By Nick Carey, Paul Lienert and Victoria Waldersee POOLE, England (Reuters) – A little-publicized clause in the U.S. Inflation Reduction Act has companies scrambling to recycle electric vehicle batteries in North America, putting the region at the forefront of a global race to undermine China’s dominance of the field. The IRA includes a clause that …
Dead EV batteries turn to gold with U.S. incentives Read More »
By Jonathan Stempel (Reuters) -FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt. The complaint filed in Delaware bankruptcy court also names as defendants Caroline Ellison, who led Bankman-Fried’s Alameda Research hedge fund; former …
FTX sues Bankman-Fried, others to recoup more than $1 billion Read More »
BEIJING (Reuters) -Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamouring for stronger stimulus. Regions will be encouraged to increase annual car purchase quotas and efforts will be made …
China’s steps to boost sales of cars, electronics disappoint market Read More »
TAIPEI (Reuters) -Shares of Taiwan’s TSMC slumped more than 3% on Friday after the world’s largest contract chipmaker flagged a 10% drop in 2023 sales and said production due to start next year at its first plant in Arizona would be delayed. On Thursday, TSMC reported a 23.3% fall in second-quarter net profit – its …
TSMC shares fall 3.3% after it cuts revenue outlook, delays production Read More »
By Abhirup Roy SAN FRANCISCO (Reuters) – Tesla Chief Executive Elon Musk on Wednesday set new targets for artificial intelligence products including self-driving software and using humanoid robots in factories, though he acknowledged he’s been optimistic before. The electric vehicle maker is in early talks with a major automaker to license its full self-driving technology, …
Tesla’s Elon Musk optimistic on progress for self-driving, robots Read More »
By Clara Denina and Sarah McFarlane LONDON (Reuters) – Major brands, including the investment arm of the IKEA group, are following automakers’ lead in snapping up stakes in suppliers of raw materials and energy, seeking greater control over their production to meet emissions targets and limit disruptions. After global supply chains buckled under pressure from …
Analysis-Companies buy into suppliers to secure deliveries, hit green targets Read More »
By David Shepardson and Mrinalika Roy (Reuters) -New York Governor Kathy Hochul on Thursday directed state departments to investigate health risks associated with old lead-clad cables left by telecommunication companies. The Wall Street Journal this month reported that telecom companies, including AT&T and Verizon Communications, had left toxic lead cables on poles, underwater and buried …
New York governor directs agencies to investigate lead cables Read More »
(Reuters) – PPG Industries raised its full-year profit forecast on Thursday after beating second-quarter profit estimates as strong prices helped the industrial coatings maker offset lower demand. While overall sales volumes were down, demand for automotive OEM coatings remained robust as the quarter witnessed higher vehicle production in the U.S. after two straight quarterly declines, …
PPG Industries raises forecast as higher prices boost quarterly results Read More »
(Reuters) – U.S. railroad operator CSX Corp missed Wall Street estimates for second-quarter revenue on Thursday, hit by a decline in intermodal volumes and lower fuel prices. Railroad companies have been struggling with supply chain disruptions and worker shortages along with the rail regulation continuing to loom, posing regulatory risk for North American railroad operators. …
CSX misses quarterly revenue estimates on waning volumes Read More »
(Reuters) – Consumer lender Capital One Financial reported a second-quarter profit on Thursday that beat analysts’ estimates, helped by higher income from borrowers following a rise in benchmark lending rates. The U.S. Federal Reserve has aggressively hiked interest rates over the past 12 months to tackle sticky inflation, a move which has boosted profitability for …
Capital One Financial beats profit estimates on higher interest income Read More »
