Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Federal Reserve Chairman Jerome Powell said the he does not see the Fed using negative interest rates in the future.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
President Barack Obama spoke at an event in San Francisco on Wednesday hosted by software company Splunk and addressed how tech can help solve problems.Technologyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle, Washington. While there, he's scheduled to meet with Boeing executives and...Airlinesread more
Steve Dowling, the head of Apple's public relations department, announced he will be leaving this week.Technologyread more
Tracy Britt Cool is leaving the firm after a decade to start a company that replicates Warren Buffett's business model, the Wall Street Journal reported.Marketsread more
Stocks closed little changed after the Federal Reserve failed to signal it will cut rates again in 2019, disappointing traders.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Tesla Motors said on Wednesday it had entered into an agreement with Deutsche Bank whereby the electric car maker can borrow up to $300 million for its vehicle leasing program, part of a broader effort to bolster the company's finances.
In a filing with the U.S. Securities and Exchange Commission, Tesla said the new liquidity meant its own cash requirements for its direct leasing program would be "significantly reduced."
It would thus need to raise correspondingly fewer funds from the public market, Tesla said, as it gears up for its much-anticipated Model 3 mass-market vehicle.
The amount outstanding from the loan and security agreement is due on Sept 20, 2018.
Tesla, which burned through over $600 million of cash in the first half of the year, faces a cash crunch as it ramps up manufacturing capacity for the Model 3 next year and completes construction of its massive "Gigafactory" battery factory in Nevada.
Moreover, Tesla's planned $2.6 billion acquisition of SolarCity, which itself has pressing cash needs, will add to its liquidity issues. Combined, the two companies' debt totaled $5.43 billion with a combined cash burn of $830 million last year.
In August, the company said it had $3.25 billion in principal sources of liquidity as of June 30, 2016, but in July it repaid $678 million on a revolving credit line and planned to redeem $411 million of 2018 convertible notes, warning it could spend more on the securities.
The company also warned that the value of its secured assets had limited its ability to borrow under its asset-based revolving credit agreement with a syndicate of banks.