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The company on Thursday reported a 12.4% adjusted return on sales in its cars division in the third quarter. Mercedes-Benz described the market environment as "subdued", but Wilhelm said "we are beyond the worst" when it comes to inflation and energy pricing. Mercedes-Benz earlier this month reported a 4% drop in overall third-quarter sales, with top-end sales down 11%, partly caused by model changeovers and a shortage in 48-volt systems supplied by Bosch. Car revenue dipped 3.8% due to the fall in deliveries, but the average selling price remained stable, the company said. ($1 = 0.9485 euros)Reporting by Victoria Waldersee; Editing by Rachel More, Jacqueline Wong and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, BEV, Harald Wilhelm, Wilhelm, Mercedes, Tesla, Victoria Waldersee, Rachel More, Jacqueline Wong, Jan Harvey Organizations: Mercedes, Benz, Japan, REUTERS, EV, BMW, VW, Ford, Porsche, Bosch, Thomson Locations: Tokyo, Japan, BERLIN, Germany, United States, China, stoke

☆ 'Incredible alpha opportunities' in the year ahead despite headwinds, says Carlyle Group CEO Harvey Schwartz
▼ + stars: | 2023-10-25 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

When asked about the risk outlook, Carlyle Group CEO Harvey Schwartz, former president of Goldman Sachs, advised caution but remained positive about alpha opportunities. "But I think the year ahead will certainly present incredible alpha opportunities. It doesn't mean there won't be great alpha opportunities." Schwartz also highlighted the need to stay liquid in times of war to be best prepared for uncertainty. "I think certain geopolitical risk, particularly war — again the tragedy of war and the loss of life — I think those are very difficult to price in the near term.

Persons: Harvey Schwartz, Goldman Sachs, Schwartz, — Organizations: Investment, Bankers, Carlyle Group, Carlyle, International Monetary Fund Locations: Riyadh, Saudi Arabia

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

☆ Taiwan chipmaker UMC sees demand stabilising, with 'rush' PC, smartphone orders
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

The logo of United Microelectronics Corporation (UMC) is seen at the company’s lobby at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. The semiconductor industry has come under pressure as global economic woes dent demand for chips used in everything from tablets to cellphones and cars. In an earnings release, UMC (2303.TW) co-President Jason Wang said it expected demand to gradually stabilise in the last three months of the year. "For the fourth quarter, with the recent rush orders from PC and smartphones, we expect demand has gradually stabilised," he said. However, the company kept its guidance for capital spending this year at $3 billion, compared with $2.7 billion for last year.

Persons: Ann Wang, TSMC, chipmaker, Jason Wang, Ben Blanchard, Jan Harvey Organizations: United Microelectronics Corporation, Hsinchu Science, REUTERS, United Microelectronics Corp, Qualcomm Inc, Germany's Infineon, UMC's, Thomson Locations: Hsinchu, Hsinchu Science Park, Taiwan, TAIPEI, U.S, UMC's Taipei

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

GE shares were up 6% at $113.14 in pre-market hours. The Boston-based group now expects 2023 adjusted profit per share of $2.55 to $2.65, compared with an earlier forecast of $2.10 to $2.30. "At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in commercial engines and services," CEO Larry Culp said in a statement. GE's aerospace unit, which makes engines for Boeing Co (BA.N) and Airbus (AIR.PA) jets, posted double-digit growth in orders, revenue and profit from a year earlier. Shares of its aerospace unit will continue GE's listing on the New York Stock Exchange under the ticker symbol "GE", the company said.

Persons: Benoit Tessier, Larry Culp, RTX, Pratt, Whitney, Culp, Rajesh Kumar Singh, Sriraj Kalluvila, Jason Neely, Jan Harvey Organizations: Electric, GE, Boeing, Paris, REUTERS, General, GE Aerospace, Boeing Co, Airbus, New York Stock Exchange, AerCap Holdings, Thomson Locations: Le Bourget, Paris, France, Boston, Chicago, Bengaluru

☆ Davos in the Desert: Jamie Dimon and other bankers visit Saudi Arabia as Israel-Hamas war rages
▼ + stars: | 2023-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

Dubbed “Davos in the Desert,” the annual Future Investment Initiative (FII) will welcome about 6,000 participants from more than 90 countries over the next three days. Since the Hamas assault on October 7, Israel has widened its offensive against the Palestinian militant group and other regional enemies. Saudi Arabia’s crown prince Mohammad bin Salman, denied any personal involvement in Khashoggi’s murder but later confirmed it was carried out by Saudi officials. Bin Salman chairs the Public Investment Fund. “Very few people” had canceled plans to attend the conference, according to Richard Attias, the CEO of the FII Institute, the event’s organizer.

