(Reuters) – Ride-hailing firm Lyft Inc said on Tuesday it would slowdown hiring and assess budget cuts in some departments, joining rival Uber Technologies Inc in attempting to rein in costs. Lyft said no employee layoffs are planned and added it would grant special stock options to eligible employees. “We’re also being responsible about costs…
By Medha Singh and Lisa Pauline Mattackal (Reuters) – The crypto winter is into its ninth week and bitcoin can’t shake the chills. From technicals to turnover, market indicators are flashing red or amber for the biggest cryptocurrency, which has lost a third of its value in just two months. So what now? Bitcoin’s limited…
By David Shepardson and Joseph White WASHINGTON (Reuters) -Stellantis NV and Samsung SDI said on Tuesday they will invest more than $2.5 billion to build a new joint venture battery plant in Kokomo, Indiana as the Chrysler-parent ramps up electric vehicle production plans. Targeted to start in 2025, the plant aims to have an initial…
DETROIT (AP) — A class action lawsuit is accusing three automakers and a parts manufacturer of knowingly selling vehicles containing air bag inflators that are at risk of exploding. Two deaths and at least four injuries have been linked to such explosions. The federal lawsuit, filed Tuesday in San Francisco, names ARC Automotive Inc. of…
By Nivedita Balu and Medha Singh (Reuters) – Snap Inc shares plunged more than 40% and sparked a sector-wide selloff on Tuesday after a profit warning from the Snapchat parent signaled tough times ahead for the once-booming digital ad industry. The company was on track to lose $15 billion in market capitalization, while shares of…
WASHINGTON (Reuters) – The Federal Trade Commission said on Tuesday it had launched an inquiry into the ongoing shortage for infant formula in the United States and would examine the pattern of mergers and acquisitions in the formula market. The inquiry comes after a Feb. 17 recall by top baby formula maker Abbott Laboratories and…
More than 40 Democratic members of Congress are asking Google to stop what they see as the unnecessary collection and retention of people’s location data, arguing the information could be used to identify women seeking abortions. In a letter sent Tuesday to Sundar Pichai, the CEO of Google parent Alphabet Inc., the lawmakers express concern…
SACRAMENTO, Calif. (AP) — Ford Motor Company on Tuesday settled claims by 40 U.S. state attorneys general that the company made misleading claims about the fuel economy and payload capacity of some of its vehicles, violating state consumer protection laws. The company agreed to pay $19.2 million to the states and refrain from making misleading…
(Reuters) – Russian lawmakers on Tuesday gave the first stamp of approval to a bill that would allow Russian entities to take over foreign companies that have left the market in opposition to Moscow’s actions in Ukraine, the government’s online portal showed. Scores of foreign companies have announced temporary shutdowns of stores and factories in…
BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street sank on weak U.S. housing sales and a profit warning by a prominent social media brand. Shanghai and Seoul advanced while Tokyo and Hong Kong declined. Oil prices rose more than $1 per barrel to stay above $110. Wall Street’s benchmark S&P 500…
