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Tesla stock slips on debt sale, Cybertruck recall reports

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Yahoo Finance Video

Tesla (TSLA) shares are tumbling on Thursday as multiple reports weigh on the electric vehicle maker’s stock. According to Bloomberg, the company is planning a $783 million debt sale, a move that has caught investors’ attention. This news was followed by a report from The Information, revealing Tesla’s plans to release four new batteries by 2026, including one specifically designed for its highly anticipated robotaxi project.

Adding to the company’s challenges, Tesla has issued a widespread recall affecting 27,000 Cybertrucks due to a camera issue, further impacting investor sentiment. This all comes ahead of Tesla’s robotaxi event scheduled for October 10th.

Market Domination co-hosts Madison Mills and Josh Schafer break down these developments, analyzing how these events reflect Tesla’s ongoing struggles with fundamentals.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

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This post was written by Angel Smith

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Guardian and Observer staff vote for possible strike over Tortoise sale plan

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Guardian and Observer journalists have agreed they may take industrial action in protest at plans to sell The Observer to Tortoise Media.

The move comes as a group of prominent cultural figures, many of whom have contributed to The Observer, submitted an open letter to Press Gazette blasting the possible sale, saying it is “disastrous” and values the paper “at or near zero”.

Up to 400 staff attended a meeting of the combined Guardian and Observer NUJ chapel on Thursday (3 October) where strong feelings were aired opposing the deal.

The packed mandatory meeting went on for more than an hour and was a mixture of in-person and via Google Meet.

Two votes were passed unanimously: to put the matter “into dispute” and “if necessary” to hold “industrial action”.

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The Guardian and Observer titles are owned by the Scott Trust, whose purpose is “to secure the financial and editorial independence of the Guardian in perpetuity…remaining faithful to its liberal tradition”.

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Press Gazette understands staff complained about what was seen as a failure of the Trust to protect plural liberal journalism in tough times. Some spoke about a sense of “betrayal” amongst Observer journalists who have worked at the company for 30 years or more.

There was also concern raised that readers who have made financial donations in order to support Observer journalism will feel misled if the title is sold.

Mention was also made of The Guardian’s “Not For Sale” marketing campaign last year which emphasised the title’s editorial independence. Some staff at the meeting said it was ironic that in fact The Observer did seem to be for sale and apparently at a nominal price.

Guardian Media Group announced on 17 September that it was in a period of exclusive negotiations to sell The Observer to Tortoise Media, which is mainly a podcast publisher.

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Tortoise founder and main shareholder James Harding has not yet revealed who is financially backing The Observer bid which is said to include £25m of investment over five years (over and above the title’s running costs). But he has assured staff that the deal will be a boost to liberal journalism.

Around 70 Observer staff would transfer over with the deal.

Both the Scott Trust and Guardian management appear keen to do the deal, with chief executive Anna Bateson describing it as “an exciting opportunity” to build The Observer and “allow The Guardian to focus on its growth strategy”.

Press Gazette understands that Harding has met with some Observer staff but there are still widespread concerns about job security if the deal goes through. Guardian and Observer journalists currently benefit from an NUJ house agreement which includes a no compulsory redundancies promise.

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A Guardian spokesperson said: “We are in negotiations about the offer from Tortoise Media to buy the Observer and we are grateful to everyone who has fed their thoughts into discussions so far. One of the reasons for being transparent about the offer was so that we could openly engage with Observer staff. There is still a lot of information to work through and we will continue to discuss internally.”

Prominent cultural figures blast Tortoise bid for The Observer in open letter

Also on Thursday a group of more than 70 prominent UK cultural figures including Oscar-winning actors and directors and some of the UK’s leading novelists and playwrights addressed an open letter to the Scott Trust and Guardian Media Group describing the possible deal as “a betrayal” and calling on them “to reject this ill-considered offer at once”.

