By Hyunjoo Jin and Nivedita Balu (Reuters) -Tesla Inc on Wednesday reported a higher-than-expected quarterly profit as a string of price increases on its best-selling electric vehicles helped offset production challenges, sending its shares up 4% in extended trading. “With each of the Fremont and Shanghai factories achieving their highest-ever production months and new factory…
(Reuters) -Ford Motor Co is preparing to cut up to 8,000 jobs in the coming weeks in a bid to reduce costs and intensify its focus on electric vehicles, Bloomberg News reported on Wednesday, citing people familiar with the matter. Ford officials could not be immediately reached for comment. The majority of the job cuts…
NEW YORK (Reuters) – U.S. existing home sales fell for a fifth straight month in June to the lowest level in two years, as fast-rising interest rates and record-high selling prices make buying a home too expensive for a growing share of American households. Mortgage interest rates have soared as a result of the Federal…
WASHINGTON (AP) — The United States is putting pressure on Mexico over energy policies that Washington says unfairly favor Mexico’s state-owned electricity and oil companies over American competitors and clean-energy suppliers. The U.S. is demanding talks to resolve the dispute, starting a process Wednesday that could end in trade sanctions against Mexico. “We have repeatedly…
MOSCOW (Reuters) – Consumer prices in Russia declined 0.17% in the week to July 15 after sliding 0.03% a week earlier, data showed on Wednesday, keeping the door open for the central bank to consider cutting rates as soon as this week. The rouble’s strengthening and a drop in consumer demand have helped Russia rein…
By Shreyashi Sanyal (Reuters) -The Nasdaq gained nearly 2% on Wednesday after a positive forecast from Netflix added to largely upbeat second-quarter earnings from U.S. companies amid rising recession fears due to the Federal Reserve’s efforts to tame surging inflation. Netflix Inc’s shares jumped 7.1% after the company predicted it would return to customer growth…
DELTA, Utah (AP) — The coal plant is closing. In this tiny Utah town surrounded by cattle, alfalfa fields and scrub-lined desert highways, hundreds of workers over the next few years will be laid off — casualties of environmental regulations and competition from cheaper energy sources. Yet across the street from the coal piles and…
By Julie Gordon OTTAWA (Reuters) – Inflation in Canada picked up speed again in June, though the gain missed forecasts, with prices rising at their fastest pace since January 1983, official data showed on Wednesday, leaving analysts mixed on how forcefully the Bank of Canada would respond. Canada’s annual inflation rate hit 8.1% in June,…
(Reuters) – PolyMet Mining Corp and Teck Resources Ltd said on Wednesday they will form a joint venture to develop their Minnesota copper and nickel mining projects. The new company, known as NewRange Copper Nickel LLC, will share costs to develop the two proposed mines, which aim to produce metals used to make electric vehicles…
MADRID (AP) — When José Antonio González started his afternoon shift sweeping the streets of Madrid, the temperature was 40 degrees Celsius (104 degrees Fahrenheit) amid a heat wave gripping Spain. After a long time without a job, González couldn’t afford to pass up a one-month summer contract to sweep the city, where he lived…
