Bugatti Chiron breaks 300 mph, claims production car record - Fox News

Bugatti Chiron breaks 300 mph

Test driver Andy Wallace piloted a specially-prepared Bugatti Chiron to 304 mph, setting a new mark for street legal cars.

Don’t try this at home. That is, unless your home is Volkswagen’s high speed test track in Ehra-Lessien, Germany.

That’s where a Bugatti Chiron secretly claimed the record for world’s fastest, street-legal production car last month with a 304.77 mph run, making the VW-owned brand the first to break the 300 mph barrier.

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The car was a pre-production prototype for a future variant of the $3 million, 1,500 horsepower supercar, which is currently delivered with a limiter that restricts its top speed to a mere 261 mph.

A large reason for that is due to tires. It’s incredibly difficult to make ones that can handle the rotational velocities seen at speeds higher than that, and the Chirons already cost over $30,000 per set and need to be replaced every 2,500 miles.

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So Bugatti asked Michelin to create a special tire that could hold up to the kind of G-force generated above 300 mph. The construction required for the task was so precise that each was X-rayed before it was installed.

The car was also modified from the standard Chiron with a body stretched 10 inches for improved aerodynamics, a lowered ride height, vents drilled into the fenders and other tweaks to help reduce lift to zero. Its quad-turbocharged 16-cylinder engine was also tuned to produce an extra 78 hp for good measure.

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Racing and test driver Andy Wallace – who set a then-record of 243 mph in a McLaren F1 in 1993 – spent several days at the 12-mile circuit as the team built up to the 300 mph mark on its 5.4-mile-long straight, knowing that if anything went wrong at that speed it would’ve gone very wrong.

It didn’t, and Wallace hit the magic number on August 2. He likely won’t be doing it again. Bugatti President Stephan Winklemann said Bugatti is officially done chasing top speed records, even as companies like Koenigsegg, Hennessey and SSC are aiming to break 300 mph.

However, the feat didn’t meet the Guinness standards for a record, which require a true production car available for sale and the average of two runs in opposite directions. It’s currently held by Koenigsegg at 278 mph. According to Top Gear, the broken-in track is only smooth enough one way for a car to hit 300 mph with any modicum of safety, but Winklemann isn’t sweating it.

“We have shown several times that we build the fastest cars in the world. In future we will focus on other areas,” he said, essentially dropping the mic.

One of those areas may be another unofficial record the company holds. Earlier this year it sold a one-off version of the Chiron for a reported $18.9 million, which would make it the most expensive new car ever.

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2019-09-03 14:58:44Z
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Dow drops 400 points on new tariffs and global economic troubles - erienewsnow.com

US stocks opened lower across the board and had added on to their losses by midday following worse-than-expected manufacturing data. The Dow is sharply down, shedding more than 400 points at its lowest point. The index traded 1.3%, or 340 points lower around midday. The S&P 500 and Nasdaq Composite traded 0.7%, and 0.9% lower, respectively.

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2019-09-03 14:36:00Z
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Beyond Meat and Zoom Video Top the List of Best 2019 IPOs - Barron's

Photograph by Drew Angerer/Getty Images

The IPO market has been humming in 2019, and we’ve still got more than a quarter to go—a period which should include some high profile issues, including closely scrutinized WeWork and fast-growing Peloton.

The year to date has included some huge winners—a dozen newly public stocks have posted IPO gains of better than 85%. Here’s a quick look at the year’s top four IPOs.

Beyond Meat

The producer of plant-based meat-substitutes went public in May at $25 a share and has been on a remarkable tear since. The company sold more stock to the public market in August at $160 a share, more than six times the IPO price. The stock has benefited from a combination of strong buzz and excellent financial performance. For the second quarter, Beyond Meat (BYND) posted revenue of $67.3 million, up 287% from a year earlier, with $6.9 million in positive adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, compared with a loss on that basis a year earlier. The company sees full-year revenue of better than $240 million, which would be up 170% from the previous year. Investors are responding to the growth. Beyond Meant shares now trade at close to 40 times projected revenue.

Turning Point Therapeutics

An April 17 IPO at $18 a share, Turning Point (TPTX) shares have surged to $54, tripling from their public market debut. The San Diego-based oncology company is developing targeted treatments for solid tumors. Throughout the year, the company has been providing some positive incremental data on its lead compound, repotrectinib, for non-small cell lung cancer patients.

CrowdStrike Holdings

CrowdStrike (CRWD), which makes cloud-based enterprise security software, went public in June at $34 a share, and now trades at close to $81, up 139% since its debut. The company posted impressive results for its fiscal first quarter ended April 30, with 103% revenue growth. CrowdStrike’s story strikes multiple hot buttons: the cloud, security, and edge computing. The company says it provides “the only endpoint protection platform built from the ground up to stop breaches.” As with Beyond Meat, investors here show a willingness to pay up for high growth: the stock trades for almost 40 times forward revenue.

