(Reuters) -Shares of PacWest Bancorp looked set to lead declines in U.S. regional lenders at market open on Tuesday as investors feared the ongoing banking crisis could deepen. PacWest dropped 6.5% in premarket trading, a day after the Los Angeles-based lender’s decision to cut its quarterly dividend failed to stem worries about its financial stability. …
By Giulio Piovaccari MILAN (Reuters) -Iveco Group is set to loosen ties with U.S. start-up Nikola as it said on Tuesday it was purchasing the full ownership of their joint venture which develops battery electric and fuel cell heavy-duty trucks. The Italian truckmaker and Nikola had formed the joint venture in 2019 to help Iveco,…
(Reuters) -Fisker Inc lowered its 2023 production target on Tuesday, the latest sign that U.S. electric-vehicle startups were struggling to ramp up output in the face of supply chain constraints, easing demand and a tight cash position. Shares of the company slumped 12% in premarket trading. The results follow weak earnings and a production outlook…
(Reuters) -Fisker Inc lowered its 2023 production target on Tuesday, the latest sign that U.S. electric-vehicle startups were struggling to ramp up output in the face of supply chain constraints, easing demand and a tight cash position. Shares of the company slumped 12% in premarket trading. The results follow weak earnings and a production outlook…
By David Lawder WASHINGTON (Reuters) -The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The front end of the centrist think tank’s latest estimate for…
By Karen Freifeld and Jonathan Stempel (Reuters) – Donald Trump’s onetime lawyer and fixer Michael Cohen asked a court to throw out the former U.S. president’s $500 million lawsuit against him, calling it an “abusive act of pure retaliation and witness intimidation.” Cohen’s lawyers in a filing late Monday in Miami federal court said…
(Repeats for additional subscribers) LONDON (Reuters) – The European Commission has announced restrictions on the imports of Ukrainian wheat, maize, rapeseed and sunflower seed in Poland, Hungary, Romania, Slovakia and Bulgaria until June 5. The move led to Poland, Hungary, Slovakia and Bulgaria lifting unilateral import bans they had imposed citing the need to protect…
By Nick Carey LONDON (Reuters) – Ford Motor Co said on Tuesday it will test a small fleet of prototype hydrogen fuel-cell versions of its electric E-Transit model to see if they are a workable zero-emission option for customers hauling heavy goods long distances. Ford will lead a consortium in the three-year project that includes…
By Joe Cash BEIJING (Reuters) – China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth. China’s economy grew faster than expected in the first…
(Reuters) – Duke Energy Corp on Tuesday missed Wall Street estimates for first-quarter profit, as the gas and electric utilities firm was hit by unfavorable weather, higher interest expenses, and lower volumes. Warmer-than-normal weather in the states serviced by the company weighed on customers’ electricity needs for heating in colder months. Duke’s electric utilities, which…
