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June 15th - Singapores Deputy Prime Minister announced that the Singapore Exchange (SGX) will establish an over-the-counter (OTC) gold clearing system and is exploring physically deliverable gold futures contracts. The Monetary Authority of Singapore (MAS) will remove the 5% cap on physical precious metal investments under the Funds Tax Incentive Scheme, and will launch a central bank vault custody service by October. JPMorgan Chase, DBS Bank, and other banks have already signed on as gold clearing members, and interbank gold trading is expected to rebound from 2027 onwards.Japanese Foreign Minister Toshimitsu Motegi: We will maintain close coordination with the international community.Japanese Foreign Minister Toshimitsu Motegi: We will do our utmost to achieve stability in the Middle East.Gold prices rose in early Asian trading on June 15th following the provisional peace agreement reached between the US and Iran. This agreement could help normalize oil supplies and ease market concerns about energy-driven inflation. Since the outbreak of the Middle East conflict in late February, gold prices have fallen by more than 20% due to high energy prices and supply chain disruptions leading to expectations of higher interest rates, dragging down the performance of this non-interest-bearing metal. Furthermore, safe-haven inflows have pushed up the US dollar, further increasing pressure. Analysts at ANZ Bank stated that the war reinforced structural reasons for investors to increase their gold allocations, including geopolitical divisions and waning confidence in bonds as a reliable portfolio diversification tool.Japanese Foreign Minister Toshimitsu Motegi: We welcome the US-Iran peace agreement, which is an important step in resolving the situation.

Musk Asserts, "Tesla Is Always on My Attention" in Response to Twitter Distraction Concerns

Charlie Brooks

May 20, 2022 09:30

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Elon Musk, CEO of Tesla (NASDAQ:TSLA), stated on Thursday, "Tesla is always on my mind" in an effort to assuage investor concerns that he may be distracted by a Twitter (NYSE:TWTR) transaction that has weighed on the company's stock price.


Tweeting a picture of a woman (Tesla) concerned by her boyfriend's (Elon's) interest in another woman, he stated, "This may appear to be the case, but it is not."


"To be clear, I am devoting approximately 5 percent of my time to the Twitter acquisition. It requires no rocket science! "He sent a tweet.


"Yesterday, Giga Texas existed; today, Starbase does. Tesla is constantly on my mind."


Musk's rocket business SpaceX has a launch site near Boca Chica, Texas, known as Starbase. This year, Tesla established a new factory in Texas.


Tesla shares have lost one-third of their value since the billionaire disclosed his Twitter position in early April and sold $8.5 billion worth of Tesla shares to help finance his $44-billion Twitter transaction.


China's lockdown restrictions, which hampered Tesla's manufacturing, and Tesla's exclusion from a widely regarded S&P sustainability index weighed further on the stock market.


Tesla bull Wedbush analyst Daniel Ives reduced Tesla's share price estimate on Thursday owing to the China production setback and warned of "distraction risks" from Musk's Twitter agreement.


Major Tesla investor Leo KoGuan demanded on Thursday that the electric car manufacturer repurchase shares.


"Tesla must announce immediately and buy back $5 billion of Tesla shares from its free cash flow this year and $10 billion from its free cash flow next year, without affecting its existing $18 billion cash reserves with ZERO debt," KoGuan said in a Twitter message to Martin Viecha, Tesla's head of investor relations.


Viecha was unavailable for quick comment.


KoGuan, the third largest individual stakeholder in Tesla, stated last year that he was investing billions in the company because he believed in Musk's "great objective, which I share." In March, he stated that he was purchasing further Tesla shares and not selling during the stock's decline.

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