By Foo Yun Chee and Supantha Mukherjee BRUSSELS/STOCKHOLM (Reuters) – The European Union agreed a 43-billion-euro ($47 billion) chip subsidies plan on Tuesday but the relatively modest budget, lack of a domestic market for cutting-edge chips and red tape could hamper efforts to catch up with the United States and Asia. The size of subsidies…
By Mrinmay Dey (Reuters) -Teck Resources Ltd has been approached by Vale SA, Anglo American Plc and Freeport-McMoRan Inc among others to explore deals for its base metals business if the Canadian copper miner goes ahead with a planned split, sources close to the matter told Reuters on Sunday. The approaches from more than six…
(Reuters) – Microsoft Corp is developing its own artificial intelligence chip code-named “Athena” that will power the technology behind AI chatbots like ChatGPT, the Information reported on Tuesday, citing two people familiar with the matter. The company, which was an early backer of ChatGPT-owner OpenAI, has been working on the chip since 2019 and it…
BEIJING (Reuters) – China has banned senior executives of Raytheon Missiles & Defense and Lockheed Martin Corp from entering, working, staying and residing in the country since Feb. 16, the Ministry of Commerce said on Tuesday. Raytheon and Lockheed Martin have been involved in arms sales to Taiwan for a long time, the ministry said….
MOSCOW (Reuters) – Russia’s economic growth this year is likely to come in at the top end of the central bank’s forecast range of between minus 1% and 1%, a senior bank official said on Tuesday. In an interview broadcast on state TV, Deputy Governor Alexei Zabotkin said operational data from the first quarter of…
By Mathieu Rosemain and Gus Trompiz PARIS (Reuters) -French shipping group CMA CGM is offering 5 billion euros ($5.48 billion) for the logistics unit of Bollore, the family-run conglomerate said on Tuesday. For Bollore a deal would mean cutting ties with its biggest business while offering cash-rich CMA CGM a chance to bolster its bid…
(Reuters) – Bank of New York Mellon Corp beat first-quarter profit estimates on Tuesday, benefiting from the Federal Reserve’s rate hikes that boosted the lender’s interest income. Banks have been major beneficiaries of the Fed’s aggressive monetary policy aimed at curbing decades-high inflation, which has also led to heightened market volatility and credit tightening. The…
By Howard Schneider ST. LOUIS (Reuters) – The U.S. central bank should continue raising interest rates on the back of recent data showing inflation remains persistent while the broader economy seems poised to continue growing, even if slowly, St. Louis Federal Reserve President James Bullard said. In comments countering views that the U.S. is heading…
By Jack Queen (Reuters) – One of the most closely watched U.S. media trials in decades kicks off in a Delaware court on Tuesday as Fox Corp and Fox News face a $1.6 billion defamation lawsuit by Dominion Voting Systems over the network’s coverage of false claims that the ballot-counter company rigged the 2020 presidential…
(Reuters) – Electric-vehicle company Lordstown Motors Corp said on Tuesday production and deliveries of its Endurance electric pick-up truck resumed this month after a pause in February to address quality issues. EV startups have been struggling with dwindling cash balances and production challenges as access to capital tightens amid rising U.S. interest rates to tame…
