Papers: Tesla slumps on move to buy piece of Musk empire| MENAFN.COM

Saturday, 02 July 2022 05:07 GMT

Papers: Tesla slumps on move to buy piece of Musk empire


(MENAFN- ProactiveInvestors - UK) Billionaire Elon Musk is to use his high-flying electric car company Tesla Motors to make an all-stock offer worth nearly $3bn for another part of his empire, solar power company SolarCity.

Musk is already the chairman and the largest shareholder of SolarCity and the deal unnerved Wall Street, which knocked nearly 13% from Tesla shares in after-market trading, reports the FT.

Brexit is predictably everywhere in the papers with just one day to go before the vote.

The Telegraph reports that Boris Johnson was greeted with a rousing ovation after saying that he believes Friday can be "independence day" for Britain if it leaves the European Union.

David Cameron, meanwhile, has no regrets over calling the referendum according to the FT, though it adds Whitehall is preparing for the biggest bureaucratic upheaval for a generation in the event of a Leave vote.

Officials at the top of the civil service are looking at options to create either a Brexit super-ministry or a dedicated trade department to manage an EU exit.

MPs investigating the collapse of BHS have called on the wife of Sir Philip Green to shine a light on the family''s complex web of companies, reports the Times.

Lady Green has been asked to disclose a detailed list of family businesses.

Pensions also feature in the second story in the Times.

Government plans to enact special legislation and change the terms of Tata Steel''s pension scheme have come under fire from the lifeboat scheme, which protects pensions when companies fail, the paper writes.

The Pension Protection Fund warned that making specific arrangements in an attempt to save the Port Talbot business and protect 11,000 jobs in the steel industry risked setting a precedent for other pension schemes to push for rule changes.

The Telegraph reports that the National Institute for Health and Care Excellence has recommended that drugs to treat lung cancer, high cholesterol, melanoma and a condition called hidradenitis, where sweat glands, in areas such as armpits and groin, become inflamed, leading to abscesses, boils and lesions, should be routinely funded across the NHS - albeit at heavily discounted prices.

An Algerian street boy who came to Britain on holiday in 1988 with only 70 is now worth 37mln after the restaurant he began floated on the stock market. Tony Kitous, who came to the UK when he was 18, began the Lebanese food restaurant Comptoir Libanais, after working as a waiter and a cleaner and has seen it grow to become the favourite haunt of celebrities including Pippa Middleton.

After it floated on AIM the chain, which has 15 outlets largely in and around London, was valued at 50mln, reports the Mail.


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