By Victoria Waldersee and Miranda Murray BERLIN (Reuters) -A lack of wiring harnesses from Ukraine has overtaken a shortage of semiconductors as Volkswagen’s biggest supply chain headache as the Russia-Ukraine war clouds its prospects for this year, the world’s No.2 carmaker warned on Tuesday. Rising raw material costs will drive up prices for both electric…
LONDON (AP) — U.S. chipmaker Intel unveiled plans on Tuesday to invest up to 80 billion euros ($88 billion) across Europe as part of an ambitious expansion aimed at evening out imbalances in the global semiconductor industry that have led to big chip shortages. CEO Pat Gelsinger said Intel was investing the money over the…
By Bansari Mayur Kamdar (Reuters) – Canada’s benchmark index extended losses for a third straight session on Tuesday, as weakness in energy and metal prices due to rising COVID-19 cases in China weighed on commodity stocks. At 10:00 a.m. ET (1400 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 161.23 points, or 0.76%,…
DETROIT (AP) — First came the beeping alarms and the dashboard lights warning that something had gone haywire. Then the driver’s side windows suddenly and mysteriously rolled down. Kendall Heiman’s Volkswagen SUV then pulled the scariest stunt of all: It abruptly braked for no reason. Heiman, a clinical social worker in Lawrence, Kansas, was driving…
(Reuters) – Russia plans to spend 1 trillion roubles ($9 billion) on so-called anti-crisis measures, Prime Minister Mikhail Mishustin said on Tuesday, as the government tries to at least partially offset the impact of fresh western sanctions. The plan includes more than 100 proposals and is to be updated, Mishustin said, to rebuild production and…
(Reuters) – France’s Michelin is suspending its industrial activity in Russia as well as exports to the country, the tyre maker said on Tuesday. Its Davydovo plant, which was opened in 2004 near Moscow, employs 750 people and produces up to 2 million tyres per year, mainly for passenger cars on the Russian market and…
Elizabeth Vermillera, a retired pharmaceutical technician, spends her days handing out donated clothes and food to people in Baltimore. Since 1997, she has lived with a Shih Tzu and a fox terrier in a rowhouse that her dad gave her. In 2021, the city notified Vermillera that she might lose her home due to unpaid…
By Lawrence White LONDON (Reuters) – Russia’s second-biggest bank VTB is closing the London-based arm of its investment banking unit VTB Capital, it said on Tuesday, as Western sanctions continue to throttle the international operations of Russia’s lenders. VTB Capital plc is “currently proceeding with an orderly wind-down of its positions and obligations,” the company…
Tech giant Amazon (AMZN) announced a 20-for-1 split its stock last week. This caught the markets attention as the Pavlovian response is to buy shares into and post-split. Shares of Amazon (AMZN) initially rallied 6% on news. It has had difficulty holding those gains in a tough tape. Peers Apple (AAPL) and Tesla (TSLA) saw…
(Reuters) – U.S. consumer spending on e-commerce is expected to hit a record $1 trillion this year thanks to the pandemic-driven shift to online shopping, a report from Adobe Analytics showed on Tuesday. The forecast represents a jump of 13% from 2021 and follows a total spend of $1.7 trillion over the course of two…
