By Liangping Gao and Joe Cash BEIJING (Reuters) – China’s manufacturing activity expanded as the fastest pace in more than a decade in February, an official index showed on Wednesday, smashing expectations as production zoomed after the lifting of COVID-19 restrictions late last year. The manufacturing purchasing managers’ index (PMI) shot up to 52.6 from…
By Tom Westbrook SINGAPORE (Reuters) – Asian stocks struggled to come off two-month lows on Wednesday and the safe-haven dollar was firm as concerns about rising interest rates and slowing global growth kept the mood downbeat, while markets waited on economic data to chart the course ahead. MSCI’s broadest index of Asia-Pacific shares outside Japan…
By Dave Graham and Daina Beth Solomon MEXICO CITY (Reuters) -Tesla Inc will build a new assembly plant in northern Mexico, the country’s president announced on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the U.S. in a deal an official said was worth over $5 billion. President Andres Manuel…
By David Shepardson WASHINGTON (Reuters) -The U.S. Commerce Department said on Monday it plans to ask companies seeking at least $150 million in funding from a $52 billion semiconductor law to submit a plan for how they will provide affordable childcare for their workers. The Biden administration unsuccessfully sought $200 billion in funding for universal…
By Akash Sriram and Abhirup Roy (Reuters) – Rivian Automotive Inc on Tuesday forecast 2023 production well below analysts’ estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles, sending its shares down over 8%. The recall, Rivian’s third since it went public in November 2021, was…
WASHINGTON (Reuters) -The head of European planemaker Airbus criticized the U.S. Inflation Reduction Act on Tuesday, saying the law could make it more difficult for the European Union to accelerate its own decarbonization efforts. Airbus Chief Executive Guillaume Faury said the law, which boosts U.S. investment in renewable energy products, “is destabilizing the level playing…
By Karen Freifeld and Alexandra Alper (Reuters) -The Biden administration approved more than $23 billion worth of licenses for companies to ship U.S. goods and technology to blacklisted Chinese companies in the first quarter of 2022, a Republican lawmaker said on Tuesday. The data comes amid growing pressure on the administration of Democratic President Joe…
By Siddharth Cavale and Uday Sampath Kumar NEW YORK (Reuters) – Retailers have a new sweet spot: products that cost $3 to $5. Target said on Tuesday that it would be stocking its shelves with more products priced under $10 as the retailer tries to appeal to more cost-conscious consumers dealing with once-in-a-generation inflation. This…
By Sabrina Valle HOUSTON (Reuters) – Chevron Corp. Chief Executive Michael Wirth on Tuesday said a consolidation between the five top Western oil producers remains a possibility but would face regulatory hurdles. Soaring stock prices and cash levels at oil-focused U.S. energy majors has driven Wall Street talk of potential deals for European oil producers….
By Dave Graham and Daina Beth Solomon MEXICO CITY (Reuters) – Tesla Inc will build a new plant in northern Mexico, the country’s president said on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the U.S. in a deal said by a source to be worth at least $1 billion….
