DIRS.INFO The most relevant business & tech news

☆ Indonesia presidential front-runner Prabowo criticises EU on deforestation
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

Indonesia's defence minister and presidential candidate, Prabowo Subianto greets the supporters after registering himself for next year's presidential election, at the election commission headquarters in Jakarta, Indonesia, October 25, 2023. REUTERS/Willy Kurniawan/File Photo Acquire Licensing RightsJAKARTA, Nov 13 (Reuters) - Indonesia's presidential front-runner Prabowo Subianto on Monday criticised the European Union over its ban on palm oil imports and said Europeans during colonial times were also guilty of deforestation. The EU in April passed a law which would ban imports of commodities linked to forest destruction, including palm oil of which Indonesia is the world's biggest producer. Prabowo, who is leading opinion polls ahead of a presidential election next February, said Indonesia maintains "good" relations with Europe "although we have problems sometimes with the European Union". The EU, Indonesia and neighbouring Malaysia, the world's second-largest palm oil producer, have formed a task force to discuss the law.

Persons: Prabowo Subianto, Willy Kurniawan, Prabowo, Mercedes Benz, Stanley Widianto, Susan Fenton Organizations: REUTERS, Rights, European Union, EU, European, Volkswagen, Centre, Strategic, International Studies, Union, Dutch East, Thomson Locations: Jakarta, Indonesia, Rights JAKARTA, European, Europe, EU, Dutch, Dutch East Indies, Malaysia

☆ What we know: Son of Hollywood agent Sam Haskell arrested in LA, 3 family members still missing
▼ + stars: | 2023-11-12 | by ( Christina Maxouris | ) edition.cnn.com time to read: +3 min

While identification of the dismembered body part is pending, one police official said it’s believed to be the suspect’s wife, 37-year-old Mei Li Haskell. The children were found and are being cared for by family members, Los Angeles police said. But Los Angeles police Capt. Scot Williams said the torso is assumed to be the suspect’s wife, Mei Li Haskell, the Los Angeles Times reported. Suspect is son of Emmy-winning producerHaskell is the son of Emmy-winning producer and Hollywood agent Sam Haskell, who served as an agent for Kathie Lee Gifford, Whoopi Goldberg, Dolly Parton, George Clooney and others.

Persons: Samuel Haskell, Haskell, it’s, Mei Li Haskell, Li, Wang, Efren Gutierrez, ” Gutierrez, Mei, Scot Williams, Sam Haskell, Kathie Lee Gifford, Whoopi Goldberg, Dolly Parton, George Clooney Organizations: CNN, Los Angeles Police Department, LAPD, KABC, Police, Los, Los Angeles Times, Volkswagen, Nissan Pathfinder Locations: Los Angeles, West, Los

(AP) — Astronaut Frank Borman, who commanded Apollo 8's historic Christmas 1968 flight that circled the moon 10 times and paved the way for the lunar landing the next year, has died. Borman also led troubled Eastern Airlines in the 1970s and early '80s after leaving the astronaut corps. He and his crew, James Lovell and William Anders, were the first Apollo mission to fly to the moon — and to see Earth as a distant sphere in space. Astronaut Frank Borman was a true American hero,” NASA Administrator Bill Nelson said in a statement Thursday. In his book, "Countdown: An Autobiography," Borman said Apollo 8 was originally supposed to orbit Earth.

Persons: Frank Borman, Borman, James Lovell, William Anders, Bill Nelson, Susan, ”, God, ” Lovell, —, ” Borman, Anders Organizations: NASA, Eastern Airlines, Gemini, Associated Press Locations: Mont, Billings , Montana, Florida’s Cape Canaveral

HUSAVIK, Iceland (AP) — The Blue Lagoon geothermal spa — one of Iceland’s biggest tourist attractions — closed temporarily as a swarm of earthquakes put the island nation’s most populated region on alert for a possible volcanic eruption. “People thought a volcanic eruption was about to happen.”The area around Mount Thorbjorn on the Reykjanes Peninsula has been shaken by hundreds of small earthquakes every day for more than two weeks due to a buildup of volcanic magma some 5 kilometers (3.1 miles) underground. The Reykjanes Peninsula on Iceland’s southwestern coast is includes a volcanic system that has erupted three times since 2021, after being dormant for 800 years. At Grindavík, a fishing town of 3,400 people, residents have experienced a series of seismic episodes since the Reykjanes Peninsula began to rumble three years ago. Retired beautician Hildur Gunnarsdóttir, 68, said she spent the night cruising around in her Volkswagen Passat to “get a break from feeling the earthquakes.”Gunnarsdottir tracks seismic activity on a phone app called My Earthquake Alerts.

