Britain braces for potentially ‘deeply alarming’ inflation figures

Elon Musk and the board of Tesla should be investigated by regulators over possible “conflicts of interest” following the billionaire’s takeover of Twitter, a former US presidential candidate has urged.

Left-wing senator Elizabeth Warren sent a letter to the US Securities and Exchange Commission (SEC) asking it to examine potential “misappropriation of corporate assets, and other negative impacts to Tesla shareholders” since Mr Musk acquired the social media platform last year.

In the nine-page document, Ms Warren wrote that the Tesla board’s “apparent lack of independence” from Mr Musk, combined with “inaction and incomplete disclosures, raise questions about possible violations of securities laws and exchange rules which fall under SEC’s jurisdiction”.

A spokesperson for the SEC said chairman Gary Gensler “will respond to Members of Congress directly”.

Mr Musk appointed himself as Twitter chief executive after completing the $44bn deal and has since cut more than three-quarters of staff. 

He has also authorised teams of workers from Tesla and SpaceX to assist him there.

Last month, Mr Musk appointed former NBCUniversal executive Linda Yaccarino as the new chief executive of Twitter. 

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What happened overnight 

Shares were mostly lower in Asia as optimism over a Wall Street rally was countered by worries about the Chinese economy.

Shares edged higher in Tokyo but fell in most other regional markets. Hong Kong’s benchmark lost 2pc as it reopened after a weather related closure on Monday.

On Monday, China reported weaker economic growth for the spring than most economists had expected. 

Its recovery following the removal of anti-Covid restrictions has fallen short of forecasts. That has helped to limit inflation globally but it also is hindering a main engine of growth for the world economy.

Japan’s benchmark Nikkei 225 rose 0.2pc to 32,438.27. Markets in Tokyo also were closed Monday, for a holiday. 

Australia’s S&P/ASX 200 shed 0.5pc to 7,264.90. South Korea’s Kospi lost 0.3pc to 2,611.96. Hong Kong’s Hang Seng gave up more than 400 points, falling to 19,008.06, while the Shanghai Composite dropped 0.4pc to 3,196.86.

The losses came despite a positive lead from Wall Street, where a market rally continued ahead of major earnings reports and US economic releases this week.

The broad-based S&P 500 rose 0.4pc to 4,522.79, its highest closing level in 15 months. The Dow Jones Industrial Average gained 0.2pc to 34,585.35, while the tech-rich Nasdaq Composite climbed 0.9pc to 14,244.95.

The yield on the benchmark 10-year Treasury slipped to 3.80pc from 3.84pc late Friday.

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