Persons: Jamie Dimon, Citigroup’s Jane Fraser, Defense Lloyd Austin, Larry Fink, Goldman Sachs, David Solomon, Noel Quinn, Ray Dalio, Stephen Schwarzman, Harvey Schwartz, Blackstone, Carlyle, “ We’re, it’s, ”, Fraser, Fink, “, Karen E, WeWork, Slack, Jamal Khashoggi, Saudi Arabia’s, Mohammad bin Salman, Bin Salman, bin Salman, Masayoshi, Richard Attias, Young, — Winston Lo, Michelle Toh Organizations: London CNN, “, Future Investment Initiative, Defense, Palestinian, Israel Defense Forces, West Bank, HSBC, Citigroup, Saudi, Public Investment Fund, Columbia University’s Center, Global Energy, CNN, Reliance Retail, Softbank’s Vision, Future Investment, FII Institute, Young of Columbia University Locations: Saudi Arabia, Israel, “ Davos, Gaza, Lebanon, Riyadh, Ukraine, Europe, United States, Washington, Russia, Saudi, Istanbul, Kingdom, Hong Kong

The company posted a third-quarter operating income of 32 million euros ($34.1 million), its first quarterly profit since 2021, helped by a higher gross margin and lower marketing and personnel costs. "We believe moving forward, we should see pretty consistent growth in our operating income," its Chief Financial Officer Paul Vogel said. It forecast operating income of 37 million euros in the current quarter. Revenue rose 11% to 3.36 billion euros, beating estimates of 3.33 billion. Analysts were expecting a forecast of 232.4 million premium subscribers and revenue of 3.69 billion euros.

Persons: Eric Gaillard, Paul Vogel, Daniel Ek, Vogel, Supantha Mukherjee, Kirsten Donovan, Jan Harvey Organizations: Spotify, Cannes Lions International, Creativity, REUTERS, Companies, Reuters, Thomson Locations: Cannes, France, STOCKHOLM, LSEG, Stockholm

☆ Hermes sales beat expectations, defying luxury sector gloom
▼ + stars: | 2023-10-24 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

[1/2] A Hermes store sign is seen at a shopping mall in San Diego, California, U.S., November 23, 2022. "Despite an uncertain context, our outlook remains unchanged," Eric du Halgouet, Hermes executive vice president finance, told journalists, noting strong growth in the U.S. and Asia, including China. Sales in the Americas rose 20%, despite smaller price hikes than in other parts of the world, with even growth rates on both U.S. coasts, Hermes said. In Europe, sales grew 18.1%, with Du Halgouet noting no sign of a slowdown in tourist traffic in the region, and no slowdown in France, including in the first weeks of October. "We are attentive," said Du Halgouet, noting an uncertain geopolitical context could affect tourism.

Persons: Mike Blake, Birkin, bellwether, Hermes, Eric du Halgouet, Du Halgouet, Bernstein, Luca Solca, Mimosa Spencer, Ingrid Melander, Jan Harvey Organizations: REUTERS, Rights, U.S, Analysts, Thomson Locations: San Diego , California, U.S, Asia, China, Americas, Madison, New York, Europe, France, Japan

☆ Estonia has linked Baltic cable, pipeline damages, Sweden says
▼ + stars: | 2023-10-23 | by ( Simon Johnson | ) www.reuters.com time to read: +3 min