Among the signatories were actor Ralph Fiennes, musician and broadcaster Jarvis Cocker, broadcaster Carole Vorderman, playwright Tom Stoppard and actress Lesley Manville.

The letter in full:

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The news that the Guardian chief executive and editor-in-chief are actively considering a takeover of the Observer by Tortoise has left us shocked and dismayed. While Tortoise is a respected media outlet, we believe that the move would be disastrous for the world’s oldest Sunday newspaper and its journalists, for the Guardian and for liberal journalism.

While figures of £100m are being bid for other publications, this poorly funded approach sets the value of the Observer at or near zero. The proposal also envisages moving it from a resilient and well-funded newspaper publisher to a small, loss-making digital startup whose funding for the takeover would in all likelihood come from private equity.

Is Tortoise really committed to continuing with the Observer in print? If it were to discontinue the newspaper or if the business were to fail, the Guardian’s editor-in-chief and chief executive and the Scott Trust, which owns Guardian Media Group, would go down in history as being responsible for the demise of the last liberal Sunday newspaper.

The immediate financial threat to the newspaper’s journalism, and its staff, is clear. Even if it were to survive, the Observer would be much changed – cut off from its network of foreign correspondents, sports reporters and business journalists. Leading writers, familiar to the paper’s readers for years, would be gone. Guardian supporters would lose the Observer’s voice and presence on the Guardian website and app. And if, as seems inevitable, the Observer’s politics, arts and culture coverage is to go behind a paywall, then its unique voice in Britain’s national conversation will be muted.

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The Scott Trust, the Observer’s parent for 30 years, prides itself on providing a home for journalism free from the taint of corporate interests. Its engagement with this offer, however, suggests that the Observer’s award-winning reporting is something that the organisation, with its £1.3bn endowment, is no longer interested in protecting.

We call on Guardian Media Group and the Scott Trust to reject this ill-considered offer at once, and to retain the Observer as a key element of its seven-day print and online operation. Failure to do so would be a betrayal of the Observer, its staff and its readers.

Yours sincerely,

Monica Ali (author)

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Joan Bakewell (journalist and peer)

Julian Barnes (author)

Mary Beard (classicist and broadcaster)

Frank Cottrell Boyce (screenwriter and novelist)

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Rosie Boycott (journalist and peer)

Asa Butterfield (actor)

Dorothy Byrne (former television news executive)

Simon Callow (actor)

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Bridget Christie (comedian)

Eliza Clark (author)

Jarvis Cocker (musician and broadcaster)

Jonathan Coe (author)

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Richard Coles (author and priest)

Stephen Daldry (director and producer)

Janie Dee (actress)

Jeremy Deller (artist)

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Clint Dyer (director and actor)

Richard Eyre (director)

Ralph Fiennes (actor and producer)

Hugh Fearnley-Whittingstall (chef and broadcaster)

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Nicole Flattery (author)

Michael Frayn (playwright and author)

Mark Gatiss (actor and director)

Bobby Gillespie (musician)

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Howard Goodall (composer)

Hugh Grant (actor)

Colin Greenwood (musician)

Philippa Gregory (author)

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Sheila Hancock (actress)

David Hare (playwright and director)

Robert Harris (author)

Lord Peter Hennessy (historian and peer)

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Billy Howle (actor)

Toby Jones (actor)

Asif Kapadia (filmmaker)

Jackie Kay (poet and author)

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Helena Kennedy (barrister and peer)

Peter Kosminsky (writer and director)

David Kynaston (historian)

Duncan Kenworthy OBE (producer)

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Daisy Lafarge (author and poet)

David Lan (playwright)

Dame Hermione Lee (biographer and academic)

Anton Lesser (actor)

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Adrian Lester (actor and director)

Damian Lewis (actor)

Joe Lycett (comedian)

Caroline Lucas (politician)

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Lesley Manville (actress)

Robert McCrum (author)

David Morrissey (actor and fiilmmaker)

Ian McEwan (author and screenwriter)

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Robert Macfarlane (author and academic)