Zoom Video Communications (ZM)

Zoom’s (ZM) big run up in the public market has become everyone’s example of investor interest in fast-growing enterprise tech businesses. The San Jose-based provider of videoconference services has proved particularly popular with technology clients. Growing revenue at more than 100% and already profitable, Zoom went public in April at $36 a share and immediately started, well, zooming. Zoom traded as high as $107 before settling back into the low 90s, with a gain since the IPO of more than 150%. With triple-digit growth, investors will follow companies anywhere—in Zoom’s case, to a valuation of more than 46 times forward revenues.

Write to Eric J. Savitz at eric.savitz@barrons.com

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https://www.barrons.com/articles/best-ipos-2019-51567199862

2019-09-03 09:30:00Z
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Indonesia to ban export of nickel ore by January - Arab News

JAKARTA: Indonesia said on Monday it will stop nickel ore exports from Jan. 1, 2020, two years earlier than initially flagged as it speeds up efforts to process more of its resources at home.

Bambang Gatot Ariyono, the Mining Ministry’s director general for coal and minerals, said the ban will be applicable to all grades of nickel ore and ordered exporters to stop shipments from that date regardless of standing contracts.

“That is why we are announcing now so they have four months of transition time,” Ariyono told reporters.

Speculation about an expedited ban and Monday’s announcement has boosted nickel prices. The three-month nickel contract on the London Metal Exchange gained 3 percent to $18,470 a ton on Monday, its highest in nearly five years, adding to Friday’s 9 percent gain.

Goldman Sachs said in a note on Sunday it expects London nickel prices to reach $20,000 per ton in three months due to the ban.

Ariyono said the timetable was expedited because of the limited pool of mineable nickel resources in the country.

“The national proven reserve for nickel is only 698 million tons, which can only supply smelting facilities for 7.3 years,” he told reporters, adding that Indonesia currently has 11 working smelters with input capacity of 24 million tons of ore. It has 25 more smelting facilities in the pipeline.

The government had initially said it would ban nickel ore exports from January 2022, according to a rule released in 2017.

It is retaining that later date for the end of exports of bauxite and copper concentrates.

Indonesian President Joko Widodo in Parliament last month vowed to push for adding value to the country’s natural resources exports.

Philippine nickel miners said they are likely to boost output of nickel ore next year to fill up supply gap left by Indonesia.

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September 03, 2019 at 01:46AM

China's manufacturing activity rebounds in August: Caixin survey - Global Times

The Caixin/Markit survey, which focuses on smaller private firms, followed strong readings of official PMIs, which cover large State-owned companies. The official manufacturing PMI rose to 50.5 in March, while non-manufacturing PMI rose to 54.8. Together, they offer a positive picture of China's massive manufacturing and services sectors. Photo: VCG

China's manufacturing activity rebounded in August to the expansion range, with the index posting the highest level since April, according to a survey by Caixin magazine released on Monday.

The Caixin/Markit factory Purchasing Managers' Index (PMI) was 50.4 in August, up 0.5 point from July and rebounding to the expansion range above a reading of 50. PMI readings below 50 signal contraction.

The rise mainly reflected improved production activity. The subindex for manufacturing output entered the expansion range in August, the highest level in five months, sending signs of demand turning up as reflected by manufacturers, according to the survey.

"The index sends positive signals amid the Chinese economy's downward pressure," Tian Yun, a vice director of the Beijing Economic Operation Association, told the Global Times on Monday.

"Compared with the output index, new orders are more important as they are the foundation of sustainable manufacturing," said Tian.

The subindex for new orders stayed in expansionary territory in August, but inched down from July, while the decline of subindex for new export orders surpassed that of new orders, showing the cushion from domestic orders against sliding export orders.

The gauge for new export orders remained in contraction territory and fell to the lowest level this year in August, said the survey.

"Domestic consumption needs further boost, especially the auto sector, to drive the economy's improvement," said Tian.

On August 27, China announced measures to prop up consumption in a wide range of areas from retail to vehicles to energy.

Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin, said the data reflected declining foreign demand amid an intensifying trade tensions between China and the US.

Despite some warming signs for the Chinese economy, it still faces downward pressure in the long term, especially amid the escalation of the trade war, Zhong said in a press release.

The Caixin PMI index is different from the official PMI index, which was released by the National Bureau of Statistics on Saturday. That index showed a further contraction of the manufacturing sector to 49.5 points from 49.7 in July. The Caixin manufacturing PMI focuses on light industry.

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September 02, 2019 at 09:48PM

Anthony Chan on the new wave of US-China tariffs - CGTN America

The trade war between the world's two largest economies began more than a year ago. And it shows few signs of easing. Anthony Chan is a former Chief Economist at JP Morgan Chase. He spoke with CGTN's Roee Ruttenberg about the latest round of tariffs and the state of negotiations between the world's two largest economies.

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September 02, 2019 at 06:54AM

Armed Group Rushes Popeye's After Discovering Chicken Sandwich Is Sold Out - HuffPost

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2019-09-03 07:44:00Z
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