Persons: Bjarni Stefansson, ” Stefansson, “, Thorvaldur Thordarson, Helga Arnadottir, Hildur, ” Organizations: —, Associated Press, “, Icelandic Met, Met Office, AP, Volkswagen Passat Locations: HUSAVIK, Iceland, Mount Thorbjorn, Thorbjorn, ” Iceland, Europe, Grindavík

☆ Volkswagen aims to bring under-$35,000 EV to US in 3-4 years-VW executive
▼ + stars: | 2023-11-09 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

A charging handle recharges a Volkswagen ID.4 electric vehicle (EV) parked at an EV charging station inside a parking garage owned by the City of Baltimore, in Baltimore, Maryland, U.S., March 23, 2023. Speaking at the Reuters Events Automotive USA 2023 conference in Detroit, Fischer said VW plans to build the under-$35,000 EV in the United States or Mexico. VW also is looking at localizing assembly of battery packs for the under-$35,000 EV to qualify for additional incentives under the U.S. Inflation Reduction Act, Fischer said. The German automaker previously has announced plans to build battery cells in Canada for its current and future North American-built EVs. Reporting by Paul Lienert in Detroit; Editing by Mark Porter and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Nio, Reinhard Fischer, Ganesh Iyer, Fischer, Iyer, Paul Lienert, Mark Porter, Sharon Singleton Organizations: Volkswagen, EV, City, REUTERS, Rights DETROIT, EVs, VW Group of America, Nio, Reuters, Automotive, VW, U.S, Thomson Locations: City of Baltimore, Baltimore , Maryland, U.S, North America, Detroit, United States, Mexico, Chattanooga , Tennessee, Puebla, South Carolina, Canada

The source, who declined to be named, did not say when production would begin. A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. At the same meeting, he informed staff of plans to build the 25,000-euro vehicle there, the source said. German union IG Metall said in 2022 that Tesla wages were around 20% below those offered under collective bargaining agreements at other carmakers. ($1 = 0.9315 euros)Reporting by Victoria Waldersee, Editing by Rachel More, Bernadette Baum and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Tesla, Annegret, Elon Musk, Europe's, Metall, Victoria Waldersee, Rachel More, Bernadette Baum, Emelia Organizations: Staff, JATO Dynamics, Reuters, Volkswagen, REUTERS, Thomson Locations: BERLIN, Berlin, United States, Europe, China, Gruenheide, Germany

[1/2] United Auto Workers President Shawn Fain greets workers at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. The UAW released more details of its tentative 4-1/2 year deal with GM <on Saturday. Temporary workers will have a faster path to full-time status and could see wages rise by about 50% immediately. The GM agreement will move more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls "subsystems" operations up to the higher wage levels paid to assembly plant workers. "This contract has wage increases and economic gains like nothing we've ever seen before," UAW Vice President Mike Booth said.

Persons: Shawn Fain, Rebecca Cook, Mike Booth, Fain, Joe White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, Sterling Heights Assembly, REUTERS, Rights DETROIT, General Motors, UAW, GM, Detroit, Ford, Chrysler, Auto, Toyota, Honda, Volkswagen, Hyundai, Tesla, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Lordstown , Ohio, Orion, Michigan, Spring Hill , Tennessee, Detroit, Bengaluru

☆ Volvo Cars' sales of fully electric vehicles jump in October
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Nov 3 (Reuters) - Volvo Cars' (VOLCARb.ST) sales in October grew 10% from a year earlier to 59,861 cars as fully electric car sales jumped but hybrid models fell, the Sweden-based group said on Friday. Volvo Cars said in a statement sales of fully electric cars rose 29% to account for 18% of all its cars sold in the month. Sales of hybrid cars, however, fell 8%. In total, all recharge models were up 7% to account for 36% of total sales. Volvo Cars said on Friday that sales in the biggest market Europe were up 13% in October.