Estonian Navy conducts an undersea communications cable survey after a subsea gas pipeline and a telecommunications cable connecting Finland and Estonia under the Baltic Sea was damaged, in the Gulf of Finland, October 10, 2023. Estonian Navy Handout/Handout via REUTERS/File Photo Acquire Licensing RightsSTOCKHOLM, Oct 23 (Reuters) - Estonia believes that damage to a telecommunications cable in the Baltic Sea between Sweden and Estonia is related to damage to a pipeline and cable between Estonia and Finland, Sweden's government said on Monday. On Oct. 8 a subsea gas pipeline and telecommunications cable connecting Finland and Estonia were damaged, in what Finnish investigators believe may have been deliberate sabotage. Bohlin added that Estonia had assessed that "the damage to the gas pipeline and communications cable between Finland and Estonia is related to the damage to the communications cable between Sweden and Estonia". NATO has said it is stepping up patrols in the Baltic Sea following the incidents, which have stoked concerns about the security of energy supplies in the wider Nordic region.

Persons: Sweden's, Carl, Oskar Bohlin, Bohlin, Triinu Olev, Sevmorput, Simon Johnson, Andrius, Jan Harvey, Emelia, Bill Berkrot Organizations: Estonian Navy, REUTERS, Rights, Civil Defence, NATO, National Bureau of Investigation, Andrius Sytas, Thomson Locations: Finland, Estonia, Baltic, Gulf of Finland, Handout, Rights STOCKHOLM, Sweden, Helsinki, Tallinn, Estonian, Russia, Germany, Stockholm, Vilnius

☆ Swedish govt says Estonia has linked Baltic cable, pipeline damages
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

Persons: Sweden's, Carl, Oskar Bohlin, Bohlin, Sevmorput, Simon Johnson, Jan Harvey, Emelia Organizations: Estonian Navy, REUTERS, Rights, Civil Defence, NATO, National Bureau of Investigation, Thomson Locations: Finland, Estonia, Baltic, Gulf of Finland, Handout, Rights STOCKHOLM, Sweden, Helsinki, Tallinn, Russia, Germany

☆ Swedish Govt Says Estonia Has Linked Baltic Cable, Pipeline Damages
▼ + stars: | 2023-10-23 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

STOCKHOLM (Reuters) - Estonia believes that damage to a telecommunications cable in the Baltic Sea between Sweden and Estonia is related to damage to a pipeline and cable between Estonia and Finland, Sweden's government said on Monday. On Oct. 8 a subsea gas pipeline and telecommunications cable connecting Finland and Estonia were damaged, in what Finnish investigators believe may have been deliberate sabotage. Helsinki is investigating the pipeline incident, while Tallinn is probing the cable incident. Last week, Sweden said a third link had been damaged at roughly the same time as the other two. Bohlin added that Estonia had assessed that "the damage to the gas pipeline and communications cable between Finland and Estonia is related to the damage to the communications cable between Sweden and Estonia".

Persons: Sweden's, Carl, Oskar Bohlin, Bohlin, Sevmorput, Simon Johnson, Jan Harvey, Emelia Organizations: Civil Defence, NATO, National Bureau of Investigation Locations: STOCKHOLM, Estonia, Baltic, Sweden, Finland, Helsinki, Tallinn, Russia, Germany

HOUSTON (AP) — The challenges facing Houston’s next mayor are familiar to many big cities: crime, crumbling infrastructure, budget shortfalls and a lack of affordable housing. “This (new) mayor comes along at a time when the city is doing well, though the city faces issues,” said Bob Harvey, president and CEO of the Greater Houston Partnership, a local business group. They highlight what they see as Houston’s failings while touting it as an international city teeming with diversity. Others in contention are former head of Houston’s public transit system Gilbert Garcia, attorney Lee Kaplan, Houston City Councilman Robert Gallegos and former council members Jack Christie and M.J. Khan. The city’s challenges are due in part to its explosive growth over the past decade.

