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As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."
Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America
Five babies had died, and at least six others had experienced unusual complications. Then, in the early evening of June 23, a baby boy — one of a set of newborn triplets — suddenly became sick and died. The following night, as the parents were still reeling, another of the triplets died. The infants had been in the care of Lucy Letby, a seemingly conscientious and well-liked nurse. Dr. Brearey had noticed that she was present in every other suspicious case and raised that fact multiple times with executives, but he felt his concerns were dismissed.
Persons: Stephen Brearey, Countess, Chester, , Lucy Letby, Brearey Organizations: Chester Hospital Locations: England
Pacific Islands Forum (PIF) chair and Prime Minister of Cook Islands, Mark Stephen Brown, speaks during the Korea-Pacific Islands Summit at the former presidential Blue House in Seoul, South Korea, Monday, May 29, 2023. Ahn Young-joon/Pool via REUTERS/File Photo Acquire Licensing RightsSYDNEY, Aug 23 (Reuters) - Cook Islands Prime Minister Mark Brown, chairman of the Pacific Islands bloc, said that science supported Japan's decision to pump treated water from the Fukushima nuclear plant into the sea, but that the region may not agree on the "complex" issue. Not all Pacific leaders had the same position and the Pacific Islands Forum may not reach a collective position, he said. The United States conducted nuclear tests in the Pacific Islands in the 1940s and 1950s, and France between 1966 and 1996. A Pacific Nuclear Free Zone was established in 1985 under a treaty that prevents the dumping of radioactive materials.
Persons: Mark Stephen Brown, Ahn Young, Mark Brown, Brown, Sitiveni Rabuka, Kirsty Needham, Gerry Doyle Organizations: Islands, Pacific Islands, presidential Blue House, Rights, Cook Islands, International Atomic Energy Agency, IAEA, Pacific, United, Fijian, Melanesian Spearhead Group, Thomson Locations: Cook Islands, Korea, Seoul, South Korea, Japan, China, Cook, United States, France, Pacific, Papua New Guinea, Fiji, Vanuatu, Solomon Islands
The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The purchase was aimed at broadening Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. High net worth individuals - who would fall within the business Goldman is considering selling - typically have about $1 million to $10 million to invest. Goldman's wealth business has lagged behind rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high-net-worth clients, reiterating aspirations from its investor day in late February.
Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Stephen Biggar, They've, Biggar, RIA, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton, Jonathan Oatis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Argus Research, RIA, United Capital Financial Partners, Thomson Locations: New York City , New York, U.S, Ayco
Goldman Sachs weighs sale of part of its wealth business
  + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com   time to read: +3 min
The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. The potential divestments come after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its loss-making consumer business. Goldman's wealth business has lagged rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February. Other core wealth businesses include workplace financial planning through Ayco, and Marcus savings, Goldman said.
Persons: Goldman Sachs, Andrew Kelly, Goldman, RIABiz, David Solomon, Stephen Biggar, They've, Biggar, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, GreenSky, RIA, United Capital Financial Partners, Argus Research, Thomson Locations: New York City , New York, U.S, Ayco
Two Musicals, One Lonesome World
  + stars: | 2023-08-21 | by ( Laura Collins-Hughes | ) www.nytimes.com   time to read: +1 min
There is little to be gained from getting overly attached to source material. When a story told first in one form is adapted into another, it becomes a different creature — in the details and sometimes the broad outlines, too. The book is a quiet, gentle thing, and it takes its time, layering in the details of Addie and Louis’s pasts and presents. Each has been lonely since long before their spouses died: his marriage marred by a scandalous affair, hers numbed by the death of a child. When Addie’s young grandson, Jamie, comes to stay with her, he’s lonely at first, too, and scared of the dark.
Persons: Kent Haruf’s, Addie, Louis, gingerly, Addie’s, Jamie, Emily Mann, Lucy Simon, Carmel Dean, Susan Birkenhead, Susan H, Schulman, Lauren Ward, Stephen Bogardus Organizations: Berkshire, Broadway Locations: Stockbridge , Mass,
Emerging markets are oversold, Abrdn CEO says
  + stars: | 2023-08-08 | 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 EmailEmerging markets are oversold, Abrdn CEO saysStephen Bird, CEO of Abrdn, discusses the outlook for global markets and monetary policy.
Persons: Stephen Bird
Abrdn’s turnaround is a work in progress
  + stars: | 2023-08-08 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters Breakingviews) - Abrdn’s (ABDN.L) machine is firing on two of its three cylinders. The latter two units are growing, but the stock-picking arm – once Abrdn’s core business – needs more attention. The 1.5 billion pound deal, which closed last year, boosted Abrdn’s exposure to the business of managing savings. Since some of that windfall will disappear when rates fall, Bird needs to speed up his turnaround of Abrdn’s core funds business. The 3.9 billion pound company’s turnaround has a long way to go.