Persons: China's Geely, Yves Herman, Jim Rowan, BEV, EVs, Anna Ringstrom, Terje Solsvik, Jacqueline Wong Organizations: Volvo, China's, HK, REUTERS, Motors, Ford, Volkswagen, Thomson Locations: STOCKHOLM, Sweden, Brussels, Belgium, Europe, U.S, China

John J. Kim | Tribune News Service | Getty ImagesDETROIT – United Auto Workers President Shawn Fain wants to expand the union's battle from the Detroit automakers to Tesla , Toyota Motor and other non-unionized automakers operating in the U.S. The UAW has previously failed to organize foreign-based automakers in the U.S. The UAW has previously discussed organizing Tesla's Fremont plant in California with little to no traction in those efforts. "Workers at Tesla, Toyota, Honda, and others are not the enemy — they're the UAW members of the future," Fain said. UAW President Shawn Fain marches with UAW members through downtown Detroit after a rally in support of United Auto Workers members as they strike the Big Three auto makers on September 15, 2023 in Detroit, Michigan.

Persons: Shawn Fain, John J, Kim, We've, Fain, Stellantis, we've, Ford, Bill Ford, Toyota Fain, Bill Pugliano, Tesla, Elon Musk, Musk, Tom Williams Organizations: United Auto Workers, UAW, Tribune, Service, Getty, DETROIT, Detroit, Tesla, Toyota Motor, U.S, General Motors, Ford Motor, Chrysler, Volkswagen, Nissan, GM, Ford, American, . ", Toyota, Honda, Bloomberg News, Bloomberg, CNBC, Cq, Inc Locations: Chicago, U.S, Fremont, California, Kentucky, Detroit, Detroit , Michigan, Fremont , California

☆ Nissan CEO weighs in on how the EV market has changed since Covid
▼ + stars: | 2023-11-02 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

That presents a series of challenges to established automakers like Nissan, which have followed global strategies for decades. The market has been fragmented, and customers' acceptance speed is also different," Uchida said. "So what's important is how much we can start to localize in each respective market," Uchida said. But many of those new Nissan EVs will no longer be global models. For instance, EV customers in China are very sensitive to pricing – but they also want the latest technology, which they've come to expect from the fierce competition between the many domestic Chinese EV makers.

Persons: Makoto Uchida, –, CNBC's Martin Soong, Uchida, they've, Li Auto, Kraft Heinz, FanDuel Organizations: Nissan Motor Co, Nissan Hyper Force, Japan, Nissan, Toyota, Volkswagen, Target, FedEx, Kraft, CNBC PRO Locations: Tokyo, Japan, U.S, Europe, China

☆ The UAW won big against Detroit automakers. Unionizing Tesla and Toyota will be tougher
▼ + stars: | 2023-11-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

But the UAW’s ambitious plans to organize Tesla and other non-union automakers face steep odds. To grow, the UAW will need to gain a foothold at non-union automakers, which produce more than half of the cars assembled in the United States. Historically, UAW talks with the Detroit automakers have been closely watched by non-union automakers and suppliers. Anti-union companiesThe UAW will have to overcome weak protections for labor organizing in the United States and automakers’ aggressive tactics to defeat unions. It may be easier for UAW to organize Volkswagen and other European automakers like BMW and Mercedes-Benz than automakers from Asia, experts say.

Persons: Tesla, Shawn Fain, ”, Harry Katz, “, Thomas Kochan, Tesla's, Justin Sullivan, Bill Lee, Nikki Haley, Joe Biden, Kochan, ” Kochan, “ There’s, “ Fain, he’s, Harley Shaiken, Jesse Jackson, John J, Kim, Elon Musk, Musk, “ Tesla, ” Shaiken, Biden, Erica Smiley, Smiley, ‘ we’ve, won’t Organizations: New, New York CNN, United Auto Workers, Ford, General Motors, Jeep, Chrysler, Detroit automakers, UAW, American, Toyota, Hyundai, Honda, Volvo, Mercedes, BMW, Nissan, Volkswagen, Cornell University’s School of Industrial and Labor Relations, Labor, Companies, Employers, National Labor Relations Act, MIT Sloan School of Management, Getty, Workers, Benz, Tennessee Gov, Former South Carolina Gov, Environmental Defense Fund, Alabama, M University, Jackson State University, University of California, Berkley, Chicago Tribune, Tribune, Service, Tesla, National Labor Relations Board, Employees, Bloomberg, CNN, Biden Union, Union, Biden, Justice, Detroit Locations: New York, United States, California, Texas, Tesla's Fremont , California, Tennessee, Kentucky, Alabama, Volkswagen’s, Chattanooga, Michigan, Detroit, Chicago, Chattanooga , Tennessee, Asia, Europe, Tesla’s Fremont California, ”

