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☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

☆ Coach owner creates US luxury giant with $8.5 bln deal for Michael Kors parent
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a top U.S. fashion house that can better compete with larger European rivals in the global luxury market. Tapestry will pay Capri shareholders $57 per share in cash, or $6.69 billion, representing a premium of nearly 65%. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion. LVMH, the world's largest luxury group, closed its $15.8 billion acquisition of Tiffany in early 2021. The Wall Street Journal first reported about a potential deal between Capri and Tapestry late on Wednesday.

Persons: Michael Kors, Tapestry's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Tiffany, Louis Vuitton, Neil Saunders, John Idol, Capri, Gucci, Valentino, LVMH, Chandni Shah, Aishwarya Venugopal, Sonia Cheema Organizations: Capri Holdings, Capri, Dior, Inc, Street Journal, Thomson Locations: U.S, Capri, Bengaluru

☆ Foxconn may partner with TSMC and TMH to set up fabrication units - ET
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

[1/2] A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File PhotoJuly 14 (Reuters) - Foxconn (2317.TW) is in talks with Taiwan Semiconductor Manufacturing Co (2330.TW) and Japan's TMH Group for technology and joint venture partnerships to start semiconductor fabrication units in India, the Economic Times reported on Friday. Reporting by Chandni Shah in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Chandni Shah, Krishna Chandra Organizations: REUTERS, Taiwan Semiconductor Manufacturing, Economic Times, Thomson Locations: New Taipei City, Taiwan, India, Bengaluru

☆ Amazon gets labor board complaint on failure to bargain with NY union
▼ + stars: | 2023-07-13 | by ( Chandni Shah | ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Amazon.com (AMZN.O) was hit with a complaint on Wednesday for refusing to bargain with a New York workers' union, a spokesperson for the National Labor Relations Board (NLRB) said. Workers at the facility, located in the New York City borough of Staten Island, voted to join the Amazon Labor Union (ALU) last year, a first for the company in the United States. However, the e-commerce giant has challenged the results before the labor board, delaying any discussions with the union until the matter is resolved. The company's challenge has already been struck down once by the labor board in January. Amazon has faced dozens of complaints from workers and the ALU as the union attempts to organize warehouses across the country.

Persons: Chris Smalls, Shubham Kalia, Nivedita Bhattacharjee, Sohini Organizations: National Labor Relations Board, NLRB, Workers, New, Amazon Labor Union, Thomson Locations: New York, New York City, Staten Island, United States

☆ Amazon faces labor complaint over failure to bargain with union
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Amazon.com (AMZN.O) was hit with a complaint on Wednesday over allegedly refusing to bargain with a New York workers union, a spokesperson for the National Labor Relations Board (NLRB) said. Amazon and the union did not immediately respond to a request for comment. Workers at Amazon's JFK8 fulfillment center in Staten Island voted to join the Amazon Labor Union (ALU) last year, a first for the company in the United States. Amazon is still challenging the results before a U.S. labor board and has yet to engage in bargaining with the union. The NLRB complaint comes as dozens of Amazon warehouse workers in New York sued the union on Monday, alleging that top union officials were refusing to hold democratic elections to fill leadership posts.

Persons: Chandni Shah, Shubham, Urvi Dugar, Nivedita Organizations: National Labor Relations Board, NLRB, Amazon, New, Amazon Labor Union, Thomson Locations: New York, New York City, Staten Island, United States, U.S, Bengaluru

☆ KPMG to invest $2 billion in AI, cloud services
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - KPMG said on Tuesday it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft (MSFT.O), closely following Accenture (ACN.F) in betting on the latest technologies to weather a slowdown in advisory deals. The accounting firm said it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership. Professional services firms face a slowdown in business as their customers downsize or hold off on consulting and transformation projects to save costs in a challenging macro economic environment. The expanded partnership will help support KPMG's clients and 2,500 customers serviced jointly by KPMG and Microsoft. Reporting by Lavanya Ahire, Chandni Shah and Yuvraj Malik in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lavanya Ahire, Chandni Shah, Yuvraj Malik, Shounak Dasgupta Organizations: KPMG, Microsoft, Accenture, Professional, Thomson Locations: Bengaluru

☆ Rothschild family buys 8.2 million shares of Paris-listed investment bank
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 6 (Reuters) - Concordia said on Thursday it had acquired all the shares it was permitted to acquire of Rothschild & Co (ROTH.PA), paving the way for the Rothschild family's holding company to open an offer to take the investment bank private. Concordia said it bought 8.18 million shares of Rothschild at 46.60 euros per share. The opening of an offer to delist the bank will take place following a clearance decision from the French market regulator AMF. The Rothschild family said in February it was seeking to take the bank private. The bank, led by Alexandre de Rothschild, said total group revenue over the first three months of 2023 fell to 606.2 million euros ($667.30 million) from 675.3 million euros in 2022.

