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☆ Behind Tesla’s Challenges in Making the Cybertruck: Ultrahard Stainless Steel
▼ + stars: | 2023-11-27 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

The Cybertruck launch is a critical one for Tesla, whose sales growth has slowed. Photo: mike blake/ReutersWith the Cybertruck, Tesla sought to break from convention by cladding its electric pickup in ultrahard stainless steel, a material that doesn’t need to be painted, resists dents and adds to the vehicle’s distinctive look. Turns out, the choice of metal has further complicated an already difficult new-model launch for the world’s most valuable automaker.

Persons: Tesla, blake Organizations: Reuters

☆ India announces phased introduction of biogas blending for domestic use
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

Biogas, methane collected from dairy farms, is piped into a cleaning facility at the Calgren facility in Pixley, California, U.S., October 2, 2019. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW DELHI, Nov 25 (Reuters) - India will start blending compressed biogas with natural gas to boost domestic demand and cut reliance on natural gas imports, the government said in a statement on Saturday. The mandatory phased introduction will start at 1% for use in automobiles and households from April 2025, it said. The government also aims to have 1% sustainable aviation fuel (SAF) in aircraft turbine fuel by 2027, doubling to 2% in 2028. The SAF targets will initially apply to international flights, the statement said.

Persons: Mike Blake, Nidhi Verma, Krishn Kaushik, Mike Harrison Organizations: REUTERS, SAF, Thomson Locations: Pixley , California, U.S, DELHI, India

☆ Macy's workers in Washington state to strike for three days from Black Friday
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The Macy's logo is pictured on the side of a building in downtown Los Angeles, California, U.S., March 6, 2017. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 22 (Reuters) - More than 400 Macy's (M.N) workers in Washington state are planning a three-day strike from Black Friday through Sunday, alleging unfair labor practices and demanding better wages, according to UFCW Local 3000's website. The strike would be at three of Macy's busiest stores and the workers are expected to return to duty from 3 a.m. PT on Monday. As of Jan. 28, excluding seasonal employees, Macy's had 94,570 full-time and part-time employees, of which about 8% are represented by unions, a regulatory filing showed. The UFCW Local 3000 represents more than 50,000 members working in grocery, retail, healthcare, meat packing, cannabis and other industries in Washington, Oregon and northern Idaho.

Persons: Mike Blake, Macy's, Ananya Mariam Rajesh, Seher, Shilpi Majumdar Organizations: REUTERS, Reuters, Thomson Locations: Los Angeles , California, U.S, Washington, Tukwila, Washington , Oregon, Idaho, Bengaluru

☆ Broadcom closes $69 billion VMware deal after China approval
▼ + stars: | 2023-11-22 | by ( Harshita Mary Varghese | ) www.reuters.com time to read: +2 min

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 22 (Reuters) - Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga. The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan's efforts to boost the chipmaker's software business. However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times. Big Tech mergers such as Microsoft's (MSFT.O) now-closed $69 billion purchase of the "Call of Duty" publisher Activision have faced heightened regulatory pressure from the U.S. Federal Trade Commission under its Chair Lina Khan.

Persons: Mike Blake, Hock, Xi Jinping, Joe Biden, Danni Hewson, AJ Bell, Cabot Henderson, Lina Khan, Harshita Mary Varghese, Sriraj Organizations: Broadcom, REUTERS, VMware, U.S, European Commission, Marvell Technology, Markets Authority, CMA, Activision, Big Tech, U.S . Federal Trade Commission, Thomson Locations: Rancho Bernardo, California, China

☆ Unions are the strongest in decades. Nearly a million Americans got double-digit raises as a result
▼ + stars: | 2023-11-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Nearly 900,000 Americans sitting down to Thanksgiving dinner this week will have unions – and the double-digit pay increases they won – to thank. The strike lasted more than six weeks before the union won contracts it was seeking from all three unionized US automakers. The unions won significant pay increases and job protections they were seeking. And even with some of the contracts that pass, some union members offer significant opposition, believing they could have negotiated for even more. The union won a contract approved by 86% of membership who voted on ratification.

