DIRS.INFO The most relevant business & tech news

☆ Israeli policeman acquitted in killing of autistic Palestinian
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +3 min

[1/2] Rana al-Halaq, the mother of Iyad al-Halaq, an unarmed autistic Palestinian man who was shot dead by Israeli police, sits surrounded by pictures of her son in her family home in East Jerusalem, July 6, 2023. REUTERS/Sinan Abu MayzerJERUSALEM, July 6 (Reuters) - An Israeli court on Thursday acquitted a policeman who shot dead an autistic Palestinian in 2020, ruling that the victim was mistaken for a militant under circumstances arising from the "unique intensity" of trying to secure Jerusalem. Prosecutors in 2021 filed negligent manslaughter charges in Jerusalem District Court against the policeman. The Israeli justice ministry department, which oversees investigations of the police, said it will decide how to proceed after studying the verdict. The unarmed Halaq ran away, prompting a pursuit in which one officer shot at his legs and missed, after which the defendant fatally shot him in the stomach, the indictment said.

Persons: Rana, Iyad, Sinan Abu Mayzer JERUSALEM, Miriam Lomp, clasping, Kheiry, Halaq, Dan Williams, Roleen Tafakji, Sinan Abu Mayzer, Devika Organizations: REUTERS, Prosecutors, Court, police, West Bank, Palestinian Foreign Ministry, Thomson Locations: East Jerusalem, Jerusalem, Israel, Old City

☆ Israeli-Russian academic being held by militia in Iraq, Netanyahu says
▼ + stars: | 2023-07-05 | by ( Maayan Lubell | ) www.reuters.com time to read: +2 min

JERUSALEM, July 5 (Reuters) - An Israeli-Russian academic who went missing in Iraq a few months ago is alive and being held there by Shiite group Kataib Hezbollah, Israeli Prime Minister Benjamin Netanyahu's office said on Wednesday. It said she had gone to Iraq for research purposes on behalf of Princeton University in the United States. According to the university's website, Tsurkov is pursuing her PhD at Princeton's Department of Politics. A Princeton spokesperson declined to say whether Tsurkov was in Iraq on the university's behalf, citing policies and a federal law governing students' privacy and safety. Kataib Hezbollah is one of the most powerful Iran-backed militia groups there.

Persons: Benjamin Netanyahu's, Elizabeth Tsurkov, Tsurkov, Tsurkov's, Irena, Elizabeth, Michael Hotchkiss, Maayan Lubell, Rami Ayyub, Simon Lewis, James Mackenzie, Alistair Bell, Daniel Wallis, Himani Organizations: Hezbollah, Israeli, Princeton University, Princeton, N12, Princeton's Department of Politics, State Department, Twitter, Timor Azhari, Thomson Locations: Israeli, Russian, Iraq, United States, Israel, Turkey, Syria, Iran, Baghdad, Washington

☆ Nikkei leads Asia higher, China lags behind
▼ + stars: | 2023-07-03 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

China's factory activity slowed in June as the Caixin manufacturing survey showed a dip to 50.5, from 50.9 in May. China's central bank has promised more "forceful" action to support the economy and looks likely to soon get a new boss. Something major is needed given Chinese blue chips (.CSI300) shed 5% last quarter while much of the developed world rallied. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 1.2%, though it was still lagging far behind Japan's market. S&P 500 futures and Nasdaq futures were steady ahead of the July 4 holiday, having gained more than 6% in June.

Persons: Tesla, May's, Michael Feroli, wouldn't, Brent, Wayne Cole, Christopher Cushing, Himani Sarkar Organizations: Nikkei, ANZ, Sino, Bank of Japan, FTSE, Nasdaq, BofA, Apple, Microsoft, JPMorgan, Fed, Thomson Locations: SYDNEY, Japan, Asia, Pacific, Saudi Arabia, Lincoln

☆ Nikkei leads Asia higher, China data underwhelms
▼ + stars: | 2023-07-03 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

China's factory activity slowed in June as the Caixin manufacturing survey showed a dip to 50.5, from 50.9 in May. China's central bank has promised more "forceful" action to support the economy and looks likely to soon get a new boss. Something major is needed given Chinese blue chips (.CSI300) shed 5% last quarter while much of the developed world rallied. S&P 500 futures and Nasdaq futures were steady ahead of the July 4 holiday, having gained more than 6% in June. Important U.S. data this week includes closely watched surveys on manufacturing and services, job openings and the June payrolls report.