Sophie Mackintosh (author)

Sienna Miller (actress)

Abi Morgan (playwright and screenwriter)

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Michael Morpurgo (author)

Mike Newell (director)

Bill Nighy (actor)

Megan Nolan (author)

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James O’Brien (broadcaster)

Mark O’Connell (writer)

Andi Oliver (chef)

Michael Ondaatje (poet and writer)

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Richard Ovenden (librarian and author)

Chris Packham (naturalist and broadcaster)

Pawel Pawlikowski (filmmaker)

Maxine Peake (actress)

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Alistair Petrie (actor)

Jonathan Pryce (actor)

Philip Pullman (author)

Steve Punt (comedian)

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Mark Rylance (actor)

Michael Rosen (author)

Dominic Savage (director)

Tom Shakespeare (sociologist)

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Lemn Sissay (author and broadcaster)

Gillian Slovo (author)

Tom Stoppard (playwright and screenwriter)

Olivia Sudjic (author)

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Wolfgang Tilmans (photographer)

Carol Vorderman (broadcaster)

Harriet Walter (actress)

John Ware (journalist)

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Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our “Letters Page” blog

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As communist China turns 75 can Xi fix its economy?

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As communist China turns 75 can Xi fix its economy?
Getty Images People walk past a giant screen outside a shopping mall which displays a sign marking the 75th anniversary of the founding of the People's Republic of China, on the third day of a week-long National Day holidays in Beijing on 3 October, 2024.Getty Images

The stimulus measures sparked a stock market rally but economists are unsure they can fix deeper issues

As China prepared to celebrate its Golden Week holiday and mark the 75th anniversary of the People’s Republic, the ruling Communist Party rolled out a raft of measures aimed at boosting its ailing economy.

The plans included help for the country’s crisis-hit property industry, support for the stock market, cash handouts for the poor and more government spending.

Shares in mainland China and Hong Kong chalked up record gains after the announcements.

But economists warn the policies may not be enough to fix China’s economic problems.

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Some of the new measures announced by the People’s Bank of China (PBOC) on 24 September took direct aim at the country’s beaten-down stock market.

The new tools included funding worth 800bn yuan ($114bn; £85.6bn) that can be borrowed by insurers, brokers and asset managers to buy shares.

Governor, Pan Gongsheng, also said the central bank would offer support to listed companies that want to buy back their own shares and announced plans to lower borrowing costs, and allow banks to increase their lending.

Just two days after the PBOC’s announcement, Xi Jinping chaired a surprise economy-focused meeting of the country’s top leaders, known as the Politburo.

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Officials promised to intensify government spending aimed to support the economy.

On Monday, the day before China headed off for a weeklong holiday, the benchmark Shanghai Composite Index jumped by more than 8%, in its best day since the 2008 global financial crisis. The move capped off a five-day rally that saw the index jump by 20%.

The following day, with markets closed on the mainland, the Hang Seng in Hong Kong rose by over 6%.

“Investors loved the announcements”, China analyst, Bill Bishop said.

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While investors may have been popping champagne corks, Mr Xi has deeper issues to tackle.

Getty Images China's President Xi Jinping speaks during a National Day reception on the eve of the 75th anniversary of the People's Republic of China.Getty Images

President Xi Jinping has marked the 75th anniversary of the People’s Republic of China

The People’s Republic marking its 75th anniversary means it has been in existence longer than the only other major communist sate – the Soviet Union – which collapsed 74 years after its founding.

“Avoiding the fate of the Soviet Union has long been a key concern for China’s leaders,” said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.

At the forefront of officials’ minds will be boosting confidence in the broader economy amid growing concerns that it may miss its own 5% annual growth target.

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“In China targets must be met, by any means necessary,” said Yuen Yuen Ang, professor of political economy at Johns Hopkins University.

“The leadership worries that failing to meet them in 2024 will worsen a downward spiral of slow growth and low confidence.”

