(Reuters) -Richard Branson’s Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled…
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 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 Katya Golubkova TOKYO (Reuters) – Oil prices fell on Thursday as muted U.S. economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive. Brent futures for June delivery were down by 37 cents, or 0.4%, at…
(This April 18 story has been corrected to fix the title to director, not CEO, in paragraph 4) By Mrinalika Roy (Reuters) – Companies with a focus on the oil-rich Permian basin are likely to be at the center of the next wave of consolidation in the U.S. energy sector as favorable oil prices prompt…
By Blake Brittain (Reuters) – Tesla Inc has settled a lawsuit against one of its former engineers, Alexander Yatskov, whom it accused of stealing trade secrets related to its AI-training supercomputer Dojo, according to a filing on Wednesday in San Francisco federal court. The joint filing said the terms of the settlement were confidential but…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Stocks may be treading water as investors digest a mixed flow of U.S. earnings and red hot UK inflation is pushing up global bond yields, but investors in Asia with a glass half full outlook on Thursday might…
By Nichola Groom (Reuters) – A U.S. House of Representatives committee voted in favor of restoring tariffs on solar panels from four Southeast Asian nations on Wednesday and reversing President Joe Biden’s earlier suspension, setting the resolution up for a vote by the full House. Biden suspended tariffs last June as part of a key…
By Katie Paul and Yuvraj Malik (Reuters) – Meta Platforms Inc on Wednesday carried out another round of job cuts, this time hitting engineers and adjacent tech teams, as Chief Executive Mark Zuckerberg further moved to streamline the business in a bid to make 2023 a “year of efficiency.” Meta in March became the first…
By Daniel Wiessner (Reuters) – Amazon.com Inc must face a proposed U.S. nationwide class action accusing the company of illegally monitoring private Facebook groups that delivery drivers used to discuss working conditions, a U.S. appeals court said on Wednesday. A divided panel of the San Francisco-based 9th U.S. Circuit Court of Appeals said an agreement…
