By Joseph White MUNICH (Reuters) – BMW is once again turning to the “Neue Klasse” brand – this time as an electric vehicle – as the German automaker seeks to replicate past successes to catch up with trailblazer Tesla. During the early 1960s, BMW was a struggling enterprise with an uncertain future, overshadowed by Volkswagen,…
(Reuters) – Shares of Blackstone and Airbnb rallied in extended trade on Friday after S&P Dow Jones Indices said the two companies would join the S&P 500 index. Blackstone was up 4.1%, while Airbnb jumped 5% after S&P Dow Jones Indices said the companies would replace Lincoln National Corp and Newell Brands Inc before the…
(Reuters) -Walt Disney and Charter Communications traded salvos over their unresolved distribution agreement after several channels including ESPN went dark on Thursday for customers of Charter’s Spectrum cable service. Disney pulled ESPN, ABC and other cable channels off Spectrum, which serves huge markets including New York and Los Angeles, in the middle of U.S. Open…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose on Friday to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, prolonging supply curbs engineered by…
By Mayela Armas CARACAS (Reuters) – When Venezuela’s economy was showing tentative signs of recovery in 2020, Enrique Perrella thought it was time to open a cafe in eastern Caracas serving coffee, desserts and breakfasts. But by January of this year, faced with rising rent, increased taxes and financing constraints, he closed it down. “The…
By Manya Saini and Hannah Lang (Reuters) -Robinhood said on Friday it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million to buy back stock from Sam Bankman-Fried’s Emergent Fidelity Technologies. The shares of Robinhood were seized and subsequently transferred to the custody of the U.S. government…
WASHINGTON (Reuters) – U.S. construction spending increased solidly in July as a shortage of houses on the market boosted outlays on single-family housing projects. The Commerce Department said on Friday that construction spending rose 0.7%. Data for June was revised slightly higher to show construction spending increasing 0.6% instead of 0.5% as previously reported. Economists…
Qualcomm Inc (NASDAQ:QCOM) is harnessing the capabilities of advanced artificial intelligence (AI) to amplify its presence in the automotive chip sector, presenting fresh and imaginative possibilities to automakers. Known for its cutting-edge chips and modems found in Android phones, the company has been actively promoting its Snapdragon Digital Chassis, a fusion of hardware chips, sensors,…
(Reuters) – United States Commerce Secretary Gina Raimondo has said U.S. companies have raised concerns that China has become “uninvestible”, pointing to fines, raids and other actions that have made it too risky to do business in the world’s second-largest economy. Major global firms ranging from banks to chipmakers are taking a largely cautious stance…
By Aditya Soni (Reuters) -Salesforce rallied over 5% on Thursday after its strong earnings report showed that cost cuts were working and demand was holding up better than expectations in a turbulent economy. The business software firm behind workplace-messaging tool Slack and data analytics tool Tableau was set to add around $10 billion to its…
