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SAN FRANCISCO — Tesla has sued a former employee for allegedly stealing about 26,000 confidential files in his first week of working at the company, according to a court filing seen by AFP. 

The company said on Friday that within three days of being hired, software engineer Alex Khatilov “brazenly stole thousands of trade computer scripts that took Tesla years to develop” and transferred them to his personal Dropbox, a cloud storage service. 

Tesla said that when confronted by Tesla’s security team, Khatilov claimed he had only transferred “a couple of personal administrative documents”, whilst trying to delete the evidence. 

Khatilov told The New York Post the software files ended up in his Dropbox by mistake when he had been trying to make a backup copy of a folder on his computer. 

Tesla said the files, which represented “200 man-years of work”, were extremely valuable to both the company and its competitors, as they could provide “a roadmap to copy Tesla’s innovation”. 

It said Khatilov’s team made up the handful of Tesla employees — 40 out of 50,000 — that had access to the scripts, but that they “had nothing to do with his responsibilities”. 

Tesla’s security team detected the file downloads on January 6, after Khatilov was hired on December 28, and confronted him via videocall as he was working from home, according to the court filing. 

Tesla said during this call, Khatilov delayed sharing his screen with the team, during which time “he could be seen on videochat hurriedly deleting information from his computer”.

However, investigators were still able to view thousands of confidential files uploaded to his Dropbox, which Khatilov “claimed he somehow ‘forgot’”. 

Khatilov, who told The New York Post that he was unaware he was being sued until the newspaper called him on Friday, was fired the same day.

“When it happened, I was shocked,” he was quoted as saying. “I didn’t lie [about] anything.”

NEW YORK — California-based EVgo is set to join the parade of companies jumping on public equity markets following a transaction announced on Friday to raise $575 million to accelerate the build-out of electric charging stations in the US.

The transaction with Climate Real Impact Solutions will provide capital to EVgo to build thousands of new fuelling stations as major automakers market more electric models and newly-installed President Joe Biden ramps up the focus on climate change.

The transaction comes on the heels of deals that have seen electric automakers such as Lordstown Motors and Fisker listed on US stock markets, while Tesla has become the biggest car company by market value. 

Conventional automakers are racing to bring more electric autos to market to compete with Tesla, with General Motors unveiling a new corporate logo earlier this month to communicate its focus on an electric future.

During the 2020 campaign, Biden promised to build 500,000 new electric vehicle charging stations.

"Just a few years ago, electric vehicles were considered niche," said Cathy Zoi, chief executive of EVgo.

She noted that public charging stations are needed for the vast market of users who cannot fuel up at home.

"Time is precious for all of us, so a public fast charging option with an expanding footprint like EVgo is essential to meet the rapidly growing needs of EV drivers of all types," she said.

The 11-year-old EVgo, which now has more than 800 charging locations in 34 states, has struck partnerships with GM, Uber and Lyft, as well as supermarket chains like Kroger and Whole Foods that have charging stations in suburban parking lots.

The initial public offering (IPO) -like transaction is the latest involving a special purpose acquisition company, an increasingly popular vehicle for introducing companies to public markets. 

The new company will have an implied value of $2.6 billion, EVgo and Climate Real Impact Solutions said in a press release.

Climate Real Impact Solutions, which is affiliated with Pacific Investment Management Company, went public last fall and trades under the ticker, "CRIS". 

Upon closing of the transaction, expected in the second quarter, the new company will trade under the ticker "EVGO".

"Starting from our IPO in September, we set out looking for a purpose-driven company making a meaningful contribution in the fight against climate change that was best in class in its sector," said David Crane, chief executive of CRIS. "We are excited to have found that company in EVgo."

Shares of Climate Real Impact Solutions were up 52.3 per cent at $20.36 in early afternoon trading.

WASHINGTON — Government data released the day after Joe Biden entered the White House made clear the scale of the employment crisis facing the new US president as the country struggles to make it through the Covid-19 pandemic. 

The United States saw 900,000 new filings for unemployment benefits last week, the Labour Department said Thursday, a massive number that remains well above the single worst week of the 2008-2010 global financial crisis, during which Biden served as vice president under Barack Obama.

Economists had been expecting a sharper drop in seasonally adjusted claims in the week ended January 16, but instead they fell just 26,000 from the prior week, underscoring the toll taken by the renewed onslaught of Covid-19 in the United States.

The government also reported 423,734 new filings made under the Pandemic Unemployment Assistance programme for self-employed people not normally eligible for benefits.

That was nearly double the week prior after that programme lapsed briefly amid a standoff in Washington over extending it and other aid.

All told, nearly 16 million people were receiving some form of aid from the government as of January 2 -- a figure that's expected to rise.

"Layoffs are ongoing at an elevated pace, reflecting the impact of containment measures," Rubeela Farooqi of High Frequency Economics said in an analysis.

"Conditions are unlikely to improve until infections can be curbed, and the economy can reopen more completely."

