By Marie Mannes STOCKHOLM (Reuters) – Swedish electric vehicle (EV) maker Polestar lowered its 2023 production guidance on Thursday and said it would cut headcount by 10%, citing a delayed production start for its Polestar 3 and a challenging environment for the industry. The auto maker said it now expected to produce between 60,000 and…
By Jonathan Stempel (Reuters) – Berkshire Hathaway-owned Dairy Queen is exploring options to expand in new markets, perhaps including Taiwan, the company’s CEO said, even as geopolitical concerns with China simmer. Owned by Warren Buffett’s Berkshire Hathaway since 1998, the fast-food chain counts China as its second-largest market, operating more than 1,250 stores there out…
By Christina Amann and Ilona Wissenbach BERLIN (Reuters) -A shooting at a Mercedes-Benz plant in the city of Sindelfingen in southwestern Germany left two men dead on Thursday, mounting pressure on Berlin to tighten the country’s already-strict gun laws. Police arrested the suspect, a 53-year-old man, who opened fire on the victims before security workers…
By Charlotte Van Campenhout AMSTERDAM (Reuters) -Amsterdam is banning fast-delivery grocery companies from setting up so-called dark stores in residential areas, the local city council decided late Wednesday, citing noise and nuisance complaints from the public. Dark stores, small distribution hubs used by burgeoning fast grocery services such as Gorillas and Getir, will only be…
By Ann Saphir (Reuters) – An extended period of high interest rates and an inverted yield curve could put more stress on banks, but would be necessary if inflation stays stubbornly high, Minneapolis Federal Reserve President Neel Kashkari said on Thursday. There is some evidence high inflation “is coming down, but so far it’s been…
COPENHAGEN (Reuters) -Sweden-based Volvo Cars has delayed the start of production of its new Volvo EX90 model for more software development and testing, it said on Thursday, sending its shares down 5%. The company now expects to start production of the fully electric SUV in the first half of 2024, it said in a statement….
By Qiaoyi Li and Kevin Yao BEIJING (Reuters) -New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy’s post-pandemic recovery is losing steam and putting pressure on the central bank to ease policy. While some moderation in lending had been expected after a record first quarter, the…
MILAN (Reuters) -Sales at Italian luxury group Prada rose 22% in the first quarter to 1.065 billion euros ($1.17 billion), driven by a rebound in China and sustained growth in Europe. “Over the course of the first quarter China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific,” the…
By Olena Harmash KYIV (Reuters) – Ukraine raised record proceeds from selling small state assets in the first quarter of this year despite Russia’s invasion and aims to privatise thousands more in an economic overhaul, the head of the State Property Fund said. Since his appointment to head the fund last September, Rustem Umerov has…
MILAN (Reuters) – Italian authorities and financial firms on Wednesday discussed plans to rescue Eurovita by dividing up the troubled life insurer among leading players in the industry, two people close to the matter said. Under the scheme, top insurers Generali, UnipolSAI, Intesa Sanpaolo, Allianz and Poste Italiane would each take on a piece of…
