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☆ Google changes user data practices to end German antitrust probe
▼ + stars: | 2023-10-05 | by ( Friederike Heine | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsBERLIN, Oct 5 (Reuters) - Alphabet (GOOGL.O) unit Google has agreed to change its user data practices to end a German antitrust investigation aimed at curbing its data-driven market power, the German cartel office said on Thursday. The German regulator said Google's commitments would give users more choice on how their data is used across the company's platforms. "This not only protects the users' right to determine the use of their data, but also curbs Google's data-driven market power," he said. Google's commitment covers more than 25 other services including Gmail, Google News, Assistant, Contacts and Google TV. It does not apply to Google Shopping, Google Play, Google Maps, Google Search, YouTube, Google Android, Google Chrome and Google's online advertising services, all of which are subject to a new EU legislation called the Digital Markets Act which has similar obligations.

Persons: Arnd, Andreas Mundt, Matthias Williams, Foo Yun Chee, Friederike Heine, Mark Potter Organizations: European Engineering, REUTERS, Rights, Google, Tech, Gmail, Google News, Big Tech, Apple, Thomson Locations: Zurich, Switzerland

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. The Justice Department has accused Google of manipulating online auctions - a multibillion dollar industry dominated by Google - with these formulas to favor its own bottom line. Dahlquist asked Juda if they had introduced changes to ad sales in a way that raised the cost-per-click by a consumer that advertisers pay. But Wendy Waszmer, a lawyer for Google, asked Juda on Wednesday afternoon on if there were ways that his ads quality team could raise prices unilaterally. Google's advertising business has been criticized by advertisers and website publishers for a lack of transparency, with both accusing Google of siphoning off too much revenue.

Persons: Arnd, Adam Juda, David Dahlquist, Juda, Dahlquist, Wendy Waszmer, Diane Bartz, Aurora Ellis Organizations: REUTERS, WASHINGTON, U.S . Justice Department, The, Google, Justice, European Union, LTV, Thomson Locations: Zurich, Switzerland, Washington, United States

☆ Google launches Pixel 8, smartwatch with new AI feature
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsOct 4 (Reuters) - Alphabet's Google (GOOGL.O) on Wednesday launched Pixel 8 smartphones and a new smartwatch that integrate its artificial intelligence (AI) technology more deeply into the company's key consumer gadgets. Google beefed up the Pixel line up with its latest mobile processor, Tensor G3, which brings several machine learning and generative AI models natively on the device. Pixel 8 starts at $699 and Pixel 8 Pro at $999, $100 pricier than the previous generation models. Google Pixel globally ranks 12th in terms of shipments, with a 0.9% share, according to IDC. The company launched Google Watch 2, an upgrade over the first smartwatch launched in October last year, starting at $349.

Persons: Arnd, Ryan Reith, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Google, Food and Drug Administration, Apple, IDC, Thomson Locations: Zurich, Switzerland, New York, U.S, United States, Japan, Bengaluru

☆ Glencore may look elsewhere for recycling hub after Italy rejects fast-track approval
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Oct 1 (Reuters) - Glencore Plc (GLEN.L) may look at alternative options for a recycling hub in Europe for electric car batteries after the Italian region of Sardinia rejected a fast-track approval process for its pilot project, the mining company said. The companies said they would set up the hub in Portovesme, in Sardinia, by re-purposing Glencore's existing production sites on the island. Sardinia's regional government said on Friday the pilot project for the recycling hub could not be granted a fast-track approval process. "Glencore may consider alternative options for a European battery materials processing hub if the unnecessary extension of the approval process results in a delayed timeline that makes the project economically unviable," it said.

