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Musk Taps Tesla’s China Chief To Run Texas Gigafactory – Bloomberg News

Dec 8 (Reuters) – Tesla Inc (TSLA.O) chief Elon Musk has roped in longtime executive and the company’s president in China, Tom Zhu, to help run the carmaker’s new plant in Austin, Texas, Bloomberg News reported late on Wednesday.

Zhu, who joined Tesla in 2014 and is heading Tesla’s Asia Pacific operations, is in Austin this week. He has brought some of his engineering team from China with him to assist in overseeing the ramp-up of Giga Texas, the report said, citing people familiar with the matter.

Full coverage: REUTERS

Former Wirecard Boss Goes On Trial In Fraud Scandal That Rocked Germany

MUNICH, Dec 8 (Reuters) – The trial begins on Thursday of the former Wirecard chief executive who steered the payments company through its rise and spectacular collapse two years ago in a fraud scandal that shook German politics and tarnished the country’s business reputation.

The 53-year-old former CEO Markus Braun, who has been in custody since his arrest in 2020, and two other managers of the defunct blue chip firm face charges including fraud and market manipulation.

Full coverage: REUTERS

U.S. Approves Conditions For Airbus A321XLR To Address Fire Risks

WASHINGTON/PARIS Dec 8 (Reuters) – The U.S. Federal Aviation Administration said it has approved special conditions for the Airbus (AIR.PA) A321XLR after concerns were raised that a novel type of fuel tank could pose fire risks in its newest narrow-body jet.

Rival planemaker Boeing (BA.N) told European regulators in 2021 the architecture of a fuel tank intended to increase the A321XLR’s range “presents many potential hazards”.

The FAA said in a filing it will require that the lower half of the A321XLR fuselage, spanning the longitudinal area of the tank, be resistant to fire penetration to protect passengers.

Full coverage: REUTERS

Oil Rebounds On Optimism Over China’s Revamp Of COVID Protocols

SINGAPORE, Dec 8 (Reuters) – Oil prices rebounded on Thursday amid optimism over China’s easing of anti-COVID measures, recouping losses after slumping to the lowest levels so far this year in the previous session.

Brent crude futures rose $1 or 1.3% at $78.17 per barrel by 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1 or 1.4% to $73.01 per barrel.

China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, loosening rules that curbed the spread of the virus but sparked protests and hobbled the world’s second-largest economy.

Full coverage: REUTERS

Morning Bid: So What’s Up With Treasuries?

SYDNEY, Dec 8 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole.

Asking for a friend.

Because it is not often 10-year yields suddenly drop 11 basis points, break a chart big barrier and hit three-month lows for no discernible reason.

Some point a finger at the downward revision to Q3 U.S. labour costs. But Q3 is ancient history and only GDP nerds understand labour cost indices.

Yes, China trade data were truly awful, but both U.S November payrolls and the services ISM surprised on the high side and should be more meaningful for Treasuries.

Full coverage: REUTERS

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Industry Dynamics

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