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Elon Musk hiring Morgan Stanley probably closes the book on 'funding secured'

Elon Musk hiring Morgan Stanley probably closes the book on 'funding secured'

Finance
Tesla CEO Elon Musk's hiring of Morgan Stanley this week is just a small step in his ongoing quest to take Tesla private. But it has a larger, more damning implication: he probably didn't have funding secured, even in the most loose sense of the phrase. Musk is on the verge of hiring Morgan Stanley because the bank excels in rounding up financing from a wide array of sources, according to a person familiar with the matter. Musk has already retained Goldman Sachs to advise his attempt at taking the company private, first announced in an August 7 tweet. Morgan Stanley will be brought in the same capacity -- to raise money for a...
Stolen plane closes Seattle-Tacoma airport before crashing

Stolen plane closes Seattle-Tacoma airport before crashing

World
Media playback is unsupported on your device An airline employee who stole an empty passenger plane from Seattle airport has crashed on a nearby island. Authorities said the man had made "an unauthorised take-off" late on Friday local time, forcing Seattle-Tacoma International Airport to close.Two F15 fighter jets pursued the plane, which crashed in Puget Sound. The man is not believed to have survived. The local sheriff's office said it was "not a terrorist incident", adding that the man was local and aged 29.Pierce County Sheriff Paul Pastor later told reporters it appeared to be "a joyride gone terribly wrong", according to ABC7 News, adding "most terrorists don't do loops over the water".What happened exactly?The twin engine turboprop Q400...
Poundworld closes in on rescue sale to Alteri

Poundworld closes in on rescue sale to Alteri

Business
A former owner of Austin Reed is closing on a rescue deal for Poundworld, the troubled bargain retailer, at the start of a month which could determine the future of more than 20,000 high street workers. Sky News has learnt that Alteri Investors, which is backed by the private equity giant Apollo Management, is finalising the terms of a takeover of Poundworld.A deal could be struck for a nominal sum with TPG, Poundworld's current owner, and the retailer's lenders by the middle of next week, sources said on Saturday.As currently envisaged, it would be structured as a solvent takeover with all creditors being protected, they added.If the deal does happen, Alteri is expected to launch almost immediately a restructuring programme that will lead to the closure of more than 100 Po...