Persons: Dado Ruvic, Stephen Bird, Hargreaves, Bird, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interactive, Twitter, Siemens, Thomson
REUTERS/Fabrizio Bensch/File PhotoAug 7 (Reuters) - Payments giant PayPal (PYPL.O) said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's (META.O), then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability. PayPal's stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. Argus Research Corp analyst Stephen Biggar said PayPal's brand name makes the stablecoin launch significant but the company has been associated with crypto previously so it's not a surprise.
Persons: Fabrizio Bensch, PayPal's stablecoin, Stephen Biggar, PayPal's, Jaiveer Singh, Manya, Tom Wilson, Nivedita Bhattacharjee, Shounak Dasgupta, Shinjini Organizations: PayPal, REUTERS, European Union, U.S . House Financial Services, U.S, Paxos Trust, Argus Research Corp, Visa, Manya Saini, Thomson Locations: Berlin, Germany, Britain, United States, Bengaluru, London
Money markets see a 28% chance of a rate hike in September, down slightly from 32% before the data. Money markets see a 60% chance of another rate hike by the end of the year, down from 80% before the data. "I think their (the Bank's) conclusion from this would be that it's probably not a bad idea to pause on the rate hike front," he said by phone. While headline figures indicated some slowness, the average hourly wage for permanent employees - a figure the Bank of Canada watches closely - rose 5.0% from July 2022. "The softer labor market data support our view that the Bank is unlikely to follow through with current market pricing by raising rates further," he said.
Persons: Chris Helgren, Doug Porter, Royce Mendes, Stephen Brown, Statscan, David Ljunggren, Dale Smith, Fergal Smith, Jonathan Oatis, Nick Zieminski Organizations: REUTERS, OTTAWA, Bank of Canada, Reuters, Statistics, The, BMO Capital Markets, U.S ., Desjardins, North, Capital Economics, Thomson Locations: Toronto , Ontario, Canada, Canadian, Statistics Canada, North America, Ottawa, Toronto
More and more individuals have the capabilities of hackers, using things like ransomware-as-a-service and AI, and for CISOs and other cyber leaders, the rapid adoption of generative AI "changes the threat landscape tremendously," he said. For example, the use of generative AI has made phishing attacks easier and more authentic looking. With generative AI, a non-English-speaking bad actor can instantly and nearly flawlessly translate an email into any language, making it harder for employees to spot the fakes. In fact, using AI to amplify speed and scale in cybersecurity is among the biggest benefits experts see coming in the near term. I think over the next year, cyber leaders are going to figure out where AI is really useful and where it's not."
Persons: Joe Biden, Collin R, Walke, Hall Estill's, Stephen Boyer, " Boyer, Michael McNerney, OpenAI, McNerney, it's Organizations: Amazon, Google, Microsoft, Resilience, Valley's Locations: cybersecurity
But lately, he's been having trouble squaring that passion with a growing problem: a glut of underqualified real-estate agents. "The general public deserves so much better than what the majority of real-estate agents provide." A threat to the industryThe vast majority of real-estate agents are independent contractors who rely on commissions. But despite the ease with which home shoppers can now browse homes online, buyers and sellers still see themselves as dependent on real-estate agents. And if those people don't have the ability to become a real-estate agent or a Realtor, then they lose their access to representation."
Persons: Bret Weinstein, he's, Weinstein, they're incentivized, It's, appraisers, they're, they'd, Lawrence Yun, Stephen Brobeck, Brobeck, Inman, that's, There's, Jessica Reinhardt, Reinhardt, bristled, who's, Reinhard, James Rodriguez Organizations: Realtors, Consumer Federation of America, National Association of Realtors, NAR, Consumers, CFA, Denver Metro Association of Realtors Locations: Denver, Texas, Massachusetts, Michigan, Pennsylvania
Opinion | Is Fear of Crime a Self-Fulfilling Prophecy?
  + stars: | 2023-08-01 | by ( Neil Gross | ) www.nytimes.com   time to read: +2 min
He found that during the year he tracked them, people who had a permit were no less likely to be victims of violent crime than people who didn’t have one. Stolen guns are sometimes trafficked out of state, but more commonly circulate locally, where they may be used to commit additional offenses. As a result, each concealed-carry permit increased the violent crime rate in the neighborhood by about 2 percent. If fear of crime leads more people to get guns, and some of those guns are then stolen, increasing violence and creating more fear, a vicious cycle could ensue. Fear can also make crime more likely by fraying the social and economic fabric.