☆ Toyota hikes wage of US factory workers after UAW labor deals
▼ + stars: | 2023-11-01 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Other nonunion logistics and service parts employees are getting wage hikes. The media and organizing project Labor Notes earlier reported the wage hikes and other details, citing a company document. The pay of production Toyota workers in Kentucky at top scale will rise by $2.94 to $34.80 an hour. Under the new tentative agreements with General Motors (GM.N), Ford Motor (F.N) and Stellantis (STLAM.MI), UAW workers will receive a wage hike of 11% upon ratification and 25% in wage hikes through April 2028. The UAW declined to comment on the Toyota wage hikes.

Persons: Johanna Geron, ” Chris Reynolds, Shawn Fain, Fain, David Shepardson, Chizu Nomiyama, Matthew Lewis Organizations: Toyota, REUTERS, United Auto Workers, Detroit Three, Labor, North, General Motors, Ford Motor, UAW, Ford, Volkswagen, Nissan, Detroit, Thomson Locations: Zaventem, Belgium, U.S, Kentucky, Washington

☆ Volkswagen puts off east European gigafactory amid sluggish EV demand
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. It said earlier this year it was in no rush to make a decision. Czech officials said on Wednesday they would start offering their proposed site for Volkswagen's battery plant to other investors, saying they could not afford to wait any longer for a decision. "We cannot continue to hold the land for this project," Fiala told a news conference. Industry minister Jozef Sikela said talks were happening with five investors, with two of those projects on a similar scale to Volkswagen's plans.

Persons: David, Dee, Delgado, Oliver Blume, BEV, Blume, Petr Fiala, Fiala, Jozef Sikela, Jason Hovet, Louise Heavens, Mark Potter Organizations: New York, REUTERS, Rights, Volkswagen, Volkswagen's, Skoda Auto, Thomson Locations: Manhattan , New York City, U.S, Europe, Czech Republic, Hungary, Poland, Slovakia, Salzgitter, Germany, Valencia, Spain, St, Thomas, Canada, Volkswagen's Czech, Czech

☆ Automakers oppose Cleveland-Cliffs push to buy U.S. Steel
▼ + stars: | 2023-10-31 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

U.S. Steel Edgar Thompson Works is seen in Braddock, Pennsylvania, U.S. November 4, 2022. REUTERS/Quinn Glabicki/File Photo Acquire Licensing RightsWASHINGTON, Oct 31 (Reuters) - A group representing major automakers on Tuesday said the industry opposes steelmaker Cleveland-Cliffs' (CLF.N) proposed acquisition of U.S. Steel (X.N), saying it would increase auto industry costs and slow electric vehicle sales. U.S. Steel in August rejected Cleveland-Cliff's proposed $7.25 billion price. Cleveland-Cliffs CEO Lourenco Goncalves last week during an earnings call declined to discuss the issue, citing restrictions. In August, U.S. Steel said it had entered into confidentiality agreements with "numerous third parties" and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout.