One of the main drags on the world’s second-largest economy has been the downturn in the country’s property market which began three years ago.

Aside from policies aimed at boosting stocks, the recently unveiled stimulus package also targeted the real estate industry.

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It includes measures to increase bank lending, mortgage rate cuts and lower minimum down payments for second-home buyers.

But there’s scepticism that such moves are enough to shore up the housing market.

“Those measures are welcome but unlikely to shift the needle much in isolation,” said Harry Murphy Cruise, an economist at Moody’s Analytics.

“China’s weakness stems from a crisis of confidence, not one of credit; firms and families don’t want to borrow, regardless of how cheap it is to do so.”

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At the Politburo session, leaders vowed to go beyond the interest rate cuts and tap government funds to boost economic growth.

However, beyond setting priorities like stabilising the property market, supporting consumption and boosting employment, the officials offered little in the way of details about the size and scope of government spending.

“Should the fiscal stimulus fall short of market expectations, investors could be disappointed,” warned Qian Wang, chief economist for the Asia Pacific region at Vanguard.

“In addition, cyclical policy stimulus does not fix the structural problems,” Ms Wang noted, hinting that without deeper reforms the problems China’s economy face will not go away.

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Economists see tackling entrenched problems in the real estate market as key to fixing the broader economy.

Property is the biggest investment most families will make and falling house prices have helped undermined consumer confidence.

“Ensuring the delivery of pre-sold but unfinished homes would be key,” said a note from Sophie Altermatt, an economist with Julius Baer.

“In order to increase domestic consumption on a sustainable basis, fiscal support for household incomes needs to go beyond one-off transfers and rather come through improved pension and social security systems.”

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Getty Images Unfinished project of Evergrande Cultural Tourism City in Zhenjiang City, China.Getty Images

Evergrande, which was one China’s biggest property developers, went into liquidation in January

On the day of the 75th anniversary, an editorial in the state-controlled newspaper, People’s Daily, struck an optimistic tone, recognising that “while the journey ahead remains challenging, the future is promising”.

According to the article, concepts created by President Xi such as “high-quality development” and “new productive forces” are key to unlocking that path to a better future.

The emphasis on those ideas reflects Xi’s push to switch from the fast drivers of growth in the past such as property and infrastructure investment, while trying to develop a more balanced economy based on high-end industries.

The challenge China faces, according to Ms Ang, is that the “old and the new economies are deeply intertwined; if the old economy falters too quickly, it will inevitably hinder the rise of the new”.

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“This is what the leadership has come to realise and is responding to.”

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Two big name chains bring back festive favourites to all stores including Terry’s Chocolate Orange treat and mince pies

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Two big name chains bring back festive favourites to all stores including Terry's Chocolate Orange treat and mince pies

TWO huge chains have already started getting into the festive spirit.

Christmas favourites will be returning to menus at Costa Coffee and Greggs.

Greggs are serving up sweet mince pies

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Greggs are serving up sweet mince piesCredit: Greggs

The coffee chain will be serving up their much-loved Terry’s Chocolate Orange Muffin, while Greggs will be dishing out the Sweet Mince pies.

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They are following in the footsteps of supermarkets which have already started stocking shelves with festive food.

The wider Christmas menus will be rolled out later in the year.

Costa Coffee

The coffee shop is bringing back it’s own spin on the humble, yet mouthwatering, mince pie.

The Mince Tart is gluten-free and suitable for vegans and looks almost too good to eat.

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Adorned with a pastry star and a sprinkle of icing sugar, the slice is the perfect treat to accompany a frothy coffee.

For those who love a classic, the traditional All Butter Mince Pie has also returned to Costa.

The beloved Terry’s Chocolate Orange Muffin is perfect for chocolate lovers, featuring a rich chocolate and orange muffin filled with sauce in the same flavour.

The sweet treat is topped with a Terry’s segment.

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Greggs

The best way to kick off the start of the festive season is undoubtedly with a Greggs Sweet Mince Pie, which fans can indulge in from just 65p per pie.

