Business news

• UK pilots union recommends accepting reduced pay from British Airways

  22-07-2020 23:39 via uk.finance.yahoo.com
  
  British Airline Pilots Association (BALPA) said as many as 270 pilots could be laid off but it expects voluntary mitigation measures to continue to reduce this number.Earlier this year, British Airways, which is owned by International Consolidated Airlines Group , was seeking to lay off a quarter of its pilots hurt by the coronavirus, according to a letter sent to their union and seen by Reuters.Global curbs imposed to fight the pandemic have slammed air travel, placing the future of many airlin
  
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• Tesla hits milestone in reporting a profit for its fourth straight quarter

  22-07-2020 23:08 via uk.finance.yahoo.com
  
  Tesla hits milestone in reporting a profit for its fourth straight quarterExpectations had been high following Tesla’s report that it had delivered slightly more than 90,000 vehicles in the second quarter
  
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• Tesla on track to join S&P 500 index after fourth consecutive profit

  22-07-2020 22:58 via uk.finance.yahoo.com
  
  Tesla has notched four straight quarters of profit for the first time, a breakthrough for the electric car maker that puts it on course for inclusion in America’s blue-chip index and could further boost demand for its soaring shares. Elon Musk’s company said it made a profit of $104m (£82m) in the three months to the end of June as it sold more of its cheaper Model 3 and Model Y cars, despite a production shutdown at its California plant that lasted for several weeks. Four cons
  
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• Pilots face the axe as British Airways cuts union deal

  22-07-2020 22:40 via uk.finance.yahoo.com
  
  British Airways has struck a deal with pilots over sweeping job cuts in response to the coronavirus pandemic. Up to 270 pilots face compulsory redundancy under measures agreed by the British Airline Pilots Association (Balpa). The agreement will be seen as a key step in BA’s response to the pandemic, which has left the flag carrier fighting to stay afloat. Attention will now move to the fate of cabin and ground crew, whose unions Unite and GMB remain at loggerheads over job cuts and change
  
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• BA pilots urged to accept package to try and limit redundancies

  22-07-2020 22:38 via uk.finance.yahoo.com
  
  Balpa urged pilots to accept the best deal in 'incredibly difficult circumstances'.
  
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• Derek Chauvin: Minneapolis police officer fired over George Floyd killing is charged with tax crimes

  22-07-2020 22:34 via uk.finance.yahoo.com
  The former Minneapolis police officer charged with murder in the death of George Floyd has now been hit with multiple felony counts of tax evasion.Derek Chauvin and his wife, Kellie May Chauvin, were each charged in Washington County with six counts of filing false or fraudulent tax returns for the tax years 2014 through 2019.
  
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• Goldman Sachs CEO wants more diversity in bank leaders now

  22-07-2020 22:28 via uk.finance.yahoo.com
  
  Goldman Sachs Chief Executive Officer David Solomon said Wednesday there is "no excuse" why the bank's recruits from top U.S. universities are not more diverse, and said he wants to move faster to increase diversity among the bank's senior ranks.Goldman has set some of the most aggressive and specific goals among the big banks requiring that more Black, Latino and female professionals be interviewed and hired for jobs at the bank.Last year, Goldman said it wanted 11% of all new analysts and entr
  
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• Tesla's profit sets up S&P 500 entry, while Musk pushes for growth

  22-07-2020 22:26 via uk.finance.yahoo.com
  
  Tesla said it earned net income of $104 million from April to June, or $0.50 per share, marking the first time the company has posted a profit for four straight quarters, a condition for it to be considered for the stock index of the largest U.S. companies.The performance is a major accomplishment for Chief Executive Elon Musk, whose mission of leading the global auto industry into an electric future has frequently been questioned by investors who doubted Tesla's viability.Many analysts believe
  
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• Tesla reports quarterly profit, opening door to S&P 500 as shares rise

  22-07-2020 22:26 via uk.finance.yahoo.com
  
  Tesla said it earned non-adjusted net income of $104 million from April to June, or a $0.50 per share profit, marking the first time the company has posted a profit for four straight quarters, a necessary goal for it to be included in the stock index of the largest U.S. companies.The result marks a major accomplishment for Chief Executive Elon Musk, whose mission of leading the global auto industry into an electric future has frequently been questioned by investors who doubted the viability of T
  