Persons: Stephen Billings, Billings, , Wesley Skogan Locations: Charlotte, N.C
Used Tesla values are down 30% year-over-year, according to firm Recurrent. Used Tesla values have dropped dramatically from last year as the company continues to slash prices and flood the market with more new cars. That's because resale value hasn't been the biggest priority for Tesla buyers so far. There are a few reasons for that: Tesla buyers are loyal to the company. The Tesla dynamics benefit more EV-buyersIn the meantime, Tesla is forcing the EV market to become more affordable for mainstream buyers — a noticeable impact especially in the used EV space.
Persons: Tesla, Liz Najman, Tesla's, It's, Stephen Beck, Beck, Martin French, Najman Organizations: Morning, Elon, EV Locations: EVs
July 18 (Reuters) - The U.S. Senate on Tuesday confirmed an Ohio public interest lawyer as President Joe Biden's latest nominee to the 6th U.S. Circuit Court of Appeals in a vote that was largely along party lines. Rachel Bloomekatz was approved by a vote of 50-48 to the Cincinnati-based appeals court as Senate Democrats push to confirm judges ahead of a planned recess next month. Bloomekatz, who launched the public interest law firm Bloomekatz Law in Ohio in 2019, has represented consumers, workers and voters in appellate cases. Bloomekatz previously worked at Washington, D.C.-based Gupta Wessler, a law firm that represents plaintiffs in appellate litigation, and global law firm Jones Day.
Persons: Joe Biden's, Rachel Bloomekatz, Chuck Schumer, litigator, Bloomekatz, Joe Manchin, Stephen Breyer, Donald Trump, Gupta, Jones, Andrew Goudsward, Jacqueline Thomsen, Jamie Freed Organizations: U.S, Senate, Circuit, Appeals, Democrats, Top, Bloomekatz Law, Gun Safety, Republicans, Democratic, Supreme, Washington , D.C, Thomson Locations: Ohio, Cincinnati, U.S ., Tennessee, Washington ,, Washington
London CNN —A rising number of British stores are using a facial recognition system powered by artificial intelligence to identify repeat shoplifters in what one human rights group has called the spread of “airport-style security” on the high street. Human rights groups say this type of technology flouts people’s right to privacy and often makes mistakes. Facewatch also retains shoppers’ data for only two weeks — half the amount of time a regular “CCTV” security camera in the UK typically stores footage. But Gordon is confident Facewatch’s system doesn’t have any bias and stresses that it is supported by human staff who’ve been trained in facial recognition. Last month, the European Parliament agreed to ban the use of real-time, AI-powered facial recognition technology in public spaces.
Persons: Simon Gordon, “ We’re, , Stephen Bell, ” Gordon, flouts, Madeleine Stone, ’ Gordon, , Facewatch, Stone that’s, you’re, Gordon, who’ve, They’re, Stone, Suzie Howell Organizations: London CNN, CNN, Big Brother Watch, , British Retail Consortium, Big Brother, New York Times Locations: , United Kingdom, England, Wales, Northern Ireland, United States, Bristol
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiggar: The banks won't have their finest hour this earnings seasonStephen Biggar, Director of Financial Institutions Research, discusses his expectations for the big banks reporting earnings today.
Persons: Stephen Biggar Organizations: Financial, Research
REUTERS/Kevin Lamarque/File PhotoNEW YORK, July 11 (Reuters) - Wall Street banks are expected to report higher profits for the second quarter as rising interest payments offset a downturn in dealmaking. Results for investment banking behemoths will also weaken, with EPS forecast to drop almost 59% at Goldman Sachs (GS.N). That offsets the doldrums in investment banking, where revenues have been depressed by rising interest rates and economic uncertainty. Reuters GraphicsBanking executives have also lowered expectations for the second quarter after mergers, acquisitions and debt offerings plunged in recent months. "We see higher credit risk ahead for lower to middle class families with higher credit card debt that cannot keep pace with higher living costs," Leon added.
