(Reuters) – Spirit AeroSystems Inc said it will meet with the U.S. machinists union on Saturday to continue negotiations for a new contract, after workers rejected a proposed four-year deal and announced a strike. Shares of Spirit were up 4.8% in afternoon trade on Friday. The company, a crucial supplier for aerospace heavyweights Boeing and…
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for an eighth week in a row for the first time since July 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of…
By David Shepardson WASHINGTON (Reuters) -Two U.S. senators wrote seven major automakers on Friday urging them not to remove AM radio from new vehicles. Senator Ted Cruz, the top Republican on the Senate Commerce Committee, and Democrat Ed Markey, who also sits on the panel, wrote to BMW, Volkswagen, Tesla, Mazda, Polestar, Rivian and Volvo…
FRANKFURT (Reuters) – Germany’s Commerzbank said on Friday that it would book another provision of 342 million euros ($372.27 million) following a court ruling on how banks treat Swiss franc loans in Poland. The new figure means that Commerzbank, which has extensive operations in Poland through its mBank, has provisioned or made payouts of more…
(Corrects story and headline to say makers pledge $11.3 billion, not $14.3 billion for lithium iron phosphate plants) By Paul Lienert (Reuters) – Interest and investment in lithium iron phosphate (LFP) battery cells and materials, used to power electric vehicles, continue to climb in the United States. LFP is a lower-cost competitor to nickel cobalt…
(This June 22 story has been corrected to say makers pledged more than $11 billion, not $14 billion, in paragraph 3) By Paul Lienert DETROIT (Reuters) – As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery…
(Reuters) -Thyssenkrupp and Industrie De Nora pushed ahead with the planned initial public offering (IPO) of their hydrogen joint venture Thyssenkrupp Nucera on Friday, setting the price range at the lower end of expectations. The IPO will be the first in Germany since February, when shares in web hosting company IONOS debuted in Frankfurt, as…
By Shreyashi Sanyal, Bansari Mayur Kamdar (Reuters) -European shares dipped on Friday at the end of a central bank policy-packed week that reinforced views that interest rates could stay higher for longer, while shares of Siemens Energy plunged as it withdrew its annual profit outlook. The STOXX 600 index closed 0.3% lower after data showed…
By Ashitha Shivaprasad (Reuters) – Palladium could extend this year’s near 30% price decline as the rapid rise of electric vehicles threatens to hammer demand for the autocatalyst metal at a time broader economic weakness and chart factors are also weighing. Spot palladium hit a four-year low of $1,269.09 an ounce on Thursday, having fallen…
By Granth Vanaik (Reuters) – Carnival is expected to post robust second-quarter revenue growth as new and younger customers, undeterred by high inflation, spend on novel experiences such as cruising. While Americans have cut back on purchasing big-ticket non-essential goods due to soaring costs, protracted confinement to their homes during the pandemic has whet their…