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• Tesla extends profit run for fourth straight quarter, shares rise

  22-07-2020 22:26 via uk.finance.yahoo.com
  
  Tesla said it earned non-adjusted net income of $104 million from April to June, or a $0.50 per share profit, marking the first time the company has posted a profit for four straight quarters, a necessary goal for it to be included in the stock index of the largest U.S. companies.The result marks a major accomplishment for Chief Executive Elon Musk, whose mission of leading the global auto industry into an electric future has frequently been questioned by investors who doubted the viability of T
  
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• Battered U.S. dollar 'hanging by a thread' as coronavirus cases grow

  22-07-2020 22:25 via uk.finance.yahoo.com
  
  A steady decline in the dollar has accelerated in recent weeks, as a resurgent coronavirus outbreak in the United States and improving economic prospects abroad sour investors on the currency.Net bets against the dollar in futures markets are approaching their highest level in more than two years."The dollar is hanging by a thread," said Mazen Issa, senior currency strategist at TD Securities in New York.
  
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• Microsoft's Azure growth slips below 50% for first time

  22-07-2020 22:09 via uk.finance.yahoo.com
  
  Microsoft said revenue in its Intelligent Cloud segment rose 17% to $13.4 billion, with 47% growth in Azure.Analysts on average had expected revenue of $13.09 billion, according to IBES data from Refinitiv.Azure's growth rate is the best direct measure of competition with rivals like Amazon.com Inc'sAWS and Alphabet Inc'sGoogle Cloud, as Microsoft does not break out revenue from Azure.
  
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• Microsoft cloud flagship posts first growth under 50%; bookings growth steady

  22-07-2020 22:09 via uk.finance.yahoo.com
  
  Microsoft said revenue in its Intelligent Cloud segment rose 17% to $13.4 billion, with 47% growth in the Azure component, which includes essential computing and storage services.Analysts on average had expected cloud revenue of $13.09 billion in the fourth quarter ended June 30, according to IBES data from Refinitiv.Azure's growth is the best direct measure of performance against top cloud rival Amazon.com Inc'sAmazon Web Services, as Microsoft does not break out Azure's revenue by dollar amoun
  
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• B&Q owner should do decent thing and return its furlough payments

  22-07-2020 21:08 via uk.finance.yahoo.com
  
  B&Q owner should do decent thing and return its furlough paymentsThis should be self-evident to a FTSE 100 firm enjoying a boost to profits from the pandemic
  
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• Joe Wicks ends live PE lessons after helping millions keep fit

  22-07-2020 20:58 via uk.finance.yahoo.com
  
  Joe Wicks ends live PE lessons after helping millions keep fitFitness guru who made his name online during lockdown has donated £580,000 of advertising revenue to NHS charities
  
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• Fledgling brewers say Treasury tax overhaul poses jobs threat

  22-07-2020 20:51 via uk.finance.yahoo.com
  
  Fledgling brewers say Treasury tax overhaul poses jobs threatChange to small brewers relief will ease burden for some – but others face cost rise* Coronavirus – latest updates* See all our coronavirus coverage
  
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• FCA may block appointments to improve City diversity

  22-07-2020 20:47 via uk.finance.yahoo.com
  
  FCA may block appointments to improve City diversityWatchdog’s incoming chief executive wants more women and BAME directors recruited
  
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• Harry Dunn family celebrate diplomatic law change

  22-07-2020 20:45 via uk.finance.yahoo.com
  
  Charlotte Charles has said she will be able to go into the anniversary of her son's, Harry Dunn, death with a "slight smile", knowing that changes have been made to the diplomatic immunity laws that allowed Anne Sacoolas to leave the UK.
  
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• 3 bargain UK tech stocks I’d buy now to beat the market

  22-07-2020 20:44 via uk.finance.yahoo.com
  
  I explain which value UK tech stocks I’d buy today to outperform the market while they are still trading at bargain pricesThe post 3 bargain UK tech stocks I’d buy now to beat the market appeared first on The Motley Fool UK.
  