Persons: Tesla, May's, Powell, Michael Feroli, Brent, Wayne Cole, Christopher Cushing, Himani Organizations: Nikkei, ANZ, Sino, Bank of Japan, FTSE, Nasdaq, BofA, Apple, Microsoft, JPMorgan, Thomson Locations: SYDNEY, Japan, Asia, Pacific, Saudi Arabia

☆ Tech IPO drought reaches 18 months despite Nasdaq's sharp rebound in first half of 2023
▼ + stars: | 2023-06-29 | by ( Ari Levy | ) www.cnbc.com time to read: +12 min

Despite a bloated pipeline of companies waiting to go public and a rebound in tech stocks that pushed the Nasdaq up 30% in the first half of 2023, the IPO drought continues. Last Friday, Israeli beauty and tech company Oddity, which runs the Il Makiage and Spoiled Child brands, filed to go public on the Nasdaq. "You can make 15%-20% in the stock market but lose 15%-20%." "I think that’s done some harm to the traditional IPO market." With the public market still pretty closed, they're asking for alternatives."

Persons: Karl, Josef Hildenbrand, Turo, Reddit, hasn't, aren't, Lise Buyer, Buyer, Goldman Sachs, May, Shannon Stapleton, Jake Dollarhide, Dollarhide, Airbnb, they've, Instacart, Byron Deeter, Deeter, Larry Aschebrook, Aschebrook Organizations: AFP, Getty, Nasdaq, V, New York Stock Exchange, Apple, Nvidia, Coinbase Global Inc, Reuters Bankers, CNBC, Federal Reserve, Longbow Asset Management, Facebook, Clover Health, Venture, Companies, Bessemer Venture Partners, doesn't, Employees, Spotify Locations: U.S, Portola Valley , California, Cava, New York, Pinterest

☆ Iraq plants mangrove forest to fight climate disaster
▼ + stars: | 2023-06-29 | by ( Essam Al-Sudani | ) www.reuters.com time to read: +3 min

BASRA, Iraq, June 29 (Reuters) - As Aymen al-Rubaye plants mangrove seedlings in the sprawling tidal flats of southern Iraq, the black smoke rising over the skyline behind him shows the ecological damage that he is toiling to undo. Rubaye, an agricultural engineer, is working for a project started by Iraqi government bodies and a United Nations agency to grow up to 4 million mangrove trees in the Khor al-Zubair mudflats region, located near major oil fields. The tidal flats south of Basra are a baking landscape of water, salt, mud and hazy sky, riven by channels that Rubaye and his team navigate by boat. [1/5]Engineer Ayman Al-Rubaie, 47, plants mangrove trees in the wooded areas of the Shatt Al-Arab River, in Basra, Iraq June 21, 2023. Mangrove plants "can resist these harsh conditions we are passing through" without needing irrigation water, Rubaye said.

Persons: pats, Ayman Al, Essam, Rubaye, Ahmed Albaaj, Angus McDowall, Peter Graff Organizations: United, World Bank, REUTERS, United Arab Emirates, Thomson Locations: BASRA, Iraq, United Nations, Khor, Basra, . Southern Iraq, Kuwait, United Arab

☆ How a record-setting 'Ugly Baby' mission allowed US special operators to outmaneuver Iraqi forces
▼ + stars: | 2023-06-29 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +7 min

US special-operations forces wanted to infiltrate northern Iraq to tied down Iraqi forces there. Operation Ugly BabyA map of the Ugly Baby mission route along Iraq's western border on March 22, 2003. US Green Berets in an MC-130H heading to Iraq during Operation Ugly Baby on March 22, 2003. A US special-operations aircraft that was forced land by enemy fire during Operation Ugly Baby in March 2003. In all, Task Force Viking numbered about 400 special operators, including elite Delta Force commandos, Green Berets from the 10th Special Forces Group, and frogmen from the UK's Special Boat Service.

