• 

SHANGHAI, Dec 5 (Reuters) – Tesla (TSLA.O) plans to cut December output of the Model Y at its Shanghai plant by more than 20% compared to November, two people with knowledge of the matter said on Monday.

Reuters was not able to immediately ascertain the reason for the December reduction in the electric vehicle (EV) giant’s latest production plan.

Tesla did not immediately respond to a request for comment on the planned cut, first reported by Bloomberg.

Full coverage: REUTERS

G7 Price Cap On Russian Oil Kicks In, Russia Will Only Sell At Market Price

• 

BRUSSELS, Dec 5 (Reuters) – The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.

The price cap, to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU’s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.

Full coverage: REUTERS

Vodafone CEO Nick Read To Step Down After Four Years

• 

LONDON, Dec 5 (Reuters) – Nick Read will step down as head of Vodafone (VOD.L) by the end of the year and be replaced on an interim basis by his finance director, bringing an end to a four-year tenure marked by a near halving of its share price.

Read led the former mobile telecoms market leader through the pandemic and also sold assets to increase its focus on Europe and Africa while spinning off its towers infrastructure business into a separate unit.

Full coverage: REUTERS

Improbable Bets On Break Of Hong Kong Dollar Peg Adding Up

• 

SINGAPORE/HONG KONG, Dec 5 (Reuters) – It’s what is known in the markets as a “tail risk”: a highly unlikely scenario in which Hong Kong’s currency peg suddenly snaps. Yet market pricing suggests bets on such a shock are building in the hedge fund world, and some traders say it makes a lot of sense.

Billionaire money manager Bill Ackman went public last month with his wager that the days of the Hong Kong dollar’s 39-year-old peg to the U.S. dollar are numbered.

Full coverage: REUTERS

Factbox: G7 Price Cap On Russian Seaborn Crude Oil: What Are The Main Elements

• 

BRUSSELS, Dec 5 (Reuters) – The Group of Seven nations, Australia and the 27 European Union countries imposed on Dec. 5 a price cap on Russian crude oil transported by ships, aiming to reduce Moscow’s ability to finance its war in Ukraine and preserve stability on the global oil market.

The price cap comes on top of an EU embargo on buying seaborne Russian crude oil as a measure aimed mainly at providing third-party countries with an option to still buy it if the transaction is at or below the price cap level.

Full coverage: REUTERS