Persons: Steel Edgar Thompson, Quinn Glabicki, John Bozzella, Lina Khan, Jonathan Kanter, Cliff's, Lourenco Goncalves, David Shepardson, Nick Zieminski Organizations: REUTERS, Rights, U.S . Steel, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Hyundai, Federal Trade Commission, Justice Department Antitrust, . Steel, Cliffs, Steel, Thomson Locations: Braddock , Pennsylvania, U.S, Cleveland

☆ Porsche to integrate Google Maps, Assistance into future cars
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

A Porsche logo is seen on a vehicle displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. REUTERS/Angelika Warmuth Acquire Licensing RightsBERLIN, Oct 30 (Reuters) - Porsche (P911_p.DE) will integrate Google Maps, Google Assistance and other apps from Google Play (GOOGL.O) into its future cars, it said on Monday. Porsche said in January it was considering fully integrating Google software into its car cockpit, following the end of its cooperation with Volkswagen's Cariad unit on software research and development. Carmakers including General Motors, Renault, Nissan and Ford use embedded Google technology in their vehicles via a Google Automotive Services (GAS) package, offering features like Google Maps, Google Assistant and other applications. Reporting by Victoria Waldersee; editing by Matthias WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Angelika Warmuth, Porsche, Volkswagen's, Victoria Waldersee, Matthias Williams Organizations: REUTERS, Rights, Porsche, Google, General Motors, Renault, Nissan, Ford, Google Automotive Services, Thomson Locations: Munich, Germany

Politicians from across the spectrum have visited the garrison of workers permanently stationed outside the Crevalcore plant, less than 40 kilometres from Ferrari's headquarters. Marelli has put the plan on hold but confirmed it wants to abandon the plant, leaving workers in a limbo. Samira Chouri, 50, has worked at the Crevalcore plant for 18 years. Some 37% of the EU's 800 billion euros ($845 billion) post-pandemic recovery fund is earmarked for climate friendly investment. Climate change think tank ECCO said Italy needed to spend between 7-13 billion euros more per year to meet Europe's decarbonisation goals.

Persons: Marelli, Grazia Vitiello, Samira Chouri, Calsonic, I'm, Sergio Manni, Francesco Simeri, Chouri's, Giovanni Sanfelice, ANFIA, Francesco Zirpoli, Zirpoli, Giorgia Meloni's, Europe's, Vittorio Sarti, Giulio Piovaccari, Vagnoni, Toby Chopra Organizations: U.S, KKR, Volkswagen, BMW, Fiat Chrysler, FCA, Venice University, Center, Automotive, Mobility, Thomson Locations: Italy, Italy's, Emilia Romagna, Marelli, Stellantis, France, Crevalcore, Europe, Rome, Italian

☆ Onsemi forecasts weak fourth quarter on slowing demand for electric vehicles
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Semiconductors are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - Chipmaker Onsemi (ON.O) forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry. The company, whose clients include European automaker Volkswagen (VOWG_p.DE), forecast revenue in the range of $1.95 billion to $2.05 billion, compared to analysts' average estimate of $2.18 billion, according to LSEG data. Onsemi forecast its fourth-quarter adjusted diluted earnings per share in the range of $1.13 to $1.27, below analysts' average estimate of $1.36. Its third-quarter revenue of $2.18 billion inched past expectations of $2.15 billion.

Persons: Florence Lo, Elon Musk, Juby Babu, Arun Koyyur Organizations: REUTERS, Volkswagen, Thomson Locations: Arizona, Bengaluru

☆ Workers at the Detroit 3 are set to make up to $35 more an hour than at Tesla thanks to new union contracts
▼ + stars: | 2023-10-30 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Detroit's hourly labor costs could soar to $90 an hour, according to one estimate. At Tesla and foreign car companies, that same hourly labor cost sits between $45 and $55 per hour, industry experts estimate. AdvertisementAdvertisementHeading into contract talks this summer, the labor cost gap between the Detroit Three and Tesla was already sizable. While Ford, GM, and Stellantis were spending about $66 an hour on their factory workers, Tesla was spending just $45 an hour. Throughout the strike, Detroit executives warned of the advantage higher labor costs would hand to their competitors.

Persons: —, That's, Tesla, Wedbush, Bill Ford, Shawn Fain, Fain Organizations: UAW, Service, Detroit, United Auto Workers, Ford, GM, Tesla, Toyota, Honda, Volkswagen Locations: Wells

☆ Volkswagen plans job cuts, further launch delays at software unit -manager magazin
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) wants to cut 2,000 jobs at its troubled software unit Cariad as part of a restructuring plan which will see its long-awaited new software architectures delayed even further, news outlet manager magazin reported on Friday. There is no concrete information on where positions should be cut in terms of structure and tasks," a Volkswagen works council spokesperson said. A Cariad spokesperson declined to comment on the article, but said Cariad CEO Peter Bosch has been working on a "comprehensive transformation plan" for "repositioning" the company since the summer. Volkswagen appointed Bosch, formerly Bentley production chief, as head of the unit earlier this year in an effort to get Cariad back on track.

