By Akash Sriram and Abhirup Roy (Reuters) -Fisker Inc shares fell nearly 9% on Friday after supply chain issues forced a cut in its annual production target, taking the shine off its smaller-than-expected quarterly loss and the first revenue from deliveries of its electric sport utility vehicles. The company now expects to produce between 20,000…
By Ernest Scheyder (Reuters) – Albemarle is building an Arkansas facility to test its version of direct lithium extraction (DLE) technology with the goal of eventually filtering the electric vehicle battery metal from existing bromine operations, its CEO said on Thursday. Already the world’s largest lithium producer, a successful move into the DLE sector would…
By Jonathan Stempel NEW YORK (Reuters) – A former National Basketball Association player was sentenced on Thursday to 10 years in prison after leading a “brazen” scheme involving at least 19 players to defraud a league health plan into paying millions of dollars for bogus medical procedures, federal prosecutors said. Terrence Williams, 36, who played…
By Anirban Sen and Abigail Summerville NEW YORK (Reuters) – Private equity firms TDR Capital and Sycamore Partners are in talks to team up in their pursuit to acquire sandwich restaurant chain Subway, people familiar with the matter said on Thursday. Subway expects to fetch well over $9 billion in a deal, and it remains…
By Jonathan Spicer and Orhan Coskun ISTANBUL (Reuters) – Turkey’s new-look economic team met for the first time with dozens of international investors on Friday and pledged to continue hiking interest rates, even as economic growth slows, to head off rebounding inflation, two sources said. According to the sources and a draft programme, the eight-hour…
By Jaiveer Shekhawat and Laura Matthews (Reuters) – Exchange operator Cboe Global Markets on Friday reported a rise in its quarterly profit, driven by strong trading volumes as markets continue to rebound from last year. Investors turned to Cboe’s proprietary products, such as options linked to the VIX volatility index and the S&P 500, as…
By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) – Shipping group A.P. Moller-Maersk warned on Friday of a steeper decline in global demand for shipping containers by sea this year, prompted by muted economic growth and customers reducing inventories. The company, one of the world’s biggest container shippers with a market share of around 17%, said it expects…
By Niket Nishant (Reuters) -Google-parent Alphabet said on Friday it had slashed its stake in Robinhood Markets by nearly 90%, cutting its exposure to the trading app operator that has been grappling with a slowdown in its mainstay business. Alphabet had reportedly invested in Robinhood when the latter was an unlisted startup, and it held…
(Reuters) – President Vladimir Putin has signed a law introducing a windfall tax on excess profits of Russian companies, which was published on a government website on Friday. The law, passed by parliament last month, is aimed at raising 300 billion roubles and easing strain on the budget as Russia wages its war in Ukraine….
By Medha Singh and Savyata Mishra (Reuters) -Shares of Tupperware Brands surged 44% on Friday, after the kitchen storage container maker finalized a debt restructuring deal as it attempts a turnaround of its business, reinvigorating retail investors’ interest in the company. The Florida-based firm raised doubts in April about its ability to continue as a…