Persons: Concordia, Rothschild, Alexandre de Rothschild, Chandni Shah, Juby Babu, Shailesh Organizations: Rothschild & Co, Rothschild, AMF, Thomson Locations: Bengaluru

☆ India aims to make domestic microchips by end of 2024 -FT
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: 1 min

July 5 (Reuters) - India will break ground next month on its first semiconductor assembly plant and begin producing its first domestically manufactured microchips by the end of 2024, the Financial Times reported on Wednesday. India's information technology minister, Ashwini Vaishnaw, said Micron Technology (MU.O) would start construction in August on a $2.75 billion chip assembly and test facility in Gujarat, the newspaper reported. Reporting by Chandni Shah in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Ashwini Vaishnaw, Chandni Shah, Tom Hogue Organizations: Financial Times, Micron Technology, Thomson Locations: India, Gujarat, Bengaluru

☆ Bank of England considers clampdown on foreign bank branches- FT
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

July 4 (Reuters) - The Bank of England is looking at plans to force more international banks to set up subsidiaries in the UK, The Financial Times reported on Tuesday. The BOE is considering the plan as a part of a review of the collapse earlier this year of U.S. bank Silicon Valley Bank, the newspaper reported, citing people familiar. The move could reduce the thresholds requiring foreign banks with corporate business in the country to set up subsidiaries, the paper said. Nathanael Benjamin, the BOE's executive director for authorizations and international banks on Monday said the central bank will reflect on the threshold for a foreign bank branch to become a subsidiary. Following the collapse of its parent company in the United States, Silicon Valley Bank's UK arm was sold to HSBC (HSBA.L) in March to avoid disrupting its customers in Britain.

Persons: BOE, SVB, Nathanael Benjamin, Chandni Shah, Josie Kao, Andrea Ricci Organizations: Bank of England, The Financial Times, Valley Bank, HSBC, The Bank of England, Thomson Locations: U.S, London, United States, Silicon Valley, Britain, Bengaluru

☆ Tyson Foods to drop 'no antibiotics ever' label on some chicken products
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Tyson Foods brand frozen chicken wings are pictured in a grocery store freezer in the Manhattan borough of New York City, U.S. May 11, 2017. REUTERS/Carlo Allegri/File PhotoJuly 2 (Reuters) - Tyson Foods (TSN.N) is reintroducing certain antibiotics to its chicken supply chain and will drop its "no antibiotics ever" tagline from Tyson-branded chicken products, a Tyson spokesperson said on Sunday. This will involve drugs that the company said are not important to human health. "Based on current science, Tyson branded products are transitioning to No Antibiotics Important to Human Medicine (NAIHM) which is expected to be complete by the end of the calendar year," a Tyson Foods spokesperson said. In 2017, the U.S. meatpacker had switched its retail line of company-branded chicken products to birds raised without any antibiotics.

Persons: Carlo Allegri, Tyson, meatpacker, Shivani Tanna, Gursimran Kaur, Chandni Shah, Chizu Nomiyama, Lisa Shumaker Organizations: Tyson, REUTERS, Tyson Foods, World Health Organization, Medicine, Thomson Locations: Manhattan, New York City, U.S, Bengaluru

☆ Starbucks to issue 'clearer' decor rules after pride month clash with union
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

Companies Starbucks Corp FollowJune 26 (Reuters) - Starbucks (SBUX.O) plans to issue "clearer" centralized guidelines for in-store visual displays following a union's allegations that managers banned Pride-themed decor, the coffee chain said in an internal memo to employees. "We intend to issue clearer centralized guidelines... for in-store visual displays and decorations that will continue to represent inclusivity and our brand," Starbucks North America President Sara Trilling said in the memo. The memo comes after the union representing the coffee chain's baristas alleged that managers at dozens of Starbucks locations had prevented employees from putting up Pride Month flags and decorations, or had removed them. More than 3,000 workers at over 150 Starbucks stores in the United States will walk off the job, the union said on Friday. Starbucks also filed two complaints against Workers United with the National Labor Relations Board (NLRB) on Monday, alleging that the union made misleading claims on the company's in-store decoration guidelines and gender-affirming care benefits.