Persons: Brendan McDermid, magazin, Peter Bosch, Herbert Diess, Miranda Murray, Friederike Heine, Kirsten Donovan Organizations: New York, REUTERS, Rights, Audi, Porsche, VW, Volkswagen, Bosch, Bentley, Thomson Locations: Manhattan , New York City, U.S

☆ Elon Musk’s Twitter takeover, the platform and its cultural impact have fundamentally changed
▼ + stars: | 2023-10-27 | by ( Brian Fung | Clare Duffy | ) edition.cnn.com time to read: +16 min

Here’s a (non-exhaustive) account of how Musk has fundamentally changed Twitter since he made one of the most consequential acquisitions of the social media age. Many of Musk’s content and product decisions have also led to what civil society groups have reported as a troubling spread of hateful speech on the platform. He recommended that X users monitor the Israel-Hamas conflict by following an account known for spreading disinformation, before later deleting his post. And, in an attempt to prove that former Twitter executives deliberately discriminated against conservatives on the platform, Musk provided a handpicked group of journalists with selective access to company records. It is perhaps Musk’s all-consuming presence that has most undermined what users used to love about Twitter.

Persons: New York CNN — It’s, Elon Musk, Linda Yaccarino —, Yaccarino, ” Yaccarino, —, it’s, Here’s, Musk, he’s, Donald Trump, LeBron James, James, ”, X, General Mills, ” Weeks, “ Elon, what’s, “, Paul Pelosi, Dilbert, Scott Adams, George Soros, Joe Biden’s, Ron DeSantis ’, Robert F, Kennedy, Jr, Tucker Carlson, Vivek Ramaswamy, Benjamin Netanyahu, Hunter Biden Organizations: New, New York CNN, Elon, Twitter, US Federal Trade Commission, Securities, Exchange Commission, EU, Premium, Nintendo, NPR, PBS, Volkswagen, —, Center, Defamation League, Wall Street, Florida Republican Gov, Fox, New York, Trump Locations: New York, Israel, United States, breakeven, New

☆ Investors deliver harshest punishment for earnings warnings in 16 years
▼ + stars: | 2023-10-27 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

Barclays (BARC.L), a big UK lender, fell as much as 8% after signalling major cost cuts because of weakness on its home turf. Mark Denham, head of European equities at Carmignac, said high quality companies with high valuations tend to be very vulnerable if they miss earnings. According to Kasper Elmgreen, CIO at Nordea Asset Management, the fact that the economy is now starting to slow is one factor behind investors' harsh treatment of earnings disappointments. Amid the volatility, some investors see a buying opportunity in overly punished stocks. It is an example of a highly valued stock being extra punished for the environment," Denham said.

Persons: Morgan Stanley, Angelo Meda, Mark Denham, Denham, Kasper Elmgreen, Elmgreen, Fabio Di Giansante, Carmignac's Denham, Danilo Masoni, Alun John, Joice Alves, Amanda Cooper, Hugh Lawson Organizations: Sanofi, Barclays, Banor SIM, Siemens Energy, Volkswagen, Volvo, Asset Management, Euroland Equity, pharma, Thomson Locations: Milan, Swiss, London

☆ Global EV battery supply chain puzzles over China graphite curbs
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Graphite powder, used for battery paste, is pictured in a Volkswagen pilot line for battery cell production in Salzgitter, Germany, May 18, 2022. China dominates the global EV battery supply chain including production of graphite - the single largest component. Graphite companies in the country process both the natural material mined domestically and overseas, as well as synthetic forms. Under the new rules, China will require export permits starting Dec. 1 for high-end synthetic graphite, as well as key forms of natural graphite. NATURAL GRAPHITE HITGlobal companies using natural graphite include Hitachi Chemical, part of Japan's Resonac Holdings Corp (4004.T), South Korea's POSCO Future M (003670.KS) and Japan's Mitsubishi Chemical, which produces natural graphite at two plants in China, according to research firm CRU Group.