By far the best I’ve ever had’ Greggs fan gushes after nabbing £25 of bargain food from the bakery for just £2.50

For those looking to spread the festive cheer with their friends and family, a pack of six Sweet Mince Pies is available from only £2.25.

Vegan lovers of Greggs can also savour the festive favourite, as the vegan-friendly recipe consists of a crumbly shortcrust pastry, filled with a sweet mincemeat made from vine fruits, Bramley apple, candied orange and lemon peel.

For those of you who aren’t quite ready for Christmas just yet, Greggs has launched its Halloween range.

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Fans can enjoy the festive and Halloween feels with a Sweet and Hot Drink Deal, pairing one of the new sweet menu items with a hot drink from just £2.85.

The new Pumpkin biscuit, a ginger biscuit coated in Fairtrade milk chocolate, is available from just £1.25.

The Spooky Bun, a vanilla flavour fairy bun dipped in fondant icing and topped with spine-chilling sugar decorations is also available from only £1.00.

For Greggs fans organising feasts for friends and family this Halloween, the Spooky Bun is also available as a pack of four from £3.15.

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This comes after Sainsbury’s shoppers were shocked to find mince pies on sale in early September.

The gobsmacked customer wrote in the caption: “Stock up on your mince pies (take in Sainsbury’s a few days ago, so it was actually August!!!!).”

Another shopper who stumbled upon the Christmas treats in the major supermarket also took to X, and wrote: “On Sept 1 I walked into my local Sainsbury and what did I see on the shelves?

Tesco’s Christmas range has been slowly making its way into supermarkets and, with the festive season now on the horizon with under 100 days to go, the goods will soon be available at all of its 4,000 branches.

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ASDA also unveiled its Christmas menu and customers can snap up spiced rum mince pies and parmesan and truffle pigs in blankets.

How to save money eating out

THERE are a number of ways that you can save money when eating out. Here’s how:

Discount codes – Check sites like Sun Vouchers or VoucherCodes for any discount codes you can use to get money off your order.

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Tastecard – This is a members club where you pay to have access to discounts worth up to 50 per cent off at thousands of restaurants. It costs £4.99 a month or £34.99 for the year.

Loyalty schemes – Some restaurants will reward you with discounts or a free meal if you register with their loyalty scheme, such as Nando’s where you can collect a stamp with every visit. Some chains like Pizza Express will send you discounts for special occasions, such as your birthday, if you sign up to their newsletter.

Voucher schemes – Look out for voucher schemes offered by third party firms, such as Meerkat Meals. If you compare and buy a product through CompareTheMarket.com then you’ll be rewarded with access to the discount scheme. You’ll get 2 for 1 meals at certain restaurants through Sunday to Thursday.

Student discounts – If you’re in full-time education or a member of the National Students Union then you may be able to get a discount of up to 15 per cent off the bill. It’s always worth asking before you place your order.

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For the first time ever, Asda has launched its first signature flavour – brown butter and spiced dark rum.

The flavour runs through a number of the festive food items ,including brown butter and spice dark rum mince pies and a slow cooked turkey with dark rum and brown butter stuffing.

There’s something for all palates and preferences too, with 57 new vegan and 35 new free from products included in the range.

Customers will be able to pick up no-meat turkeys, mushroom pigs in blankets and smoky aubergine bacon.

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The mince pies come in boxes for extra sweetness

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The mince pies come in boxes for extra sweetnessCredit: Greggs
The shop's Spooky Buns are perfect for a party

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The shop’s Spooky Buns are perfect for a party

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‘Blacks for Trump’ and Pennsylvania progressives play for undecided voters

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'Blacks for Trump' and Pennsylvania progressives play for undecided voters
YouTube video

As the 2024 presidential election enters its final month, a clear result has yet to materialize. Both parties are campaigning for undecided votes, and making some possibly unconventional choices along the way. Taya Graham reports from Baltimore and the suburbs of Lancaster, PA for The Real News, where conservatives and progressives alike are making a play for key swing voters.

