Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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Tesla’s value drops by $10 billion in a week as rout deepens

Tesla’s value drops by $10 billion in a week as rout deepens

The famed electric-vehicle manufacturer extended its losses for a fifth straight session, falling 4.3% to the lowest in more than 18 months

Tesla Inc’s troubles continued to pile up.

On Monday, the stock closed at its lowest level since March 2017, shaving off more than $10 billion off its market capitalisation in one week.

The rout was sparked by an SEC investigation into its famous CEO Elon Musk’s tweets on taking the carmaker private. A subsequent tweet storm mocking the agency itself, and an unflattering comparison to Lehman Brothers Holdings Inc. shaved off even more value. Shares continued to extend losses for a fifth straight session on Monday, and fell 4.3% to the lowest in more than 18 months.

The stock rebounded in after-hours trading, recovering about 1%, after Macquarie initiated coverage of Tesla with an outperform rating.

Investors have continued to punish Tesla, even as its Model 3 is becoming one of the best-selling sedans in America. The company made headlines when it managed the feat to deliver on its third-quarter projections for the electric car, leading JP Morgan to boost its estimates regarding it.

Maynard Um, an analyst at Macquarie stated: “The auto industry is on the precipice of a multi-decade transformation driven by disruptive innovation and technology, which Tesla is “uniquely positioned” to lead.”

Regarding Musk, there have been rumours that Tesla is looking for an experienced executive to “handle” Musk, in order to keep his erratic behavior in check.

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