Persons: —, Saddam Hussein, Elwell, JOSEPH BARRAK, Baby, Stavros Atlamazoglou Organizations: Service, Operation, US, Allies, US Army, Operation Iraqi, NATO, Turkish, Special Forces, Green Berets, Air, Special Operations Squadron, Detachment Alpha, Air Force, Task Force, US Army 173rd Airborne Brigade, Getty, Delta Force, 10th Special Forces Group, CIA, Republication Guard, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins, School, International Locations: Iraq, Operation Iraqi, Baghdad, reorienting, Turkey, Kurdish, Turkish, Romania, Jordan, Syria, Erbil, AFP, Afghanistan, Al Qaeda, Johns

☆ Exclusive: NielsenIQ's GfK deal set for conditional EU antitrust approval
▼ + stars: | 2023-06-28 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, June 28 (Reuters) - Advent-owned NielsenIQ is set to secure EU antitrust clearance for its proposed acquisition of German market research firm GfK on the condition GfK sells its consumer panel business, people familiar with the matter said. U.S. consumer market research company NielsenIQ, which is present in more than 90 markets covering more than 90% of the world's population, announced the deal a year ago. GfK's consumer panel business covers 122,500 households and 1,800 retailers, with its data showing patterns, trends and predictions. The European Commission, which is scheduled to complete its preliminary review of the deal by July 4, declined to comment. The list includes French peer Ipsos, the UK's Kantar, YouGov, Dynata, Circana, Omnicon Group, Publicis Group, Cision and private equity firms such as H.I.G.

Persons: Ipsos, Foo Yun Chee, Jan Harvey, Barbara Lewis Organizations: European Commission, EU, Omnicon, Publicis, Equity, Bregal, Oakley, Symphony Technology, Thomson Locations: BRUSSELS, TowerBrook, Equistone

☆ Tuesday, June 27, 2023: More upgrades and downgrades to portfolio stocks
▼ + stars: | 2023-06-27 | by ( Alison Conklin | ) www.cnbc.com time to read: 1 min

Tuesday, June 27, 2023: More upgrades and downgrades to portfolio stocksDirector of Portfolio Analysis, Jeff Marks, talks about Nasdaq's attempt to rebound after Monday's nearly 1.2% loss. He breaks down the second downgrade in as many days to one megacap tech portfolio holding as another stock catches an upgrade. Jeff also discusses the latest action in health care and some big news from one Club stock in that sector. Finally, Jeff says this energy name should be performing better given the recent surge in natural gas prices.

Persons: Jeff Marks, Jeff

☆ Nasdaq says IPO pipeline is very strong and includes many Chinese companies
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNasdaq says IPO pipeline is very strong and includes many Chinese companiesNasdaq's Bob McCooey said 93 companies have publicly filed to list on the exchange, of which 65 are Chinese companies.

Persons: Bob McCooey Organizations: Nasdaq

June 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The MSCI World index climbed almost 1%, its best day in four weeks, while the MSCI Asia ex-Japan index snapped a six-day losing streak. Together with lower oil prices, falling market volatility and a generally weaker dollar, this augers well for Asian equity markets and risk appetite on Wednesday. Beijing may be better equipped to steer the yuan where it wants, as it already closely manages the currency. Rates traders see the RBA hiking rates by another 50 basis points to 4.55% by next March.

Persons: Jamie McGeever Organizations: Nasdaq, Reserve Bank of Australia, Thomson, Reuters Locations: Asia, Japan, Tokyo, China, Beijing, Australia, South Korea

☆ Nasdaq expects expanded markets to justify $10.5 bln Adenza merger price tag
▼ + stars: | 2023-06-22 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

By one metric, Nasdaq paid around what Thoma Bravo spent on creating Adenza through the merger of two software firms, the sources familiar with the deal said. Nasdaq also hopes to cut overlapping costs, which would boost profitability and make the deal look cheaper, one of the sources said. With Adenza, Nasdaq's recurring revenues, which investors like for their predictability, will comprise around 77% of overall revenues, up from 71%. A director at one of Nasdaq's largest shareholders, whose firm supports the Adenza deal, said there were few good companies left that could be synergistic to Nasdaq. One of the sources said once Nasdaq also cuts out costs, the multiple will be closer to the mid-20s.

