(Reuters) – Credit Suisse is nearing a deal to sell its securitized-products group to investors Apollo Global Management and Pacific Investment Management Co, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The consortium including Pimco, a big bond manager, and Apollo, a large alternative asset manager, beat out a group…
DETROIT (AP) — Ford said Wednesday that it is disbanding Argo AI, an autonomous vehicle company that it co-owns with Volkswagen. Executives said they don’t see a path to profitability on fully autonomous vehicles, and will now focus on partially automated driver-assist systems, which need to be monitored by humans. “We’ve looked at this every…
Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising sales as it faces competition from TikTok’s wildly popular video app. The quarter’s weak results raised fresh questions about whether Meta’s plans to spend $10 billion a year on the metaverse — a concept that doesn’t…
(Reuters) -Australia and New Zealand Banking Group Ltd on Thursday reported a 5% rise in annual cash profit that surpassed market expectations, as its home loans business improved and higher interest rates boosted margins in the second half. ANZ said its home loan application times were back in line with industry peers, following an overhaul…
By Paul Lienert and Joseph White DETROIT (Reuters) -Ford Motor Co on Wednesday reported a third-quarter net loss driven by its decision to shift spending from the Argo AI self-driving business. Ford posted a net loss of $827 million, after taking a $2.7 billion noncash pretax impairment on its investment in Argo AI. The automaker…
OMAHA, Neb. (AP) — A second railroad union rejected its deal with the major U.S. freight railroads on Wednesday, reflecting workers’ increasing frustration with the lack of paid sick time and adding to concerns about the possibility of a strike next month that could cripple the economy. The Brotherhood of Railroad Signalmen said nearly 61%…
(Reuters) – Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor Co and Volkswagen AG, TechCrunch reported on Wednesday, citing people familiar with the matter. Argo employees were told that some of them would receive offers from the two automakers, TechCrunch said,…
(Reuters) -Shares of Mobileye Global Inc are up 30% in early afternoon trading on Wednesday following its U.S. debut, valuing the self-driving technology unit of Intel Corp at $21.8 billion as investors lapped up what could be the last major IPO of 2022. The debut comes after a turbulent period when Mobileye settled for merely…
By Jonathan Stempel NEW YORK (Reuters) – Pfizer Inc said its fellowship program for minorities serves the public interest, as the drugmaker defends against a lawsuit by a group of medical professionals that claims the program illegally excludes whites and Asian-Americans. In a Tuesday night filing, Pfizer urged a Manhattan federal judge to reject Do…
Securities regulators wants to make sure publicly traded companies recover any executive compensation that’s awarded based on financial statements that are found to contain errors. The Securities and Exchange Commission said Wednesday that it has adopted a rule that calls on national securities exchanges to require the companies whose stock they list to comply with…
