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A child plays the game "Honour of Kings" by Tencent at home in Dezhou, Shandong province, China July 2, 2017. REUTERS/Stringer Acquire Licensing RightsHONG KONG, Aug 17 (Reuters Breakingviews) - China's economic woes have gifted Tencent (0700.HK) an unexpected silver lining. Revenue rose a decent 11% to 149 billion yuan ($20.4 billion), but fell slightly short of the average analyst forecast compiled by Refinitiv. That compares to the 151.7 billion yuan average analyst forecast of 21 analysts compiled by Refinitiv. Adjusted net profit, after excluding certain one-time and non-cash items, rose 33% to 37.5 billion yuan.
Persons: Tencent, Stringer, HONG KONG, Refinitiv, James Mitchell, pare, Alibaba, Antony Currie, Thomas Shum Organizations: REUTERS, Reuters, HK, Revenue, Tencent, Citi, Refinitiv, Thomson Locations: Dezhou, Shandong province, China, HONG, Tencent, Hong Kong
More than a year of enforcement of the Uyghur Forced Labor Prevention Act (UFLPA) has already stymied development of solar energy projects as detained panel shipments languish in U.S. warehouses. When shipments are detained, CBP provides the importer with a list of examples of products from previous reviews and the kind of documentation required to prove they are not made with forced labor, CBP told Reuters. "The timing of these changes does not reflect any specific changes in strategy or operations," a CBP spokesperson said in a statement, adding that the list of eight product types was "not exhaustive." In a report to Congress last month on UFLPA enforcement, CBP listed lithium-ion batteries, tires, "and other automobile components" among the "potential risk areas" it was monitoring. The stepped-up focus on automakers follows a study by Britain's Sheffield Hallam University published in December that said nearly every major automaker has exposure to products made with forced labor in Xinjiang.
Persons: Janet Yellen, Mark Schiefelbein, Dan Solomon, Chevalier, Solomon, Britain's, Ron Wyden, Wyden, we've, Tesla, Brandon Daniels, Nichola Groom, David Shepardson, Jan Schwartz, Daniel Leussink, Matthew Lewis Organizations: Reuters, U.S . Customs, Border Protection, Beijing, Uyghur, Labor, U.S . Solar Energy Industries Association, Biden, CBP, Miller, Britain's Sheffield Hallam University, U.S, Senate, Benz, Volkswagen, Friedrichshafen AG, Bosch, General Motors, Honda, Toyota, Continental AG, Thomson Locations: United States, Diaoyutai, Beijing, China, Xinjiang, U.S, Detroit, UFLPA, Los Angeles, Washington, Hamburg, Tokyo
HONG KONG, Aug 15 (Reuters Breakingviews) - Hong Kong has lost some permanent appeal. The introduction of two sets of approvals was mandated three decades ago when foreign investors wanted additional protections to invest in the first wave of Chinese firms listing in Hong Kong. China's domestic securities laws have since developed and global investors can now directly buy shares onshore through various channels. That could lead to more onshore shares being issued relative to offshore shares, further diluting minority owners in Hong Kong. In 2020, Hong Kong shareholders vetoed the Bank of Zhengzhou's proposal to avoid such an outcome.
Persons: Hong Kong, HKEX, Una Galani, Thomas Shum Organizations: Reuters, Hong Kong Exchanges, HK, China Securities Regulatory Commission, Asia Securities Industry, Financial Markets Association, Corporate Governance Association, China Life Insurance, Wall, Hong, Bank of, Companies, Global, Hang Seng China Enterprise Index, Graphics Global, Thomson Locations: HONG KONG, Hong Kong, China, Shanghai, Shenzhen, Hong
New Jersey has sued to block New York City's congestion price law using environmental review. The environmental review process has “metastasized well beyond what anyone intended it to be,” Dourado said. “To me, it’s clearly dysfunctional.”Reform effortsThe need to reform the environmental review process has become a bipartisan issue in recent years. Some environmental groups believe these reforms are needed to advance clean energy progress and other goals. While the Environmental Defense Fund supports the Biden administration’s reforms to NEPA, it’s against a draconian rollback of environmental review, he said.
Persons: Michael Nagle, , Howard Slatkin, Richard Nixon, Paul Sabin, ” Sabin, Eli Dourado, , ” Dourado, Elgie Holstein, Bill Clinton, Barack Obama, Donald Trump’s, Joe Biden’s, ” Holstein Organizations: New, New York CNN, Environmental, Bloomberg, Getty Images, Federal, Administration, NEPA, Congress, Democrats, Citizens Housing, Planning, Reform, University of California, Magna Carta, Act, Yale University, “ Public, Big Government, Richard Nixon Presidential Library & Museum, Center for Growth, Utah State University, , Environmental Defense Fund, Biden Locations: New York, Manhattan, New Jersey, York, Jersey, London, Stockholm, United States, New York City, Berkeley, Minneapolis
Italy repatriates looted ancient artefacts from the U.S.
