SYDNEY (Reuters) – Australian software mogul Mike Cannon-Brookes was named chairman on Friday of clean energy start-up Sun Cable, which is seeking to secure funds for a proposed A$30 billion-plus ($19.3 billion-plus) solar power export project. Singapore-based Sun Cable plans to supply solar power from Australia to Singapore and eventually Indonesia through the world’s longest…
BEIJING (Reuters) – China’s services activity in September contracted for the first time in four months, as COVID-19 restrictions dented already fragile demand and dimmed business confidence, a private-sector business survey showed on Saturday. The Caixin services purchasing managers’ index (PMI) fell to 49.3 from 55.0 in August as COVID containment measures disrupted supply and…
(Reuters) -Rivian Automotive Inc said on Friday it will recall nearly all of its vehicles due to a possible issue of loose fastener that could make a driver lose steering control. California-based Rivian is recalling about 13,000 vehicles after it discovered that a fastener connecting the front upper control arm and steering knuckle may not…
By Jane Lanhee Lee and Stephen Nellis (Reuters) – Deciding who gets hurt by sweeping new U.S. curbs on selling technology to China will come down in part to what constitutes a “supercomputer,” experts told Reuters. Around the world, the semiconductor industry on Friday began to wrestle with wide-ranging U.S. restrictions on selling chips and…
By Marianna Parraga and Gary McWilliams HOUSTON (Reuters) – A U.S. judge could rule as early as Friday on a final auction schedule that could force a breakup of Venezuela-owned Citgo Petroleum, the seventh-largest U.S. oil refiner, according to court filings. U.S. District Judge Leonard P. Stark last year approved the sale of shares in…
The Commerce Department is tightening export controls to limit China’s ability to get advanced computing chips, develop and maintain supercomputers, and make advanced semiconductors. The department said Friday that its updated export controls are focusing on these areas because China can use the chips, supercomputers and semiconductors to create advanced military systems including weapons of…
By Stephen Nellis and Jane Lanhee Lee (Reuters) -Companies around the world on Friday began to wrestle with the impact of wide-ranging U.S. curbs on selling chips and chip manufacturing equipment to China. The sweeping rules have hit chip stocks, with the Philadelphia Semiconductor Index (.SOX) falling nearly 6% by the end of the day….
By Herbert Lash, Shreyashi Sanyal and Ankika Biswas (Reuters) – Wall Street fell sharply on Friday following a solid jobs report for September that increased the likelihood the Federal Reserve will barrel ahead with an interest rate hiking campaign many investors fear will push the U.S. economy into a recession. The Labor Department reported the…
By David Shepardson WASHINGTON (Reuters) -The union representing about 10,000 Southwest Airlines pilots told Reuters on Friday it supports an effort in Congress to extend an exemption from modern cockpit alerting requirements for the Boeing 737 MAX 7 and MAX 10 airplanes. Boeing faces a December deadline to win approval from the Federal Aviation Administration…
WASHINGTON (AP) — For most Americans, Friday’s September jobs report was welcome news: Businesses kept hiring at a brisk pace, unemployment fell back to a half-century low and average pay rose. Yet for the Federal Reserve, the jobs figures highlight how little progress they’re making in their fight against inflation. With the Fed more likely…