Turning it around 

New jobless filings skyrocketed after states and cities restricted business across the country when Covid-19 broke out in March, and though they've come down from the millions initially reported each week as businesses shed employees en masse, they remain at very high levels.

The unemployment rate has seen a similar trajectory, shooting up to 14.7 per cent in April but declining in subsequent months to its current 6.7 per cent.

Biden, who took office on Wednesday, has proposed a $1.9 trillion spending measure aimed both at revitalising the economy and improving the rollout of Covid-19 vaccines.

However, Lydia Boussour of Oxford Economics warned the country is in for rough times to come.

"Fiscal stimulus prospects, along with broader vaccine diffusion, are pointing to a brightening labour market outlook but with the pandemic still raging, claims are poised to remain elevated in the near-term," she said.

With his Democrats only narrowly controlling both houses of Congress, it's unclear what degree of support Biden's package will get from Republicans.

Michael Feroli of JP Morgan predicted Congress could pare the president's plan down to the $900 billion range, matching a separate measure approved last month. 

Even the smaller amount would boost GDP growth this year to 5.3 per cent and in 2022 to 2.6 per cent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates.

Sectors of the economy have nonetheless prospered during the pandemic, with the Commerce Department reporting on Thursday homebuilding projects jumped 5.8 per cent in December from the month prior.

That was 12 per cent higher than December 2019, despite the toll of Covid-19.

VELIZY- VILLACOUBLAY, France — Stellantis, the world's newest major automobile group, laid out on Tuesday a roadmap for its development, notably in electric vehicles.

Chief Executive Carlos Tavares, who was already head of the French automaker PSA, said the 14 brands that make up Stellantis, now the world's fourth biggest carmaker, would all offer electric vehicles by 2025.

He also pledged to draw up a strategy for development in China by the end of the year, without providing details.

Stellantis was created from the merger of PSA — and its Peugeot and Citroen brands in particular — with the Italian carmaker Fiat, which also owns Chrysler, Jeep, Alfa Romeo and Maserati, among others.

Tavares told a press conference that every brand, including those which currently post weak sales, would have a chance to prove itself.

"We want to support those brands, even those facing difficulties," he said. "We are car addicts. We like the brands, we like their history.

The group also plans to "make electric vehicles affordable for the middle class" in the near future, he said.

Stellantis already has 29 electric models for sale and plans to launch 10 more by the end of the year.

With respect to the Chinese market, Tavares said that neither PSA nor Fiat had been satisfied with their results, and pledged "a complete overhaul of the group's strategy".

Tavares said the group was pleased that Britain and the European Union had hammered out a deal on trade relations now that Britain is no longer an EU member.

He added that decisions regarding future investments in Britain, home to the group's Vauxhall brand, "will be made within the next two weeks".

PARIS — The European Union Aviation Safety Agency (EASA) plans to clear the Boeing 737 MAX to fly again next week, 22 months after the plane was grounded following two fatal crashes.

"For us, the MAX will be able to fly again starting next week," after publication of a directive, EASA Director Patrick Ky said in a video conference.

"We have reached the point where our four main demands have been fulfilled," Ky said during the conference, organised by the German association of aviation journalists.

The MAX was grounded in March 2019 after two crashes that together killed 346 people — the 2018 Lion Air disaster in Indonesia and an Ethiopian Airlines crash the following year.

Investigators said a main cause of both crashes was a faulty flight handling system known as the Maneuvering Characteristics Augmentation System, or MCAS.

Meant to keep the aircraft from stalling as it ascends, the automated system instead forced the nose of the plane downward.

The findings plunged Boeing into crisis, with more than 650 orders for the 737 MAX cancelled since last year.

The US Federal Aviation Administration ordered Boeing to revamp the jet and implement new pilot training protocols, before finally approving the plane for a return to service in November.

Ky had already indicated in October that EU approval was likely after Boeing promised a new sensor would be added to prevent the type of problems that caused the crashes.

 'We fell short' 

EASA approval means airlines worldwide will again be able to start using the 737 MAX for flights to and from Europe.

Brazil has also cleared the plane for flights, and Canadian authorities said this week that approval was likely as soon as Wednesday.

The 737 MAX crisis, combined with the decimation of air travel after the COVID-19 outbreak, prompted Boeing to cut tens of thousands of jobs and also sparked a leadership shake-up.

The plane was meant to be Boeing's fuel-efficient flagship in the highly competitive market for narrow-body jets, where its European rival Airbus has been highly successful with its A320 family of planes for short- to medium-haul flights.

This month, new Boeing CEO David Calhoun acknowledged that "we fell short of our values and expectations", after the company agreed to pay $2.5 billion to settle US criminal charges that it defrauded regulators.

Boeing also got a boost in December when Ireland's Ryanair said it had ordered 75 more of the jets, the first major order since they were grounded.

The company is hoping COVID-19 vaccination drives will help improve its fortunes this year, after Boeing delivered just 157 planes last year, a 59 per cent slump.

"In 2021, we'll continue taking the right actions to enhance our safety culture, preserve liquidity and transform our business for the future," Chief Financial Officer Greg Smith said earlier this month.

