SHANGHAI (Reuters) – Tesla has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March, according to industry data and a source. The move is aimed at addressing weakening demand for the U.S. automaker’s aged model in China, its second largest market into which a…
By Blake Brittain (Reuters) – Chipmaker Micron Technology owes computer-memory company Netlist $445 million in damages for violating Netlist’s patent rights in memory-module technology for high-performance computing, a U.S. jury said on Thursday. Jurors in the U.S. District Court for the Eastern District of Texas agreed with Netlist that Micron’s semiconductor-memory products infringe two Netlist…
(Reuters) -Health tech firm Medtronic beat Wall Street estimates for quarterly profit and revenue on Thursday, as a pickup in surgical volumes at hospitals lifted demand for its medical devices. Investor expectations around the financial performance of medical devices makers have grown lately, owing to a resurgence in demand as people, especially older adults, opted…
By Anuja Bharat Mistry (Reuters) -TJ Maxx parent TJX Cos posted better-than-expected first-quarter results and raised its annual profit forecast on easing costs and strong demand for its affordable products, sending its shares up 6% on Wednesday. Lower prices compared to department stores and cooling inflation have allowed shoppers more room to shop outside just…
BENGALURU (Reuters) – Walt Disney has struck a deal to sell its stake in Tata Play, valuing Indian conglomerate Tata Group’s satellite TV provider at about $1 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter. The stake sale news comes as the U.S.-based media giant looks to focus on its merger…
MOSCOW (Reuters) – Russian President Vladimir Putin has granted American Express Co the right to “voluntary liquidate” its Russian business, according to a decree published on the official website. It is not specified in the decree how and when exactly the “liquidation” process will take place. The future of American Express in Russia has been…
By Chris Prentice and Nupur Anand NEW YORK (Reuters) – The U.S. Commodity Futures Trading Commission is expected as soon as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co over trade reporting lapses, a source with direct knowledge of the matter told Reuters. The bank is expected to admit that it…
LONDON (Reuters) – Ether was set for its largest two-day gain in nearly two years on Tuesday amid speculation about the outcome of applications for U.S. spot exchange-traded funds that track the world’s second-biggest cryptocurrency, while bitcoin also approached a record high. Ether, which underpins the ethereum blockchain network, was 8% higher on the day…
(Reuters) – Amazon.com’s cloud services unit has paused orders of Nvidia’s most advanced “superchip” to wait for a more powerful new model, the Financial Times reported on Tuesday. The new model called Blackwell, the chip sector heavyweight’s new flagship AI processor, is expected to ship later this year, Nvidia said in March. Amazon Web Services,…
NEW YORK (Reuters) -JPMorgan Chase on Monday raised its forecast for net interest income (NII), or the difference between what it makes on loans and pays out on deposits, to $91 billion, excluding the markets division. Shares of the bank rose about 1% in premarket trading ahead of the bank’s investor day event scheduled to…
