(Corrects title in last paragraph) (Reuters) – Stellantis will invest 160 million euros ($176.13 million) at its Rennes plant to launch a 100% electric compact Sports Utility Vehicle (SUV) in 2025, the Franco-Italian-American car manufacturer said on Thursday. Stellantis will use the investment to set up a battery assembly workshop as well as one dedicated…
By Granth Vanaik (Reuters) – Hormel Foods Corp reaffirmed its annual sales and profit forecasts even as its second-quarter revenue missed estimates, sending the company’s shares up as much as 8% in early trade. Multinational meat packers have gradually bumped up the prices of their goods over the past year to battle rising labor, freight…
WASHINGTON (Reuters) – U.S. construction spending surged in April, boosted by investment in nonresidential structures, but higher mortgage rates continued to depress single-family homebuilding. The Commerce Department said on Thursday that construction spending jumped 1.2% after rising 0.3% in March. Economists polled by Reuters had forecast construction spending climbing 0.2%. Construction spending shot up 7.2%…
By David Shepardson WASHINGTON (Reuters) -U.S. auto safety regulators have stepped up a long-running investigation into potentially defective air bag inflators that can cause metal fragments to strike vehicle occupants, saying it required auto supplier ARC Automotive Inc to answer questions. The National Highway Traffic Safety Administration (NHTSA) in May demanded the recall of 67…
WASHINGTON (Reuters) – U.S. manufacturing contracted for a seventh straight month in May as new orders continued to plummet amid higher interest rates, but factories boosted employment to a nine-month high. The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April. It was…
(Refiles to remove extraneous words in paragraph 7) WASHINGTON (Reuters) – U.S. worker productivity slumped in the first quarter, though not as steep as initially thought, according to government data on Thursday, which also showed sharp downward revisions to labor costs last quarter and in the final three months of 2022. Nonfarm productivity, which measures…
By David Lawder WASHINGTON (Reuters) – U.S. President Joe Biden’s 2020 campaign promise to make wealthy Americans and corporations pay more in taxes to finance a range of social priorities breathed its last gasp, at least for this presidential term, with the debt ceiling deal he struck with Republicans on Saturday. The deal to cap…
By Akriti Sharma and Abhirup Roy (Reuters) – Lucid Group said it plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia’s Public Investment Fund (PIF), sending shares of the luxury electric-vehicle maker down 9% after market hours. PIF, which owns more than 60% of the…
LONDON (Reuters) – The largest owner of IKEA stores has acquired supply chain software firm Made4Net as the Swedish furniture retailer plans a major expansion in the United States and aims to grow its online sales. Ingka Group’s investment arm Ingka Investments bought the company for an undisclosed sum, the company said, in order to…
By Medha Singh (Reuters) -Shares of C3.ai Inc dropped nearly 20% in early trade on Thursday after the AI software maker’s quarterly revenue forecast missed estimates, dampening some of Wall Street’s recent euphoria around small cap AI-linked stocks. Most other small-cap artificial intelligence (AI) related stocks also fell, with analytics firm BigBear.ai, conversation intelligence firm…
