From Reuters News by By Bhargav Acharya and Aakriti Bhalla…
BENGALURU, India, February 14 (Reuters) – Billionaire Elon Musk’s Tesla, Inc. (Nasdaq: TSLA) will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters on Saturday.
“The U.S. firm Tesla will be opening an electric car manufacturing unit in Karnataka,” the state government said in a brief statement.
The statement was part of a broader document outlining the highlights of India’s budget to its people in the local language of Kannada.
NEW YORK (Reuters) – U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a cash and stock deal that values its peer at about $18 billion including debt, people familiar with the matter said on Sunday.
The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars’ board.
The deal, which is expected to be announced on Monday, values Caesars at close to $13 a share, according to the sources. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders, the sources said.
The sources asked not to be identified because the matter is confidential. An Eldorado spokesman said the company did not comment on rumors or speculation. Caesars did not immediately respond to requests for comment.
The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.
Caesars’ shares closed on Friday at $9.99. The company, which emerged from bankruptcy in 2017, operates casinos with the Harrah’s and Horseshoe brands. It had 53 properties in 14 U.S. states and five countries outside the United States at the end of December.
Eldorado has a market value of $4 billion. It also had long-term debt at the end of March of $3.1 billion. It owns and operates 26 properties in 12 U.S. states.
(Reporting by Greg Roumeliotis; Editing by Peter Cooney)
LAS VEGAS (AP) — A company backed by tech billionaire Elon Musk has been awarded a nearly $49 million contract to build a transit system using self-driving vehicles underneath the Las Vegas Convention Center.
The board of directors of the Las Vegas Convention and Visitors Authority approved the contract Wednesday with The Boring Company, the Musk-backed enterprise based in Hawthorne, California.
People would be transported underground on self-driving electric vehicles from three types of Tesla Model X chassis. The system will be capable of transporting up to 16 people at time through parallel tunnels, each running in a single direction. The twin tunnel system will run less than a mile (1.6 kilometer) long.
The system also will include a pedestrian tunnel and three underground stations accessible from convention center’s halls.
The company plans to immediately pursue permits to start construction in September. It aims to debut the system by December 2020.
“The first thing that’s important is to get it right,” Authority President and CEO Steve Hill told the Las Vegas Review-Journal . “We want to do it as quickly as possible, but we want our customers to be comfortable with it.”
Las Vegas Mayor Carolyn Goodman cast the only vote against the project. At a meeting last week, she cited concerns about hiring a company that has yet to deliver a transit system.
The authority will reimburse the company as it completes certain stages of the project, like completing excavation for the first station and digging the first 100 feet (30.5 meters) of the first tunnel. Full payment is contingent on the company demonstrating that the system can support an average of 4,400 passengers per hour.
Construction will be able to proceed without disruption to traffic or other surface activity, Hill said. The system also could be expanded, which could be part of the solution to the city’s transportation problems, he said.
(Reuters)
– Virgin Atlantic on Wednesday reported an annual pretax loss for the
second consecutive year, hit by a shaky economy, the higher costs of
fuel generated by a weaker British pound and problems with Rolls Royce’s
Trent engines.
The
airline, the 1980s brainchild of British billionaire Richard Branson,
fell back into the red in 2017 after three years of profits, as
competition intensified and the weakening of the pound added to already
rising fuel costs.
Best
known in Europe for the trans-Atlantic planes it flies with Air
France-KLM and Delta, Virgin said its loss before tax and exceptional
items was 26.1 million pounds ($34.12 million) for the year ended Dec.
31, compared to a loss of 49 million pounds in 2017.
Total
revenue rose 5.8 percent to 2.78 billion pounds, as passenger numbers
grew just under 5 percent to 5.4 million and revenue per customer rose
1.7 percent.
The
company said performance had suffered from economic uncertainty and the
weaker pound – which increases costs because fuel is priced in dollars –
as well as the well-documented problems of the Trent 1000 engines used
on its Boeing 787 jets.
“While
a loss is disappointing, our performance has improved in 2018 despite
challenging economic conditions and put us on a trajectory for growth
and return to profitability,” Chief Executive Officer Shai Weiss said in
a statement.
Rolls-Royce
on Wednesday agreed to an early inspection of some Trent 1000 TEN
engines by regulatory authorities, a week after Singapore Airlines
grounded two Boeing 787-10 jets fitted with the units.
British
Airways owner IAG in February chose Boeing 777-9s, rather than a
competing package from Airbus in part powered by Rolls, underlining the
risks to airlines from the engine issues.
Since
then the industry has been thrown into chaos by the grounding of
Boeing’s new 737 MAX planes after a second fatal crash within six
months.
The
pound fell 5.6 percent against the U.S. dollar, in 2018 as Britain
contended with the political and economic uncertainty generated by its
negotiations on leaving the European Union.
