By Hyunjoo Jin and Akash Sriram (Reuters) -Tesla Inc on Wednesday posted record third-quarter revenue but still missed Wall Street estimates as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, while spending on new factories and new battery production squeezed margins. The company did not set out year-end delivery targets…
NEW YORK (Reuters) – BNP Paribas expects the Federal Reserve to push the fed funds rate to a peak of 5.25% in the first quarter next year, higher than market expectations and a level that could tip the world’s largest economy into recession, the bank said in a research note on Wednesday. The French bank…
DETROIT (AP) — Tesla reported Wednesday that its third-quarter profit more than doubled from a year ago, fueled by higher vehicle sales. The Austin, Texas, electric vehicle and solar panel maker posted net income of $3.29 billion from July through September. CEO Elon Musk said on the company’s quarterly conference call that the Tesla is…
BRUSSELS (Reuters) – Euro zone consumer inflation was marginally lower in September than estimated earlier, data showed on Wednesday, but still at a record high, underlining market expectations of more interest rate rises before the end of the year. The European Union’s statistics office Eurostat said consumer prices in the 19 countries sharing the euro…
By Nandita Bose, Jarrett Renshaw and Steve Holland WASHINGTON (Reuters) – U.S. President Joe Biden announced a plan on Wednesday to sell 15 million barrels of crude oil from the nation’s emergency supply and begin refilling the reserve as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8. The move…
OMAHA, Neb. (AP) — Warren Buffett’s company completed its largest acquisition in years Wednesday with its $11.6 billion purchase of the Alleghany insurance conglomerate. The purchase announced in March will further expand Berkshire’s sizeable insurance operations and add a few more companies to its stable, including a steel fabricator and toy company owned by Alleghany….
By Nandita Bose, Jarrett Renshaw and Steve Holland WASHINGTON (Reuters) – U.S. President Joe Biden announced a plan on Wednesday to sell off 15 million barrels of crude oil from the nation’s emergency supply and begin refilling the reserve as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8. The…
By Carolyn Cohn and Rhea Binoy LONDON (Reuters) -Amazon.com Inc is launching a home insurance portal in Britain and has signed up three big-name insurers as it pushes further into financial services across the globe. Ageas UK, Co-op, and LV= General Insurance, a unit of German insurer Allianz, will provide third-party services initially, Amazon said…
(Reuters) -U.S. homebuilding fell more than expected in September and the number of new groundbreakings for single-family homes tumbled to the lowest level in more than two years, according to Census Bureau data out Wednesday that showed the ongoing impact of the Federal Reserve’s interest rate hikes on the housing market. Housing starts dropped 8.1%…
GREER, S.C. (AP) — BMW will invest $1 billion in its sprawling factory near Spartanburg, South Carolina, to start producing electric vehicles and an additional $700 million to build a electric-battery plant nearby. The German automaker’s announcement Wednesday reflects its commitment to transitioning to electric-vehicle production in North America, in line with similarly ambitious plans…