  + stars: | 2023-08-11 | by ( ) www.reuters.com   time to read: +1 min
[1/5] Some of the antiquities returned to Italy from U.S. are displayed during a ceremony in New York, U.S., August 8, 2023. Carabinieri/Handout via REUTERSROME, Aug 11 (Reuters) - Italy said it repatriated 266 ancient artefacts worth tens of millions of euros from the United States, where they had been brought and sold during the late 1990s by an international network of artefact smugglers. A statement from a specialist unit of Italy's carabinieri police on Friday said the return of the artefacts was due to the cooperation between Italian and U.S. judicial authorities. Pictures provided by the Italian culture ministry show the artefacts include several painted pots, the head of a statue and some coins, which were displayed at a restitution ceremony earlier this week in New York. The statement said 145 pieces were recovered as part of bankruptcy proceedings against British antiquities dealer Robin Symes.
Persons: Robin Symes, Angelo Amante, Miral Organizations: REUTERS, Graecia, Menil, Thomson Locations: Italy, U.S, New York, REUTERS ROME, United States, Imperial Rome, Houston
In 2021, 64.3 million millennials made online purchases, compared to a projected 64.4 million in 2023, according to Insider Intelligence. By contrast, 37.2 million Gen Zers made online purchases in 2021 compared to a projected 45.5 million in 2023. "But in terms of bringing new customers into a brand, I'm not hearing conversations every week about getting more millennials — it's 'Gen Z, Gen Z, Gen Z.'" While Watford's mandate also includes non-Gen Z millennials, some in the advertising industry have shifted focus onto Gen Z, which is more open to brand messaging, particularly in environments like video games. So if you're targeting Gen Z, you're not just targeting Gen Z."
Persons: Gen Z, Gen, Zers, Sarah Engel, it's, Z, Zena Arnold, Jenny Lewis, Lewis, Comscore, Magna, Pandora, SiriusXM, Suzi, Ann Hand, they're, Barbie's Dreamhouse, Hand, Digital's Engel Organizations: Companies, Intelligence, Nielsen, Edison Research, Spotify, YouTube, Super League Gaming, Mattel, League Gaming Locations: Roblox
Italy repatriates looted ancient artefacts from the US
  + stars: | 2023-08-11 | by ( ) www.reuters.com   time to read: +1 min
[1/5] Some of the antiquities returned to Italy from U.S. are displayed during a ceremony in New York, U.S., August 8, 2023. The items, the oldest of which date back to the 9th century BC, include works belonging to the periods of the Etruscan civilisation, Magna Graecia and Imperial Rome. Pictures provided by the Italian culture ministry show the artefacts include several painted pots, the head of a statue and some coins, which were displayed at a restitution ceremony earlier this week in New York. The Italian statement said a further 65 artefacts had come from the Menil Collection museum in the U.S. city of Houston. "The Menil Collection declined these works from the collector and they have never been part of the museum's collection," the spokesperson said.
Persons: Angelo Amante, Keith Weir, Miral Fahmy, Mark Potter Organizations: REUTERS, Graecia, Menil, Italian, of, Thomson Locations: Italy, U.S, New York, REUTERS ROME, United States, Imperial Rome, Houston
Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.
Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru
The company now expects to produce between 20,000 and 23,000 vehicles in 2023, down from 32,000 to 36,000 units projected in May. Fisker also raised its annual expenses projection to between $565 million and $640 million from $535 million to $610 million on higher selling, general and administrative costs. Electric-vehicle startups have faced supply chain issues in the past year as industry suppliers prioritize larger EV makers with proven production capacity and demand. Shares of Nikola (NKLA.O) also sank 13% on Friday after it named its fourth CEO in as many years in a bid to navigate a host of challenges including depleting cash reserves, supply chain constraints and a pivot to hydrogen fuel cell technology. Analysts expect the company to record an operating profit in the fourth quarter, according to Refinitiv data.
