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By Hyunjoo Jin SAN FRANCISCO (Reuters) – Tesla CEO Elon Musk told employees on Monday that the electric vehicle maker is working on stock-based compensation for high-performing employees, according to two people who reviewed an internal memo. The plan comes just days after Musk won shareholder approval for his $56 billion pay plan consisting of …

Musk plans stock option grants to Tesla’s high-performers, sources say Read More »

(Reuters) – The global commercial shipping industry could cut down its carbon emissions by 47 million tonnes per year by deploying artificial intelligence for sea navigation, a study by autonomous shipping startup Orca AI showed on Tuesday. The use of the technology could reduce the need for maneuvers and route deviation from close encounters with …

AI can help shipping industry cut down emissions, report says Read More »

(Reuters) – A unit of global commodities trader Trafigura has agreed to pay a $55 million civil fine to settle U.S. Commodity Futures Trading Commission charges of fraud, manipulation and impeding whistleblower communications. Trafigura Trading LLC, a Houston firm that is part of Trafigura Beheer BV, violated U.S. law and regulations by trading gasoline with …

Trafigura agrees to pay $55 million to settle CFTC charges Read More »

(Reuters) -The Federal Deposit Insurance Corp’s five-member board plans to vote on Thursday to downgrade its rating on Citigroup’s data-management systems to a “deficiency” from a “shortcoming,” according to a government official familiar with the matter. The U.S. Federal Reserve and the FDIC in 2022 had identified a shortcoming in Citi’s so-called living will that …

Citigroup facing new regulatory knock on its living will, source says Read More »

By David Lawder WASHINGTON (Reuters) -The U.S. Treasury and Internal Revenue Service said on Monday they will close a tax loophole exploited by large, complex partnerships, an action that they estimated could raise $50 billion in new revenue over 10 years. The Treasury said the IRS would no longer allow partnerships to shift tax liabilities …

US Treasury, IRS to close $50 billion tax loophole on partnerships Read More »

By Sheila Dang (Reuters) – Global concerns about the use of AI in news production and misinformation are growing, a report published by the Reuters Institute for the Study of Journalism found, posing fresh challenges to newsrooms already struggling to engage audiences. The institute’s annual Digital News Report published on Monday, which this year is based …

Global audiences suspicious of AI-powered newsrooms, report finds Read More »

By David Shepardson and Allison Lampert WASHINGTON (Reuters) – Boeing CEO Dave Calhoun will tell a U.S. Senate committee on Tuesday that the planemaker understands concerns about its safety culture after a January mid-air emergency involving an Alaska Airlines 737 MAX 9 raised widespread alarm. “Much has been said about Boeing’s culture. We’ve heard those …

Boeing CEO to tell US Congress planemaker’s culture is ‘far from perfect’ Read More »

(Reuters) -Lennar Corp beat Wall Street estimates for second-quarter profit on Monday, helped by sustained demand for new houses as the U.S. homebuilder cut base prices to lure in skittish buyers in the face of high mortgage rates. With the popular 30-year fixed mortgage rate currently at a two-decade high of nearly 7%, existing housing …

Lennar’s Q2 profit tops estimates on higher home deliveries Read More »

By Jonathan Stempel (Reuters) – A Texas man was sued by the U.S. Securities and Exchange Commission on Monday over his alleged fraudulent $200 million offer to rescue billionaire Richard Branson’s now-defunct satellite launch services company Virgin Orbit. The SEC said Matthew Brown falsely portrayed himself, including on CNBC, as an experienced venture capitalist with …

US SEC sues over alleged bogus bailout of Richard Branson’s Virgin Orbit Read More »