By Akash Sriram and Hyunjoo Jin (Reuters) – Tesla Inc boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the electric vehicle (EV) maker would prioritize sales growth ahead of profit in a weak economy. The company posted its lowest quarterly gross margin in…
By Hyunjoo Jin SAN FRANCISCO (Reuters) – Elon Musk said on Wednesday that electric vehicle (EV) giant Tesla likely will launch full self-drive technology this year and generate significant profits that offset some of the margin pressure it’s facing due to aggressive price cuts. “I hesitate to say this but I think we’ll do it…
By Madhumita Gokhale BENGALURU (Reuters) – India’s economy will slow considerably this fiscal year as the global economic slowdown impedes domestic growth prospects, according to a Reuters poll, which showed inflation will remain elevated despite recent interest rate hikes. While the expected expansion would be faster than other major economies, it will be below the…
By Farouq Suleiman and Tommy Wilkes LONDON (Reuters) – British businesses are struggling to meet their sustainability goals due to rising energy prices, costs associated with international trade barriers and the impacts of the COVID-19 pandemic, a survey showed on Thursday. Almost three quarters of the more than 500 business leaders questioned said their…
By Jack Queen (Reuters) – Fox News on Tuesday disposed of one legal threat with its $787.5 million defamation settlement with Dominion Voting Systems, but the network still faces a $2.7 billion lawsuit from another voting technology company, Smartmatic USA, over its coverage of debunked election-rigging claims. Dominion accused Fox and its parent company Fox…
(Reuters) – Walt Disney World said on Wednesday it would break ground next year on a planned affordable housing development in Central Florida. The unit of Walt Disney Co said it plans to provide 1,400 housing units on 80 acres (32.4 hectares) of land “a few miles away” from the Magic Kingdom and near schools…
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve Bank of New York President John Williams said Wednesday that inflation is still at problematic levels and the U.S. central bank will act to lower it, in comments that noted recent stress in the banking sector will likely weigh on economic activity. “Inflation is still…
By Prerana Bhat and Indradip Ghosh BENGALURU (Reuters) – The U.S. Federal Reserve will deliver a final 25-basis-point interest rate increase in May and then hold rates steady for the rest of 2023, according to economists in a Reuters poll, which also showed a short and shallow recession this year was likely. Worries about an…
By Alasdair Pal SYDNEY (Reuters) – Australia on Thursday released its review of the Reserve Bank of Australia, the first external review of the central bank and the operation of monetary policy in four decades. The report made 51 recommendations, including moving to a clearer monetary policy framework and greater accountability. Here are the key…
By Lewis Krauskopf, Sruthi Shankar and Ankika Biswas (Reuters) – The S&P 500 ended virtually unchanged on Wednesday while the Dow dipped as investors digested a mixed bag of corporate earnings, including upbeat reports from medical technology companies, countered by weakness in Netflix shares. The Dow was weighed down by declines in Walt Disney Co…
