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☆ Rivian, Lucid and other EV startups scramble to shore up cash and reassure Wall Street
▼ + stars: | 2024-05-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article NKLARIVNLCID Follow your favorite stocks CREATE FREE ACCOUNTR1T trucks on the assembly line at the Rivian electric vehicle plant in Normal on April 11, 2022. Stock Chart Icon Stock chart icon Performance of Rivian, Lucid and Nikola stocks over the past year. Rivian reported $7.86 billion in cash, cash equivalents, and short-term investments to end March, with more than $9 billion in total liquidity. Lucid, for its part, ended the first quarter with approximately $4.6 billion in cash, cash equivalents and investments, with total liquidity of approximately $5.03 billion. Unlike Rivian and Lucid, Nikola is exclusively focused on commercial vehicles rather than ones to retail customers.

Persons: Brian Cassella, Tesla, Itay Michaeli, Rivian, Rivian's, Peter Rawlinson, he's, Rawlinson, " Rawlinson, LSEG, Nikola, Thomas Okray, Okray, Derek Jenkins, David Swanson Organizations: Tribune, Service, Rivian, Lucid Group, Nikola Corp, Wall Street, Citi, Saudi, Public Investment Fund, Wall, Lucid, Los Angeles Auto Locations: Normal, Illinois, Georgia, Normal , Illinois, Los Angeles , California, U.S

☆ Saudi Arabia's $100 billion AI and semi-chip fund says it will divest from China if the US asks
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi AI firm Alat would divest from China if the US requests it, CEO Amit Midha told Bloomberg. Saudi Arabia has been pouring billions into AI and semiconductor initiatives in an attempt to become a major hub. AdvertisementA new state-backed Saudi Arabian fund centered on semiconductor and AI technology has guaranteed that it would divest from China if Washington requests it. Officials have long portrayed China's access to AI and semiconductor technology as a national security threat. US officials have already had to mandate AI firms to divest from China, such as G42.

Persons: Amit Midha, —, Midha, that's Organizations: Bloomberg, Service, Milken Institute Global Conference, Saudi Arabia's Public Investment Fund, Officials, Silicon, New York Times, United Arab Emirates, Microsoft Locations: Saudi, China, Saudi Arabia, Washington, Beijing, Alat

☆ Lucid posts quarterly revenue beat as luxury EV sedan price cuts boost sales
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +2 min

Lucid Group reported first-quarter revenue above analysts' estimates on Monday as price cuts helped the company deliver more luxury electric sedans in the first three months of 2024. Revenue for the first quarter was $172.7 million, compared with analysts' estimate of $156.99 million, according to LSEG data. Lucid posted a net loss of $684.76 million, narrower than a $779.5 million loss a year earlier. It ended the first quarter with cash and cash equivalents of $2.17 billion, compared with $1.37 billion in the fourth quarter of last year. The company said it expects capital expenditure of $1.5 billion this year, compared with $910.6 million in 2023.

Persons: Lucid, Elon Musk, Tesla Organizations: Lucid, Air, Revenue, Saudi Arabia's Public Investment Fund Locations: Newark , California

☆ BlackRock is opening a Saudi investment firm with initial $5 billion from PIF
▼ + stars: | 2024-05-01 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The BlackRock logo is displayed at the company's headquarters in New York City on Nov. 14, 2022. Asset manager BlackRock will launch an investment platform in Riyadh with the help of a $5 billion anchor investment from Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund. BlackRock, the world's largest asset manager with $10 trillion in assets under management, will "launch investment strategies across asset classes for the Saudi market, including both public and private markets, managed by a Riyadh-based investment team," a joint press release from the firm and the PIF read. The new platform will be called BlackRock Riyadh Investment Management, or BRIM. BRIM aims to help bring foreign institutional investment into Saudi Arabia as well as develop the Saudi asset management industry, expand local capital markets and investor diversification, and support the development of the kingdom's asset management talent, the release said.

