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It's Friday again, time to reflect on the week's winners and losers.
Good week for: The trader known only by a number who boasted of making $200 million on a cryptocurrency, the chairman of a chipmaking company who became a billionaire at the ripe old age of 86, and Elon Musk, who watched the first Tesla Model 3 roll off the production line — before handing it to himself.
Bad week for: The CEO of security firm Securitas who was declared bankrupt after having his identity stolen, the Air Canada jet pilot who almost landed his plane on two passenger jets as they waited to take off, and Antarctica's Larsen C ice shelf, which split in two, creating the largest iceberg ever.
How's yours been? — Alex Millson
Elon Musk is widening Australia's coal divide. Tesla's billionaire founder has promised to help solve an Australian state’s clean energy obstacles — and he sees no place for the fossil fuel. That's at odds with the national government's push to keep coal as a mainstay of electricity generation, not to mention U.S. President Donald Trump's vision of "clean, beautiful coal" technologies saving American jobs. But Musk isn't the only one who sees a bigger future for renewables in Australia: most of the country's states and territories do too.
Chinese investors snap up a luxury sports car maker. China’s drive to dominate the electric-vehicle market has claimed another overseas target. Japanese electric-vehicle startup GLM aims to start production of its G4 ultra-luxury sports car, which has a planned price tag of 40 million yen, in the second half of 2019. Funding for the project will come via Hong Kong-based investment company O Luxe Holdings, which agreed to purchase the firm for 12.8 billion yen ($113 million) this week.
Singapore's economy rebounds. Global trade has picked up since late last year, boosting the fortunes of the export-reliant city-state as Chinese demand for electronics and other manufactured goods has strengthened. But risks to the economy are mounting, as retail remains subdued and the property market continues to slump.
Trump's two nights of Moscow parties are under scrutiny. For a trip that would later spawn political intrigue and legal fallout, Donald Trump’s 2013 visit to the Russian capital was surprisingly short. But that weekend was the one that gave Trump a chance to meet the country's financial elite, and to hobnob with Emin Agalarov — the pop star whose manager Rob Goldstone initiated the now infamous email chain that shows the younger Trump pursuing information for his father’s campaign.
China counts the costs of tackling its "grave" pollution problem. China is embarking on a government-mandated environmental clean-up right down to the municipal level, prompted by popular outrage over everything from Beijing’s infamous smog to groundwater fouling, greenhouse gases and vehicle emissions. Officials now seem to recognize that breakneck growth at the expense of the environment is no longer sustainable.
Hoping to get rich on Toronto real estate? You're probably too late. Home prices in Canada's largest city have been on a tear, in part thanks to Chinese investors. But the party could be on the verge of ending, at least temporarily. This week's Benchmark podcast takes a dive into what developments like the Bank of Canada's rates decision and government tightening measures mean for Toronto housing.
Here's why white-collar criminals often go free — despite outrageous behavior. Hardly anybody went to jail after the financial crisis; Jesse Eisinger's The Chickenshit Club asks why. It's a monumental work of journalism, a fun read, and a downer to think about. “There has never been a golden age of white-collar prosecutions,” Eisinger writes. “The rich and powerful have always been rich and powerful.”