Hosting Tesla
https://www.cnn.com/2019/11/13/business/tesla-berlin-gigafactory/index.html
2019-11-13 12:45:00Z
52780433290360

HANGZHOU, CHINA - NOVEMBER 13: Alibaba founder Jack Ma attends the 5th World Zhejiang Entrepreneurs Convention at Hangzhou International Expo Centre on November 13, 2019 in Hangzhou, Zhejiang Province of China.
VCG | Getty Images
Alibaba is planning a secondary listing in Hong Kong which is likely to take place in the last week of November and raise approximately $13 billion, a source with direct knowledge of the matter told CNBC.
The Chinese e-commerce giant will issue 500 million new ordinary shares plus 75 million "greenshoe" options, the source, who wished to remain anonymous because they are not authorized to speak publicly, said. Greenshoe options give the underwriting banks the ability to sell more shares than the original amount set.
Alibaba got the greenlight from Hong Kong regulators on Tuesday to go ahead with the share sale, the source said.
The Chinese firm could raise around $13 billion, the source added. Reuters and South China Morning Post previously reported that the sale could raise between $10 billion and $15 billion.
Alibaba will stay listed in New York where it carried out an IPO (initial public offering) in 2014, the source said. That is still the biggest IPO in history raising $25 billion.
Alibaba declined to comment when contacted by CNBC. A spokesperson for the Hong Kong stock exchange was not immediately available for comment.
In a filing with the Securities and Exchange Commission (SEC) on Wednesday, Alibaba acknowledged it had filed an application for a proposed secondary listing with the Hong Kong stock exchange. It added that the New York Stock Exchange will continue to be its "primary listing venue."
With a Hong Kong listing, the Hangzhou, China-based firm will move closer to home, potentially giving investors in the world's second-largest economy more of a chance to buy shares.
Alibaba's Hong Kong listing would make it the biggest fundraising of the year, ahead of Uber which raised over $8 billion in May. It would also be a huge boost for the Hong Kong market which has seen business slow amid the ongoing pro-democracy protests, which have escalated in the past few days.
Alibaba is coming off the back of its successful Singles Day shopping event in which it set a new sales record. Alibaba's U.S.-listed shares are up over 36% this year as it continues to show growth in its core commerce business, despite a slowing Chinese economy, as well as huge revenue jumps in newer divisions like cloud computing.
A view from the driver's seat of a Tesla Model S, which has the dash cam feature.Benjamin Zhang/Business Insider
Elon Musk hinted that he will look into creating a feature for Tesla vehicles with dash cams that would see them automatically record footage when the horn is pressed, telling a Twitter user that such a feature "makes sense."
"Yeah, makes sense," Musk replied to Twitter user Brandon Bernicky, who asked his "thoughts on saving dashcam footage when honking the horn?"
The dash cam feature is only available in Model S and Model X models manufactured after August 2017, according to Tesla.
In these models, as long as they have Tesla's Version 9.0 software, footage from the dash cam can be saved to a USB-stick by inserting it into a port inside the car, and then by configuring the dash cam to save the footage.
Musk has long engaged with fans on Twitter to listen to their suggestions for new Tesla features, saying last week he would look into launching a "drive thru mode" on Teslas after a customer complained that her car "beeped like crazy" every time she went to make her order.
"Can we get a drive thru mode please? It beeps like crazy every time I'm trying to get my chicken sandwich (; thank you!" the customer asked Musk, to which he replied: "Looking into it."
Musk on Tuesday announced Tesla's next Gigafactory will be located near Berlin, Germany.

If talks on Wednesday aren't productive, Unifor negotiators say job action could escalate as early as Friday with drivers refusing overtime shifts.
Job action by 5,000 Metro Vancouver transit workers will escalate Friday, with bus drivers refusing to work overtime, if a collective agreement isn’t reached in the next two days.
On Tuesday, after almost two weeks of stalled talks and limited strike action, Unifor, the union that represents bus and SeaBus operators and maintenance workers, reached out to the Coast Mountain Bus Company, an operating firm of regional transit authority TransLink, to resume bargaining. Sessions are scheduled for Wednesday and Thursday.
“We will see whether or not the company is serious about achieving a resolution to this dispute, and if they are, bargaining can be wrapped up in a matter of hours,” said Gavin McGarrigle, Unifor’s western regional director, who said the union remains “deeply skeptical” of the company’s motives.
If a deal isn’t reached, strike action will escalate Friday with a one-day OT ban for bus drivers. Drivers have already been instructed to refuse overtime shifts for that day.