Persons: Kevin Lamarque, Goldman Sachs, Morgan Stanley's, David Konrad, Keefe, Goldman, Stephen Biggar, Wells, Morgan Stanley, Betsy Graseck, Kenneth Leon, Leon, Konrad, Nupur Anand, Saeed Azhar, Niket, Lananh Nguyen, Marguerita Choy, Andrea Ricci Organizations: Bank of America, REUTERS, JPMorgan, . Bank of America's, Citigroup, Universal, Argus Research, JPMorgan Chase, Reuters Graphics Banking, Federal Reserve, CFRA Research, Investors, Thomson Locations: Washington, Wells, Refinitiv, Wells Fargo, U.S, New York, Bengaluru
The 21 new cardinals named by Pope Francis on Sunday
  + stars: | 2023-07-09 | by ( ) www.reuters.com   time to read: +2 min
VATICAN CITY, July 9 (Reuters) - Pope Francis announced on Sunday that he would induct 21 churchmen to the high rank of cardinal in September. The following are set to become cardinals:Cardinal Electors under 801 - Archbishop Robert Prevost, American, Vatican official, head of the Dicastery for Bishops2 - Archbishop Claudio Gugerotti, Italian, Vatican official, head of the Dicastery for the Eastern Churches3 - Archbishop Víctor Fernández, Argentine, Vatican official, head of the Dicastery for the Doctrine of the Faith4 - Archbishop Emil Tscherrig, Swiss, Vatican ambassador to Italy5 - Archbishop Christophe Pierre, French, Vatican ambassador to the United States6 - Archbishop Pierbattista Pizzaballa, Italian, Latin Patriarch of Jerusalem7 - Archbishop Stephen Brislin, South African, Archbishop of Cape Town8 - Archbishop Ángel Rossi, Argentine, Archbishop of Córdoba9 - Archbishop Luis Aparicio, Colombian, Archbishop of Bogotá10 - Archbishop Grzegorz Ryś, Polish, Archbishop of Lodz11 - Archbishop Stephen Mulla, Sudanese, Archbishop of Juba, South Sudan12 - Archbishop José Cano, Spanish, Archbishop of Madrid13 - Archbishop Protase Rugambwa, Tanzanian, Archbishop of Tabora14 - Bishop Sebastian Francis, Malaysian, Bishop of Penang15 - Bishop Stephen Chow Sau-Yan, Bishop of Hong Kong16 - Archbishop François-Xavier Bustillo, Spanish-French, Bishop of Ajaccio, Corsica. 17 - Bishop Américo Alves Aguiar, Portuguese, Auxiliary Bishop of Lisbon18 - Father Ángel Fernández Artime, Spanish, head of the Salesian orderOver 80 and not eligible to enter a conclave19 - Archbishop Agostino Marchetto, Italian, former Vatican diplomat20 - Archbishop Diego Padrón Sánchez, Venezuelan, Archbishop Emeritus of Cumaná. 21- Father Luis Dri, Argentine priestReporting by Philip Pulella and Federico Maccioni; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Pope Francis, Cardinal, Robert Prevost, Claudio Gugerotti, Víctor Fernández, Emil Tscherrig, Christophe Pierre, Pierbattista Pizzaballa, Stephen Brislin, Ángel Rossi, Luis Aparicio, Grzegorz Ryś, Stephen Mulla, of, José Cano, Protase Rugambwa, Bishop Sebastian Francis, Bishop Stephen Chow Sau, Bishop, François, Xavier Bustillo, Bishop of, Bishop Américo Alves Aguiar, Ángel Fernández, Agostino Marchetto, Diego Padrón Sánchez, Luis Dri, Philip Pulella, Federico Maccioni, Alexander Smith Organizations: CITY, Cardinal Electors, Vatican, Bishops, Cape, Argentine, Salesian, Cumaná, Thomson Locations: Argentine, Italy, Vatican, United States, Jerusalem, South, Córdoba, Bogotá, Lodz, of Juba, South Sudan, Madrid, Tabora, Bishop, Penang, Hong Kong, Spanish, Bishop of Ajaccio, Corsica, Portuguese, Lisbon
The Supreme Court makes nearly all its decisions on the emergency relief docket or "shadow docket." What is the Supreme Court 'shadow docket?' Capitol Police watch an abortion-rights rally from behind the security fence surrounding the Supreme Court on June 23, 2022. Public trust in the Supreme Court is at a historic lowNadine Seiler attends a rally for voting rights while the U.S. Supreme Court hears oral arguments in the Moore v. Harper case December 7, 2022. The dangers posed by the shadow docket are more perilous than the wrongs of individual justices, Vladeck argues, because the shadow docket's ills are inherently institutional.