Persons: Houston’s, Sheila Jackson Lee, Sen, John Whitmire, ”, Bob Harvey, Houston, Sylvester Turner, Gilbert Garcia, Lee Kaplan, Robert Gallegos, Jack Christie, M.J, Khan, ” Garcia, Garcia, Greg Abbott, Troy Finner, Patrick Jankowski, Bill King, Brandon Rottinghaus, Jackson Lee, Johnny Mata, “, ” Mata, Jankowski, Harvey, ” Harvey, Juan, Lozano Organizations: HOUSTON, U.S . Rep, Texas Legislature, Texas Democrats, Greater Houston Partnership, Houston, Republican Gov, Houston Police, pothole, University, Greater Houston Coalition for Justice Locations: November’s, U.S, Houston, Texas, Houston City, Harris County, America

☆ Volkswagen cuts profit outlook on raw material hedges hit
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: 1 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 RightsCompanies Volkswagen AG FollowFRANKFURT, Oct 20 (Reuters) - Volkswagen (VOWG_p.DE) on Friday cut its profit outlook for the current year due to negative effects from raw materials hedges at the end of the third quarter, Europe's largest carmaker said. The company said it no longer expected an operating return on sales between 7.5%-8.5%, and that its operating result before special items was now seen at the prior year level of 22.5 billion euros ($23.8 billion). ($1 = 0.9446 euros)Reporting by Christoph Steitz; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Christoph Steitz, Jan Harvey Organizations: New York, REUTERS, FRANKFURT, Thomson Locations: Manhattan , New York City, U.S

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. The UAW strike has hit the one-month mark, with more than 34,000 union members working at Ford, General Motors and Chrysler parent Stellantis out on strike, including those who went out on strike at Ford's cash-cow Kentucky pickup truck plant last week. The supplier is considering temporary layoffs and other ways to cut spending to counter the impact of UAW strikes, Durand told reporters. "Given the organic growth out-performance across the regions (excluding North America) and continued execution of synergies, the outlook for 2024 organic growth and margin expansion looks intact," Citi analysts wrote in a client note. It reiterated a 2023 sales forecast of 26.5 billion to 27.5 billion euros and an operating margin target of 5.2% to 6.2%.

Persons: Rebecca Cook, Olivier Durand, Durand, Forvia, Michal Aleksandrowicz, Milla Nissi, Tomasz Janowski, Jan Harvey Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Ford, GM, General Motors, Chrysler, Citi, Thomson Locations: Delta Township, Michigan, Forvia, Kentucky, North America, Gdansk

☆ IHG says funding challenges holding back new hotel development
▼ + stars: | 2023-10-20 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

A general view of an Intercontinental Hotel at The O2 in London, Britain October 20, 2020. Its shares were down 3.6% by 1044 GMT, with Bernstein analyst Richard Clarke attributing the drop to the slowdown in net unit growth and fears it might miss its full-year guidance. "We definitely see the light at the end of the tunnel," he said, adding that IHG was growing in new signings and system size. The group recorded growth across its leisure, business travel and group travel segments, Maalouf said in a statement. The hotel industry has benefited from a post-pandemic boom in leisure travel as people splurge their savings on vacations despite rising costs of living.

Persons: Matthew Childs, IHG, Bernstein, Richard Clarke, Leo Carrington, Elie Maalouf, Maalouf, Glover, Yadarisa, Subhranshu Sahu, Tomasz Janowski, Jan Harvey Organizations: O2, REUTERS, Citi, U.S, Crowne Plaza, Regent, Thomson Locations: London, Britain, China, Israel, Bengaluru

☆ Earnings estimates for next year are too optimistic, says Wells Fargo's Chris Harvey
▼ + stars: | 2023-10-20 | 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 EmailEarnings estimates for next year are too optimistic, says Wells Fargo's Chris HarveyChris Harvey, Wells Fargo Securities head of equity strategy, joins 'Closing Bell' to discuss earnings season, estimates, and where the markets and economy go.

Persons: Wells, Chris Harvey Chris Harvey Organizations: Wells, Wells Fargo Securities Locations: Wells Fargo

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 RightsSummaryCompanies Now expects operating profit margin on sales of 7.0%-7.3%Keeps outlook for sales, deliveriesTo publish final Q3 results on Oct. 26FRANKFURT, Oct 20 (Reuters) - Volkswagen (VOWG_p.DE) cut its profit margin outlook for the current year on Friday, blaming negative effects from raw materials hedges at the end of the third quarter. Volkswagen kept its outlook for deliveries and sales, still expecting to hand between 9 million and 9.5 million vehicles to clients this year, while sales are forecast to grow by 10% to 15%. The carmaker, which is due to release full quarterly figures on Oct. 26, said third-quarter sales grew 12% to 78.8 billion euros, while operating profit was up around 14% at 4.9 billion. Volkswagen's controlling shareholder, Porsche SE (PSHG_p.DE), specified its 2023 outlook following Volkswagen's warning and now expects group profit after tax in the lower half of the 4.5 billion euro to 6.5 billion euro forecast range.