Organizations: BlackRock, Saudi Arabia's Public Investment Fund, Saudi, BlackRock Riyadh Investment Management Locations: BlackRock, New York City, Riyadh, Saudi, Saudi Arabia

☆ Saudi Arabia is becoming a hot spot for global technology manufacturing with sustainable practices in mind. Here's how.
▼ + stars: | 2024-04-23 | by ( Sponsor Post | ) www.businessinsider.com time to read: +5 min

AI and industry 4.0 technology presents an unprecedented opportunity for manufacturers to transform their operations. Alat has already partnered with several global leaders in advanced manufacturing to work together on these challenges. Alongside advanced technology, another critical element of Alat is the use of clean energy and sustainable practices to become a leader in sustainable manufacturing. Alat will also implement sustainability best practices into every facet of its processes, which integrate the most up-to-date industry 4.0 thinking to enable sustainable manufacturing. Through the combination of advanced technology, best practices, and commitment to sustainability, Alat is reimagining manufacturing, for a better tomorrow.

Persons: Alat Organizations: Saudi Arabia's Public Investment Fund, Alat, SoftBank Group, Saudi, Sustainable Technology, Insider Locations: Saudi, Saudi Arabia

☆ Saudi oil giant Aramco posts 25% fall in full-year profit
▼ + stars: | 2024-03-10 | by ( Dan Murphy | ) www.cnbc.com time to read: +2 min

Artur Widak | Nurphoto | Getty ImagesSaudi Arabia's state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022. Changing HandsThe earnings come after the Saudi government transferred an additional 8% of Aramco shares, worth $164 billion, to Saudi Arabia's Public Investment Fund (PIF). PIF already owned 4% of Aramco, and controls Sanabil, a financial investment firm, which owns 4% of Aramco as well. Aramco said total dividends of $97.8 billion were paid in 2023, up 30% from 2022. watch nowThe PIF's 16% state in Aramco, worth an estimated $328 billion, is set to strengthen its financial position and boost its ability to deploy capital to invest on behalf of the Saudi state.

Persons: Artur Widak, Amin Nasser, Yasir Al Organizations: Aramco, Saudi Arabian Oil Group, World Petroleum Congress, Nurphoto, Getty, Saudi, Saudi Arabia's Public Investment Fund Locations: Saudi, Stampede, Calgary, Canada, Aramco

☆ Saudi sovereign wealth fund to partner with men's tennis tour
▼ + stars: | 2024-02-28 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Saudi Arabia's Public Investment Fund will become the official naming partner of the ATP Rankings and will partner with ATP Tour tennis events, including Indian Wells, Miami, Madrid, Beijing and the Nitto ATP Finals under a multi-year partnership announced Wednesday. "Our strategic partnership with PIF marks a major moment for tennis. It's a shared commitment to propel the future of the sport," ATP CEO Massimo Calvelli said in a press release. A deal to merge the PGA Tour and the Saudi-backed LIV tour is still in negotiations and there is no deadline for the talks to end. The PIF launched the LIV tour in 2022, luring away top stars from the PGA Tour, including Phil Mickelson, Dustin Johnson and Brooks Koepka, with hundreds of millions in signing bonuses.

Persons: Hamad Medjedovic, Arthur Fils of, Massimo Calvelli, LIV, Phil Mickelson, Dustin Johnson, Brooks Koepka, Crown Prince Mohammed bin Salman, Mohamed AlSayyad Organizations: King Abdullah Sports City, Saudi Arabia's Public Investment Fund, ATP, ATP Tour, PGA Tour, PIF, LIV, PGA, Saudi, Crown, U.S Locations: Serbia, Arthur Fils of France, Jeddah, Saudi Arabia, Saudi, Indian Wells, Miami, Madrid, Beijing

☆ Steve Cohen and other sports investors set to pump billions into the PGA Tour
▼ + stars: | 2024-01-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

A US sports consortium is set to pump billions into the PGA Tour, according to a new report. The PGA Tour didn't immediately respond to a request for comment from Business Insider before publication. The major investment comes amid an ongoing rivalry between the PGA Tour and LIV Golf. Families of the 9/11 terrorist attacks criticized the PGA Tour for the merger, classifying the decision as a demonstration of "hypocrisy and greed." "We cannot compete with a foreign government with unlimited money," Jay Monahan, the commissioner of PGA Tour, told The Wall Street Journal regarding the merger.