Persons: Henrik Fisker, Fisker, Raymond James, Akash Sriram, Sriraj Kalluvila, Anil D'Silva, Nick Zieminski Organizations: Fisker, Reuters, Nikola, Magna International, Revenue, Thomson Locations: California, Europe, United States, Austrian, Alaska, U.S, Bengaluru
Fisker began deliveries of its battery-electric Ocean SUV in the second quarter of 2023. Electric vehicle startup Fisker on Friday reported a second-quarter loss that was narrower than expected, despite struggling to get the electric Ocean SUV into full production during the period amid supplier issues. A year ago, Fisker reported a net loss of $106 million, or 36 cents a share, and about $10,000 in revenue. Fisker's next model, a low-cost EV called the Pear, is expected to go into production at a Foxconn plant in Ohio in 2025. The company also previewed a new off-road package for the Ocean, called Force E. It's expected to be available starting in the first quarter of 2024.
Persons: Fisker, Fisker's Organizations: Electric, Magna International, Wall Street, Revenue, CNBC, EV, wasn't Locations: Austria, Ohio, California, Alaska
HONG KONG, Aug 3 (Reuters Breakingviews) - South Korea’s dealmaking skeletons are back to haunt. Paul Singer's Elliott opposed a $9 billion union eight years ago of Samsung C&T (028260.KS) and Chiel Industries. South Korea’s successful prosecution of Lee, Park and a former minister that oversaw NPS, provided cause for Elliott to demand payback. Elliott sued in 2018 and the Permanent Court of Arbitration in the Hague in June awarded the U.S. fund over $100 million. Far from being the end of it though, President Yoon Suk Yeol’s government is contesting that award in a British arbitration court.
Persons: Samsung's Lee, Paul Singer's Elliott, Elliott, Jay Y, Lee, Park Geun, Yoon Suk, Hague, Yoon, Taiwan's TSMC, Una Galani, Thomas Shum Organizations: Reuters, Korea Inc, Samsung, Chiel Industries, National Pension Service, NPS, U.S ., Korea, Trade, Global, Samsung Electronics, Apple, Tokyo, Korea's Ministry, Justice, Elliott Investment, Thomson Locations: HONG KONG, U.S, Hague, Seoul, Korea, China, Beijing, Washington, Taiwan, Japan, South Korea, United States
[1/4] The female wolf statue (Lupa Capitolina), which was found in the farm of a citizen, is pictured after disappearing for over thirty years in Benghazi, Libya, July 31, 2023. REUTERS/Esam Omran Al-FetoriBENGHAZI, Libya, Aug 2 (Reuters) - Libyan authorities have recovered a large bronze wolf statue that once sat atop a pillar in central Benghazi before disappearing decades ago, found on a farm whose owner said he bought the sculpture as scrap. Italian colonial authorities erected the statue in the new Benghazi city centre they were building in the 1930s, promoting a connection between ancient Roman settlement of Libya and their modern colonial rule over the country. However, many priceless Libyan antiquities have disappeared: pillaged by Europeans in colonial times, appropriated after independence or looted in the chaos that has followed a 2011 NATO-backed uprising. Khaled al-Hadar, a Libyan researcher on stolen antiquities, said heritage monitoring remained weak in Libya and had not been started until 1974 - after the wolf had disappeared.
Persons: Omran, Saied Mohammed Bourabida, Bourabida, Khaled al, Muammar Gaddafi's, suckling, Romulus, Remus, Ayman al, Angus McDowall, Alison Williams Organizations: REUTERS, Fetori, Libya, Thomson Locations: Benghazi, Libya, Fetori BENGHAZI, Rome, Sabratha, NATO, Libyan, Warfali
E-commerce app Temu is taking on the larger Shein by selling cheap Chinese-made goods to Western consumers. The company owned by $119 billion PDD (PDD.O) is more like an online dollar store. Moreover, Temu offers generous discounts and free or subsidised shipping to users. Parent company PDD, whose Pinduoduo e-commerce unit competes with Alibaba (9988.HK) and JD.com (9618.HK) in China, discloses little about its overseas business. Temu offers everything from home appliances to electronics to toys, making it more of a direct competitor to Amazon.
Persons: Shein, Breakingviews, Temu, PDD, Bernstein, Peter Thal Larsen, Aditya Munjuluru, Thomas Shum Organizations: Reuters, United States, Wall Street, Temu, Bloomberg, HK, PDD, Thomson, & $ Locations: HONG KONG, Western, China, U.S, United States, Shein
How EVs are upending the 100-year-old auto supply chain
  + stars: | 2023-07-31 | by ( Robert Ferris | In | ) www.cnbc.com   time to read: +1 min
Companies that make parts for internal combustion engines are facing a harsh future. Revenues for internal combustion engines, as well as fuel and exhaust systems, are expected to decline 44% through 2027, according to the 2023 Deloitte Automotive Supplier Study. While the supply chain is shifting away from parts, the total powertrain part supply pie is also shrinking. While automakers bring more of their supply chain in-house, there are thousands of parts in cars that come from companies all over the world — a branching supply chain of firms each dependent on the success of the others. Bigger firms are either spinning out their internal combustion divisions or just winding them down to pivot toward EVs.