Persons: Arnd, Glencore, Francesca Landini, Jane Merriman Organizations: REUTERS, Glencore, Cycle Holdings, Thomson Locations: Baar, Switzerland, Europe, Italian, Sardinia, Italy, Portovesme

☆ $1 bln metals SPAC deal backed by Glencore, automakers collapses
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In June, global miner Glencore (GLEN.L), Chrysler parent Stellantis (STLAM.MI) and Volkswagen's (VOWG_p.DE) battery unit PowerCo agreed to back the deal through an equity investment. Weak economic data from the world's largest metals consumer China, which it has reported since August, affected the investors' appetite for the deal, a source, directly familiar with the situation, told Reuters. "The deal fell apart over price," said another source familiar with the situation, adding the price was higher than the buyers considered realistic after the nickel price declined. Reporting by Polina Devitt and Clara Denina; editing by Timothy Gardner and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, ACG, Glencore, Appian, Sibanye, Polina Devitt, Clara Denina, Timothy Gardner, David Gregorio Our Organizations: REUTERS, Appian Capital, Chrysler, Reuters, South Africa's, Thomson Locations: Baar, Switzerland, London, Appian, China, Stillwater

☆ Accenture warns of weaker fiscal 2024 as IT spending remains under pressure
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

The logo of Irish services and consulting company Accenture is seen at an temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. Accenture expects first-quarter revenue in the range of $15.85 billion to $16.45 billion, while analysts polled by LSEG forecast $16.43 billion. The company also forecast fiscal 2024 adjusted earnings per share to be in the range of $11.97 to $12.32, below estimates of $12.45. The mid-point of its revenue growth forecast of 2% to 5% in local currency also fell short of estimates. Accenture's revenue rose 4% to $16 billion in the fourth quarter ended Aug. 31, compared with estimates of $16.08 billion.

Persons: Arnd, Julie Sweet, Chavi Mehta, Shinjini Organizations: Accenture, REUTERS, U.S, Infosys, Tata Consultancy Services, LSEG, Thomson Locations: Davos, Switzerland, Federal, Indian, Bengaluru

REUTERS/Arnd Wiegmann//File Photo Acquire Licensing RightsSept 28 (Reuters) - A New York state judge on Thursday rejected a bid by Uber Technologies Inc (UBER.N), DoorDash Inc and Grubhub Inc to block New York City's novel law setting a minimum wage for app-based delivery workers. The law will require companies to pay delivery workers $17.96 an hour, which will rise to nearly $20 in April 2025. App-based delivery workers are usually treated as independent contractors rather than company employees, so general minimum wage laws do not apply to them. They say city officials based the minimum wage law based on flawed studies and statistics. The companies allege the city's surveys of delivery workers were biased and designed to elicit responses that would justify a minimum wage.

Persons: Arnd, Nicholas Moyne, Moyne, Uber, Daniel Wiessner, Chris Reese, Aurora Ellis Organizations: REUTERS, Uber Technologies, DoorDash Inc, Grubhub Inc, New York, Companies, New York City Department of Consumer and Worker, Thomson Locations: Davos, Switzerland, York, Moyne, United States, Albany , New York

An advertisement promotes Tesla Autopilot at a showroom of U.S. car manufacturer Tesla in Zurich, Switzerland March 28, 2018. The lawsuit, filed against Tesla by the passengers and Lee's estate, accuses Tesla of knowing that Autopilot and other safety systems were defective when it sold the car. Tesla won a bellwether trial in Los Angeles in April with a strategy of saying that it tells drivers that its technology requires human monitoring, despite the "Autopilot" name. Tesla, for instance, won a bid to exclude some of Musk’s public statements about Autopilot. The trial, in Riverside County Superior Court, is expected to last a few weeks.

Persons: Arnd, Micah Lee’s, Lee, Tesla, Elon Musk, jousted, Dan Levine, Matthew Lewis Organizations: REUTERS, Tesla, Reuters, Riverside County Superior Court, San, Thomson Locations: U.S, Zurich, Switzerland, California, Los Angeles, Riverside County, San Francisco

☆ Uber names semiconductor executive Mahendra-Rajah as CFO
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 27 (Reuters) - Uber Technologies (UBER.N) on Wednesday named Analog Devices (ADI.O) CFO Prashanth Mahendra-Rajah as its finance chief at a time when the ride-hailing company is gearing up for growing competition in the industry. At semiconductor firm Analog Devices, Mahendra-Rajah oversaw the roughly $21-billion acquisition of rival Maxim Integrated Products. Mahendra-Rajah was previously the CFO at vehicle technologies supplier WABCO Holdings and has held other financial leadership roles at Applied Materials (AMAT.O), Visa (V.N) and United Technologies. Still, with more than $1 billion in free cash flow in the second quarter, Uber said it was increasingly considering share repurchases and shareholder dividends.