Persons: “, ”, Wheaton, Emily Elconin, David Paul Morris, Stellantis, Kate Andrias, Mike Blake, It’s, Greg Regan, ” Regan, Heidi Shierholz, union’s, Cornell’s Wheaton, That’s, EPI’s Organizations: New, New York CNN, CNN, Cornell University’s School of Industrial and Labor Relations, United Auto Workers, General Motors, Ford, Kaiser Permanente, Ford Motor Co, Michigan Assembly, Bloomberg, Getty, Writers Guild, SAG, Teamsters, UPS, Culinary, Los, Pilots, American, United, Southwest, The, Professional, American Airlines, FedEx, United Airlines, San Francisco International Airport, Detroit, MGM Entertainment, UAW, Big, GM, Labor, Columbia Law, Motors, Workers, AFL, Economic Policy Institute, Labor Department, Union, Toyota, Honda, Hyundai, Starbucks, Starbucks Workers United, ” Locations: New York, Buffalo, Kaiser, Michigan, Wayne , Michigan, DisneyWorld, Los Angeles, Vegas

☆ Fisker's accounting chief Beuting resigns within two weeks of joining
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

A view of a Fisker logo during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Fisker Inc FollowNov 20 (Reuters) - Fisker (FSR.N) said on Monday its chief accounting officer Florus Beuting has resigned, within two weeks of being appointed to the role. Beuting, who expressed his intent to resign on Nov. 14, was named the accounting chief on Nov. 6 to succeed John Finnucan, who left the company in October after three years in the role. Finnucan's departure led the electric-vehicle startup to delay its quarterly results after it flagged issues relating to internal controls over financial reporting. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Florus Beuting, Beuting, John Finnucan, Ananya Mariam Rajesh, Shilpi Majumdar Organizations: REUTERS, New York Stock Exchange, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Lewis Hamilton hits back at Las Vegas GP critics, saying the race ‘proved them wrong’
▼ + stars: | 2023-11-20 | by ( Matias Grez | ) edition.cnn.com time to read: +4 min

CNN —After a bumpy start to the weekend, the Las Vegas Grand Prix eventually lived up to much of the pre-race hype. Max Verstappen was initially critical of the spectacle, but later changed his tune to don an Elvis-themed suit. F1 was returning to Las Vegas for the first time in more than 40 years, with the new street circuit featuring the city’s iconic Strip. Celebrities, including Usain Bolt, were out in force in Las Vegas. Lewis Hamilton said the race proved doubters wrong.

Persons: Max Verstappen, Verstappen, Mercedes, Lewis Hamilton, Jared C, Tilton, ”, ” Verstappen, Elvis Presley’s, Usain Bolt, Angela Weiss, Brad Pitt, Rihanna, David Beckham, Shaquille O’Neal, J Balvin, Kylie Minogue, Tiesto, Andrew Benson, ” Benson, “, Mark Thompson, Tom Cary, Cary, Mike Blake, Stefano Domenicali, Renee Wilm Organizations: CNN, Las Vegas, Getty, Sky Sports, Vegas, Las, Bellagio, Reuters, Las Vegas GP Locations: Baku, Las Vegas, Vegas, 200mph, Paris, Monaco

☆ Southwest, other US airlines face holiday travel test after 2022 blizzard
▼ + stars: | 2023-11-20 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +5 min

Southwest Airlines planes are show at San Diego International airport in San Diego, California, U.S., May 18, 2023. The chief operating officer of Southwest Airlines (LUV.N) found himself in the eye of a storm after a blizzard last December forced the company to cancel almost 17,000 flights, disrupting travel plans for about 2 million customers. With this week's U.S. Thanksgiving holiday kicking off the holiday travel season, Watterson can ill afford another fiasco. Airlines have taken measures to beef up winter operations including investments in weather forecast technology and de-icing equipment, and increased staffing and training. To make its winter operations more resilient, Watterson said Southwest invested in de-icing trucks and de-icing pads across its network.