Videography / Post-Production: Stephen Janis


Transcript

Taya Graham:  This is Taya Graham for The Real News Network in Baltimore City, Maryland. I’m standing in a parking lot in Baltimore where just last week the so-called Blacks for Trump bus appeared, hoping to change hearts and minds in a very blue state. It’s one of many efforts to sway the precious handful of undecided voters in an election that many say is too close to call.

So we went on the ground from Baltimore to Pennsylvania to document two radically different approaches to picking up votes in otherwise hostile territory.

As the election looms over a bitterly divided partisan landscape, parties on both sides are pushing to make gains in otherwise unfriendly territory. Last week, Black Republicans visited deep blue Baltimore city on a so-called More Money with Trump bus tour. While attendance was low, confidence was not.

Diante Johnson:  Baltimore is not an area that’s going conservative. The media has asked, why are we here? We can take Baltimore and with people like Kim Klacik, we will take Baltimore [crowd cheers].

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Taya Graham:  Kimberly Klacik, candidate for the state’s second congressional district in Maryland, said her party was reaching out to Black voters. Her argument? Democrats take them for granted.

What exactly are we seeing here? I’m not with her, the Black voters for Trump. What is this bus?

Kim Klacik:  Yeah, so President Trump and of course VCF, they’re all in town today, just visiting areas like here, Morgan State University, just letting these students know that there is an option. You don’t have to vote for the leaning left Kamala, you don’t have to vote for this administration again. You can vote for change, which would be President Trump in this situation.

Speaker 1:  Challenge them on the, he’s a racist. What does that mean? Tell me, what do you mean? He’s a misogynist. What does that have to do about good policies, effective policies that work for our country?

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Taya Graham:  Others said conservative ideas appeal to Black voters, even though they vote disproportionately Democrat.

Speaker 2:  We stopped here in front of a grocery store in a targeted community because we know that inflation is high. We know that people are struggling to put food on the table for their families.

Taya Graham:  The stakes are unusually high in Maryland. There, a former popular Republican governor, Larry Hogan, is running for a Senate seat that has been in Democratic hands for decades. His opponent, former Prince George’s County Executive Angela Alsobrooks, has been touting Hogan’s ties to Trump, but polls show the race is tight.

Meanwhile, in Pennsylvania, a different approach. At a community center, Lancaster Stands Up is organizing in the critical swing state that most agree could decide the presidential election. The nonpartisan group focuses on issues supporting candidates that back their policies. That means affordable housing, a living wage, and reproductive freedom.

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Lindsay:  So we’re a nonpartisan organization. So our goal is really to just support candidates both locally and on the national level that represent our values. So our members vote on local candidates, and then once we endorse them, we like to offer support through things like canvassing, phone banking, hosting meet and greets, things like that.

David Miller-Glick:  We definitely do skew more towards Democrat than Republican. We tend to have a lot of problems with Republicans on labor rights and how they don’t really support workers.

Speaker 3:  So we are running IE phones for Harris and Wallace because originally, we weren’t going to do anything when Biden was going to be this presidential candidate. But now that it’s Harris, we feel like she’s someone that we’ll be able to organize with and potentially work with in DC.

Taya Graham:  Today, they were preparing people for door knocking, hoping that one-on-one encounters can change minds.

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But just down the road in Lititz, a divided town shows changing minds won’t be easy.

Speaker 4:  It’s a very polarizing time right now.

Taya Graham:  Passions were so high that one resident we spoke to says he avoids talking about politics altogether.

Speaker 4:  If you want to stay friendly with people, you don’t talk about politics. That’s the bottom line. Nobody’s getting convinced, and that includes my family. I don’t agree with my kids.

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Taya Graham:  Nevertheless, the people who did want to talk on the record about their choices were adamant.

May I ask who you’re voting for?