Persons: Steve Vladeck, , Vladeck, Sonia Sotomayor, Clarence Thomas, John Roberts, Amy Coney Barrett, Neil Gorsuch, Brett Kavanaugh, Scott Applewhite, mifepristone, William Baude, Nathan Howard, it's, Ruth Bader Ginsburg, Anthony Kennedy, Stephen Breyer, Elena Kagan, Ketanji Brown Jackson, Joe Biden's, Chip Somodevilla, Roe, Wade, Obama, Bush, Trump, Nadine Seiler, Harper, Drew Angerer, stokes Organizations: Service, Supreme, Supreme Court, AP, University of Chicago, Capitol Police, Getty, Former, Locations: United, Joe Biden's State, Texas, U.S, Moore
How have higher education fees soared so high that so many students are forced to borrow big dollars to pay the bills? Has the quality of our higher education in any way tracked these rising costs? Stephen BlankNew YorkThe writer is a retired professor of international business at Pace University. To the Editor:We should not ignore the impact of the way student loans are structured. The student loan industry is preying upon people for whom borrowing may be the only option to receive a college education.
Persons: Peter Kestenbaum, Stephen Blank Organizations: Stephen Blank New, Pace University Locations: Peter Kestenbaum Philadelphia, Stephen Blank New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiggar: When investing in banks, the larger financial institutions are a safer playStephen Biggar, Director of Financial Institutions Research at Argus Research, discusses the results from the annual bank stress tests.
Persons: Stephen Biggar Organizations: Financial, Research, Argus Research
[1/3] Judge Ketanji Brown Jackson listens to U.S. According to legal scholar Adam Feldman, who tracks court data, Jackson spoke more during oral arguments than any of the other current justices during their first terms. "She's just showed up from day one," said Terry Maroney, a Vanderbilt Law School professor who studies judicial decision-making and behavior. "She knows what she's doing, she's not shy, she's posing uncomfortable hypotheticals - and she's not afraid to do those things even if it's causing discomfort." Last year, rulings powered by the conservative justices ended recognition of a constitutional right to abortion and widened gun rights.
Persons: Ketanji Brown Jackson, Cory Booker, Elizabeth Frantz, Jackson, Lorie Smith, Smith, Santa Claus, Kristen Waggoner, Joe Biden, Adam Feldman, She's, Terry Maroney, she's, Stephen Breyer, Kent Greenfield, Greenfield, Sonia Sotomayor, Elena Kagan, Roman Martinez, John Roberts, Jackson's, Neil Gorsuch, Martinez, " Maroney, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S . Senate, U.S, Supreme, Capitol, REUTERS, WASHINGTON, Democratic, Vanderbilt Law, Environmental Protection Agency, Boston College, Thomson Locations: Washington , U.S, Colorado, United States, California, New York, Washington
[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - U.S. electric truck manufacturer Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after failing to resolve a dispute over a promised investment from Taiwan's Foxconn (2354.TW). Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised and misled the EV maker about collaborating on vehicle development plans. Lordstown accused Foxconn in that regulatory filing of engaging in a "pattern of bad faith" that caused "material and irreparable harm" to the company. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.
Persons: Rebecca Cook, Taiwan's Foxconn, Thomas Hayes, Tesla, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk's Tesla, Mike Spector, Joseph White, Dietrich Knauth, Ben Blanchard, Sarah Wu, Chavi Mehta, Nick Zieminski, Dhanya Ann Thoppil, David Evans Organizations: REUTERS, Lordstown Motors, Foxconn, Hai Precision Industry, General, Reuters, Endurance, EV, Biden, Detroit, GM, Lordstown, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit, Taipei, Bengaluru
[1/2] A Lordstown Motors sign is seen outside the Lordstown Assembly Plant in Lordstown, Ohio, U.S., June 21, 2021. REUTERS/Rebecca Cook/File PhotoNEW YORK, June 27 (Reuters) - Lordstown Motors (RIDE.O) filed for bankruptcy protection on Tuesday and put itself up for sale after the U.S. electric truck manufacturer failed to resolve a dispute over a promised investment from Taiwan company Foxconn. Lordstown contends Foxconn is balking at purchasing additional shares of its stock as promised, and misled the EV maker about collaborating on vehicle development plans. Even in May, Lordstown warned it might be forced to file for bankruptcy amid uncertainty over the Foxconn investment. GM agreed to sell the plant to a newly-formed entity called Lordstown Motors founded by the former top executive at an electric truck maker called Workhorse Group.
Persons: Rebecca Cook, Lordstown, Foxconn, Edward Hightower, Donald Trump, Mary Barra, Nikola, Stephen Burns, Burns, Elon Musk’s Tesla, ” Lordstown, Mike Spector, Joseph White, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Lordstown Motors, U.S, Foxconn, Hai Precision Industry, General, Lordstown, Reuters, Endurance, EV, Biden, Detroit, GM, DiamondPeak Holdings, U.S . Justice Department, Ford Motor, Stellantis, Thomson Locations: Lordstown, Lordstown , Ohio, U.S, Taiwan, Ohio, Delaware, Foxconn, United States, Northeast Ohio, New York, Detroit
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