Persons: Mike Blake, Andrew Watterson, Watterson, Constance von Muehlen, David Seymour, von Muehlen, Rajesh Kumar Singh, Doyinsola Oladipo, David Shepardson, Ben Klayman, Matthew Lewis Organizations: Southwest Airlines, San Diego International, REUTERS, Rights, Reuters, U.S . Transportation Department, Alaska Airlines, University of Washington, United Airlines, American Airlines, Federal Aviation Administration, FAA, U.S, Thomson Locations: San Diego , California, U.S, Dallas, Denver, Chicago, Southwest, Seattle, Alaska, Newark , New Jersey, Congress, New York, Washington

Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 18, 2023 Red Bull's Max Verstappen leads Ferrari's Charles Leclerc at the start of the race REUTERS/Mike Blake/ File Photo Acquire Licensing RightsLAS VEGAS, Nov 18 (Reuters) - The much-maligned Las Vegas Grand Prix crossed the finish line in style on Saturday night, delivering a dramatic race on the famed Las Vegas Strip to help offset earlier missteps. "And I think for all those who were so negative about the weekend, saying it was all about show blah blah blah, I think Vegas proved them wrong." "There was no better race to be the first race in Vegas," he said. "The energy around the city is incredible and I'm just really, really happy. Reporting by Rory Carroll in Las Vegas; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Max Verstappen, Ferrari's Charles Leclerc, Mike Blake, Verstappen, Christian Horner, Carlos Sainz's Ferrari, Lewis Hamilton, Hamilton, Charles Leclerc, Rory Carroll, William Mallard Organizations: Las Vegas, Las Vegas Strip, LAS VEGAS, Prix, Bull, Reuters, Thomson Locations: Las Vegas , Nevada, U.S, Vegas, Bellagio, Las Vegas

☆ Las Vegas Grand Prix: ‘Viva Las Vegas,’ sings Max Verstappen as he wins thrilling race
▼ + stars: | 2023-11-19 | by ( Aimee Lewis | ) edition.cnn.com time to read: +3 min

Unlike in many of the season’s previous races, however, Verstappen did not cruise to victory. Starting second on the grid, it wasn’t until lap 37 that the Dutchman passed Ferrari’s Charles Leclerc to take the race lead. Verstappen said afterwards that the race was “definitely a lot of fun.”“It was a tough one. I tried to go for it at the start,” he told reporters of his attempt to pass Leclerc at Turn 1. Perez, however, did secure second place in the drivers’ championship to ensure Red Bull will end the season with a one-two in the drivers’ championship for the first time.

Persons: Max Verstappen, Red Bull, Elvis Presley, Verstappen, Mike Blake, Reuters Verstappen, Sebastian Vettel, Michael Schumacher, Lewis Hamilton, Ferrari’s Charles Leclerc, Leclerc, George Russell, ”, ” Leclerc, Sergio Perez, Perez, Red, David Beckham, Jakub Porzycki, Russell, Brad Pitt, Justin Bieber, “, “ I’m Organizations: CNN, Las Vegas, Vegas, Sin City, Prix, Red Bull, Reuters, Mercedes, Hamilton, England Locations: Sin, Vegas, Austin, Miami, Turn

