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Mexican regulator fines Spain’s Iberdrola unit $466 million

MEXICO CITY (Reuters) -Mexico’s energy regulator fined a unit of Spain’s Iberdrola 9.15 billion pesos ($466.4 million), arguing they violated a so-called self-supply power generation permit by selling electricity to their partners, according to a regulatory filing. Iberdrola Energia Monterrey delivered energy to partners in exchange for economic compensation, which constitutes a sale that is …

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Deere tapping into Apple-like tech model to drive revenue

By Bianca Flowers and Joseph White BONDURANT, Iowa (Reuters) -Deere & Co has sold its tractors and other equipment to farmers for decades, but the world’s largest agriculture machinery manufacturer is tearing a page from the technology world’s playbook – combining cutting-edge hardware with software and subscription models to drive revenue growth. In a world …

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U.S. says GM Mexican plant workers’ vote shows bargaining benefits

By David Shepardson WASHINGTON (Reuters) -U.S. Trade Representative (USTR) Katherine Tai said on Friday the vote by General Motors workers at a pickup truck plant in Mexico to approve a new contract “demonstrates the significant benefits of true collective bargaining.” This month, Reuters reported GM agreed to an 8.5% wage hike with a new, independent …

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Germany denies VW China investment guarantees over human rights concerns – Spiegel

BERLIN (Reuters) – Germany’s Economy Ministry has refused to provide carmaker Volkswagen with guarantees to cover new investments in China because of concerns over human rights violations in the Xinjiang region, Der Spiegel reported on Friday. The ministry confirmed it had turned down four applications from a company over human rights concerns in Xinjiang but …

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Binance registers with Italy’s regulator amid plans to expand in Europe

(Reuters) – Binance said on Friday its legal entity in Italy had registered with the regulator in the country, as the major cryptocurrency exchange seeks to gain traction in Europe. The registration of Binance Italy, which was established in recent months, could potentially make the company more accountable and reduce the prospects for money laundering. …

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G7 countries say strict environmental rules needed for deep-sea mining

BERLIN (Reuters) – The Group of Seven countries on Friday agreed stringent environmental controls should govern deep-sea mining and that they would consent to such mining projects only if they did not seriously harm the marine environment. “We determined that if there is deep-sea mining at all, it should only happen under the most strict …

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U.S. weighs labor probe into Stellantis Mexico plant, Mexican officials say

By Daina Beth Solomon MEXICO CITY (Reuters) – The U.S. government is considering filing a trade deal complaint over alleged labor abuses against a car parts plant in Mexico owned by Netherlands-based Stellantis, two Mexican labor officials told Reuters. If the U.S. Trade Representative takes up the probe into Teksid Hierro de Mexico, in the …

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Sterling heads for second weekly gain, aided by UK support package

LONDON (Reuters) -Britain’s pound headed for a second weekly rise and was close to a one-month high on Friday, helped by a large government spending package to support households that economists said should support the economy in the short term. The government on Thursday announced a 25% windfall tax on oil and gas producers’ profits …

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