Persons: Tesla Organizations: Battery, Bosch
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow EVs Are Disrupting Small Car Parts SuppliersCompanies that make parts for internal combustion engines are facing a harsh future. The switch to EVs means companies need different parts, and EV powertrains have thousands fewer components than ICE cars. Automakers are finding more efficient ways to build cars, and are making a greater share of parts in-house. Many suppliers are small, family owned firms that have been around for decades. But even the large publicly traded suppliers such as Bosch, Denso, American Axle, Magna and ZF are affected.
Organizations: Suppliers Companies, EV powertrains, Bosch
Discovery is shaking up its ad sales organization. It's also expected to make further staff reductions in ad sales as part of the restructure. Discovery is shaking up its ad sales organization and structure. EVP Jim Keller, who was key to bringing a digital approach to the merged company's newly combined sales team, left, along with Scott Kohn, EVP of national ad sales, and John Dailey, SVP of ad sales. Based on the learnings and successes we've experienced in the past year, this morning we are announcing a new sales structure and strategy.
Persons: It's, Marybeth Strobel, Greg Regis, Regis, Strobel, Ryan Gould, Jon Diament, Sheereen Russell, WBD, Jon Steinlauf, Jim Keller, Scott Kohn, John Dailey, David Zaslav, we've, AE's, Lucia Moses, lmoses Organizations: Warner Bros, WBD, Max, CNN, NBA, NCAA, MLB, NHL
All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.
Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho
“In the age of AI, where data is the new oil, China is the new Saudi Arabia”, venture capitalist Lee Kai-fu declared in 2018. Washington may soon tighten export restrictions to China by targeting AI semiconductors, according to the Wall Street Journal. A slowing economy and brutal price war in the fiercely competitive cloud market will only make monetising AI products harder. China’s AI moment has arrived, only with far less promise than initially hoped. China wants to become a world leader in AI by 2030, according to a 2017 roadmap released by the State Council.
Persons: Lee Kai, OpenAI's, Xi Jinping, Goldman Sachs, Robin Li, Baidu’s, Bernstein, SenseTime, Xi, Una Galani, Thomas Shum Organizations: Reuters, Saudi Arabia ”, OpenAI's ChatGPT, European Union, Baidu, HK, Nasdaq, Washington, Wall Street, Nvidia, AMD, Microsoft, CloudWalk Technology, Cyberspace Administration, China, State, Thomson Locations: HONG KONG, China, Republic, Saudi Arabia, United States, Beijing, York, Shanghai
Risk factors usually flag uncertainties in how Chinese laws are interpreted and enforced as well as the government's "substantial oversight and influence" over businesses. Chinese regulators want those boilerplate disclosures dropped; if not, offshore listing applications could be denied approval. Trying to appease both American and Chinese regulators will get tougher. On Friday, Chinese regulators held a rare meeting with KKR (KKR.N), Blackstone (BX.N), Carlyle (CG.O) and others to ensure they can continue to invest in the country. China's new offshore listing rules came into effect on March 31.
Persons: Didi Global, underwriters Goldman Sachs, Morgan Stanley, JPMorgan Chase, Carlyle, Una Galani, Thomas Shum Organizations: Reuters, Global, U.S . Securities, Exchange Commission, underwriters, JPMorgan, KKR, Blackstone, Bloomberg, Communist Party, China Securities Regulatory Commission, SEC, Thomson Locations: HONG KONG, Beijing, Hong Kong, United States, New York, China
Twitter user Jeromy Sonne said The Boring Company struck a deal with him over a website domain. In exchange for the domain, The Boring Company gave him a tour and company swag, Sonne told Insider. But, when Musk announced The Boring Company planned to sell "Burnt Hair" cologne, Jeromy Sonne said he saw an opportunity. Now, the website domain redirects to The Boring Company's main website. The Wall Street Journal previously reported that the billionaire is in the process of building a company town for SpaceX, Tesla, and The Boring Company employees in Bastrop.