☆ Las Vegas GP hit with lawsuit after practice cancelled
▼ + stars: | 2023-11-18 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 18, 2023 General view of the Sphere during qualifying REUTERS/Mike Blake Acquire Licensing RightsLAS VEGAS, Nov 18 (Reuters) - The troubled Las Vegas Formula One Grand Prix has been hit with a class action lawsuit on behalf of the 35,000 people who bought tickets for Thursday’s practice session which was cancelled when Carlos Sainz's Ferrari was damaged by a loose drain cover. The highly-anticipated first action on the neon-lit circuit, which includes a section along the famed Las Vegas Strip, lasted a little over eight minutes before coming to a halt. Las Vegas Grand Prix officials attempted damage control, offering $200 merchandise vouchers to single-day ticket holders. The lawsuit named Formula One owners and race promoters Liberty Media Corporation, DBA Formula One Heineken Silver Las Vegas Grand Prix and TAB Contractors Inc as defendants. Reporting by Steve Keating in Las Vegas, Editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Carlos Sainz's Ferrari, Steve Dimopoulos, Renee Wilm, Stefano Domenicali, Steve Keating, Ed Osmond Organizations: Las Vegas, Las Vegas Strip, REUTERS, LAS VEGAS, Vegas Grand Prix, Firm, JK, Consulting, Formula, Las, Liberty Media Corporation, Heineken, Contractors Inc, Reuters, Thomson Locations: Las Vegas , Nevada, U.S, Dimopoulos, Nevada, Las Vegas

☆ Fisker delivers over 100 cars in a day with new distribution strategy
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Henrik Fisker, CEO of electric-vehicle maker Fisker Inc. introduces the Ronin electric sports car in Huntington Beach, California, August 3, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Fisker Inc FollowNov 17 (Reuters) - Fisker (FSR.N) said on Friday that its new distribution strategy would help improve delivery speed and volume, which the electric vehicle company noted was a bottleneck that curbed production. The EV maker delivered 107 vehicles on Thursday, crossing the 100 mark for the first time after executing a new strategy that brought in revenue of $7.5 million in one day. Fisker said it has added several logistics partners to transport Ocean SUVs to delivery locations so that they can be handed over to customers quickly. An employee can drive a customer's car to them if they live within 60 miles of a Fisker fulfillment location, eliminating the use of vehicle transport, the company said.

Persons: Henrik Fisker, Mike Blake, Fisker, Akash Sriram, Maju Samuel Organizations: Fisker Inc, REUTERS, Thomson Locations: Huntington Beach , California, Bengaluru

The Apple logo is shown atop an Apple store at a shopping mall in La Jolla, California, U.S., December 17, 2019. The tough new legislation targets 22 "gatekeeper" services, run by six tech companies - Microsoft (MSFT.O), Apple (AAPL.O), Alphabet's (GOOGL.O) Google, Amazon (AMZN.O), Meta and ByteDance's TikTok. While details of Apple's legal challenge have not been made public, Bloomberg News reported last week the company would challenge the inclusion of its App Store on the list of gatekeepers. Fellow tech giants Meta (META.O) and TikTok had already filed appeals disputing the Commission's decision to include their services. In its appeal, Meta said it disagreed with the Commission's decision to designate its Messenger and Marketplace services under the DMA.

Persons: Mike Blake, TikTok, Meta, Martin Coulter, Louise Heavens Organizations: REUTERS, European Commission, Justice, European Union, Microsoft, Apple, Google, Meta, Bloomberg News, Facebook, Thomson Locations: La Jolla , California, U.S, Europe

☆ Sainz hit with Las Vegas grid drop after drain damage
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S - November 16, 2023 Ferrari's Carlos Sainz Jr. walks into the pits REUTERS/Mike Blake Acquire Licensing RightsLAS VEGAS, Nov 17 (Reuters) - Ferrari's Carlos Sainz will have a 10 place grid penalty at the Las Vegas Grand Prix after a loose drain cover wrecked his car and forced the cancellation of Thursday's opening practice. Race stewards turned down the Italian team's request for penalty-free repairs because they said they were obliged to apply the regulations as written. "I think it's tough for a team to arrive in Vegas and to have this kind of incident," he said. First practice lasted only eight minutes before Sainz's Ferrari hit the drain cover in a storm of sparks. "You've got to say that's force majeure, that's nothing of their own doing," he told Sky Sports television.

