect your online banking information.

Continue Reading

Business

Payday loans: Not the best way to borrow money

Editor

Published

on

By

(NC) Payday loans are a very expensive way to borrow money. Even if you’re struggling financially, think twice—and crunch the numbers—before getting this type of loan.

Depending on the rules in your province, payday lenders can charge fees of $15 to $25 per $100 that you borrow.

As an example, let’s say you borrow $300 for home repairs. The payday lender charges you $51 in fees, or $17 for every $100 borrowed. Your loan balance is therefore $351, which amounts to an interest rate of 442 per cent.

There can be serious consequences if you don’t repay your loan by the due date. These may include the following:

  • The payday lender may charge you a fee if there isn’t enough money in your account.
  • Your financial institution may also charge you a fee if there isn’t enough money in your account.
  • The total amount that you owe, including the fees, continues to increase.

There are better options out there

Payday loans should be your last resort to borrow money. Consider cheaper ways of borrowing money, such as:

  • Cashing in vacation days or asking for a pay advance from your employer.
  • Getting a line of credit, a cash advance on a credit card or a personal loan from your financial institution.
  • Getting a loan from family or friends.

Before getting a payday loan and to avoid getting stuck in a debt trap, consider other, less expensive ways to borrow money.

Continue Reading

Chat

Trending