(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…
By David Lawder WASHINGTON (Reuters) -The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The front end of the centrist think tank’s latest estimate for…
By Karen Freifeld and Jonathan Stempel (Reuters) – Donald Trump’s onetime lawyer and fixer Michael Cohen asked a court to throw out the former U.S. president’s $500 million lawsuit against him, calling it an “abusive act of pure retaliation and witness intimidation.” Cohen’s lawyers in a filing late Monday in Miami federal court said…
By Nick Carey LONDON (Reuters) – Ford Motor Co said on Tuesday it will test a small fleet of prototype hydrogen fuel-cell versions of its electric E-Transit model to see if they are a workable zero-emission option for customers hauling heavy goods long distances. Ford will lead a consortium in the three-year project that includes…
(Reuters) – Duke Energy Corp on Tuesday missed Wall Street estimates for first-quarter profit, as the gas and electric utilities firm was hit by unfavorable weather, higher interest expenses, and lower volumes. Warmer-than-normal weather in the states serviced by the company weighed on customers’ electricity needs for heating in colder months. Duke’s electric utilities, which…
(Reuters) – U.S. refiner Valero Energy Corp said on Tuesday CEO Joseph Gorder would step down from the role on June 30 and named Chief Operating Officer Lane Riggs as his successor. Gorder has led Valero as CEO since May 1, 2014 and served as chairman of the board since Dec. 31, 2014. Gorder will…
By Chibuike Oguh NEW YORK (Reuters) – Apollo Global Management Inc said on Tuesday its first-quarter adjusted net income fell 8% year-on-year, missing estimates, as a jump in management fees and investment income could not offset the impact of a drop in asset sales. Like its peers, private equity firm Apollo was hit by a…
By Tom Hals WILMINGTON, Delaware (Reuters) – Walt Disney Co and Florida Governor Ron DeSantis have been embroiled in an increasingly bitter dispute, starting when the company criticized a Florida law last year, which has led to dueling lawsuits. THE DISNEY LAWSUIT AGAINST DESANTIS The entertainment giant sued the Republican governor on April 26 in…
By Patrick Wingrove and Michael Erman (Reuters) – Some of the world’s biggest drugmakers are laying legal groundwork to fight the U.S. plan to negotiate drug prices for its Medicare health coverage, including the argument that a ban against speaking about these talks violates constitutional rights, according to six industry sources. The Biden Administration’s signature…
By Jason Lange WASHINGTON (Reuters) – U.S. President Joe Biden is due to meet on Tuesday with the top Republicans and Democrats in Congress amid a months-long standoff over the government’s debt ceiling that has brought the nation close to the brink of default and economic crisis. WHAT IS THE DEBT CEILING? Washington regularly sets…