Persons: Brendan McDermid, Bernstein, Christoph Steitz, Ilona Wissenbach, Jan Harvey, Rod Nickel, Jonathan Oatis Organizations: New York, REUTERS, Volkswagen, Porsche, Thomson Locations: Manhattan , New York City, U.S, FRANKFURT, Frankfurt, Slovenia

☆ In photos: The queer ‘renegades’ of 1990s San Francisco
▼ + stars: | 2023-10-19 | by ( Suyin Haynes | ) edition.cnn.com time to read: +8 min

CNN —Photographer Chloe Sherman had rarely used social media, until a chance discovery by her daughter prompted her to revisit her work documenting the queer community in 1990s San Francisco. Although she had previously exhibited some photographs from her time in San Francisco, the majority of her work, which she shot on 35-millimeter film, only existed as negatives. So, after Sherman’s daughter and a friend helped create an Instagram account for her, she began digitizing and uploading her photos onto the platform. In this context, San Francisco was widely seen as a safe haven, with a long history of welcoming LGBTQ people. For Sherman, who had grown up making photographs and later studied at the San Francisco Art Institute, it felt important to document the moment.

Persons: Chloe Sherman, Sherman’s, ”, ” Sherman, Sherman, Paula, Carmen, San Francisco, Brandon Teena, Matthew Shepard, Castro, America’s, Harvey Milk, Chloe Sherman Sherman, “, ’ ”, Anna Joy, lounging, isn’t, —, San Francisco — Organizations: CNN, “ Renegades, San Francisco’s Mission, Fair, San Francisco Art Institute, Anna Joy Post, Sherman, Mission Locations: San Francisco, City, San, Schlomer, Berlin, Germany, San Francisco’s, Francisco, Folsom, Folsom St, California, Portland , Oregon, ”, Mission

☆ Billionaires are driving South Florida home prices to new records
▼ + stars: | 2023-10-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

From Palm Beach to Miami Beach, luxury home prices in Florida's richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average price per square foot of homes sold in Palm Beach reached $4,554, more than 2.5 times more expensive than Manhattan. "The prices are mind-blowing," said Chris Leavitt, a top Palm Beach broker with Douglas Elliman. Miami Beach has also seen a spike in prices from wealthy buyers — especially billionaires. "Both Palm Beach and Miami Beach are disconnected from the interest rate trend."

Persons: Douglas Elliman, Miller Samuel, Chris Leavitt, Jonathan Miller, Leavitt, James Tigani, Harvey Jones, Tommy Hilfiger, Michael Cantanucci, Corcoran, Eric Schmidt, Ken Griffin, Alex Rodriguez, Griffin, Jeff Bezos, Tom Brady Organizations: Palm, Tech, Brokers, National Football League, CNBC Locations: Palm Beach, Miami Beach, Manhattan, New York , New Jersey, California, Florida, Miami

☆ San Francisco’s Brand Is in Trouble. Can a New Ad Campaign Fix It?
▼ + stars: | 2023-10-19 | by ( Heather Knight | More About Heather Knight | ) www.nytimes.com time to read: 1 min

San Franciscans don’t like outsiders bashing their city, but they’re also cleareyed about its biggest problems: homelessness, rampant drug use and leaders who can’t seem to fix those issues. So how does San Francisco turn its lackluster image around? Some wealthy locals say the way forward is a brand refresh, and they are throwing their support behind a new $4 million ad campaign that will promote San Francisco as a hub of innovation and creativity. The slogan? “It All Starts Here.”It’s meant to remind San Franciscans — and everyone else — that the city of cable cars, Levi’s jeans, the Summer of Love, Gap Inc., Uber, Harvey Milk and the Golden State Warriors still has an exciting future ahead of it.