Persons: Arnd, Prashanth Mahendra, Rajah, Mahendra, Nelson Chai, Uber, Deborah Sophia, Shounak Dasgupta Organizations: REUTERS, Technologies, Devices, Maxim Integrated Products, WABCO Holdings, Materials, Visa, United Technologies, Los Angeles Yellow Cab, Thomson Locations: Davos, Switzerland, San Francisco, Nelson, Europe, Asia, Bengaluru

☆ Banks in EU largely comply with 'Basel Endgame', says watchdog
▼ + stars: | 2023-09-26 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The global Basel Committee agreed additional capital rules in 2017 that require banks to hold bigger reserves to shield them from potential shocks. The EU, along with Britain and the United States, is now putting the final Basel requirements into its rule books. Basel has a 2028 deadline for implementing its remaining rules, which are set to be rolled out in the EU from January 2025. The BoE is due to set out its final Basel Endgame rules sometime in 2024. The aggregate shortfalls globally and in the EU represent a fraction of banks' total capital buffers and earnings.

Persons: Arnd, BoE, Huw Jones, Jacqueline Wong, Jane Merriman Organizations: Bank for International Settlements, REUTERS, Union, Basel, European Banking Authority, Basel III, United, Bank of England, EU, Committee, Thomson Locations: Basel, Switzerland, EU, Britain, United States, Banks

☆ Uber partners with California taxi operators to boost supply
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

The logo of Uber is seen in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 26 (Reuters) - Uber Technologies (UBER.N) is partnering with Los Angeles Yellow Cab and its affiliates to increase the supply of taxis on the ride-hailing giant's platform, the company said on Tuesday. Under the new partnership, taxis associated with LA Yellow Cab and its five partner fleets will get bookings through the Uber app. The six taxi companies - which include San Diego Yellow Cab, California Yellow Cab, Long Beach Yellow Cab, Fiesta Taxi Cooperative and United Checker Cab - will add up to 1,200 cabs to the Uber platform. "We anticipate that this partnership will have a positive impact for our driver-owners as the pandemic recovery continues," said William Rouse, CEO of Los Angeles Yellow Cab.

Persons: Arnd, Uber, Lyft, William Rouse, Arsheeya, Devika Organizations: REUTERS, Technologies, Los Angeles Yellow Cab, San Diego Yellow Cab, Fiesta Taxi Cooperative, United Checker, Thomson Locations: Davos, Switzerland, Europe, Asia, San, California, Bengaluru

☆ Novartis confirms Sandoz spin-off for October 4, 2023
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: 1 min

The company's logo is seen at the cell and gene therapy factory of Swiss drugmaker Novartis in Stein, Switzerland, November 28, 2019. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Novartis AG FollowZURICH, Sept 25 (Reuters) - Novartis (NOVN.S) on Monday confirmed its plans for a 100% spin-off of the Sandoz business on Oct. 4 after shareholders gave their approval earlier this month. Novartis also said key regulatory approvals have been obtained, including the approval by SIX Exchange Regulation for the listing of the Sandoz shares on the SIX Swiss Exchange. The Sandoz shares will have the symbol SDZ, Novartis said. Reporting by John Revill, Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Sandoz, John Revill, Rachel More Organizations: Novartis, REUTERS, Companies Novartis, SIX, Sandoz, SIX Swiss Exchange, Thomson Locations: Swiss, Stein, Switzerland

☆ Pakistan probes distributors of Roche cancer drug after patients go blind
▼ + stars: | 2023-09-25 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +3 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsLAHORE, Pakistan, Sept 25 (Reuters) - Pakistan said on Monday it was investigating two local distributors of Swiss pharmaceutical company Roche's (ROG.S) Avastin cancer drug after 12 diabetic patients injected with the drug went blind. The Drug Regulatory Authority of Pakistan (DRAP) said the health authorities in Punjab, the most populous province, had launched the investigation into local use of the drug Avastin, which is licensed for use in Pakistan. On its website, Roche said Avastin was approved in more than 130 countries, including the United States, to treat several types of cancer. Cancer drug Avastin, when used at much lower doses, is similar to eye drug Lucentis and is used in many countries as a low-cost option to treat certain blindness-causing conditions. In its statement, Roche said: "Avastin is not approved for any use in the eye.