Persons: Thoma, Adena, Thoma Bravo, Friedman, Rosenblatt, Andrew Bond, Adena's, she's, Bond, Morningstar, Michael Miller, pushback, Adenza, Verafin, John McCrank, Paritosh Bansal, David Gregorio Our Organizations: YORK, Nasdaq, Thoma Bravo, Adenza, Rosenblatt Securities, BBB, Adenza's, Thomson Locations: United States, Europe, Adenza

☆ Lordstown Motors founder sells remaining stake in EV startup
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Lordstown Motors (RIDE.O) founder and former CEO Stephen Burns has sold his entire stake in the electric-vehicle maker, according to a regulatory filing. The company in May implemented a reverse stock split to comply with Nasdaq's minimum $1 listing requirement and appease investor Foxconn (2317.T) that had threatened to scrap a $170 million funding in the cash-strapped company. Burns has sold his stake in three transactions between May and June, about 581,000 shares were divested before the reverse stock split and 791,572 shares after, the filing on Wednesday showed. The EV startup declined to comment on the stake sale. Earlier this month, Lordstown Motors said it planned to take legal action against Taiwanese contract manufacturer Foxconn to ensure the planned purchase of nearly 10% of the company's shares was not derailed.

Persons: Stephen Burns, Foxconn, Burns, Julio Rodriguez, Hindenburg, Lordstown, Hindenburg's, Tanya Jain, Shinjini Organizations: Lordstown Motors, Thomson Locations: Bengaluru

☆ Abu Dhabi's ADNOC, AI firm G42 plan IPO of technology joint venture AIQ -sources
▼ + stars: | 2023-06-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 22 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi artificial intelligence company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60% owned by ADNOC and 40% by G42, uses artificial intelligence and machine learning to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry. AIQ recently hired veteran investment banker Youssef Salem as chief financial officer, the sources said. G42, which is backed by Abu Dhabi state fund Mubadala Investment Co, AIQ and Salem did not immediately respond to a request for comment. It listed its gas business in March after raising $2.5 billion from the IPO, which was the world's biggest in the first quarter.

Persons: AIQ, Youssef Salem, Salem, Abu, OpenAI, Sheikh Tahnoon bin Zayed, Nahyan, Sheikh Mohammed bin Zayed, ADNOC, Hadeel Al Sayegh, Stephen Coates Organizations: Abu Dhabi National Oil Company, Reuters, ADNOC, Moelis, Mubadala Investment, U.S, Microsoft Corp, Thomson Locations: DUBAI, Abu Dhabi, U.S, Salem

☆ An Iraqi historian was slain after being labeled a spy on Facebook. Exclusive emails show catastrophic delays in removing threatening posts.
▼ + stars: | 2023-06-21 | by ( Tekendra Parmar | ) www.businessinsider.com time to read: +12 min

Hisham al-Hashimi reached out to his friend Aws al-Saadi, a Meta Trusted Partner, to ask him to take down posts endangering his life. "One of the reasons for his killing was Meta," al-Saadi told Insider. "Mainly because they assumed that the slow response times had to do with a high volume of cases." Aws al Saadi, a Meta trusted partner, outside the Erbil Citadel in Iraq. Internews hopes this might help create a trusted-partner channel with improved communication, more transparency, and faster response times.

Persons: Hisham al, Hashimi, Saadi, Saadi Al, Meta, al, Saadi isn't, Meta's, Internews, Paul Barrett, University's, Barrett, Rafiq Copeland, Internews Rafiq Copeland, Copeland, Thaier, Sudani Internews, Copland, Meareg Amare, Reem Makhoul Organizations: ISIS, Facebook, Meta, Center for Business, Human Rights, NYU Stern School of Business Meta, Partners, University's Stern School of Business, Global, Internews, Ukrainian, Ethiopian, Erbil Citadel Locations: Baghdad, Iraq, al, Myanmar, Ethiopia, New, Ukraine, Tigray, Hashimi, Iraqi, Erbil, Netherlands

