Opening Bell 6.04.18

Tesla troubles; Allies and enemies; Failure to launch; Pasta problems and more!
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Tesla Is Rejected by One Class of Investors Who Should Love It [Bloomberg]

Investors say the board is missing expertise on manufacturing -- evident in recent production delays -- and has too many Musk cronies on the board. The company doesn’t publish a sustainability report, which investors say makes it hard to keep tabs on workforce issues such as safety. And they are concerned that Tesla can’t manage infrastructure changes ahead involving electric-vehicles and autonomous-driving cars.

Trade Tensions Intensify as Allies Rebuke U.S., Testing Trump Ahead of G-7 [WSJ]

The Trump administration showed no sign of backing down from restrictive tariffs in the face of pushback from allies and China over the weekend, isolating the U.S. and complicating the president’s meeting later this week with leaders of Washington’s staunchest partners.

Top finance officials from the Group of Seven leading nations met in Canada, where the non-U.S. members issued a public rebuke of Washington’s new steel and aluminum tariffs. Those six—the host Canada, along with France, Germany, Italy, Japan and the U.K.—adopted a formal statement Saturday expressing their “unanimous concern and disappointment.”

Elon Musk’s SpaceX Delays Plans for First Space Tourists to Circle Moon [WSJ]

The delay comes amid SpaceX’s own projections of a nearly 40% drop in launches next year from as many as 28 anticipated for 2018. The decline primarily reflects a global slump in manufacturing orders and launch contracts for large commercial satellites.

SpaceX also is confronting industry doubts about market demand for its Falcon Heavy rocket, the company’s newest and biggest launcher, which had its maiden blastoff in February. “People don’t think it’s serious enough yet to figure out how to use it,” Thomas Mueller, SpaceX’s chief propulsion technology officer, said in May, speaking to attendees on the sidelines of a space conference in Los Angeles. Mr. Mueller declined to elaborate or respond to questions.

Former State Street executive faces U.S. fraud trial [Reuters]

According to prosecutors, McLellan, Pennings, Boomgaardt, and others from 2010 to 2011 conspired to add the secret commissions for trades performed for the six clients, which had been utilizing bank’s “transition management” business.

That service helps large institutional clients like pension funds move their investments between and among asset managers or liquidate large investment portfolios with the objective of minimizing the costs of transitioning the investments.

Facebook fends off new NYT charges over data access [Reuters]

Some device makers could retrieve personal information even from users’ friends who believed they had barred any sharing, the newspaper said.

“Contrary to claims by the New York Times, friends’ information, like photos, was only accessible on devices when people made a decision to share their information with those friends,” said Ime Archibong, Facebook’s vice president of product partnerships.

'Pastafarian' fights to wear colander in B.C. driver's license photo [CTV News]

The 36-year-old says he believed he would be able to wear the kitchen accessory when he renewed his license last fall because ICBC affirms the right to religious expression.

But, the insurer disagreed. In a letter, they told him “there is no religious requirement that prohibits you from removing the colander for the purpose of taking the photo to appear on your driver’s license.”

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