Finance
chief Tom Mackay said that while economic factors would continue to
challenge the carrier in the year ahead, Virgin Atlantic was in a strong
cash position.
The
results are the company’s first since its acquisition of troubled
regional airline Flybe for $2.8 million earlier this year, in a joint
bid with Stobart Group and Cyrus Capital.
($1 = 0.7649 pounds)
(Reporting by Noor Zainab Hussain and Pushkala Aripaka in Bengaluru; Editing by Anil D’Silva)
MOJAVE, Calif., Dec 13 (Reuters) – A Virgin Galactic space tourism vehicle took off from California’s Mojave desert under clear skies on Thursday bound for the fringes of space, a mission that if successful would mark the first U.S. human flight beyond the atmosphere since the end of America’s shuttle program in 2011.
The test flight foreshadows a new era of civilian space travel that could kick off as soon as 2019, with British billionaire Richard Branson’s Virgin Galactic battling other billionaire-backed ventures, like Amazon.com founder Jeff Bezos’ Blue Origin, to be the first to offer suborbital flights to fare-paying tourists.
In the first steps before a high-altitude rocket launch, Virgin’s twin-fuselage carrier airplane holding the SpaceShipTwo passenger spacecraft took off soon after 7 a.m. local time (10 a.m. ET) from the Mojave Air and Space Port, about 90 miles (145 km) north of Los Angeles.
Richard Branson, wearing a leather bomber jacket with a fur collar, attended the take-off along with hundreds of spectators on a crisp morning in the California desert.
If all goes according to plan, the carrier airplane will haul the SpaceShipTwo passenger rocket plane to an altitude of about 45,000 feet (13.7 kms) and release it. Seconds later, SpaceShipTwo will fire, catapulting it to at least 50 miles (80.47 km) above Earth, high enough for the pilots to experience weightlessness and see the curvature of the planet.
Virgin’s latest flight test comes four years after the original SpaceShipTwo crashed during a test flight that killed the co-pilot and seriously injured the pilot, dealing a major setback to Virgin Galactic, a U.S. offshoot of the London-based Virgin Group.
“We’ve had our challenges, and to finally get to the point where we are at least within range of space altitude is a major deal for our team,” George Whitesides, Virgin Galactic’s chief executive, told reporters during a facilities tour on Wednesday in Mojave, where workers could be seen making pre-flight inspections of the rocket plane.
While critics point to Branson’s unfulfilled space promises over the past decade, the maverick businessman told a TV interviewer in October that Virgin’s first commercial space trip with him onboard would happen “in months and not years.”
Thursday’s test flight will have two pilots onboard, four NASA research payloads, and a mannequin named Annie as a stand-in passenger. More than 600 people have paid or put down deposits to fly aboard Virgin’s suborbital missions, including actor Leonardo DiCaprio and pop star Justin Bieber. A 90-minute flight costs $250,000.
Short sightseeing trips to space aboard Blue Origin’s New Shepard rocket are likely to cost around $200,000 to $300,000, at least to start, Reuters reported in July. Tickets will be offered ahead of the first commercial launch, and test flights with Blue Origin employees are expected to begin in 2019.
Other firms planning a variety of passenger spacecraft include Boeing Co, Elon Musk’s SpaceX and late Microsoft co-founder Paul Allen’s Stratolaunch.
In September, SpaceX said Japanese billionaire Yusaku Maezawa, founder and chief executive of online fashion retailer Zozo, would be the company’s first passenger on a voyage around the moon on its forthcoming Big Falcon Rocket spaceship, tentatively scheduled for 2023.
Musk, the billionaire CEO of electric carmaker Tesla , said the Big Falcon Rocket could conduct its first orbital flights in two to three years as part of his grand plan to shuttle passengers to the moon and eventually fly humans and cargo to Mars.
According to Virgin, SpaceShipTwo is hauled to an altitude of about 45,000 feet (13.7 kms) by the WhiteKnightTwo carrier airplane and released. The spaceship then fires its rocket motor to catapult it to at least 50 miles (80.47 km) above Earth, high enough for passengers to experience weightlessness and see the curvature of the planet.
Bezos’ New Shepard has already flown to that altitude – an internationally recognized boundary between Earth’s atmosphere and outer space known as the Karman line – though the Blue Origin trip did not carry humans.
Virgin’s Thursday launch likely will not go as high as the Karman line. Virgin’s pilots are aiming to soar 50 miles into the sky – the U.S. military and NASA’s definition of the edge of space and high enough to earn commercial astronaut wings by the U.S. Federal Aviation Administration.
Thursday’s test flight carried two pilots, four NASA research payloads, and a mannequin named Annie as a stand-in passenger.
(Reporting by Eric M. Johnson in Mojave, California Additional reporting by Irene Klotz in Cape Canaveral, Florida Editing by Leslie Adler and Nick Zieminski)