☆ Wall Street ends lower, pausing rally as Powell testimony looms
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. Including Tuesday's loss, the benchmark S&P 500 has advanced 14.3% so far this year. Of the 11 major sectors of the S&P 500 all but consumer discretionary stocks (.SPLRCD) ended in negative territory. The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 68 new highs and 87 new lows. Volume on U.S. exchanges was 11.15 billion shares, compared with the 11.36 billion average for the full session over the last 20 trading days.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Rivian, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Fedex, Dow, Nasdaq, Federal, Exxon Mobil Corp, Dakota Wealth, U.S . House Financial, Dow Jones, Energy, Rivian Automotive Inc, Tesla Inc, PayPal Holdings, KKR & Co, Nike, Alibaba Group, Adobe Inc, Dice Therapeutics, Fedex Corp, NYSE, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ S&P 500 ends lower, pausing rally with Powell testimony in view
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday looms as a potential market mover. All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. As of Friday's close, the benchmark S&P 500 had advanced 20% in the last twelve months, and over 14% so far this year. According to preliminary data, the S&P 500 (.SPX) lost 20.79 points, or 0.47%, to end at 4,388.80 points, while the Nasdaq Composite (.IXIC) lost 22.28 points, or 0.16%, to 13,667.29.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Federal, Exxon Mobil Corp, Dow, Dakota Wealth, U.S . House Financial, Nasdaq, Dow Jones, Rivian Automotive Inc, Tesla Inc, Rivian, PayPal Holdings, KKR & Co, Nike, Alibaba, Adobe Inc, Dice Therapeutics, Fedex Corp, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ Stock futures inch lower as investors kick off holiday-shortened week of trading: Live updates
▼ + stars: | 2023-06-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures ticked lower on Monday evening as investors looked ahead to a holiday-shortened week of trading. Futures tied to the Dow Jones Industrial Average slipped 93 points, or 0.3%, while S&P 500 futures pulled back 0.2%. Investors were seemingly receptive toward the central bank's decision to skip a June rate hike last week. Investors are trying to gauge how last week's strong market sentiment will hold up in a shortened trading week that is light on economic data. New York Fed President John Williams will appear with Fed Vice Chair for Supervision Michael Barr at a corporate governance event in New York City on Tuesday.

Persons: —, Jerome Powell, John Williams, Michael Barr, Powell Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Federal, Fed, Housing, New York Fed, FedEx Locations: New York City

☆ Iraq invites foreign bids for 11 gas blocks in new areas
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - Iraq on Sunday invited foreign companies to bid for contracts to explore and develop natural gas reserves in 11 new blocks as the OPEC member seeks to produce much-needed natural gas for power stations and cut imports that weigh on the country's budget. Iraq's oil ministry has ended preparation to launch a sixth bidding round to auction off the gas blocks, the ministry said, without setting a date for the bidding process. Iraq, OPEC’s second-largest producer after Saudi Arabia, flares much of its own gas, extracted alongside crude oil at its fields, because it lacks the facilities to process it into fuel and instead uses Iranian power imports to generate electricity. Baghdad has been under pressure from the United States to reduce its reliance on gas imports from Iran. Reporting by Hatem Maher and Ahmed Tolba; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: OPEC’s, Hatem Maher, Ahmed Tolba, Hugh Lawson Organizations: Sunday, OPEC, Thomson Locations: Iraq, Anbar, Mosul, Naja, Saudi Arabia, Baghdad, United States, Iran

☆ Faraday Future plans reverse stock split and delays EV deliveries
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

June 16 (Reuters) - Electric-vehicle startup Faraday Future Intelligent Electric (FFIE.O) said on Friday it was planning a reverse stock split, as it looks to regain compliance with Nasdaq's minimum bid price requirements. Faraday Future closed at $0.45 on Friday. So far this year, electric-truck maker Nikola (NKLA.O) has said it may execute a reverse stock split, while Lordstown Motors (RIDE.O) has also announced a reverse stock split to meet Nasdaq listing norms. Faraday's reverse stock split proposal includes a range between 1-for-2 and 1-for-90 shares of outstanding common stock. Last November, Faraday Future raised doubts about its ability to continue as a "going concern".

