Business

Tesla app coming back online after server outage, Musk says

Tesla Inc chief Elon Musk said on Friday that the company’s mobile application was coming back online after an app server outage earlier prevented many owners from connecting to their cars.

Musk was responding to a Tesla owner’s tweet, who said that he was experiencing a “500 server error” to connect his Model 3 through the iOS app in Seoul, South Korea.

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“Should be coming back online now. Looks like we may have accidentally increased verbosity of network traffic,” Musk said.

The outage was first reported by Electrek.

About 500 users reported they faced an error at around 4:40 pm ET (2140 GMT), according to outage monitoring website Downdetector, which tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform. There were just over 60 reports at around 9:20 pm ET.

“Apologies, we will take measures to ensure this doesn’t happen again,” Musk said.

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Business

Credit Suisse managers could face disciplinary action, Swiss regulator says

Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was on “the transitional phase of integration” and “preserving financial stability.”

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UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.
Credit Suisse on Sunday declined to comment on the FINMA President’s comments when asked by Reuters for a response.
Asked whether FINMA is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
“CS had a cultural problem that translated into a lack of responsi-bilities,” Amstad was quoted as saying by NZZ, adding: “Numerous mistakes were made over several years”.
FINMA had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.
“We have intervened and used our strongest instruments,” she said of its previous moves.
Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.
“The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support,” Amstad said.
“The bonds were created precisely for such situations.”

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Business

Aramco affirms support for China’s energy security

Saudi Arabian oil giant Aramco affirmed on Sunday its support for China’s long-term energy security and development, the company’s CEO Amin Nasser said in remarks made before a forum in Beijing.

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Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products.

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Business

Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week

Kuwait Oil Company said on Sunday it is dealing with a “limited fire” that erupted at a well where oil leaked last week.
The company said in a statement that no injuries had been reported at the scene.
“The company’s operations in the area have not been affected,” the statement read.
Kuwait Oil Company declared a state of emergency last Monday due to an oil leak in the west of the country.

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