(Reuters) -Luminar Technologies CEO Austin Russell will buy a majority stake in Forbes Global Media Holdings in a deal that values the business news publisher at nearly $800 million, Russell and Integrated Whale Media Investments (IWM) said in a statement on Friday. The automotive tech billionaire has agreed to acquire 82% of Forbes, which includes…
By Ismail Shakil OTTAWA (Reuters) -Automaker Stellantis and South Korea’s LG Energy Solution (LGES) are implementing “contingency plans” related to a more-than C$5 billion ($3.7 billion) battery plant investment in Canada because the federal government has not delivered on its promises, a Stellantis spokesperson said on Friday. “As of today, the Canadian Government has not…
By Ismail Shakil OTTAWA (Reuters) -The Bank of Canada (BoC) said on Friday it has picked longtime central bank executive Rhys Mendes as its new deputy governor, making him the first person of color to that role. Mendes, who will start in the role on July 17, will fill a vacancy created by the departure…
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended slightly lower on Friday, led by weaker megacap shares following their recent rally, as data showed U.S. consumer sentiment dropped to a six-month low. The Dow was barely lower in its fifth straight day of declines, the blue-chip index’s longest losing streak in two months….
PALO ALTO, Calif. (Reuters) – St. Louis Federal Reserve Bank President James Bullard, an early and vocal supporter within the U.S. central bank of rapid interest-rate hikes to beat back soaring inflation, on Friday signaled guarded optimism that the effort is working. “Monetary policy is now at the low end of what is arguably sufficiently…
By Pete Schroeder and David French (Reuters) -Two U.S. regulators have approved the sale of a majority stake in TIAA’s banking arm to a consortium of private equity firms, a TIAA spokesperson said on Friday. The spokesperson said TIAA now expects the deal to be completed as early as this summer after the Federal Reserve…
By Ann Saphir, Andrea Shalal and Jeff Mason WASHINGTON (Reuters) -U.S. President Joe Biden on Friday nominated Federal Reserve Governor Philip Jefferson to be the central bank’s vice chair, a key policy advisory role recently vacated when Lael Brainard took a top position in Biden’s White House economics team. Biden also nominated the World Bank’s…
By Gilles Guillaume and Elizabeth Pineau PARIS (Reuters) -France beat competition from Germany and the Netherlands for ProLogium’s first overseas car battery plant thanks to lobbying from President Emmanuel Macron, deal sweeteners and competitive power prices, executives from the Taiwanese company said. After narrowing a list of countries from 13 to three, ProLogium said it…
(Reuters) -The U.S. Food and Drug Administration (FDA) on Friday issued marketing denial orders to 10 companies which collectively manufacture and market about 6,500 flavored e-liquid and e-cigarette products. The health regulator said these companies cannot market or distribute the products in the U.S. and retailers who sell them risk FDA enforcement action. Any company…
By David Shepardson WASHINGTON (Reuters) -The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator’s request, documents released on Friday show. The auto safety agency said the inflators pose an unreasonable…