Persons: Ferrari's Carlos Sainz Jr, Mike Blake, Ferrari's Carlos Sainz, Spaniard Sainz, Ferrari, Fred Vasseur, Sainz's Ferrari, McLaren, Zak Brown sympathised, You've, Alan Baldwin, Toby Davis Organizations: Las Vegas, Las Vegas Strip, LAS VEGAS, Ferrari, Sky Sports, Thomson Locations: Las Vegas , Nevada, U.S, Vegas, London

☆ Formula One clothing craze sweeps retailers ahead of Vegas debut
▼ + stars: | 2023-11-16 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

[1/4] F1 apparel is displayed for sale, as U.S. retailers including PacSun and Abercrombie & Fitch are launching lines of Formula 1-inspired apparel, in Las Vegas, Nevada, U.S., November 15, 2023. Teen clothing chains Abercrombie & Fitch (ANF.N) and PacSun are among the U.S. retail chains seeking to turn Americans' budding love affair with Formula One into sales of F1-inspired clothing lines, building partly on excitement for this weekend's inaugural Las Vegas Grand Prix, the retailers said. At the start of the year, the average ticket price for the three-day race weekend was $1,667 -- more than triple that for some European races, such as the Belgian Grand Prix. Rolex paid $35 million in 2023 for a deal that includes title naming rights at two Grand Prix, according to research firm GlobalData. Ahead of the Vegas race, PacSun is selling a collection that includes a pair of $69 women’s cargo jeans and a $600 men’s leather jacket.

Persons: Mike Blake, Jay Prasad, ”, Richard Cox, PVH, Tommy Hilfiger, Conrad Wiacek, Red, Max Verstappen, they’re, Williams, Alfa, Katherine Masters, Jonathan Oatis Organizations: Abercrombie, Fitch, REUTERS, Rolex, One, Las Vegas, Prix, Mercedes, AMG Petronas, Miami Grand Prix, Puma, AP Rocky, Monaco, Netflix, ESPN, Red Bull, Alpine, Kappa, McLaren, Alfa Romeo, Thomson Locations: Las Vegas , Nevada, U.S, Belgian, Vegas, Miami, United States, Las Vegas, men’s

☆ Californian man arrested for death of Jewish protester
▼ + stars: | 2023-11-16 | by ( Jonathan Allen | ) www.reuters.com time to read: +2 min

[1/2] Flowers and flags are placed at the exact location on the sidewalk of the alleged assault on Paul Kessler on Sunday in Thousand Oaks, California, U.S., November 7, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 16 (Reuters) - Police arrested a man in Ventura County, California, on Thursday on suspicion of manslaughter for the death of a Jewish man who fell to the ground during an altercation at pro-Israel and pro-Palestinian street demonstrations earlier this month. The county district attorney's office said they had received the sheriff's investigation into Kessler's death and expected to announce a charging decision later on Thursday. Witnesses had provided conflicting accounts about who was the aggressor in the incident, the sheriff said last week. The dual protests in Thousand Oaks drew about 100 people from each side, Fryhoff said, and no other incidents were reported.

Persons: Paul Kessler, Mike Blake, Loay Alnaji, Alnaji, Jim Fryhoff, Kessler, Witnesses, Fryhoff, Jonathan Allen, Bill Berkrot Organizations: REUTERS, Police, Israel, Palestinian, Hamas, Oaks, Thomson Locations: Oaks , California, U.S, Ventura County , California, Thousand Oaks, Los Angeles, Ventura County, Moorpark, Israel, Gaza, New York

☆ Unimpressed Verstappen not buying into Las Vegas hype
▼ + stars: | 2023-11-16 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

Formula One F1 - Las Vegas Grand Prix - Las Vegas Strip Circuit, Las Vegas, Nevada, U.S. - November 15, 2023 Red Bull's Max Verstappen talks to the media ahead of the Las Vegas Grand Prix REUTERS/Mike Blake Acquire Licensing RightsLAS VEGAS, Nov 16 (Reuters) - Red Bull's Max Verstappen isn't buying into the turbo-charged hype around Formula One's return to Las Vegas, describing the race as 99% show, 1% sport. Asked if he was looking forward to this weekend, the three-time world champion was unequivocal, "No." "I just always want to focus on the performance side of things," shrugged Verstappen. "I am looking forward to trying to do the best I can, but not looking forward to this." Reporting by Steve Keating in Las Vegas.