“We will also consider additional days next week and in the weeks to come,” McGarrigle said. “Ultimately, disruption will continue to escalate until a full strike will occur. We know that the impact of this escalation will significantly impact service for the passengers this Friday, and in various other ways to come.”
The union has estimated that 10-15 per cent of bus service would be taken offline if drivers were to refuse OT.
Both the union and TransLink have said it’s difficult to predict what bus routes could be affected by a driver overtime ban.
In an emailed statement, Coast Mountain president Mike McDaniel said he welcomes the return to bargaining and said he’s optimistic that the two sides can find common ground.
“We are encouraged by this development and look forward to reaching an agreement which works for all parties involved,” McDaniel said.
Thus far, job action has consisted of a uniform ban for bus drivers and an overtime ban for maintenance workers.
As of Tuesday afternoon, there had been 126 SeaBus sailing cancellations since the strike began Nov. 1, and last Friday frequency was reduced on 25 bus routes during the morning rush because of the OT ban by maintenance workers.
TransLink spokeswoman Jill Drews said the transit authority uses “a relatively small amount of overtime,” with 4.8 per cent of all bus-maintenance hours paid as OT last year, and 10 per cent of SeaBus staff hours.
According to TransLink, bus service has since returned to almost normal — maintenance workers were able to catch up over the weekend — with only four trip cancellations related to job action Tuesday morning. Drews said the number of buses the company has in reserve to replace out-of-service buses varies day-to-day.
Wages and working conditions for bus drivers are the major issues.
The deal being offered to transit workers includes a 12.2-per-cent pay increase for skilled trades over four years, and a 9.6-per-cent pay increase for transit operators over the same period. The company has also offered to implement measures to improve working conditions.
Under the current contract, conventional bus drivers start at $22.83 an hour during a 30-day training period, then go from $24.46 an hour to $32.61 an hour after 24 months of employment. Those driving 40- and 60-foot buses get benefits that include medical, vision and dental, a pension plan and family bus passes.
Unifor is seeking an increase of 15.2 per cent over four years for bus drivers and 16.7 per cent over four years for maintenance workers. It’s also asking for improved benefits and better working conditions, including a guaranteed minimum break time for drivers while they’re on shift.
McGarrigle said the company’s last offer was “ridiculous” and said it had loopholes “big enough to drive a SeaBus through.”
Coast Mountain has said the union’s request would work out to an added $680 million in costs over 10 years, while the company’s offer would mean an increase of $71 million over 10 years.
Last week Coast Mountain asked the union to return to bargaining, but the union refused because it said the company had failed to address a wage gap for skilled-trades workers and minimum breaks for bus drivers.
B.C. Premier John Horgan, who warned last week that lengthy job action, similar to a four-month transit strike in 2001, will not be tolerated, said he was grateful to hear the two parties were planning to resume bargaining.
“I believe in free collective bargaining — it’s the way forward,” Horgan said Tuesday afternoon, after an unrelated announcement in Richmond. “I’m hopeful that both sides will be able to find an agreement so the travelling public will carry on and go about their business. That’s the objective that we all want, whether we’re on the workers’ side of the table or on the employer’s side.”
— With files from Gordon McIntyre
Metro post-secondary schools operate as normal
Metro Vancouver post-secondary students hoping the transit strike will delay their term papers and exams may find themselves disappointed.
The University of B.C., Simon Fraser University and other schools are operating as normal and encouraging students, faculty and staff to consider carpooling, car-sharing and cycling, after the union representing transit workers warned that job action could escalate by the end of this week.
The schools are urging people to keep an eye on TransLink’s alerts website as well as their own social media channels for information about transit operations.
“Classes are proceeding, and faculty and staff are expected to attend work,” said a UBC campus notification sent out Tuesday. “However, you are advised to plan for a potentially longer commute.”
“All activities and operations continue as scheduled at SFU, including classes, labs, tutorials, and exams,” an SFU update said.
UBC says the Vancouver campus will not close in the event of an all-out strike. The university has formed a working group to keep an eye on the situation and find ways to mitigate any strike impact. SFU has a contingency-planning team doing the same, and says it will provide an update if transit disruptions escalate.
Both universities are advising students to contact their professors or instructors if they are unable to get to campus due to strike activity.
They are recommending students, staff and faculty proactively consider arranging alternative transport.
BCIT, Langara, Douglas and Kwantlen also say they will continue to operate as normal, and are warning people to find other ways to get to class.
Meantime, BCAA’s car-sharing firm Evo says more customers are signing up for the service, which operates in Vancouver, North Vancouver, Burnaby, New Westminster and the Vancouver International Airport, as well as SFU, UBC and BCIT.
