Top Financial Stories Friday, September 09: Elon Musk Hints At Potential Apple-SpaceX Partnership, GM's EV For Cost Conscious Buyers, Google Under DOJ Scanner For Search-Engine Dominance And More...

Bloomberg

When The Bank Error Is Not In Your Favor: Pay Back $500 Million

• Citigroup Inc C has won an appeal to retrieve $500 million that was sent accidentally in 2020 to a group of Revlon Inc REV creditors.
• In August 2020, Citi accidentally sent $900 million to a group of Revlon creditors. The actual operation involved sending interest payments to Revlon creditors, but instead, the bank sent out a payment for the entire loan.
• Some creditors returned the mistaken sum for about $400 million, but others refused, citing a "discharge for value" defense.

Reuters

Elon Musk And His Companies Get Further Entangled In Dogecoin Racketeering Lawsuit

• The lawsuit against Tesla Inc TSLA CEO Elon Musk that accuses him and his electric car company of racketeering has reportedly been expanded.
• The $258 billion lawsuit has been expanded with seven new investor plaintiffs and six new defendants, including his tunnel construction firm Boring Co.
• Previously, SpaceX, a space exploration firm that Musk heads were also named.

Tesla Eyes Lithium Refinery In Texas To Tap The Surging EV Demand

• Tesla Inc TSLA explored setting up a lithium refinery on the gulf coast of Texas to secure its supply amid surging demand for electric vehicles.
• Tesla's decision to invest in Texas will also depend on the ability to obtain relief on local property taxes.
• CEO Elon Musk previously voiced the possibility of Tesla having to enter the mining and refining industry directly at scale as lithium prices surge.
• On approval, construction could begin in the fourth quarter of 2022 and reach commercial production by the end of 2024.

Airbus Cancels Remaining Qatar A350 Orders

• Airbus SE EADSY revoked all remaining A350 orders from Qatar Airways, raising the stakes in safety and contractual dispute with the Gulf carrier.
• Airbus said it had booked orders for 843 jets between January and August, or a net total of 637 after cancellations, including routine order reversals by customers and the aircraft withheld from Qatar by Airbus.

Wall Street Journal

GM Targets Budget-Friendly Buyers With Latest EV Offering

• General Motors Co GM shared plans to release an electric Chevrolet SUV priced around $30,000 as promised.
• The surging lithium and nickel prices forced the automakers to bump the EV prices.
• Tesla Inc TSLA explored setting up a lithium refinery on the gulf coast of Texas to secure its supply amid surging demand for EVs.
• GM's electric Chevy Equinox will go on sale in the fall of 2023 and claims a total driving range of 300 miles on a single charge.

US-China Tensions Gain Momentum As US Weighs Overseas Investment Screening

• The U.S. weighed an executive order to screen and possibly restrict U.S. overseas investment in cutting-edge technology development in China and other potentially hostile countries.
• The initiative follows a failed attempt to pass legislation with similar restrictions.

Google Under DOJ Scanner For Splurging To Maintain Search-Engine Dominance

• Alphabet Inc's GOOG Google pays billions of dollars each year to Apple Inc AAPL, Samsung Electronics Co SSNLF, and other telecom giants to illegally dominate as the default search engine, the U.S. Justice Department alleged.
• Google spent "enormous numbers" as the default search engine on most browsers and all U.S. mobile phones, DOJ attorney Kenneth Dintzer told Judge Amit Mehta during a hearing in Washington.

Twitter Whistleblower Becomes Crucial Pawn Of Elon Musk's Case Despite His Pact With The Company

• Twitter Inc TWTR agreed in June to pay $7 million to the whistleblower whose allegations will be part of Tesla Inc TSLA chief Elon Musk's case against the company.
• Twitter completed the settlement days before Peiter Zatko filed his whistleblower complaint in July.
• Zatko is the hacker who was Twitter's security head before being fired in January.

CNBC

Coinbase Foots Bill For Lawsuit Against US Treasury Over Tornado Cash Sanctions: 'Saw This As Much Larger Problem'

• Cryptocurrency exchange Coinbase Global Inc COIN is funding a lawsuit against the U.S. Treasury Department for its sanctions against coin mixer Tornado Cash (TORN/USD).
• The lawsuit was filed by six plaintiffs, including Coinbase employees, and argues that the sanctions against the decentralized privacy protocol were an overstep by the Treasury's Office of Foreign Assets Control and asks that the platform's smart contracts be removed from the sanctions list.

Tesla Sees Leadership Shakeup At Giga Nevada As EV Maker Reportedly Pushes For 'Next Phase'

• According to a report, Tesla Inc's TSLA manufacturing facility in Reno, Nevada, has undergone a leadership change.
• Tesla's Nevada Gigafactory has seen a leadership shakeup with the exit of Chris Lister, the former vice president of Gigafactory Operations, with Hrushikesh "Hrushi" Sagar taking the helm, reported CNBC, based on leaked audio from a Tesla international meeting.

Benzinga

How's China Taking To iPhone 14 Lineup? Analyst Shares Insights, Strategy To Boost Profits In Mature Market

• Apple Inc AAPL launched its newest iPhone lineup on Wednesday, and the reactions have been mixed.
• Prominent Apple analyst Ming-Chi Kuo offered his take on the early pointers towards the uptake of the iPhone 14 models in China, one of Cupertino's key markets.
• Orders for the two iPhone 14 Pro models in China were around 85%, and the lowest interest is for the iPhone 14 Plus at 5%, Ku said in a series of tweets.

Elon Musk Hints At Potential Apple-SpaceX Partnership For iPhone 14 Satellite Feature

• Tesla Inc TSLA and SpaceX CEO Elon Musk said he'd had some "promising conversations" with Apple Inc AAPL over Starlink connectivity.
• The billionaire entrepreneur said on Twitter Thursday that the iPhone team is obviously "super smart."
• "For sure, closing link from space to a phone will work best if phone software & hardware adapt to space-based signals vs. Starlink purely emulating cell tower," said Musk.

Caterpillar To Pay No Penalties As Settlement Of Tax Dispute

• In an SEC filing, Caterpillar Inc CAT settled with the U.S. Internal Revenue Service (IRS), which resolves all issues for 2007 through 2016 without any penalties.
• The company's settlement includes the resolution of the disputed tax treatment of profits earned by its Switzerland subsidiary, Caterpillar SARL, from certain parts transactions.

BMW To Deploy Round Battery Cells For New EV Range - What's The Benefit?

• Luxury car maker BMW (Bayerische Motoren Werke ADR) BMWYY has planned to power its new range of electric vehicles set for launch in 2025 with round battery cells.
• The round cells are said to reduce CO2 emissions from cell production by up to 60%.
• Round cells are being used for the first time in the sixth generation of electric mobility batteries from the BMW Group.

FDA Warns of Clip Lock Malfunctions With Abbott's MitraClip Heart Valve Devices

• The FDA alerted healthcare providers about the potential for clip lock malfunctions with Abbott Laboratories ABT
• MitraClip's delivery system to stop heart valve leakage.
• "These events appear to occur in approximately 1.3% of MitraClip procedures and have been observed with all device models," the FDA said in a letter.

T-Mobile US Adopts $14B Stock Buyback Plan

• T-Mobile US Inc TMUS said its board authorized a $14 billion stock buyback program, poised to run till September 30, 2023.
• The company intends to fund the repurchases from available cash on hand and proceeds of one or more debt issuances or other borrowings.