Persons: Jeromy Sonne, Sonne, Elon Musk, swag, It's, Musk, Daypart.AI, they'd, , we've Organizations: Boring, Elon, The Boring Company, Boring Company, burnthair.com, Twitter, Hair, Street, SpaceX, Tesla Locations: cologne, Austin, Bastrop , Texas, Hair cologne, Bastrop
July 20 (Reuters) - Canadian auto parts maker Magna International Inc (MG.TO) said on Thursday it will invest $790 million to build three new supplier facilities, two of which will be housed at Ford Motor Co's (F.N) BlueOval City campus in Tennessee. The development comes as suppliers race to meet requirements from automakers, who have been hustling to boost their electric vehicle output as demand for environmentally friendly vehicles surges. Magna's facilities will support production of Ford's second-generation electric truck, the Canadian company said in a statement. Ford in March said it plans to build up to 500,000 electric trucks a year at its BlueOval City complex under construction. A third Magna facility in Lawrenceburg will produce vehicle frames, the company said.
Persons: Ford's, Magna, Priyamvada, Nivedita Organizations: Magna International Inc, Ford Motor, Ford, Thomson Locations: BlueOval City, Tennessee, Ford's, BlueOval, Detroit, Lawrenceburg, Bengaluru
July 17 (Reuters) - U.S. startup Fisker (FSR.N) said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year. The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years. Fisker Ocean Extreme is priced at 69,950 euros ($78,588.83), excluding taxes, in Germany. A Fisker Ocean SUV starts at $37,499 in the United States. Fisker also looks to produce its next EV, the smaller, five-seater PEAR in India with Foxconn (2317.TW).
Persons: Fisker, Akshita, Shilpi Majumdar Organizations: International Energy Agency, Magna International, Austrian, Thomson Locations: India, Germany, United States, China, U.S, Europe, Hyderabad, California, Bengaluru
REUTERS/Rebecca Cook/File PhotoJuly 12 (Reuters) - The United Auto Workers (UAW) union will start contract talks with the Detroit Three automakers beginning Thursday, ahead of the mid-September expiration of current four-year labor deals. WHO IS THE UNION NEGOTIATING WITH? The U.S. labor union will officially open talks first with Stellantis, followed by Ford on Friday and GM on Tuesday. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations. Fain who took helm of the union in March, has been a UAW member for more than two decades.
Persons: Rebecca Cook, Shawn Fain, Fain, They've, Biden, Tesla, Jim Farley, Ford, Stellantis, GM's, Wells, Colin Langan, Fitch, Steve Brown, Nathan Gomes, Ben Klayman, Shounak Dasgupta Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford, Detroit, WHO, GM, EV, Detroit Free Press, Lear Corp, Thomson Locations: Auburn Hills , Michigan, U.S, Detroit, United States, Stellantis, American, Bengaluru, Ben
Detroit automakers, like their global counterparts, have been focused on cost reductions, which in some cases include job cuts, to help accelerate a shift to electric vehicles (EVs) from gasoline-powered vehicles. Contract talks between the UAW and the Detroit automakers have gone on until the strike deadline and beyond in past years. "To win, we're likely going to have to take action," UAW Fain said on Wednesday. The Detroit Three want to close the cost gap they have with foreign automakers with non-unionized U.S. factories. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike.
Persons: Andrew Kelly, Shawn Fain, Fain, Jim Farley, we're, UAW Fain, Biden, Tesla, GM's, Nathan Gomes, Sriraj Organizations: United Auto Workers, UAW, International Workers, REUTERS, Detroit Three, General Motors, Ford Motor, Chrysler, Detroit, WHO, Ford, Detroit automakers, FROM, Reuters, EV, Deutsche Bank, Lear Corp, Anderson Economic Group, Thomson Locations: New York, Manhattan , New York City , New York, U.S, Bengaluru
HONG KONG, June 29 (Reuters Breakingviews) - There's plenty to like about Swire Pacific's (0019.HK) Coca-Cola sale. Little wonder Swire's Hong Kong shares rallied as much as 8% on Thursday morning. The Coke sale is refreshing for investors, but only until the rest of Swire Pacific regains its fizz. Upon completion of the sale, Swire Pacific will distribute HK$11.7 billion in special dividends to its shareholders. The company also plans to enter into a 13-year agreement to provide management services to Swire Coca-Cola USA and receive an annual fee of at least HK$117 million.
Persons: Swire Pacific's, Swire, John Swire, Antony Currie, Thomas Shum Organizations: Reuters, HK, Cathay Pacific, Swire, Cola, John Swire & Sons, Cola Europacific Partners, Citi, Cathay, Swire Pacific, Hong Kong, Cola USA, Hong, Thomson Locations: HONG KONG, Hong Kong, China, Cathay Pacific
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