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☆ US weekly jobless claims post biggest drop in 20 months as economy shows stamina
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

"The economy is currently displaying genuine signs of resilience," said Gregory Daco, chief economist at EY-Parthenon in New York. Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 24. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. GDP consumer contributionEconomists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Gregory Daco, Unadjusted, Rubeela Farooqi, Jerome Powell, Amira Karaoud, Scott Hoyt, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Financial, U.S, Treasury, REUTERS, Conference Board, Gross, Commerce Department, Thomson Locations: WASHINGTON, EY, New York, Minnesota, Ohio, California, Texas, Pennsylvania, Connecticut, New Jersey, White Plains , New York, Spanish, Madrid, Louisville, U.S, West Chester , Pennsylvania

[1/2] Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. The Domestic Manufacturing Conversion Grants for EVs program will provide cost-shared grants for making efficient hybrid, plug-in electric hybrid, fully electric, and fuel cell vehicles. The Department of Energy's Vehicle Technologies Office said the program will prioritize projects that refurbish or retool manufacturing plants that have recently stopped operations or were expected to close soon. The Biden administration, as part of its goal of decarbonizing the economy by 2050, is pushing the U.S. auto industry to accelerate a transition to EVs. The Alliance for Automotive Innovation, which represents General Motors (GM.N), Stellantis NV (STLAM.MI), Toyota Motor (7203.T) and others, on Wednesday called the EPA proposal a "de facto battery electric vehicle mandate" that was "neither reasonable nor achievable."

Persons: Quinn Glabicki, Joe Biden's, Biden, Shawn Fain, Stellantis, Timothy Gardner, Joe White, David Shepardson, David Gregorio, Grant McCool Organizations: REUTERS, WASHINGTON, United Auto Workers, UAW, Energy's Vehicle Technologies, Lordstown, Environmental Protection Agency, Alliance, Automotive Innovation, General Motors, Stellantis, Toyota, Energy Department, Thomson Locations: Lordstown , Ohio, U.S, DETROIT, Ohio, Michigan , Ohio , Illinois, Indiana, Belvidere , Illinois, Washington, Detroit

This should enable the automaker to reap tens of billions of dollars in additional profit, according to Reuters estimates, before it shifts completely to zero-emission electric vehicles in 2035. It never said when exactly it would stop producing gasoline-powered trucks and SUVs, though suppliers and analysts expected it would be well before 2035. GM plans to run its heavy-duty combustion pickups at both plants until 2035, according to AFS, which provides data and analysis to vehicle manufacturers and suppliers. The automaker will gradually reduce annual production of its big SUVs in Arlington as it begins to introduce new electric companions, starting around mid-decade. By 2030, AFS forecasts Arlington production could drop to around 200,000 vehicles, which could still produce at least $2 billion in pretax earnings.

Persons: Paul Jacobson, “, Jim Farley, May, Michael Ward, ” Ward, Paul Lienert, Joe White, Matthew Lewis Organizations: DETROIT, General Motors, GM, Reuters, U.S, United Auto Workers, ICE, Chevrolet Silverado, Ford, SEC, Arlington, AutoForecast Solutions, Ward, Benchmark, GMC, Silverado, GMC Sierra, AFS, Yukon XL, Thomson Locations: United States, Canada, Flint , Michigan, Arlington , Texas, Fort Wayne , Indiana, Oshawa , Ontario, Flint, Fort Wayne, Arlington, Oshawa, Suburban, Yukon, Ward, Detroit

☆ Blue Apron announces job cuts, plan to boost stock price
▼ + stars: | 2023-06-09 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Shares were up about 72% in late afternoon trading Friday to more than $9 – although the climb came a day after an announced one-for-12 reverse stock split sent Blue Apron shares into the red Thursday. Blue Apron is one of the bigger and better-known of the meal preparation and delivery services that launched over the last decade. However, companies like Blue Apron now face slowing growth amid increased competition as customers return to regular life. With the cost cuts, Blue Apron “believes this will allow it to get to profitability quicker” and focus on marketing and branding. FreshRealm will be the exclusive supplier of Blue Apron kits and was already the manufacturer for Blue Apron’s popular “Heat & Eat” meals.