Speaker 5:  Kamala Harris, and I just don’t like his politics and do not like what he would like to see, which is the United States to become a dictatorship.

Taya Graham:  Phyllis, can you tell me if you’ve decided that you’re going to vote?

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Phyllis:  Yes, I have decided. Trump.

Taya Graham:  Can you share with me what policies have inspired you to, if there’s anything in particular that really stands out to you as why you’re voting for him, I assume for the second time?

Phyllis:  Just overall, because I don’t like who’s running against him.

Taya Graham:  Is it the policies or the person you don’t like?

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Phyllis:  Policies and the person.

Taya Graham:  This is Taya Graham and Stephen Janis for The Real News Network, election coverage 2024.

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Keir Starmer stops taking donations for clothes

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‘He’s started buying his own clothes’

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Top chef who worked in Michelin star kitchens & cooked for US President has doors of his popular restaurant ‘chained up’

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Top chef who worked in Michelin star kitchens & cooked for US President has doors of his popular restaurant 'chained up'

A TOP chef who worked in Michelin star kitchens and cooked for the US president has seen the doors of his popular restaurant chained shut.

Tarek Thoma owns a string of successful restaurants in Middlesbrough, but his venue, Oven, is set to be ripped away.

The menu offered British, French, Mediterranean and Middle Eastern cuisine

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The menu offered British, French, Mediterranean and Middle Eastern cuisine
The Oven Restaurant in Middlesbrough is being repossessed by the landlord

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The Oven Restaurant in Middlesbrough is being repossessed by the landlordCredit: Instagram
Owner Tarek Thoma created the venue in 2015

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Owner Tarek Thoma created the venue in 2015Credit: Instagram

Chains were spotted wrapped around the doors while eviction notices have been slapped on windows.

It is understood landlords took possession of the £500,000 eatery.

Devastated fans shared their fury on social media, one wrote: “After booking a table at the Oven Restaurant Middlesbrough on Monday for tonight for 14 people for a special occasion we turned up to find the establishment chained up and a possession order stuck to the door.”

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Another added: ” “Feel sorry for the staff and owner. Always always nice food and service, one of the better restaurants in Middlesbrough.”

Meanwhile an eviction notice taped to the windows read: “To all and any others this may concern. Take notice that the landlord has this day 2 October, 2024, exercised their right to peaceably re-enter and take possession of this premises known as ground floor, 202-204 Linthorpe Road, Middlesbrough, TS1 3QW.

“Any lease or license is hereby determined. This property is now legally occupied by the landlords.

“Any attempt to break into this property will be classed as an attempt to break into this property will be classed as a criminal offence and will be reported to the police.”

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Taerek also runs the popular Bazaar, in Captain Cook Square, from which an employee confirmed the downfall of Oven.

A spokesperson for the landlords, Pneuma Group, claimed there had been problems with the tenancy which resulted in the “difficult decision to re-enter our premises”.

Oven was created nearly 10 years ago after opening its doors to hungry customers, and 45 employees, in 2015.

Mr Thoma poured £500,000 into the business, and vowed to provide a Michelin experience for affordable prices.

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Outside there is a generous, and stylish seating area, while inside holds enough space for up to 160 people.

The menu offered British, French, Mediterranean and Middle Eastern cuisine, meaning there was something for everyone.

Dishes were prepared by chefs who learnt from professionals with Michelin star training.

Tarek himself previously cooked for President George and Prime Minister Tony Blair.

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Tarek, who has also worked at Michelin-starred restaurants including the L’Escargot in London and Chapter One in Kent, previously said: “My staff and I are looking forward to welcoming guests to Oven and serving them with Michelin star-style food at very affordable prices.

“This area of Middlesbrough is becoming a hive of culinary activity and Oven will bring something different to this growing gastronomic scene.”

The Sun contacted Tarek Thoma for comment.

Fans were devastated to see it go

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Fans were devastated to see it goCredit: Instagram

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