Persons: Max Verstappen, Mike Blake, Max Verstappen isn't, Verstappen, I'm, It's, Sergio Perez, Sebastian Vettel, Lewis Hamilton, Michael Schumacher, Steve Keating, Christina Fincher Organizations: Las Vegas, Las Vegas Strip, Las Vegas Grand Prix REUTERS, LAS VEGAS, Thomson Locations: Las Vegas , Nevada, U.S, Las Vegas, Nevada, Abu Dhabi

☆ 3M names new healthcare spinoff as Solventum
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

The logo of Down Jones Industrial Average stock market index listed company 3M is shown in Irvine, California April 13, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 16 (Reuters) - U.S. industrial conglomerate 3M (MMM.N) said on Thursday its independent healthcare business would be called Solventum following its spinoff. 3M disclosed plans to spin off its healthcare business into a listed company last year, in which the U.S. industrial giant would retain a 19.9% stake. The healthcare unit, which focuses on wound care, oral care and healthcare technology, reported about $8.4 billion in sales in 2022. 3M had said in August that Bryan Hanson would be the chief executive officer of the healthcare company.

Persons: Mike Blake, Bryan Hanson, Christy Santhosh, Shilpi Majumdar Organizations: Down Jones, REUTERS, 3M, Thomson Locations: Irvine , California

☆ Nelson Peltz’s Trian Reports Allstate and Sysco Stakes
▼ + stars: | 2023-11-15 | by ( J Oshbeckerman | ) www.wsj.com time to read: 1 min

Trian Fund Management took fresh stakes in Allstate and Sysco. Photo: Mike Blake/REUTERSNelson Peltz ’s Trian Fund Management reported a new Allstate position of 3.64 million shares in its quarterly 13F filing. Last month, Reuters reported that Trian had an Allstate stake. Trian also reported a new stake in food distributor Sysco , with 1.22 million shares.

Persons: Mike Blake, Nelson Peltz, Trian Organizations: Trian, Management, Allstate, Sysco, Reuters

☆ Insider Co-Founder Henry Blodget Steps Down as CEO Amid Strategy Shift
▼ + stars: | 2023-11-14 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

Henry Blodget says he will serve as board chair of Insider, advise Axel Springer on its U.S. development and go back to doing journalism. Photo: mike blake/ReutersHenry Blodget, one of the early pioneers of digital media, is stepping down as chief executive of Insider, a publication he co-founded more than 15 years ago. The move comes as Insider, now a unit of German publishing giant Axel Springer, is changing its name back to Business Insider as part of an effort to focus on business and technology news instead of trying to be a generalist publication. The change, effective Tuesday, is happening less than three years after the publication had shortened its name to Insider.

Persons: Henry Blodget, Axel Springer, blake Organizations: Business

☆ Rivian to raise nearly $15 bln in debt for EV plant in Georgia
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake Acquire Licensing RightsNov 13 (Reuters) - Rivian Automotive (RIVN.O) plans to raise nearly $15 billion in debt to help build an electric vehicle manufacturing plant in Georgia, the EV maker said on Monday. The company has agreed to pay a minimum of nearly $300 million in property tax payments through 2047. Rivian had said in 2021 that it plans to set up the Georgia plant and had said at the time that it would be commissioned by 2024. The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.

