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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

Elon Musk Resigns from the Twitter Board of Directors in a Dramatic U-turn

Haiden Holmes

Apr 12, 2022 09:56

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Musk requested a board position on Twitter weeks before the social media firm agreed to the arrangement, sources told Reuters at the time.


Musk and Twitter made no mention of the reversal. Musk said in a regulatory filing on Monday that he now has the option of increasing his 9.1 percent interest in Twitter or pressuring the firm to pursue deals, despite the fact that he currently has no such intentions.


There was no indication that Twitter was concerned about a hostile proposal from Musk. Twitter made no mention of a shareholder rights plan, dubbed a "poison pill," that would require dilution if Musk attempted to increase his ownership over a particular level.


However, Twitter CEO Parag Agrawal cautioned staff on Sunday about "distractions coming," an apparent allusion to Musk's criticism of the firm through Twitter. He continued by saying he felt Musk's exit was "for the best."


A representative for Twitter did not reply to a request for comment.


Twitter's stock was up 2.6 percent to $47.48 in New York afternoon trade on Monday. They have increased by more than 20% after Musk announced his Twitter ownership on April 4. According to Wall Street experts, Musk's engagement drew tens of thousands of ordinary investors to the stock.


Securities experts have noted that by delaying and mischaracterizing the announcement of his Twitter investment, Musk was able to purchase the shares at a discount, saving him an estimated $143 million. It is unknown if Musk, whose Forbes-estimated net wealth is $274 billion, would contemplate this.


Musk was unavailable for comment.


Musk removed a large number of tweets he sent over the weekend against the social media network on Monday. It was not immediately obvious what precipitated the move. The tweets varied from a plea to ban advertising from Twitter to a suggestion that the social media business omit the letter "w" from its name.


Jacob Frenkel, a former SEC enforcement attorney, said Musk's turnaround was unusual but did not seem to break any regulations.


"Merely being presented with an invitation to join the offer to board, considering it, and declining is not a breach of securities regulations," Frenkel said.


The SEC's spokeswoman refused to comment.


Others noted that Musk's public criticism of Twitter would have been difficult to reconcile with his fiduciary responsibilities as a board member.


"Once on the board of directors, the majority of individuals, even activist shareholders, generally refrain from speaking publicly," Gregory Taxin, managing director of activist investor advice company Spotlight Advisors, said.

'FINANCES SECURED'

This is hardly Musk's first high-profile U-turn. He tweeted in 2018 that he had "got finance" for a $72-billion plan to take Tesla (NASDAQ:TSLA) private, but did not proceed with the offer.


Musk and Tesla each paid $20 million in civil penalties, and Musk resigned as chairman of Tesla to address SEC allegations that Musk deceived investors. Musk has subsequently contested an arrangement he made with the SEC to have some of his tweets evaluated by a lawyer.


Securities professionals have also raised concerns about Musk's compliance with the terms of his settlement with the SEC. Musk said on Twitter in early November that he would sell 10% of his Tesla shareholding if people agreed. A majority agreed, and the vote sent Tesla stock plunging. Since then, Musk has sold $16.4 billion worth of Tesla shares.


Following Musk's appointment to the board of directors last week, several Twitter workers expressed concern about the social media platform's capacity to filter material, according to company sources.


According to Charles Elson, founding director of the Weinberg Center for Corporate Governance, Musk was already very busy with Tesla, an electric vehicle manufacturer, and SpaceX, a space rocket company, and he would have had little time to contribute substantially to Twitter as a board director.


"Tesla's shareholders should be very worried about his engagement here because it diverts time and attention away from Tesla's principal endeavor," Elson added.


Tesla's public relations department did not reply to a request for comment.



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