LONDON — Eurostar, whose train services through the Channel Tunnel have been decimated by the coronavirus pandemic, has called on the UK government to provide it with the same financial support handed to grounded airlines over concerns about a possible collapse.

Christophe Fanichet, a senior executive from SNCF, the French state railway and part-owner of Eurostar, said on Friday that the London-based company was in "a very critical" state after a collapse in travel between Britain and the European continent. 

 Following a call by British businesses for a UK government rescue of London-based Eurostar, the company on Monday reiterated the need for support.

"We are encouraged by the [British] government backed loans that have been awarded to airlines and would once again ask that this kind of support be extended to international high-speed rail which has been severely impacted by the pandemic," Eurostar said in a statement.

"Without additional funding from government there is a real risk to the survival of Eurostar, the green gateway to Europe, as the current situation is very serious," it added in reference to trains' lower emissions compared with planes.

Separately, the Department for Transport said it recognised "the significant financial challenges facing Eurostar as a result of COVID-19 and the unprecedented circumstances currently faced by the international travel industry".

While it did not refer to the loans request, the department said it would continue to work closely with Eurostar over "the safe recovery of international travel".

Eurostar is 55 per cent owned by the SNCF, 30 per cent by Canadian fund manager CDPQ, 10 per cent by Britain-based fund Hermes Infrastructure, and 5 per cent by the Belgian railway SNCB.

Business plea 

British business leaders have joined the call for the UK government to financially rescue Eurostar. 

In a letter dated Friday and sent to British Finance Minister Rishi Sunak, London First lobby group said Eurostar needed "swift action to safeguard its future", or further harm Britain's economy and environmental targets.

Signed by 25 executives and academics, the letter urged Britain's Treasury and Department for Transport not to allow Eurostar to collapse. 

"If this viable business is allowed to fall between the cracks of support — neither an airline, nor a domestic railway — our [economic] recovery could be damaged."

Last week, Fanichet said Eurostar passenger numbers were down 85 per cent in 2020 from the year earlier and that the group was now "on a drip" in need of extra cash to prevent it from collapsing.

He added that the problem for Eurostar was that it was seen as French by the British government and as British by the French, meaning it had been difficult to secure bail-out cash.

Prior to the pandemic, Eurostar had gradually been expanding its services, with new lines opened up from London to Amsterdam, the Alps, the south of France — in addition to the regular lines between Paris and Brussels.

NEW YORK — Stock markets struggled on Friday as investors weighed a coronavirus vaccine delay against US President-elect Joe Biden's $1.9 trillion stimulus plan, which had already been largely priced in.

Wall Street appeared unimpressed by the gigantic proposal, with all major indices dialing back further from the previous week's record high closes as traders feared the incoming Democratic administration will hunt for revenue in the wallets of companies and consumers.

"Sentiment is being dampened... amid speculation that the increase in government spending could bring about higher taxes," Wells Fargo advisers said in an analysis.

The Dow finished 0.9 per cent lower for the overall week, and the Nasdaq and S&P 500 both lost 1.5 per cent for the same period. US markets are closed for a holiday on Monday.

In Europe, London stocks fell by almost 1 per cent in Friday trading, with sentiment also dented by news that the UK economy contracted by 2.6 per cent in November owing to virus curbs.

In the eurozone, Frankfurt and Paris were off by 1.4 per cent and 1.2 per cent, respectively, with increased travel restrictions said to be weighing on the mood as well.

Asia had already found it hard to make gains overnight.

The dollar was generally higher against other major currencies, while oil prices were more than two per cent lower.

Bitcoin stabilised above $36,000 after a record-breaking run that climaxed last week.

Vaccine letdown 

Further souring sentiment on Wall Street was weak US retail sales data on Friday and mixed earnings from major banks.

The news overshadowed Biden's announcement the day before of the stimulus package aimed at "the twin crises of a pandemic and this sinking economy".

Details include an extra $1,400 cash handout for individuals, a hike in the minimum wage to $15 an hour and billions of dollars to ramp up vaccinations so that 100 million are administered in 100 days.

"Most of what Biden announced, with respect to a fresh fiscal aid package for the US economy, was pretty much in line with expectations," CMC Markets analyst Michael Hewson commented.

Traders also did not like US pharmaceutical giant Pfizer's announcement that it would delay shipments of crucial coronavirus vaccines in the next three to four weeks owing to works at its European plant in Belgium.

Pfizer said modifications at the Puurs factory were needed to boost production capacity from mid-February of the vaccine developed with German partner BioNTech.

Germany, which has the EU's biggest economy, voiced regret over the "last minute and unexpected" delay by Pfizer.

"COVID-19 cases present a clear and present danger," to oil prices in particular, remarked Stephen Innes, chief market strategist at Axi.

Surging virus infections and deaths — and the lockdowns they force governments to impose — are also major obstacles for stock prices.

Portugal entered a fresh lockdown on Friday while Britain began requiring negative tests for entry, and fresh curbs on populations were announced from Brazil to Lebanon to China.