Persons: BlueApron, “, ” Linda Findley, Blue Organizations: New, New York CNN, Blue Locations: New York, Covid

☆ GM to invest more than $500 mln in Texas plant for future SUVs
▼ + stars: | 2023-06-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies General Motors Co FollowJune 8 (Reuters) - General Motors (GM.N) said Thursday it will invest more than $500 million in its Arlington, Texas assembly plant to prepare it for production of next-generation internal combustion engine full-size SUVs. Efforts to retool existing North American auto plants and introduce more efficient next-generation internal combustion models are also being planned, sources told Reuters. GM faces increasingly stringent emissions requirements from California and the Environmental Protection Agency (EPA). On Tuesday, GM said it would invest C$280 million ($210 million) in its Canadian Oshawa Assembly to produce the next-generation internal combustion engine full-size trucks. GM faces pressure from the United Auto Workers union, which will enter contract talks with the Detroit Three automakers this summer.

Persons: Mary Barra, Gerald Johnson, David Shepardson, Shivansh, Shilpi Majumdar, Diane Craft Organizations: General Motors, Detroit, Reuters, GM, Environmental Protection Agency, Chevrolet Tahoe, Suburban, Canadian Oshawa Assembly, EPA, Michigan, Capitol, United Auto Workers union, Detroit Three, UAW, Thomson Locations: Arlington , Texas, California, Flint , Michigan, Texas, Washington, Bengaluru

☆ Why GM is killing the Chevy Bolt — America's cheapest EV — amid record sales
▼ + stars: | 2023-04-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +8 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTA Chevrolet Bolt EUV on display at the New York Auto Show, April 13, 2022. Scott Mlyn | CNBCDETROIT — After years of lackluster performance and a fire-provoked recall, the all-electric Chevrolet Bolt EV was finally gaining traction for General Motors . The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195. A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department. Cherokee County Fire DepartmentStill, GM touted the Bolt EV as proof of the concept for its electric-powered future.

Bosch said it plans to invest $1.5 billion to retool TSI's chip production facilities in Roseville, California to start producing silicon carbide chips by 2026. Bosch said the TSI facility would become the "third pillar" of in-house semiconductor production, along with two sites in Germany. The silicon carbide chips Bosch said it will manufacture at the TSI Roseville site are increasingly in demand by electric vehicle manufacturers. U.S-based Wolfspeed Inc (WOLF.N) is building new plants to make silicon carbide chips in New York State and in Germany. Bosch plans to acquire the buildings, machines and infrastructure of TSI as well as well as its commercial semiconductor business.

☆ Disney begins the second round of 7,000 planned job cuts — targeting ESPN, theme parks, entertainment, and more
▼ + stars: | 2023-04-24 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +3 min

Disney is starting the second round of its planned cuts on Monday, with divisions like ESPN getting hit, the company confirmed to Insider. Disney told The Wall Street Journal that several thousand employees would lose their jobs this week at divisions across the company, spanning from entertainment to theme parks. Disney does not expect hourly frontline operations roles at its parks and resorts to be impacted, the company told Insider. "When [Iger] was last at the helm, money was practically free," Mike Bloxham, EVP global media and entertainment at consultants Magid, previously told Insider. The company also created a new finance team pulling together staff from Disney Entertainment and ESPN, Insider reported Friday.

☆ Yellen wants more World Bank reforms in coming months, eyes subnational lending
▼ + stars: | 2023-04-20 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

Yellen told Reuters World Bank shareholders had "extremely productive" discussions last week after approving an initial round of reforms to ensure the bank can better tackle issues such as climate change, pandemics and conflict, alongside its work to reduce poverty. Now they expected the bank to take further actions on a "rolling basis," in the run up to the October annual meetings in Morocco, she said. Yellen said private sector executives told her they were upbeat that new incentives and reforms at the World Bank could free up more private capital for development goals. Malpass told Reuters the bank would draft a work plan for reforms to continue over the summer. "We'll explore additional avenues to provide resources directly from the MDBs and enable private sector capital."

☆ Column: Germany goes all in on energy transition with nuclear shutdowns
▼ + stars: | 2023-04-19 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

To combat that vulnerability, and ensure Germany's energy system can accommodate a recovery in power demand from last year's stunted levels despite lower gas-fired and nuclear output, Germany's power producers must continue to retool the country's entire power system at record pace. FIT FOR PURPOSEThe key near-term challenge for Germany's energy producers is to generate as much power and electricity as was delivered before Russia's incursions into Ukraine upended power markets. The lower electricity generation totals also indicate that power producers may be struggling to lift overall generation levels given the falling supplies of nuclear power output and continued tight availability of natural gas. The extent of coal's demand growth will be determined by overall power demand needs in Germany over the coming months. But with low-emitting nuclear power now off the table, more coal use looks inevitable, at least over the near term.