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• Prosecutors seek jail terms over Shell and Eni oil deal in Nigeria

  22-07-2020 20:17 via uk.finance.yahoo.com
  
  Prosecutors seek jail terms over Shell and Eni oil deal in NigeriaItalian authorities accuse firms of paying bribes to secure part of oilfield in deal worth $1.3bn
  
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• AI system detects posts by foreign ‘trolls’ on Facebook and Twitter

  22-07-2020 20:00 via uk.finance.yahoo.com
  
  AI system detects posts by foreign ‘trolls’ on Facebook and TwitterResearchers train machine learning to pick up patterns of social media posts aimed at manipulating political events
  
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• Apple offers modified phones to security researchers looking for iOS weaknesses

  22-07-2020 19:58 via uk.finance.yahoo.com
  
  Apple on Wednesday invited security researchers to apply to receive modified iPhones designed to help them hunt for flaws in the company's mobile operating system.The phones will let the researchers run any programs on them and give those programs any access to the data on the device, making it easier for outside security experts to probe iOS software.Apple had promised the initiative a year ago, and the long lead time frustrated some security experts as serious flaws have continued to be discov
  
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• Whole Foods sued by staff for being punished over wearing Black Lives Matter masks

  22-07-2020 19:50 via uk.finance.yahoo.com
  
  Whole Foods staff members are suing the US supermarket for allegedly punishing workers for wearing Black Lives Matter face masks.The supermarket, which is owned by Amazon, discriminated against its African American members of staff by not allowing them to wear the masks while accepting other political messages, 14 former and current workers allege in the lawsuit.
  
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• Burrito dining chain Chilango prepares to enter administration

  22-07-2020 19:48 via uk.finance.yahoo.com
  
  Burrito dining chain Chilango prepares to enter administration. Small investors who sank millions into ‘burrito bond’ could lose most of money
  
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• Receptionist job in Manchester diner gets 1,000 applications in 24 hours

  22-07-2020 19:35 via uk.finance.yahoo.com
  
  Receptionist job in Manchester diner gets 1,000 applications in 24 hours. ‘Staggering’ response to 20 Stories role highlights rising unemployment in UK hospitality sector
  
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• When you look at how much people actually take home, women still earn much less than men

  22-07-2020 19:30 via uk.finance.yahoo.com
  
  When you look at how much people actually take home, women still earn much less than men. Taxation data shows this disparity persists among both high and low-income occupations
  
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• Chairman of CNP Assurances' key shareholder La Banque Postale to quit

  22-07-2020 19:23 via uk.finance.yahoo.com
  
  The banking arm of French mail operator La Poste said on Wednesday its chairman Remy Weber will quit in August following a difference of opinion on the governance of life insurer CNP Assurances, in which the state-backed lender owns 62%.The state-owned mail operator La Poste took over CNP Assurances in a bid to create a state-controlled bank and insurer focused on the country’s rural areas.CNP Assurances said on July 15 that its chairman Jean-Paul Faugere was to step down due to his candid
  
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• Apple study defends App Store fees as competition scrutiny looms

  22-07-2020 19:19 via uk.finance.yahoo.com
  
  Apple’s billions of dollars in fees it charges app developers are not excessive by industry standards, according to research commissioned by the company. The iPhone maker published the analysis as scrutiny of its App Store picks up. Its chief executive Tim Cook is due to appear alongside other tech executives in front of a US committee investigating internet monopolies next week, and the company also faces a competition probe in Europe. Critics say the commission of up to 30pc Apple takes
  
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• Fear factor: Investors rush into gold and other havens as stocks near highs

  22-07-2020 19:13 via uk.finance.yahoo.com
  
  Investors are piling into haven assets such as gold, the Swiss franc and cash as U.S. stocks approach all-time highs, looking to hedge big moves in equities amid economic uncertainty and a resurgent coronavirus pandemic.Prices for gold are up 22% this year and stand near record levels, as the metal draws investors seeking shelter from a potential reversal in stocks.The Swiss franc is among the year’s best performing currencies and allocations to cash remain historically elevated.
  