Persons: Sara Trilling, baristas, Akanksha Khushi, Lavanya Ahire, Chandni Shah, Subhranshu Sahu, Rashmi Organizations: Starbucks Corp, North, Starbucks, Workers United, National Labor Relations Board, Reuters, U.S, Thomson Locations: United States, Bengaluru

☆ Google lays off staff at its mapping app Waze
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Alphabet-owned Google (GOOGL.O) on Tuesday said it is cutting jobs at mapping app Waze as it merges the app's advertising system with Google Ads technology, without giving details on the number of layoffs. "In order to create a better, more seamless long-term experience for Waze advertisers, we've begun transitioning Waze's existing advertising system to Google Ads technology. As part of this update, we've reduced those roles focused on Waze Ads monetization," Google, which acquired Waze for about $1.3 billion in 2013, said. Google had in December said that it will merge Waze and Google Maps teams to consolidate processes, making it a part of the Google Geo division, its portfolio of real-world mapping products that include Google Maps, Google Earth, and Street View. The news was first reported by CNBC earlier in the day, citing an email from Chris Phillips, who leads the Geo division.

Persons: we've, Chris Phillips, Akash Sriram, Jaiveer, Chandni Shah, Maju Samuel, Rashmi Organizations: Google, Google Geo, CNBC, Geo, Thomson Locations: Bengaluru

☆ India heatwave: Humans approaching limits of 'survivability' as sweltering heatwaves engulf parts of Asia
▼ + stars: | 2023-06-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +7 min

Sunil Ghosh/Hindustan Times/ShutterstockThe rain in Uttar Pradesh is likely to continue this week, bringing cooler temperatures to the region. In Pakistan’s capital Islamabad, temperatures soared to 39 degrees Celsius (102 Fahrenheit) last week before weekend rain brought some relief to the region. Last April, India experienced a heatwave which saw temperatures in capital New Delhi go beyond 40 degrees Celsius (104 Fahrenheit) for seven consecutive days. Last week, Beijing’s temperature soared above 41 degrees Celsius (105.8 degrees Fahrenheit), setting a new record for the capital’s hottest day in June. According to the country’s meteorological observatory, Beijing, Tianjin, Heibei, Shandong will “continue to be baked by high temperatures.”

Persons: Sunil Ghosh, ”, Chandni Singh, “, ” Singh, Kevin Frayer Organizations: Hong Kong CNN, Hindustan Times, CNN, Indian Meteorological Department, IMD, Indian Institute for Human, University of Cambridge, Beijing Locations: Hong Kong, India, Uttar Pradesh, Lucknow, Noida, Bihar, heatstroke, China, Pakistan’s, Islamabad, New Delhi, heatwaves, Assam, Pakistan, Beijing, Tianjin, Heibei, Shandong

☆ Apollo Global leads debt investment in chipmaker Wolfspeed, media report
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +1 min

June 25 (Reuters) - A group of investors led by Apollo Global Management (APO.N) is making a debt investment between $1 billion to $2 billion in chipmaker Wolfspeed (WOLF.N) to support its expansion in the U.S., media outlets reported on Sunday. The financing would make $1.25 billion of cash available immediately to Wolfspeed, while another $750 million could be drawn later, Bloomberg News reported. The report added it was structured as seven-year secured notes carrying a coupon of 9.875% and can be paid back after three years. Apollo Global Management and Wolfspeed did not immediately respond to requests for comment. Reporting by Chandni Shah in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Wolfspeed, Chandni Shah, Lisa Shumaker Organizations: Apollo Global Management, Bloomberg News, Thomson Locations: U.S, Wolfspeed, Chatham County , North Carolina, Bengaluru

☆ Adani Group statements to investors draw US regulatory scrutiny, Bloomberg reports
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - The U.S Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to investors with large holdings in Adani Group, focused on what the Indian ports-to-power giant told them, Bloomberg News reported on Thursday. The U.S. Securities and Exchange Commission also has a similar probe underway, Bloomberg reported, citing two people familiar with the matter. The authorities are looking into the representations that Adani made to its American investors following short-seller Hindenburg's report, the Bloomberg report said. India's markets watchdog in May had "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group and a Supreme Court-appointed panel said its ongoing pursuit of the case could be a "journey without a destination". Adani Group and the U.S. Attorney General's office did not immediately respond to requests for comment.