Persons: Steve Cohen, Cohen, Marc Lasry, LIV Golf, LIV, Phil Mickelson, Jay Monahan Organizations: PGA, Strategic Sports Group, Saudi Public Investment Fund, Bloomberg, Business, New York Mets, Cohen Private Ventures, Milwaukee Bucks, Fenway Sports, PGA Tour Enterprises, LIV Golf, Saudi Arabia's Public Investment Fund, PGA Tour, Wall

☆ Saudi Arabia's sovereign wealth fund overtakes Singapore's GIC to top spending table
▼ + stars: | 2024-01-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi Arabia's Public Investment Fund (PIF) was the top spender among global sovereign wealth funds last year, accounting for about a quarter of the $124 billion splashed by state-owned investors, according to a preliminary report by research consultancy Global SWF. The Saudi fund boosted its deal activities from a total of $20.7 billion in 2022 to $31.6 billion in 2023, the research said, even as most other counterparts tapered down their spending. Overall, global sovereign wealth funds deployed 20% fewer funds compared with 2022, despite most major stock markets seeing a rally last year. "This may signal an overly cautious approach, as there is no shortage of capital to put to work among these institutions," the report, which tracks activities across the world's sovereign funds, noted. The Saudi fund has sought frequent deals and joint ventures in its pursuit toward Vision 2030 — a plan originally launched in 2016 which aims to increase economic diversification away from oil.

Persons: spender, Saudi's, Saudi Crown Prince Mohammed bin Salman Organizations: Saudi, Public Investment Fund, Saudi Crown, Nintendo, Materials Locations: Saudi, Japan, Brazil

☆ PGA Tour and LIV Golf are working to extend merger deadline into 2024
▼ + stars: | 2024-01-01 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

PGA Tour and LIV Golf are working to extend their proposed merger deadline, which was originally set at Dec. 31, Commissioner Jay Monahan told players in a memo on Sunday. The delay is the latest update in a long and tumultuous saga between the PGA Tour and Saudi Public Investment Fund-backed LIV Golf that has divided players and could dramatically change professional golf if the merger is completed. PGA Tour and LIV are expected to make a formal decision on the combination ahead of the Masters tournament in April, according to The Telegraph, which first reported the extension. Under the structure of the agreement, PGA Tour would hold a permanent controlling interest in the new entity's board of directors. The agreement also includes the DP World Tour, also known as the PGA European Tour.

Persons: LIV Golf, Jay Monahan, LIV, Monahan Organizations: THE, Sawgrass, CNBC, PGA Tour, Saudi Public Investment Fund, Strategic Sports Group, Saudi, Public Investment Fund, PGA Tour Enterprises, U.S, Fenway Sports Group, The, PGA European, U.S . Federal Trade Commission, Justice Department Locations: Ponte Vedra Beach , Florida

☆ Saudi Arabia's PIF to buy 10% stake in Heathrow airport holding company - SPA
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Nov 29 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) has struck a share purchase agreement to buy a 10% stake in TOPCO, the holding company of Heathrow Airport Holdings Ltd, from Ferrovial (FERF.AS), state news agency (SPA) reported on Wednesday. Reporting by Clauda Tanios Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Clauda, Mark Potter Organizations: Saudi, Public Investment Fund, Heathrow Airport Holdings, Thomson Locations: RIYADH, TOPCO, Ferrovial

☆ PGA Tour commissioner says he's talking to possible investors ahead of Saudi deal deadline
▼ + stars: | 2023-11-29 | by ( Drew Richardson | ) www.cnbc.com time to read: +4 min

PGA Tour Commissioner Jay Monahan speaks during a press conference prior to the TOUR Championship at East Lake Golf Club on August 24, 2022 in Atlanta, Georgia. PGA Tour Commissioner Jay Monahan said Wednesday that the organization is talking to several potential investors as a deadline to clinch a deal with Saudi Arabia's Public Investment Fund rapidly approaches. LIV and the PGA Tour were engaged in an antitrust legal battle dating back to last year. The deal had the PGA Tour retaining control in the face of an existential threat, he added. The PIF and "likely another co-investor with significant experience in business and sports will help the PGA Tour take share from other sports and be even more competitive."