Persons: drugmaker Roche, Arnd, Javed Akram, Akram, Roche, Avastin, Alam, Mubasher Bukhari, Ariba Shahid, Ludwig Burger, Miral Fahmy, Alex Richardson Organizations: REUTERS, Rights, Drug Regulatory Authority of Pakistan, Reuters, U.S ., Thomson Locations: Basel, Switzerland, Rights LAHORE, Pakistan, Swiss, Punjab, United States, counterfeits, Avastin, Lahore, Karachi, Frankfurt

☆ Tyson and Perdue face child labor investigations, New York Times reports
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. The Labor Department and Tyson Foods did not immediately respond to a request for comment from Reuters. The Labor Department has also opened investigations into Fayette Industrial and QSI that run cleaning shifts for Perdue and Tyson respectively, the newspaper said. In April the Biden administration sent a letter to meat companies including Tyson and Perdue asking the companies to examine their supply chains for evidence of child labor. The letter was part of an effort by several agencies, led by the Labor Department, to curb the use of illegal child labor across sectors.

Persons: Arnd, Tyson, Perdue, QSI, Biden, Gokul, Daniel Wallis Organizations: Tyson Foods, REUTERS, U.S . Department of Labor, Perdue, New York Times, Labor Department, New York Times Magazine, Reuters, The Labor Department, Fayette Industrial, Tyson, Thomson Locations: Davos, Switzerland, Shore of Virginia, Fayette, Bengaluru

The capability, which Intel showed off during a software developer conference held in Silicon Valley, could let businesses and consumers test ChatGPT-style technologies without sending sensitive data off their own computer. It is made possible by new AI data-crunching features built into Intel's forthcoming "Meteor Lake" laptop chip and from new software tools the company is releasing. Intel said on Tuesday that it was building a new supercomputer that would be used by Stability AI, a startup that makes image-generating software. China's Alibaba Group Holdings (9988.HK) is using its newest central processors to serve up chatbot technology, Intel said. If Intel Chief Gelsinger can make AI "so that anyone can use it, that creates a much bigger market for chips – the chips that he makes," Hutcheson said.

Persons: Arnd, Taylor Swift, Pat Gelsinger, Gelsinger, Sachin Katti, Dan Hutcheson, TechInsights, Hutcheson, Stephen Nellis, Max Cherney, Peter Henderson, Lincoln, Josie Kao Organizations: Intel Corporation, REUTERS, JOSE, Intel, ., Taiwan Semiconductor Manufacturing, Nvidia, Stability, Alibaba, Holdings, Meta, Reuters, Thomson Locations: Davos, Switzerland, California, Silicon Valley, HK, San Francisco, San Jose , California

☆ Verizon executive testifies Google search always pre-installed on mobile phones
▼ + stars: | 2023-09-18 | by ( Diane Bartz | ) www.reuters.com time to read: +3 min

REUTERS/Arnd Wiegmann/File PhotoWASHINGTON (Reuters) - The U.S. Justice Department on Monday questioned a Verizon executive about the company’s decision to always pre-install Google’s Chrome browser with Google search on its mobile phones, as the government sought to show that Alphabet’s Google broke antitrust law to maintain its dominance in online search. Antonio Rangel, who teaches behavioral biology at the California Institute of Technology, testified last week that people are likely to stick with defaults like search engines or map apps on computers and mobile phones. In response, Google lawyer John Schmidtlein showed the court data indicating that users happily stick with Google’s search engine when pre-installed on their devices but switch away from others they like less. Companies have defended themselves by emphasizing that their services are free, as in the case of Google, or inexpensive, as in the case of Amazon.com. He may decide simply to order Google to stop practices he has found to be illegal or he may order Google to sell assets.

