(Reuters) -Nikola Corp reported wider quarterly losses on Thursday, with the electric-truck maker incurring higher costs as it ramped up production of its electric semi trucks. Electric vehicle companies have been facing inflationary pressures, including rising prices for battery materials and other components, exacerbated by the Russian invasion of Ukraine. Nikola started manufacturing its battery…
By Maha El Dahan, Ahmad Ghaddar and Alex Lawler LONDON (Reuters) -OPEC+ agreed on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China’s coronavirus lockdowns threatened the outlook for demand. Ignoring calls from Western nations for accelerating output hikes,…
FRANKFURT (Reuters) -The European Central Bank is preparing for a sequence of rate hikes that will put its benchmark rate in positive territory, but the path it takes is more important than the exact date of the first move, ECB chief economist Philip Lane said on Thursday. With inflation soaring to a record high 7.5%…
LONDON (Reuters) – European banks counted the rising cost of war in Ukraine on Thursday as France’s Societe Generale, Credit Agricole and Italy’s UniCredit upped provisions for the conflict without shattering investors’ confidence in their prospects. The Italian lender, one of Europe’s banks most exposed to Russia where it runs AO UniCredit Bank, surprised the…
(Reuters) – U.S. oil producer Conocophillips reported a higher first-quarter profit on Thursday, helped by a surge in crude prices following heavy sanctions on Russia after it invaded Ukraine. The company said it also increased its targeted 2022 returns to shareholders by an additional 25%, to a new total of $10 billion. Crude prices rallied…
(Reuters) – Elon Musk has secured $7.14 billion in funding from a group of investors that includes Oracle Corp co-founder Larry Ellison to fund his $44 billion takeover of social-media platform Twitter Inc, according to a filing on Thursday. Musk revealed in a filing he had received equity commitment letters from investors including Sequoia Capital,…
By Bozorgmehr Sharafedin , LONDON (Reuters) -Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand. Brent crude was up 36 cents, or 0.3%, at $110.50 a barrel by 1007…
By Josh Ye HONG KONG (Reuters) – The president of Chinese ride-hailing giant Didi Chuxing and her father, the founder of Lenovo, have ended their public presence on China’s main social media site, the latest Chinese tech leaders to retreat from the spotlight. Didi’s Jean Liu and her father, Liu Chuanzhi, both switched on a…
By William Schomberg LONDON (Reuters) – The Bank of England looks poised to raise interest rates on Thursday for the fourth time since December, the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger from the leap in inflation. But the BoE must tread carefully to…
BERLIN (Reuters) -German industrial orders fell more than expected in March, driven mainly by a reduction in orders from abroad as the war in Ukraine hit manufacturing demand in Europe’s biggest economy, data showed on Thursday. Orders for industrial goods dropped 4.7% on the month in seasonally adjusted terms after an upwardly revised decline of…