Persons: Jay Monahan, " Monahan, Yasir bin Othman Al, Saudi Crown Prince Mohammed bin Salman, Monahan, LIV Golf, LIV, Phil Mickelson, Tiger Woods, Rory McIlroy, Saud Arabia's Organizations: East Lake Golf Club, PGA, Saudi Arabia's Public Investment Fund, The New York Times, Saudi Crown, PGA Tour, Public Investment Fund, Boston Red Sox, Fenway Sports Group, Endeavor Group Holdings, Endeavor Locations: Atlanta , Georgia, Saudi

☆ Ray Dalio hails the Gulf's 'renaissance states' amid a period of 'greater disorder' globally
▼ + stars: | 2023-11-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. We're now talking about a renaissance state here that happens within this greater geopolitical and economic environment," Dalio told CNBC's Dan Murphy on Tuesday. The UAE "is a renaissance state," Dalio said. Amid higher oil prices in recent years, the region's mammoth sovereign wealth funds had ever more to spend. The region's combined 10 largest sovereign wealth funds managed some $4 trillion in early 2023, according to the Sovereign Wealth Fund Institute.

Persons: Ray Dalio, ABU, Dalio, CNBC's Dan Murphy, Dalio's Organizations: Forbes, Getty, United, United Arab Emirates, Bridgewater Associates, United Arab, CNBC, Abu, Abu Dhabi Finance, GCC, Gulf Cooperation, Dalio's Bridgewater Associates, Pensions & Investments, The, Dubai International Financial, Sovereign Wealth Fund, —, Saudi Arabia's Public Investment Fund Locations: New York City, Taylor, ABU DHABI, United Arab, Gulf, United Arab Emirates, Abu Dhabi, U.S, Singapore, The UAE, UAE, Saudi Arabia, Dubai, London, New York, France

☆ Former world number one Scott desperate to end win drought in Queensland
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Scott won the first of his two Australian PGA Championship trophies 10 years ago in his prime and the second in 2019. Less than two months after winning the 2019 event, he broke a four-year victory drought on the U.S. PGA Tour by claiming the Genesis Invitational. "If I were to win this week or next week (at the Australian Open) it could be a springboard." The rival circuits, along with the European DP World Tour, announced plans in June to merge and end the sport's bitter divide. "There’s four or five other interested parties in investing in the PGA Tour like PIF," he added, referring to Saudi Arabia's Public Investment Fund.

Persons: Adam Scott, Paul Childs, Scott, ”, Cameron Smith, I’ve, Smith, LIV Golf, Ian Ransom, Shri Navaratnam Organizations: BMW, Wentworth, Rights MELBOURNE, Australian, Butterfield, Royal, British, U.S, PGA, Justice Department, Saudi Arabia's Public Investment Fund, Thomson Locations: Wentworth , Virginia Water, Britain, California, Bermuda, Royal Queensland, Saudi, U.S, Melbourne

☆ Newcastle get green light to loan players from Saudi Pro League - media
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Newcastle United will be allowed to loan players from sides controlled by their Saudi owners in the January transfer window after a vote on a temporary ban on related-party loans did not get enough support from Premier League clubs, British media reported on Tuesday. Thirteen Premier League clubs voted in favour of the temporary ban on loan moves between teams under the same ownership at a shareholders' meeting on Tuesday, the BBC reported, falling one vote short of the number needed for it to be introduced. The vote means that Newcastle, who in October 2021 were acquired by a group led by Saudi Arabia's Public Investment Fund (PIF), will be permitted to loan players from other clubs also owned by the fund. PIF owns majority stakes in the Pro League's "big four" clubs -- Al-Ittihad, Al-Ahli, Al-Nassr, and Al-Hilal -- who signed players including Karim Benzema, Sadio Mane, Ruben Neves and Neymar in the last transfer window. Reporting by Anita Kobylinska in Gdansk Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