Persons: Arnd, Brian Higgins, “, Google’s, James Kolotouros, Antonio Rangel, John Schmidtlein, Trump, Judge Amit Mehta Organizations: REUTERS, WASHINGTON, U.S . Justice, Verizon, Google, California Institute of Technology, Companies Locations: Zurich, Switzerland, Washington, California, U.S

The logo of Swiss contract drug maker Lonza is seen at its headquarters in Basel, Switzerland October 1, 2020. Shares in Lonza, which makes drug ingredients for healthcare and biotech companies, dropped 5.3% shortly after the 0700 GMT market open, trading near an eight-month low. A former Roche executive who joined Lonza in 2020, Ruffieux oversaw the company's role in producing COVID-19 vaccines for Moderna (MRNA.O) during the pandemic. "Today’s announcement increases our conviction that the new mid-term targets will not include an acceleration in growth," they said. Lonza did not provide a reason for Ruffieux's departure.

Persons: Arnd, Pierre, Alain Ruffieux, Lonza, Albert Baehny, Ruffieux, Morgan, Spokespeople, Merck KGaA, Noele, Ludwig Burger, Rachel More, David Goodman, Emelia Organizations: REUTERS, Monday, Ruffieux, Roche, Lonza, Moderna, Merck, Noele Illien, Thomson Locations: Basel, Switzerland, Swiss, Lonza, Zurich, Frankfurt

☆ Hitachi's EU remedies on Thales deal similar to UK remedies, source says
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Hitachi is seen at an office building in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Hitachi Ltd FollowThales SA FollowBRUSSELS, Sept 15 (Reuters) - Hitachi's (6501.T) remedies to EU antitrust regulators assessing its proposed 1.7-billion-euro ($1.8 billion) buy of French infrastructure company Thales' (TCFP.PA) rail signal business are similar to those offered to the UK competition agency, a person with direct knowledge of the matter told Reuters on Friday. Hitachi told the UK Competition and Markets Authority in June that it was ready to divest its UK, French and German mainline signaling business and transfer its core communication-based train control technology to a rival. It had said that these assets comprise all the elements needed for a viable, standalone business. ($1 = 0.9376 euros)Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Foo Yun Chee Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow, Reuters, Competition, Markets Authority, Thomson Locations: Zurich, Switzerland

The Japanese conglomerate put in its offer to the European Commission on Thursday, the same day it requested EU clearance for the deal, an EU regulatory filing showed on Friday. The EU competition enforcer, which set a Nov. 6 deadline for its decision, did not provide details of the remedies in line with its policy. The company had sought EU approval in October last year but withdrew its application a month later. The deal underscores the consolidation in the rail industry, with independent players teaming up with bigger industrial groups. The Competition and Markets Authority (CMA) in August narrowed its concerns, saying the deal would not substantially lessen competition in the supply of communications-based train control signalling systems in the UK.

Persons: Arnd, Foo Yun Chee, David Evans, Louise Heavens Organizations: Hitachi, REUTERS, Companies Hitachi Ltd, Thales, Follow, European, UK Competition, Markets Authority, EU, Thomson Locations: Zurich, Switzerland, France, Germany

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. Rangel discussed how consumers were likely to stick with browsers on computers and mobile phones that were pre-installed as the default application. John Schmidtlein, a lawyer for Google, during cross-examination of Rangel, pointed out that a significant number of user search queries went to Google even when another search engine was the default. Google's clout in search, the government alleges, has helped Google build monopolies in some aspects of online search advertising. Search is free, so Google makes money through advertising.

Persons: Arnd, Antonio Rangel, Rangel, John Schmidtlein, Judge Amit Mehta, Diane Bartz, Mark Potter, Richard Chang Organizations: REUTERS, Rights, Justice Department, California Institute of Technology, Apple, Mozilla, Google, Big Tech, Microsoft, Thomson Locations: Zurich, Switzerland, U.S

☆ Uber to appeal Brazil court's $205 million fine for irregular labor relations
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Uber Technologies Inc FollowSAO PAULO, Sept 14 (Reuters) - Uber (UBER.N) on Thursday said it rejected a ruling from a Brazilian labor court ordering the ride-hailing firm to pay 1 billion reais ($205 million) in fines for irregular working relations with the drivers on its app. Uber said it will appeal the decision and will not adopt any of the measures listed in the sentence before all applicable resources have been exhausted. "There is evident legal uncertainty," it said in a statement, citing legal precedents involving other companies such as delivery platforms Lalamove, Loggi and Ifood, and taxi app 99. ($1 = 4.8677 reais)Reporting by Andre Romani; Writing by Carolina Pulice; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Uber, Andre Romani, Carolina Pulice, Leslie Adler Organizations: Economic, REUTERS, Technologies, SAO PAULO, Thomson Locations: Davos, Switzerland, Sao Paulo