Persons: Adani, General's, Chandni Shah, Maju Samuel Organizations: U.S Attorney's, Adani Group, Bloomberg, U.S . Securities, Exchange Commission, Hindenburg Research, SEC, Eastern, of New York U.S, Attorney’s, Adani, U.S, Thomson Locations: Brooklyn , New York, Bengaluru

☆ UBS faces big penalty over Credit Suisse's Archegos failings -FT
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +2 min

UBS has asked the U.S. Federal Reserve, the Swiss Financial Market Supervisory Authority and UK's Prudential Regulation Authority to publish their findings and announce any penalties jointly at the end of July, FT reported. The Swiss Financial Market Supervisory Authority does not have the power to fine financial institutions, president Marlene Amstad said in May. The New York-based firm's demise caused billions of dollars in losses for Credit Suisse. UBS completed its emergency takeover of embattled rival Credit Suisse last week, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. It set aside $4 billion for potential lawsuits on the Credit Suisse deal in May, according to a presentation.

Persons: Marlene Amstad, Archegos, Chandni Shah, Lisa Shumaker, Jonathan Oatis Organizations: UBS Group AG, Archegos, Swiss, Financial, UBS, U.S . Federal Reserve, Swiss Financial Market, Authority, Prudential, U.S . Federal, Suisse, Credit Suisse, U.S, Fed, Thomson Locations: U.S, New York, Bengaluru

☆ Ex-NBCUniversal executive Joe Benarroch to join Twitter
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

June 4 (Reuters) - Former NBCUniversal executive Joe Benarroch will join Twitter on Monday, in a role focusing on business operations, he told Reuters. Benarroch said in an email that he was looking forward to working with the company's team to "build Twitter 2.0 together." From one bird to the next," tweeted incoming Twitter Chief Executive Linda Yaccarino, who was appointed in May. At Comcast Corp's (CMCSA.O) NBCUniversal, Benarroch oversaw communication strategy for its Advertising and Partnerships division, reporting to Yaccarino, who was advertising chief there before joining Twitter. Twitter's head of trust and safety, Ella Irwin, said on Thursday that she has resigned from the social media company.

Persons: Joe Benarroch, Benarroch, Linda Yaccarino, Twitter's, Ella Irwin, Brown, Dawn Chmielewski, Chandni Shah, Juby Babu, Will Dunham, Grant McCool Organizations: Twitter, Reuters, Comcast, Street Journal, Thomson Locations: Los Angeles, Bengaluru

☆ Abu Dhabi's Mubadala to buy majority stake in Fortress Investment from SoftBank
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Abu Dhabi's Mubadala Investment Co will acquire a majority stake in U.S. asset manager Fortress Investment Group from Japan's SoftBank Group Corp (9984.T). Financial terms of the deal were not disclosed, Mubadala and Fortress Investment said in a joint statement on Monday. After the completion of the deal, Fortress' management will own a 30% stake in the company, while Mubadala Capital will hold the rest, according to the statement. Fortress management will hold a class of equity that entails it to appoint a majority of seats on the board. Fortress will appoint Drew McKnight and Joshua Pack as co-CEOs and Pete Briger as chairman, the companies said.

☆ Top ad group says Twitter no longer 'high risk' after new chief appointed- FT
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - Top advertising agency GroupM has told its clients that it no longer considers Twitter "high-risk" and is "cautiously optimistic" about the appointment of Linda Yaccarino as its new chief, the Financial Times reported on Friday. Yaccarino will take over the social media platform beset with challenges and a heavy debt load, after she spent several years modernizing the advertising business at NBCUniversal. WPP-owned GroupM had last year labelled Twitter as a "high risk" platform for advertising following Elon Musk's takeover. The group had been waiting for Musk to repopulate his senior leadership team and working with Twitter on improving "brand safety", it added. GroupM and Twitter did not immediately respond to a request for comment.

