(Reuters) – General Motors Co on Tuesday named former Apple Inc executive Mike Abbott to lead a division that will bring together three software functions within the company. Abbott, whose appointment is effective from May 22, will spearhead development of vehicle and enterprise software technologies. Automakers, including GM and Ford Motor Co, have been increasingly…
(Reuters) -Shares of PacWest Bancorp looked set to lead declines in U.S. regional lenders at market open on Tuesday as investors feared the ongoing banking crisis could deepen. PacWest dropped 6.5% in premarket trading, a day after the Los Angeles-based lender’s decision to cut its quarterly dividend failed to stem worries about its financial stability. …
(Reuters) -Fisker Inc lowered its 2023 production target on Tuesday, the latest sign that U.S. electric-vehicle startups were struggling to ramp up output in the face of supply chain constraints, easing demand and a tight cash position. Shares of the company slumped 12% in premarket trading. The results follow weak earnings and a production outlook…
(Reuters) – Shares of regional lenders PacWest Bancorp and Western Alliance resumed their slide in premarket trading on Tuesday as investors feared the ongoing banking crisis could deepen. PacWest dropped 13.6%, a day after the Los Angeles-based lender’s decision to cut its quarterly dividend failed to stem worries about its financial stability. The KBW Regional…
(Reuters) – U.S. stock index futures fell in the early hours of Tuesday on downbeat earnings forecasts from Apple supplier Skyworks and payments company PayPal, ahead of much-awaited inflation data later in the week. At 5:26 a.m. ET, Dow e-minis were down 123 points, or 0.37%, S&P 500 e-minis were down 15.75 points, or 0.38%,…
MILAN (Reuters) -Iveco Group will buy full ownership of its joint venture with U.S. start-up Nikola Corp which develops battery electric and fuel cell heavy-duty trucks, the Italian truck maker said on Tuesday. With the move, Iveco will cut ties with the troubled Nikola, after forming the joint venture in 2019 to help the Italian…
SHANGHAI (Reuters) – The American Chamber of Commerce in Shanghai said on Tuesday it was concerned about reports of investigations into U.S. due diligence and consulting firms in China and urged authorities to provide more guidance for the sector. “We are concerned by recent reports about investigations of US companies in China that specialize in…
By Kevin Buckland TOKYO (Reuters) – Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, while gloomy Chinese trade data also kept risk sentiment in check. The dollar stabilized against major peers as U.S. yields remained elevated amid increased confidence that the…
By Joe Cash BEIJING (Reuters) – China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth. China’s economy grew faster than expected in the first…
By Luc Cohen NEW YORK (Reuters) -Sam Bankman-Fried, who has long denied stealing from customers of his FTX cryptocurrency exchange, on Monday said prosecutors charged him with “troubling” haste and asked a U.S. judge to throw out 10 of the 13 criminal counts against him. In a filing in Manhattan federal court, Bankman-Fried’s lawyers said…