Persons: PIF, Karim Benzema, Sadio Mane, Ruben Neves, Neymar, Anita Kobylinska, Toby Davis Organizations: Newcastle United, Premier League, BBC, Saudi Arabia's Public Investment Fund, Thomson Locations: Newcastle, Ittihad, Al, Ahli, Hilal, Gdansk

☆ Jordan Spieth replaces Rory McIlroy on PGA Tour board
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Golf - The 2023 Ryder Cup - Marco Simone Golf & Country Club, Rome, Italy - September 30, 2023 Team USA's Jordan Spieth reacts after a missed putt on the 1st green during the Foursomes REUTERS/Phil Noble/ File photo Acquire Licensing RightsNovember 20 - Jordan Spieth will serve the remainder of Rory McIlroy's term as a player director the PGA Tour's policy board. Commissioner Jay Monahan announced the change to tour members on Monday. "With Rory McIlroy resigning from the PGA Tour Policy Board last week, per the PGA Tour Tournament Regulations, the five remaining Player Directors have elected Jordan Spieth to serve the remainder of Rory's term which expires at the end of 2024," Monahan wrote to members, according to an email obtained by Golf Channel. He also acknowledged that the agreement between the PGA Tour and DP World Tour with Saudi Arabia's Public Investment Fund (PIF), which backs LIV Golf, over future cooperation affected his role on the board. Spieth, 30, is a 13-time winner on the PGA Tour with major victories at the Masters (2015), U.S. Open (2015) and The Open Championship (2017).

Persons: Ryder, Marco Simone Golf, USA's Jordan Spieth, Phil Noble, Jordan Spieth, Rory McIlroy's, Jay Monahan, Tiger Woods, Patrick Cantlay, Charley Hoffman, Peter Malnati, Webb Simpson, Rory McIlroy, Monahan, Jordan, McIlroy, LIV Golf Organizations: Country Club, REUTERS, PGA Tour, Golf, PGA, Saudi Arabia's Public Investment Fund, Thomson Locations: Rome, Italy, U.S

The PGA Tour said Tuesday it will begin to offer professional players direct equity ownership in the new company that will be formed after it reaches a deal with investors, according to an internal memo obtained by CNBC. The talks with PIF and the DP World Tour remain the tour's "top priority," PGA Tour Commissioner Jay Monahan said in Tuesday's memo. The new program outlined in Tuesday's memo is the latest move to align the interests of PGA Tour players with the business itself. Monahan also wrote that the Tour's agreement with PIF and DP World Tour has generated interest from other investors. Last week, Fenway Sports Group Chairman Tom Werner acknowledged that the company has held talks with the PGA Tour, but declined to comment with any further details.

Persons: Woods, Rory McIlroy, LIV, Jay Monahan, Monahan, Tom Werner, There's Organizations: Northern, Augusta National Golf Club, CNBC, Saudi Arabia's Public Investment Fund, PIF, PGA, Fenway Sports Locations: United States, Augusta , Georgia, Saudi, U.S

LONDON, Nov 12 (Reuters) - Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative. The iShares MSCI Saudi Arabia ETF saw record net outflows in October of more than $200 million, LSEG data shows, cutting 20% from what it held at the beginning of the month. "Capital flight can be quite indiscriminate," said Torbjorn Soltvedt, principal analyst for the Middle East and North Africa with Verisk Maplecroft. The iShares MSCI Qatar ETF (QAT.O) lost $7.7 million in funds in October, while the iShares MSCI UAE ETF (UAE.O) suffered outflows of $2.75 million. Nearly all the region's main economies are strong enough to weather some turmoil, investors say.