Evo spokeswoman Sara Holland said in an email that sign-ups were up 36 per cent in the days following Nov. 1, when job action began, compared to the same period last year.
“It’s hard for us to know if that’s tied to the transit job action, but we have seen an increase,” Holland said.
Holland said Evo is watching the situation closely, increasing staffing at its call centre, and may set up “pop-up” home zones as well as move cars close to SkyTrain stations and along busy transit corridors.
The company also recently started offering free metered parking which allows members to park closer to transit stations.
— Nick Eagland
Poor drilling market prospects and a desire to save money to pay down debt and for other priorities convinced Ensign Energy Services Inc. to chop its dividend in half and kill its dividend reinvestment program, the company said Tuesday.
The Calgary-based driller's shares closed down more than 14 per cent or 38 cents at $2.30, their lowest point in at least 10 years, after it announced it will now pay a quarterly dividend of six cents per share, down from 12 cents.
"The dividend is the obvious headline news this quarter," said president and chief operating officer Bob Geddes on a conference call after markets closed.
"Quite simply, the board decided to address the dilution and eliminate the DRIP while at the same time retain substantially the same cash payout. The cash payout ratio drops to a very conservative 12 per cent of cash flow and still provides a healthy yield."
The DRIP allowed investors to use their dividends to purchase more stock at a discount directly from the company without paying brokerage fees.
The dividend changes came as a surprise because the company has the forecasted cash flow to support continuing those programs, pointed out analyst Waqar Syed of AltaCorp Capital in a report.
The annual dividend yield will now be about nine per cent versus about 18 per cent before the cut, he said.
Ensign reported a third-quarter loss of $37.8 million, compared with a loss of $32.8 million in the same period last year.
Revenue was $393.5 million, up from $288.7 million in the third quarter of 2018, mainly due to the acquisition of 89.3 per cent of Trinidad Drilling Ltd. in the fourth quarter of 2018 and the remaining stake in the first quarter of 2019.
The company has completed the integration of Trinidad, adding access to key markets in the Texas Permian and Middle East regions, Geddes said on the call.
He noted that Canada is now Ensign's third-largest division with 17 per cent of adjusted earnings versus 20 per cent from its international division (which includes Australia, the Middle East and Latin America) and 63 per cent from the United States.
All three markets are expected to experience flat levels of activity through the rest of 2019 and into next year, the company said.
Geddes welcomed news last week that the Alberta government will exempt new conventional oil wells from its oil production curtailment program, pointing out it will likely encourage some operators to "put a few more rigs back to work this winter."
The province has gradually been easing quotas under the program which started last January to support local crude prices.
Unifor, the union representing bus operators and transit maintenance workers, has announced that inaction from the employer will cause further transit disruptions by the end of the week.
Unifor notes that if the employer cannot bring new offers to the negotiations, it will introduce a one-day overtime ban for transit operators on Friday, Nov. 15. Further, it adds that it will consider additional overtime bans next week, too.
Unifor lead negotiator Gavin McGarrigle and other Unifor representatives held a news conference in New Westminster.
McGarrigle mentioned how, “TransLink CEO Kevin Desmond could see his pay soar by 25% to nearly $500,000 a year, while the head of the Toronto Transit Commission earns $150,000 less each year.”
“CMBC President Michael McDaniel has been on the job for about a year and a half and could see his salary soar by 18% to about $372,000,” he said.
McGarrigle added that, “both of these transit executives make more than the Prime Minister.”
As such, Unifor says it will return to the bargaining table, but that further inaction from CMBC will result in further action from the union.
“We’ve been bargaining for months. Transit workers in Metro Vancouver have been very patient with the employer,” said Jerry Dias, Unifor National President. “But ultimately our members have a legal right to withdraw their services if the disrespect from Translink and CMBC continues and a contract cannot be achieved through bargaining alone.”
At issue are working conditions, benefits, and wages.
Since the dispute began, nearly 100 Seabus sailings have been cancelled and the impacts of an overtime ban in maintenance have begun to impact numerous bus routes across the region.
In response to the statement, Michael McDaniel, President of Coast Mountain Bus Company, said that, “Coast Mountain Bus Company welcomes the union’s return to the bargaining table. We are encouraged by this development and look forward to reaching an agreement which works for all parties involved.”
“All of us are committed to providing quality transit services to our customers every day of the year. I’m optimistic that we can find common ground to ensure this can continue. Given the formal bargaining process is set to resume, we will not be providing further comment at this time.”