Persons: Faraday, Nikola, Samrhitha, Krishna Chandra Organizations: Nasdaq, Companies, Lordstown Motors, FF, Futurist Alliance, Thomson Locations: Angeles, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - U.S. electric-vehicle startups were set for massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O). Other big gainers such as Nikola and Workhorse Group (WKHS.O) have short interests of 21.7% and 23.9%, respectively. Reuters GraphicsUsed-car retailer Carvana (CVNA.N), another highly shorted stock, has also posted strong gains that have pushed up its value by nearly $1.38 billion this week. "Carvana probably kick-started this, it is up more than 100% in a couple of weeks on a short squeeze. Nikola and Lordstown have drawn a flurry of bullish options activity in recent days as traders place bets on further gains.

Persons: Dado Ruvic, Nikola, Dennis Dick, Carvana, Tesla, Lordstown, Aditya Soni, Akash Sriram, Saqib Iqbal Ahmed, Shounak Dasgupta Organizations: REUTERS, Lordstown, S3 Partners, Reuters, Triple, EV, U.S, Nasdaq, Thomson Locations: Morgan, Bengaluru, New York

☆ Nikola founder urges vote against critical share proposal
▼ + stars: | 2023-06-16 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Nikola said Milton's social media post "misstates the facts," adding in a statement to Reuters that the proposal to increase its share base could pass without his support. Nikola postponed a vote on the plan to July 6, after failing to secure enough support at a shareholder meeting last week. The share issue is critical for the company which, like other electric vehicle makers, is facing a cash crunch and weak demand. "The company does not need new shares, they need new leadership," he said. Nikola has been urging shareholders for weeks to vote in favor of its Proposal 2, saying "without these additional shares, Nikola's ability to continue its ongoing operations and objectives, including Nikola's need for capital, will be out of reach."

Persons: Trevor Milton, Nikola, Milton, Abhirup Roy, Sonali Paul Organizations: Nikola, FRANCISCO, Reuters, LinkedIn, bourse, Thomson Locations: San Francisco

☆ Electric-vehicle startups set to extend blistering rally
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - Electric-vehicle startups from Nikola (NKLA.O) to Lordstown Motors (RIDE.O) were set on Friday to extend a blistering rally in their shares that has put the cash-strapped companies on track for hefty weekly gains. For instance Nikola, which has more than doubled in value this week, has a short interest of 15.7%, according to Refinitiv. The EV startups, meanwhile, have added over $500 million to their collective market value. Nikola shares were 20% higher before the bell on Friday at $1.65, on course to stay above the minimum level for the third straight session. Still, many challenges remain for the EV startups, evidenced by the year-to-date stock price declines of 35% and 75% seen at Nikola and Lordstown, respectively.

Persons: Dado Ruvic, Nikola, Lordstown, Foxconn, Aditya Soni, Akash Sriram, Shounak Dasgupta Organizations: REUTERS, Nikola, Lordstown Motors, EV, U.S, Faraday, Nasdaq, Thomson Locations: Morgan, Bengaluru

☆ Qatar to invest $5 bln in Iraq over coming years
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

DUBAI, June 15 (Reuters) - Qatar intends to invest $5 billion in a number of sectors in Iraq over the coming years, the state news agency quoted Qatar's Emir Sheikh Tamim bin Hamad al-Thani as saying on Thursday. In addition, a number of agreements were made with Qatar's private sector in the fields of energy, electricity, hotels and hospital management. Qatar is a partner in TotalEnergies' (TTEF.PA) $27 billion energy cluster of energy projects in Iraq, with a 25% stake. Qatar has said previously that, like other Gulf states, it would support regional economies through commercial investments rather by providing direct financial aid. Reporting by Clauda Tanios; Editing by Nick Macfie and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Tamim bin Hamad, TotalEnergies, Clauda Tanios, Nick Macfie, Nick Zieminski Organizations: Basra Oil Company, Thomson Locations: DUBAI, Qatar, Iraq, Thani, Baghdad, Basra, TotalEnergies

☆ Qatar to invest $5 billion in Iraq over coming years
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

Search resuls for: "Q's"

25 mentions found