Persons: Torbjorn Soltvedt, Verisk, Natalia Gurushina, Israel, Gurushina, Bonds, Sergey Dergachev, Maplecroft, Dergachev, Libby George, Alexander Smith Organizations: Saudi Arabia ETF, . Exchange, Exchange, ARK Israel Innovative Technology, BlueStar, BlueStar Israel Technology, Hamas, Union Investment, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Qatar, UAE, Israel, East, North Africa, BlueStar Israel, outflows, Saudi, London, Bengaluru

An electric pick-up truck is pictured at the Rivian Automotive Inc facility in Costa Mesa, California, U.S.,November 1, 2023. Smaller rival Lucid (LCID.O) cut its production forecast on Tuesday "to prudently align with deliveries", sending its shares down 3%. Last month, it reported third-quarter deliveries above market expectations. The company reported a net loss of $1.37 billion, compared with a loss of $1.72 billion a year earlier. Its third-quarter production fell nearly 30% to 1,550 vehicles.

Persons: Mike Blake, Tesla, Elon Musk, I'm, RJ Scaringe, Scaringe, Rivian, Alec Lucas, Akash Sriram, Zaheer Kachwala, Abhirup Roy, Krishna Chandra Organizations: Rivian Automotive Inc, REUTERS, Rivian, Reuters, Global, Saudi Arabia's Public Investment Fund, Amazon, Wall, Thomson Locations: Costa Mesa , California, U.S, Bengaluru, San Francisco

☆ Fenway chairman confirms talks with PGA Tour as doubts grow about LIV Golf deal
▼ + stars: | 2023-11-06 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Fenway Sports Group Chairman Tom Werner on Monday acknowledged that the company has held talks with the PGA Tour as the golf organization's framework agreement with Saudi-backed LIV Golf faces new doubts. Werner, who spoke alongside PGA Tour star Rory McIlroy, said that the players "will decide the direction the tour goes." McIlroy had been outspoken in his disdain for LIV Golf, saying in July that if LIV Golf was "the last place to play golf on earth, I would retire." LIV lured PGA Tour players, like Phil Mickelson, to with deals worth hundreds of millions of dollars. McIlroy sounded a friendlier note Monday, when asked about the potential for a renewed rivalry between the PGA Tour and LIV Golf.

Persons: Tom Werner, LIV Golf, we've, Werner, CNBC's Scott Wapner, Rory McIlroy, LIV, Alan Shipnuck, McIlroy, Critics, Prince Muhammad bin Salman, Tiger Woods, LIV Golf's, Phil Mickelson, McIlroy's Organizations: Fenway Sports, PGA Tour, PGA, Boston Red Sox, Liverpool FC, Veteran, Endeavour Group Holdings, WWE, UFC, Saudi Arabia's Public Investment Fund, Saudi, Tiger, Tour, ESPN, TGL, Fenway, Boston, CNBC Locations: Saudi, U.S

☆ Lucid cuts prices of electric sedans for limited time amid EV price wars
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. Lucid slashed the price of its Air Touring model to $87,500 from $95,000 and the more powerful Grand Touring by $10,000 to $115,600. Tesla has cut the prices of its Model S premium sedan, Lucid Air's closest competitor, to $74,990. Lucid had previously cut prices for its cars in August as the company burned through cash as it ramped up production in a tough economy. The price cut offer will be valid till Nov 30, the company said.