Persons: Mike Blake, Morgan, Newton, Rivian, Anirudh, Rashmi Organizations: REUTERS, Rivian, Georgia Department of Economic, Joint Development Authority of, Thomson Locations: San Diego , U.S, Georgia, Joint Development Authority of Jasper, Walton, Bengaluru

☆ Tesla to double its components imports from India - Trade Minister
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBENGALURU, Nov 14 (Reuters) - U.S. electric car maker Tesla Inc (TSLA.O) is planning to double the number of components it imports from India, Indian trade minister Piyush Goyal said on Tuesday through a post on social media platform X. "Proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India," Goyal posted on X, earlier called Twitter, after visiting Tesla's manufacturing facility at Fremont, California. He was, however, unable to meet Tesla chief Elon Musk during his visit to the plant, Goyal added. He said in September Tesla was aiming to source components worth between $1.7 billion and $1.9 billion from India this year, having bought $1 billion of components last year.

Persons: Mike Blake, Piyush Goyal, Goyal, Elon Musk, Tesla, Ashna Teresa Britto, Rashmi Aich Organizations: Tesla Inc, REUTERS, Tesla, Reuters, Thomson Locations: Costa Mesa , California, U.S, India, Fremont , California, Bengaluru

☆ Can Lower Gas Prices Last?
▼ + stars: | 2023-11-13 | by ( David Uberti | ) www.wsj.com time to read: 1 min

The slide in oil prices has weighed down the shares of oil producers and major refiners, including Chevron. Photo: mike blake/ReutersA selloff that dragged crude prices near their lowest levels in four months has left many oil drillers, energy traders and fuel producers with the same question: What will OPEC do? Benchmark U.S. crude has posted three weekly losses in a row, tumbling as much as 20% below its September high, before stabilizing Friday at $77.17 a barrel. Still, the market is flashing signals that suggest some traders are betting the declines will continue.

Persons: blake Organizations: Chevron ., Reuters, drillers

Peng Zhao, CEO, Citadel Securities speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. If Citadel Securities were to obtain a licence, it would be the first foreign firm to formally foray into market-making in China outside interbank and foreign exchange market making. "We are pleased to see the introduction of the market-making program in China," Zhao told Reuters in an interview in Hong Kong. Citadel Securities in July appointed Tony Tang, the former head of BlackRock's China business, to helm its China operations. This year, Citadel Securities also launched an investment-grade corporate bond market-making business in the United States.

Persons: Peng Zhao, Mike Blake, Zhao, Ken, Tony Tang, Summer Zhen, Selena Li, Sumeet Chatterjee, Edwina Gibbs Organizations: Citadel Securities, Milken, Global Conference, REUTERS, Reuters, Beijing Stock Exchange, Nasdaq, China's Stock, Treasuries, Asia, Thomson Locations: Beverly Hills , California, U.S, HONG KONG, China, interbank, Hong Kong, United States, Beijing, Asia

☆ Film crews became 'collateral damage' of Hollywood strikes
▼ + stars: | 2023-11-12 | by ( Andrew Hay | ) www.reuters.com time to read: +5 min

A New Mexico assistant director fell into deep depression and took his life. Crew members rallied to help one another and charities pitched in during the writers strike that began May 2 and ended in late September, and the actors strike that started in July. "The actors and writers are getting a lot of publicity but the crews are the collateral damage of the strikes," said Lori Rubinstein, executive director of mental health charity Behind the Scenes. Crew members lost health insurance and broke into retirement funds. In Albuquerque, assistant director Anthony Pelot, 37, who worked on sets with Bufalino for 14 years, grieved the loss of his best friend.

Persons: Mike Blake, Lori Rubinstein, Rubinstein, Pam Rosen, Joe Bufalino, Rosen, Jennifer Jorge, Jorge, MPTF, I'd, Sean, we've, Chris, Van Dunk, Gwen Roach, Roach, Anthony Pelot, Joe, Pelot, Andrew Hay, Donna Bryson, Sandra Maler Organizations: Writers Guild of America, Disney Studios, REUTERS, Rights, New, Reuters, Television Fund, Canada's AFC, Entertainment, Thomson Locations: Burbank , California, U.S, Rights ALBUQUERQUE, New Mexico, Toronto, York, California, California , New York, Atlanta, New York, Albuquerque

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