By David Randall NEW YORK (Reuters) – Investors are awaiting earnings reports from consumer discretionary companies in coming weeks for a read on how the U.S. economy is faring amid persistently high inflation and the Federal Reserve’s most aggressive rate hiking cycle since the 1980s. Consumers have largely held strong over the last year even…
SHANGHAI (Reuters) – China’s electric vehicle (EV) maker Xpeng unveiled on Sunday a new platform it developed in-house for making vehicles, which it said will reduce the development and manufacturing costs for its company’s upcoming models. The Smart Electric Platform Architecture (SEPA) 2.0 will help Xpeng to reduce costs of powertrain systems including batteries by…
By Lisa Richwine LOS ANGELES (Reuters) – Hollywood television and movie writers wrap up a critical vote this week as they push media companies to raise their pay or face a strike that would disrupt an industry recovering from the pandemic and under pressure to make streaming more profitable. Negotiators for the Writers Guild of…
(Reuters) -Merck & Co has agreed to acquire Prometheus Biosciences Inc for about $10.8 billion to bolster the company’s presence in immunology, the companies said on Sunday. The joint statement said that Merck, through one of its subsidiaries, will pay $200 per share for the biotechnology company that specializes in products for treatment of immunological…
TOKYO (Reuters) -Japan’s Panasonic Holdings, a battery supplier to electric vehicle maker Tesla Inc, said on Sunday that it is considering building a battery plant in Oklahoma, its third in the United States. “Panasonic has entered into an agreement with the State of Oklahoma that defines the eligibility and terms of the incentives under Oklahoma’s…
By Ellen Zhang and David Kirton GUANGZHOU (Reuters) – Chinese exporters exhibiting their products at the country’s largest trade fair said the weak global economy was hurting their businesses, with many freezing investments and some cutting labour costs in response. The subdued mood at the Canton Fair in the southern city of Guangzhou suggests China’s…
(Reuters) – Merck & Co is in late-stage talks to acquire Prometheus Biosciences Inc to get its hands on promising immune disease treatments, the Wall Street Journal reported on Sunday citing people familiar with the matter. (Reporting by Kanjyik Ghosh in Bengaluru; Editing by Tom Hogue)
By David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said banks are likely to become more cautious and may tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve interest rate hikes. Yellen said in a “Fareed Zakaria GPS” interview that policy actions to stem the…
(Reuters) – Ducati’s reigning MotoGP world champion Francesco Bagnaia smashed the circuit lap record to take pole position for the Grand Prix of the Americas in Austin, Texas, on Saturday. The pole was the Italian’s first of the season, and 12th of his career, after starting the previous two races in Portugal and Argentina on…
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said banks are likely to tighten lending further in the wake of recent bank failures, possibly negating the need for further Federal Reserve rate hikes, according to a CNN interview transcript released on Saturday. Yellen said in the “Fareed Zakaria GPS” interview that policy actions to stem…