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• Prosecutors seek jail terms for Shell and Eni executives over Nigeria oil deal

  22-07-2020 19:06 via uk.finance.yahoo.com
  
  Prosecutors seek jail terms for Shell and Eni executives over Nigeria oil deal. Italian authorities accuse firms of paying bribes to secure part of oilfield in deal worth $1.3bn
  
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• EU to ease market rules to help COVID hit companies - documents

  22-07-2020 19:03 via uk.finance.yahoo.com
  
  The European Union will propose "quick fixes" to liberalise its capital markets rules in coming days, which it says are aimed at encouraging investment in companies hurt by the coronavirus crisis, EU documents showed on Wednesday.The package will include looser rules on the funding of broker research into small and medium sized companies and the lifting of restrictions on trading energy derivatives.The changes also mirror a string of quick fixes in banking rules to ensure the continued flow of c
  
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• Sports Direct owner says UK business rates delay threatens stores

  22-07-2020 19:01 via uk.finance.yahoo.com
  
  Mike Ashley's Frasers Group , formerly Sports Direct, said it would reassess the viability of some of its stores following a British government decision to delay the next business rates valuation until 2023.Business rates, a particular burden for retailers, are taxes to help pay for local services, charged on most commercial properties.In March the government promised a "fundamental review" into the long-term future of business rates and, to help retail, hospitality and leisure sectors during th
  
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• Mike Ashley’s Frasers Group hits out at Government over business rates delay

  22-07-2020 19:01 via uk.finance.yahoo.com
  
  The Sports Direct owner warned it will review its store portfolio in light of the Government’s decision to delay the revaluation.
  
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• 'Eat out to help out': thousands of retailers yet to sign up for scheme

  22-07-2020 19:01 via uk.finance.yahoo.com
  
  'Eat out to help out': thousands of retailers yet to sign up for scheme. Only a quarter registered for half-price dining scheme with less than two weeks until launch
  
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• Salzgitter posts 128 million euro first half loss on COVID-19 pandemic

  22-07-2020 18:51 via uk.finance.yahoo.com
  
  German steelmaker Salzgitteron Wednesday said that low capacity utilization due to the COVID-19 pandemic led to a pre-tax loss of 127.8 million euros (116.4 million pounds) in the first half, exceeding worst investor expectations."We anticipate that the second and third quarter will likely mark the bottoming out of the current crisis," it said in a statement, adding that due to the uncertainty about the macroeconomic recovery, only a rough financial forecast was possible for the remainder of the
  
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• London markets slip into the red amid US-China tensions

  22-07-2020 18:47 via uk.finance.yahoo.com
  
  The FTSE 100 closed 62.63 points lower at 6,207.1p at the end of trading on Wednesday.
  
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• Recession investing: I reckon this FTSE 100 stock is a great bargain buy today

  22-07-2020 18:40 via uk.finance.yahoo.com
  
  Bargain buys are becoming rarer among FTSE 100 stocks as the index makes gains. But this is one to consider today. The post Recession investing: I reckon this FTSE 100 stock is a great bargain buy today appeared first on The Motley Fool UK.
  
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• Swiss Re says COVID-19 claims, reserves led to $1.1 billion first half loss

  22-07-2020 18:31 via uk.finance.yahoo.com
  
  Reinsurance company Swiss Resaid on Wednesday that claims and reserves of $2.5 billion (1.9 billion pounds) related to COVID-19 will result in a net first half loss of about $1.1 billion."Based on our current information and related assessments, and noting the unusually high level of uncertainty related to these insured losses, we expect the claims and reserves we have booked the first half of 2020 to cover the majority of our ultimate COVID-19 losses," Chief Financial Officer John Dacey said in
  
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• Elon Musk briefly becomes world's fifth richest person

  22-07-2020 18:30 via uk.finance.yahoo.com
  
  Elon Musk briefly became the fifth richest person in the world after Tesla' share price soared.The Tesla founder's net worth reached £58.5bn, putting him ahead of Berkshire Hathaway founder Warren Buffett, Oracle founder Larry Ellison, and Indian petrochemical baron Mukesh Ambani.
  
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• Jeremy Corbyn faces legal action over Labour antisemitism scandal as Keir Starmer declares party to be ‘under new management’

  22-07-2020 18:29 via uk.finance.yahoo.com
  
  Jeremy Corbyn faces legal action over Labour’s antisemitism scandal after Sir Keir Starmer turned on him and declared the party to be “under new management”.The leader and his predecessor clashed openly for the first time after the party agreed to pay “substantial” damages’ to seven whistleblowers over “defamatory and false allegations” made following a Panorama investigation.
  
