The final pricing of Tesla Motors’ shares is expected later today. The electric car maker has yet to make a profit, and does not expect to make money until its Model S starts selling in significant volume. How strong will investors’ appetite be for his company?
* Offshore oil and gas driller Noble agreed to buy privately held FDR Holdings for $2.16 billion. The deal, plus new Noble drilling contracts with Royal Dutch Shell, indicate the industry is preparing to increase offshore exploration despite the worst-ever oil spill in U.S. history.
* Markets are on the mend but budget deficits need to be slashed and borrowing costs need to rise to avoid a new crisis, says the Bank for International Settlements in a call for action.
* New rules have been agreed upon for Wall Street, but in the end banks won concessions that watered down the financial regulation proposals that could have been most damaging to their profits. It is not the end of life on Wall Street as we know it.
* At the G20 summit in Canada, world leaders abandoned a global bank levy and eased the timetable for new capital requirements. Unable to muster the unity of the past three crisis-era G20 summits, the leaders fell back on the “Sinatra doctrine,” leaving each country to do it “my way,” move at its own pace and adopt “differentiated and tailored” policies.
See the factbox here.