☆ Uber launches UK flight ticket bookings - FT
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A banner announcing Uber Technologies Inc. hangs above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly/File PhotoMay 10 (Reuters) - Uber Technologies Inc (UBER.N) has launched international and domestic flight bookings on its UK app, the Financial Times reported on Wednesday. The move is "the latest and most ambitious step" in the company's strategy to expand its core ride-booking business, Uber’s UK General Manager Andrew Brem told FT. The San Francisco-based company, which already offers train and coach ticket bookings in the UK, has begun rolling out the new feature for its UK customers and plans to expand in the coming weeks, the report said. Uber has partnered with travel booking company Hopper to sell flights and will take a small commission from each sale, the report said.

☆ Google AI pioneer says he quit to speak freely about technology's 'dangers'
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Artificial intelligence pioneer Geoffrey Hinton speaks at the Thomson Reuters Financial and Risk Summit in Toronto, December 4, 2017. REUTERS/Mark BlinchMay 2 (Reuters) - A pioneer of artificial intelligence said he quit Google (GOOGL.O) to speak freely about the technology's dangers, after realising that computers could become smarter than people far sooner than he and other experts had expected. "I left so that I could talk about the dangers of AI without considering how this impacts Google," Geoffrey Hinton wrote on Twitter. “The idea that this stuff could actually get smarter than people — a few people believed that,” he told the New York Times. In his tweet, Hinton said Google itself had "acted very responsibly" and denied that he had quit so that he could criticise his former employer.

☆ UK government and BoE weigh immediate access to cash after SVB collapse - Bloomberg News
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - The Bank of England and Britain's finance ministry are considering reforms that would provide uninsured depositors with immediate access to their cash in the event of a bank failure, Bloomberg News reported on Thursday. Authorities were looking into whether some money could be released upfront, which would be covered by taxpayers based on how much cash uninsured depositors were likely to recover, Bloomberg said, citing government officials. Spokespeople for the Treasury and the BoE declined to comment. Bloomberg said discussions were at an early stage and a number of options on deposit insurance reform were being considered. Reporting by Chandni Shah in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman Sachs says these are its top picks heading into quarterly earnings
▼ + stars: | 2023-04-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Earnings season is off and running and Goldman Sachs has named a host of stocks to buy ahead of the companies' quarterly reports. CNBC Pro combed through Goldman Sachs research to find stocks to own as first-quarter earnings kick off. They include Tesla, Boeing, CBRE , T-Mobile and Logitech. CBRE Group Goldman is standing by its buy rating on the real estate investment firm, even as lending standards tighten following the recent bank crisis. T-Mobile The wireless provider is Goldman's favorite growth stock, and favorite pick overall, the firm said in a recent earnings preview note to clients.

☆ Goldman Sachs downgrades this commercial real estate stock on difficult macro environment
▼ + stars: | 2023-04-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Goldman Sachs thinks commercial real estate giant Cushman & Wakefield will have a tough time navigating the current macro environment. Goldman added that Cushman's interest expenses have also risen considerably as benchmark rates continue to climb. CWK YTD mountain Shares of Cushman and Wakefield have been under immense pressure so far this year, and Goldman Sachs doesn't expect a company recovery this year. Shares of Cushman are down nearly 21% in 2023, as the broader commercial real estate sector faces turmoil. Meanwhile, a tightening of liquidity will continue to pose a challenge to real estate investors, Goldman estimates, which will "more than offsets any tailwinds from potentially lower rates."

☆ Stellantis' Portugal plant to produce large series fully battery electric compact vans
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Carmaker Stellantis NV (STLAM.MI) said on Friday its Portugal plant would become the first assembly plant in the country to produce large series fully battery electric compact vans by 2025. Stellantis's Mangualde Production Center, which has made over 1.5 million vehicles, will produce battery electric light commercial vehicles for Citroën, Fiat, OPEL and Peugeot, the company said in a statement. Stellantis, the world's third-largest automotive group by sales, planned to spend over 30 billion euros ($32.53 billion) through 2025 to electrify its vehicle lineup and boost its software content to catch up with rivals, including Tesla Inc (TSLA.O). Stellantis was created through the $52 billion merger of Fiat Chrysler and Peugeot maker PSA in 2021. ($1 = 0.9223 euros)Reporting by Chandni Shah and Maria Ponnezhath in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

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