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• Jeremy Corbyn faces legal action over Labour antisemitism as Keir Starmer declares party to be 'under new management'

  22-07-2020 18:29 via uk.finance.yahoo.com
  
  Jeremy Corbyn faces legal action over Labour's antisemitism scandal as Keir Starmer turned on him and declared the party to be “under new management”.The leader and his predecessor clashed openly for the first time, after the party agreed to pay “substantial” damages' to seven whistleblowers over “defamatory and false allegations” made following a Panorama investigation.
  
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• Offer Zoomers a restful background

  22-07-2020 18:24 via uk.finance.yahoo.com
  
  Offer Zoomers a restful background
  
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• Fiat offices raided over diesel emissions fraud claims

  22-07-2020 18:16 via bbc.co.uk
  
  Investigators visit sites in Germany, Italy and Switzerland, and two UK firms are asked to provide documents.
  
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• My favourite FTSE 100 ‘safe share’ pays 5% a year in cash, so I’d buy more today!

  22-07-2020 18:13 via uk.finance.yahoo.com
  
  This FTSE 100 giant is crushing the coronavirus crisis and there's way more growth to come. Meanwhile, its shares pay a bumper cash dividend.The post My favourite FTSE 100 'safe share' pays 5% a year in cash, so I'd buy more today! appeared first on The Motley Fool UK.
  
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• Ubisoft vows action on allegations, beats first quarter bookings forecast

  22-07-2020 18:10 via uk.finance.yahoo.com
  
  The maker of blockbuster gaming franchises Assassin's Creed and Watch Dogs made net bookings of 410 million euros (373.5 million pounds) for the three months through end-June, beating its own 335 million euro guidance and up about 30% from 2019 as more people stuck indoors under coronavirus lockdowns turned to video games.Ubisoft also confirmed its financial guidance for 2020-2021.Earlier in July, the company announced the departure of its three senior managers, including chief creative officer,
  
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• Ubisoft vows action on allegations as it posts bookings beat

  22-07-2020 18:10 via uk.finance.yahoo.com
  
  Earlier in July Ubisoft announced the departure of three senior managers, including its chief creative officer, following an investigation into allegations of inappropriate behaviour."I have never compromised on my core values and ethics and I never will," Yves Guillemot, co-founder and chief executive told analysts, adding that he was committed to building a sustainable and inclusive business.
  
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• Tesco asks staff to clean shelves, floors and loos

  22-07-2020 18:10 via bbc.co.uk
  
  Retail workers at smaller Metro and Express outlets will take on tasks after contract cleaners dropped.
  
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• Top civil servant feared huge taxpayer losses from OneWeb deal

  22-07-2020 18:06 via uk.finance.yahoo.com
  
  The state takeover of satellite company OneWeb is fraught with risk and could expose taxpayers to massive losses, one of the Government's top civil servants warned before the deal was struck. Britain could lose all of the $500m (£400m) spent rescuing the bankrupt satellite company if its ambitious plans to create a new global navigation system fall flat, according to the Business Department's acting permanent secretary Sam Beckett. Mr Beckett's concerns about the dangers involved were grea
  
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• MPs launch inquiry into $500m OneWeb satellite 'gamble'

  22-07-2020 18:06 via uk.finance.yahoo.com
  
  MPs will launch an inquiry into the Government’s decision to spend $500m (£400m) rescuing a bankrupt satellite company amid concerns it represents a “gamble” with taxpayers' money. Darren Jones, chair of the Business Select Committee, announced a probe into the deal, in which the Government will take a 45pc stake in the firm as part of plans to build a new global navigation system. Mr Jones said: “Now more than ever, the Government needs to ensure that it’s sp
  
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• Tesla extends rally as traders bet on potential S&P 500 entry

  22-07-2020 18:04 via uk.finance.yahoo.com
  
  Investors watching the company's quarterly report after the bell will be laser-focused on one question: Was Tesla profitable?A net profit, under Generally Accepted Accounting Principles, would mark four consecutive profitable quarters, a first for Tesla and a key hurdle for it to be added to the benchmark S&P 500 index .While analysts on average expect a loss, estimates improved after Tesla reported higher-than-expected second-quarter vehicle deliveries earlier this month, helping push the s
  
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