Persons: Fabian Bimmer, Sunit Kapur, Zhang Yan, Siyi Liu, Brenda Goh, Satoshi Sugiyama, Heekyong Yang, Seoul ， Paul Lienert, Jing Xu, Dominique Patton, Tony Munroe, David Evans Organizations: Volkswagen, REUTERS, Rights, EV, Qingdao, Reuters, China's Ministry of Commerce, Gotion High Tech, BTR, Material Technology, Hitachi Chemical, Japan's Resonac Holdings Corp, Mitsubishi Chemical, CRU Group, Mitsubishi, Resources, Materials, Thomson Locations: Salzgitter, Germany, Beijing, China, Japan, South Korea, United States, U.S, Shanghai, Ningbo Shanshan, Indonesia, Finland, Japan's, Australia, Mozambique, U.S ., Louisiana, North Carolina, Toyko, Seoul ，, Detroit

☆ Stellantis is teaming up with Chinese startup Leapmotor on EVs
▼ + stars: | 2023-10-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

The two will form a joint venture that will give Stellantis the exclusive rights to produce, export and sell the Chinese brand’s vehicles outside Greater China. Stellantis will control the joint venture, with a 51% stake, while Leapmotor will take a 49% share. In July, Volkswagen announced it was buying a 5% stake in Chinese EV maker Xpeng and unveiled a strategic partnership to jointly develop new vehicles. News of Stellantis’ latest partnership comes about a year after it terminated its joint venture in China with Guangzhou Automobile Group Company (GAC). Stellantis is acquiring Leapmotor shares at a price of 43.8 Hong Kong dollars ($5.6) apiece, according to a Thursday stock exchange filing by the Chinese firm.

Persons: Hong Kong CNN —, Leapmotor, Mercedes, Nio, Stellantis, weren’t Organizations: Hong Kong CNN, Chrysler, Volkswagen, Xpeng, Reuters, CNN, Nio, Guangzhou Automobile Group Company, Hong Locations: Hong Kong, Leapmotor, Hangzhou, Greater China, Shanghai, China

☆ Mobileye cuts annual revenue forecast as automakers look to ease production
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 26 (Reuters) - Mobileye Global (MBLY.O) lowered the upper end of its annual revenue forecast on Thursday, in a sign that slowing electric-vehicle production is likely to weigh on demand for its driver-assistance technology. Automakers such as Tesla (TSLA.O), General Motors (GM.N) and Ford (F.N) have turned cautious about expanding their EV production capacity amid risks of a slowdown in demand due to higher borrowing costs and growing economic uncertainties. This, in turn, may hurt Mobileye, a supplier for EV makers such as Polestar . The Israel-based firm expects full-year revenue to be between $2.07 billion and $2.09 billion, compared with its earlier forecast of $2.07 billion to $2.11 billion.

Persons: Shannon Stapleton, Mobileye, Arsheeya, Shilpi Majumdar Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, Times, REUTERS, General Motors, Ford, EV, Volkswagen, Porsche, Thomson Locations: New York City, U.S, Israel, Bengaluru

☆ Audi puts planned Formula One entry under review - Spiegel
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

A logo of Audi is seen outside an Audi car dealer in Brussels, Belgium March 13, 2023. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBERLIN, Oct 26 (Reuters) - Audi has placed its plans to enter Formula One under review, German news outlet Spiegel reported on Thursday. Citing sources at parent company Volkswagen (VOWG_p.DE), Spiegel said the plans were being "analysed in detail" in the wake of a management change and cost-cutting measures. Asked for official comment by Spiegel, Audi said the plan for Formula One entry had been agreed by its management and supervisory boards as well as its parent company, and that the timetable remained unchanged. Audi announced last year that it would enter Formula One from 2026 with one of the sport's existing teams and using a new power unit to be built in Germany.

Persons: Yves Herman, Spiegel, Audi, Markus Duesmann, Duesmann, Gernot Doellner, Friederike Heine, Miranda Murray Organizations: Audi, REUTERS, Rights, Formula, Spiegel, Volkswagen, Thomson Locations: Brussels, Belgium, Germany

Search resuls for: "volkswagen"

25 mentions found