Persons: they’re, ”, Harvey Milk Organizations: Franciscans, San Francisco, Inc, Golden State Warriors Locations: San Francisco, San

[1/2] A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company’s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018. NHTSA's preliminary evaluation covers about 594 vehicles and is the first step before the agency seek to force a recall. In December, NHTSA opened a separate safety probe into the autonomous driving system in Cruise vehicles after reports of two injuries in rear-end crashes. NHTSA said Cruise vehicles "may engage in inappropriately hard braking or become immobilized." The DMV in August said it was investigating "recent concerning incidents" involving Cruise vehicles in San Francisco and asked the company to take half its robotaxis off the roads, a request Cruise complied with.

Persons: Heather Somerville, Mary Barra, Cruise, robotaxi, David Shepardsin, Nick Carey, Abinaya, Nivedita Bhattacharjee, Jan Harvey, Nick Zieminski Organizations: General Motors Corp, REUTERS, Rights, General Motors, Traffic Safety Administration, NHTSA, GM, Cruise, California Department of Motor Vehicles, California Public Utilities Commission, Thomson Locations: San Francisco, California, U.S, Cruise, Washington, London, Bengaluru

☆ A lot of 2023's new unicorns have been generative AI startups. Here's what to expect from the sector next year, according to Accel.
▼ + stars: | 2023-10-17 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +4 min

Generative AI startups have made up a lot of the world's new unicorns this year. High-profile investors have jostled to back, in some cases, weeks-old startups like Mistral as the hype around generative AI intensified. Both regions also tout a batch of promising unicorns across the generative AI stack. Generative AI will become a run-of-the-mill tool"Generative AI will unlock new verticalised applications built with smaller and dedicated models and industry-specific workflows," the Accel report said. Enterprises will also jump to incorporate generative AI more seamlessly into their automation tools, per the report.

Persons: —, Phillipe Botteri, Harvey Organizations: Venture, Mistral, US, Accel Partners, Runway, Accel, EU, Stanford University, Enterprises, Big Tech, Microsoft Locations: Europe, Israel, Jasper, France, EU

☆ China's electric vehicle giant BYD sees Q3 net profit as much as doubling
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

People stand next to BYD Company vehicles, at the 2023 IAA Mobility auto show, in Munich, Germany, September 10, 2023. REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsCompanies BYD Co Ltd FollowHONG KONG, Oct 17 (Reuters) - Chinese electric vehicle giant BYD (002594.SZ) on Tuesday said it expects third-quarter net profit to as much as double thanks to robust sales and effective cost control. The Shenzhen-based company forecasts net profit for the July to September period at between 9.55 billion yuan ($1.31 billion) and 11.55 billion yuan, an increase of 67% to 102% from a year earlier. "Despite the increasingly intensified competition in the automobile industry in the third quarter, the company continued to record profit," BYD said in the filing. Net profit in the nine months through September is expected to rise 120-142% year-on-year to between 20.50 billion yuan and 22.50 billion yuan, it said, up from a net profit of 9.31 billion yuan in the year ago period.

Persons: Angelika Warmuth, BYD, Twinnie Siu, Jan Harvey Organizations: BYD Company, REUTERS, BYD, Tashkent Municipal, Thomson Locations: Munich, Germany, HONG KONG, Shenzhen, Uzbekistan, Tashkent

☆ ASML sees no short-term impact of updated U.S. rules on China exports
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

ASML logo is seen at the headquarters in Veldhoven, Netherlands June 16, 2023. REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing RightsAMSTERDAM, Oct 17 (Reuters) - ASML (ASML.AS), a major supplier of equipment to computer chip manufacturers, said on Tuesday it does not expect any short-term financial impact from newly updated guidance on U.S. restrictions on exports to China. "We do not expect these measures to have a material impact on our financial outlook for 2023" or longer term financial forecasts, it said. The company added in the statement that it is still studying new guidelines announced by the Biden administration overnight. Previous rounds of restrictions from the U.S. government have barred the company from selling its most advanced products to customers in China.

Persons: de, Biden, Toby Sterling, Jan Harvey Organizations: REUTERS, Rights, U.S, Thomson Locations: Veldhoven, Netherlands, China, The Netherlands, U.S, Taiwan, South Korea

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