By Joseph White (Reuters) – General Motors Co said on Monday it plans to invest more than $1 billion to re-tool two manufacturing sites in Flint, Michigan to prepare for a new generation of its internal combustion engine heavy-duty (HD) trucks. GM has outlined this year a total of $1.7 billion in investments in Flint…
By John Revill ZURICH (Reuters) -UBS expects to complete its takeover of Credit Suisse “as early as June 12”, which will create a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year. The deal’s completion is subject to the registration statement, which covers shares to be delivered,…
(Reuters) – New orders for U.S.-made goods rose for a second straight month in April, boosted largely by defense spending, but the overall manufacturing industry continued to struggle under the weight of higher interest rates. Factory orders increased 0.4% after a 0.6% gain in March, the Commerce Department said on Monday. Economists polled by Reuters…
MILAN (Reuters) -UniCredit <CRDI.MI> Chief Executive Andrea Orcel said on Monday he would be “definitely up for more,” when asked about whether he would seek a new mandate at the helm of the Italian bank. The former UBS investment banking chief started in April 2021, and in December that year he presented his ‘UniCredit Unlocked’…
MILAN (Reuters) -Ferrari has no plans to purchase other sports car makers, the company’s Chief Executive Benedetto Vigna said on Monday. “I don’t think it makes sense for us to buy other supercar makers,” Vigna said during a conference organized by Bloomberg, replying to a question about possible M&A operations by the Italian company. “Ferrari…
(Reuters) – Spotify Technology SA said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. The move affects about 2% of the music-streaming giant’s workforce and aligns Spotify with the likes of Meta Platforms and Roku,…
MILAN (Reuters) – Italy’s government has no need to directly invest in Stellantis as the carmaker is doing well, Economy Minister Giancarlo Giorgetti suggested on Monday, echoing similar comments made last week by the group’s chairman. Asked by reporters whether Rome should take a stake in Stellantis to have more say in its management, Giorgetti…
MEXICO CITY (Reuters) – Mexico’s headline inflation likely slowed for a fourth consecutive month in May, a Reuters poll on Monday showed, backing views that the central bank will hold its benchmark rate while price growth comes down to within its target range. The median forecast of 10 analysts sees annual headline inflation MXCPHI=ECI in…
By Shubham Batra (Reuters) – Regional bank executives buying shares in their own companies hit a three-year high in the United States during the second quarter of 2023 as they rushed to restore investor confidence in their firms following the collapse of Silicon Valley Bank. Such a buying frenzy was last witnessed in the first…
FRANKFURT (Reuters) – The European Central Bank still needs several more interest rate hikes to rein in inflation and it is not certain that rates could peak this summer, Bundesbank President Joachim Nagel said on Monday. The ECB has raised rates at the fastest pace on record in the past year after inflation hit double-digit…