Persons: Hyunjoo Jin, Elon, Lucid, Tesla, Zaheer Kachwala, Tasim Zahid Organizations: REUTERS, Cox Automotive, Saudi Arabia's Public Investment Fund, Thomson Locations: Scottsdale , Arizona, U.S, Newark , California, Bengaluru

☆ Aston Martin shares plunge on volume target cut, lingering debt
▼ + stars: | 2023-11-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Company shares had plunged by as much as 20% in earlier trade. Aston Martin reported an adjusted operating loss of £48.4 million ($58.8 million) for the three months to the end of September and a net revenue of £362.1 million, below a company-compiled consensus of £370 million. "The DB12 production ramp up was temporarily affected as supplier readiness and integration of the new EE platform that supports the fully redeveloped infotainment system was delayed," Aston Martin said in its earnings report on Wednesday. Aston Martin Executive Chairman Lawrence Stroll said the launch of the DB12 has seen "extraordinary demand" and is bringing in new customers, with 55% of initial DB12 buyers new to the brand. "With the shares trading at a tenth of the level at which they listed in 2018, the optimistic comparisons Aston Martin made for itself with Italian rival Ferrari look as fanciful as they ever did."

Persons: Aston Martin, Lawrence, Aston, Russ Mould, AJ Bell, Aston Martin's, " Mould, Ferrari Organizations: Company, Aston, Aston Martin, Saudi Arabia's Public Investment Fund Locations: London

☆ World Cup in Saudi Arabia would be structurally really good, says Howe
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Newcastle United's Eddie Howe would expect a World Cup in Saudi Arabia to be well organised having previously travelled there with his team, the manager said on Tuesday. With Australia deciding not to enter a bid to host the 2034 World Cup, FIFA are expected to announce Saudi Arabia as the only bid received before the Oct. 31 deadline. "Our trips out there to Riyadh and Jeddah were two different experiences really," Howe told a press conference before Newcastle's League Cup tie against Manchester United. If that's a sign of what a World Cup might look like, structurally it will be really good." Newcastle also hosted two Saudi Arabia international games at St. James' Park in September with Costa Rica and South Korea.

Persons: Newcastle United's Eddie Howe, Howe, James ' Park, Trevor Stynes, Ed Osmond Organizations: Newcastle, Australia, FIFA, Saudi Arabia's Public Investment Fund, Newcastle's League, Manchester United, Saudi Arabia, St, Thomson Locations: Saudi Arabia, Newcastle, Riyadh, Jeddah, Costa Rica, South Korea

☆ Saudi Arabia is serious about its Jan. 1 deadline for companies to move regional headquarters to Riyadh — or lose out on government contracts
▼ + stars: | 2023-10-27 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

The Saudi National Bank headquarters and other buildings in Riyadh. Bloomberg | Bloomberg | Getty ImagesRIYADH — Saudi Arabia is holding on to its ultimatum that foreign companies will need to base their regional headquarters in the kingdom or be barred from lucrative government contracts. In a bold surprise move back in February 2021, the Saudi government announced that it would, by 2024, cease doing business with any international companies whose regional headquarters were not based within the country. The news stunned investors and expat workers, many of whom saw the move as a shot at Dubai, the United Arab Emirates commercial capital that is home to the highest concentration of Middle East regional headquarters. Faisal Al Ibrahim, Saudi minister of economy and planning, told CNBC that the plan is still going ahead and discussed how the kingdom aims to support foreign companies with the change.

Persons: Faisal Al Ibrahim, CNBC's Dan Murphy, Al Ibrahim, that's, Prince Mohammed bin Salman, Saudi Arabia — Organizations: Saudi National Bank, Riyadh . Bloomberg, Bloomberg, Getty, United Arab Emirates, East, CNBC, Future Investment Initiative, Saudi Arabia's Public Investment Fund Locations: Riyadh ., RIYADH, Saudi Arabia, Saudi, Dubai, Riyadh

☆ EV maker Lucid's deliveries rise as special lower price aids demand
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lucid Group (LCID.O) posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air luxury electric sedan. The loss-making startup also said more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. They have lost more than a fifth of their value this year over concerns that EV startups will bear the brunt of Tesla's price war. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Hyunjoo Jin, Garrett Nelson, Lucid, Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: REUTERS, Saudi Arabia's Public Investment Fund, Reuters, Thomson Locations: Scottsdale , Arizona, U.S, United States, Saudi Arabia, Bengaluru

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