SAP Labs India Managing Director Sindhu Gangadharan hopes the Indian unit will scale up its share of global SAP patents to 50% from 25% currently, she said in an interview on the sidelines of an event in Bengaluru. SAP Labs India, which employs over 15,000 people, aims to embed generative AI across its products to cater better to the changing needs of its clients ranging from Thermax (THMX.NS) to Dabur India (DABU.NS). "Through AI, India can solidify its IT supremacy," Gangadharan had said in the event, earlier in the day. The comments come as SAP looks to "double down" on investments in India, its fastest growing region and home to 40% of its global Research and Development (R&D) activity. Gangadharan, while referring to the regulation of AI, said there should be a "great amount of responsibility barriers with flexibility to the end-user".

Persons: Arnd, Sindhu Gangadharan, Gangadharan, Sam Altman, Hritam Mukherjee, Navamya Ganesh, Dhanya Skariachan, Josie Kao Organizations: SAP, AG, REUTERS, Rights, Reuters, SAP Labs India, Research, Microsoft, Thomson Locations: Regensdorf, Switzerland, Bengaluru, India

☆ Tesla shows interest in Sunrise New Energy's battery components
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsSept 13 (Reuters) - Battery components maker Sunrise New Energy (EPOW.O) said on Wednesday that it had received interest for its products from electric vehicle maker Tesla Inc (TSLA.O). The China-based company, through its joint venture, manufactures and sells graphite anode material for lithium-ion batteries. Sunrise's joint venture is also constructing a 260,543 m2 manufacturing plant in China's Guizhou province. Sunrise said it had received request from Tesla's battery raw materials team to provide technology details, manufacture plans and available capacity for its products. Tesla has been making supply deals with lithium companies including Liontown Resources (LTR.AX) and Core Lithium (CXO.AX) to meet raw material demand for its vehicles.

Persons: Arnd, Tesla, Tanay, Maju Samuel Organizations: REUTERS, Sunrise New Energy, Tesla Inc, Liontown Resources, Thomson Locations: Bern, Switzerland, China, China's Guizhou, Bengaluru

☆ ABB invests $280 mln in new robotics factory in Sweden
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

The logo of ABB is seen at an office building in Zurich, Switzerland September 10, 2020. ABB, whose products range from industrial motors and drives, to chargers for electric vehicles, will build the new factory at its site in Vasteras, eastern Sweden. The new facility, due to open in 2026, will have 50% more production capacity than its old site and employ 1,300 people, ABB said. "The investment in our new campus is driven by customer demand and projected market growth," ABB CEO Björn Rosengren said in a statement. ABB said the European robotics and automation market is expected to grow by 7% per year between 2023 and the end of 2027, driven by companies bringing back production from Asia.

Persons: Arnd, Björn Rosengren, Joe Biden's, Sami Atiya, John Revill, Tomasz Janowski Organizations: ABB, REUTERS, Rights, Japan's Fanuc Corp, BMW, Scania, Volkswagen, Manufacturers, European Union, ABB’s Robotics, Thomson Locations: Zurich, Switzerland, Sweden, Swiss, Asia, Vasteras, European, United States, Washington, Beijing

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system ... I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "Everyone is and wants to be in wealth management and everyone sticks to it, even those players who are not as efficient, not as effective as others." He declined to comment on speculation linking Julius Baer with Swiss bank EFG International (EFGN.S).

Persons: Julius Baer, Arnd, Julius Baer's, Philipp Rickenbacher, Rickenbacher, Noele Illien, John Revill, Tomasz Janowski Organizations: REUTERS, Rights, Reuters, UBS, Credit Suisse, Swiss, EFG, Thomson Locations: Zurich, Switzerland, Swiss, United States

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