(Reuters) -Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. British electric vehicle company Arrival, whose shares fell more than 2% in extended trading, had…
By Jody Godoy (Reuters) -Elon Musk’s move to temporarily cap how many posts Twitter users can read on the social media site could undermine efforts by new CEO Linda Yaccarino to attract advertisers, marketing industry professionals said. Musk announced Saturday that Twitter would limit how many tweets per day various accounts can read, to discourage “extreme…
SYDNEY (Reuters) – Australian investment firm Allegro Funds said on Tuesday it would set up an independent board to oversee PwC Australia’s government practice business, which it bought last month, and committed A$100 million ($67 million) for transition costs. PwC Australia on June 25 entered an exclusivity agreement with Allegro to sell its government practice…
(Reuters) -Australian general insurer Suncorp on Tuesday forecast a 12% jump in costs associated with catastrophe reinsurance premiums and natural hazards in fiscal 2024 on the back of adverse weather events through the La Niña cycle in recent years. It now sees the natural hazard allowance for fiscal 2024 to increase to A$1.36 billion ($907.4…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Reserve Bank of Australia takes center stage on Tuesday, with the consensus view of economist marginally tipping toward expecting a 25 basis point increase in the benchmark cash to a 12-year high of 4.35%….
(Reuters) – Nikola Corp will start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it. The company, which went public in 2020, has struggled to keep up with high expectations of early investors, amid inflated costs of commodities and tight access to…
By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s business confidence in the second quarter continued to pick up from low levels but firms remain downbeat, a private think tank said on Tuesday. A net 63% of firms surveyed expected general business conditions to deteriorate compared with 66% pessimism in the previous quarter, the New Zealand…
By Diane Bartz and Kanishka Singh WASHINGTON (Reuters) -The U.S. Federal Trade Commission said on Monday it dismissed a complaint against Marlboro cigarette maker Altria Group and e-cigarette maker Juul Labs that was brought after Altria bought a 35% stake in Juul. The agency also said it would vacate an FTC administrative law judge’s decision…
By Nick Carey (Reuters) – E-commerce giant Amazon will deploy its first European vans from U.S. electric vehicle (EV) maker Rivian in Germany over the coming weeks as part of long-term plans to electrify its transportation network, it said on Tuesday. Amazon said 300 electric vans will hit the roads in the Munich, Berlin, and…
(Reuters) – Reuters said on Monday it has appealed a Turkish court order to remove a news article on the agency’s website that said U.S. and Swedish prosecutors are studying a graft complaint naming a son of President Tayyip Erdogan. In the court ruling, a copy of which was seen by Reuters, the news agency…