Ford officials declined to say whether the plant will assemble five EV models, as agreed with Unifor during the 2020 contract talks. The Oakville plant currently builds combustion Ford Edge and Lincoln Nautilus SUVs. Ford Chief Executive Jim Farley has said Ford will have the ability to assemble 2 million EVs globally by 2026. Ford officials said Oakville will build the automaker's next-generation EVs, which Ford executives have said will have to be more efficient, easier to assemble and more competitive with the Tesla Inc (TSLA.O) vehicles that currently lead in North American market EV sales. Battery cells for the Oakville-built EVs will come from a factory Ford and battery partner SK On plan are building in Kentucky, Nowicki said.

☆ Column: Industrial heat set for major energy source overhaul by 2050
▼ + stars: | 2023-04-11 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

While all manufacturing bases are equally reliant on heat during industrial processes, the source of energy used to generate that required heat varies greatly by region. Hydrogen will also become more widespread in industrial heating in China, and grow from less than 1% by 2025 to 10% of total industrial heat generation by 2050. Electricity's share of Europe's industrial heat generation is set to grow from around 4% in 2025 to 17.5% by 2050, DNV data shows. Made from an array of natural matter ranging from wood chips and crops to municipal waste and forestry residue, biomass currently generates around a quarter of Europe's industrial heat, but will generate 57% of industrial heat by 2050. In all, industries in every major economy will make significant changes to their fuel sources for industrial heat over the coming decades.

☆ Inside Disney it's 'Revenge of the Creatives' and 'Shields Up!' against outside foes as returned CEO Bob Iger is taking no prisoners
▼ + stars: | 2023-04-07 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +12 min

Since returning as Disney CEO, Bob Iger has vanquished foes and dumped many of predecessor Bob Chapek's hires. But it's a supercharged Bob Iger who is really taking command. "If I'm inside Bob's head coming back, after the downfall of Bob Chapek, this is all about taking no prisoners," said Will Schutte, a high-level executive coach. Disney World is scheduled to host a major conference on gay rights in September, according to the Miami Herald. Even if he wants to be the Bob Iger of old he can't be.

But if you're still missing key forms or feeling overwhelmed, you can buy more time by filing a free tax extension. You can avoid a late-filing penalty with an extension by the federal deadline on April 18. You may also need a separate state income tax extension, depending on where you live. How to file a federal tax extensionIf you can't make the April 18 tax deadline, there are a few ways to file for a federal extension, with or without a tax professional. One option is to file Form 4868 online via IRS Free File, which offers free guided tax prep software.

Very little green hydrogen, or hydrogen produced from green energy sources, exists today, as most current hydrogen is made using natural gas, and known as blue hydrogen. But several firms have committed to scaling up green hydrogen output over the coming decade, using solar or wind energy to power electrolysers that will split water into its constituent parts, hydrogen and oxygen. In turn, that should drive the cost of renewable-powered electrolysis below that of other forms of hydrogen production, and allow for a rapid global surge in green hydrogen output. FEASIBLE FUTUREWhile industry analysts can see a viable path to greater hydrogen supply, it is less clear how the demand side pans out. Such businesses are more likely to receive government support for energy system overhauls than factories due to their importance to the local and international economy.

☆ Honda to move Accord production to Indiana as part of EV shift
▼ + stars: | 2023-03-14 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 14 (Reuters) - Honda Motor Co's U.S. unit said on Tuesday it would move production of its Accord sedan to Indiana in 2025 after assembling the model in Marysville, Ohio for more than 40 years, as part of its shift to electric vehicle (EV) production. Honda said last year it was separately investing $700 million to retool three Ohio plants for electric vehicle production by 2026, including Marysville. Marysville will begin preparing for EV production as early as January by consolidating its two production lines to one to enable it to begin building the EV infrastructure, the company said. Honda began assembling the Accord at its Marysville in November 1982, making it the first Japanese automaker to produce cars in the United States. Honda said Accord production will be transferred to its Indiana auto plant, which builds the Civic Hatchback and CR-V.Honda's transmission plant in Georgia will dedicate one production line to e-axle production - a key EV component - and its Anna, Ohio engine plant will shift production of some engine components to a Honda engine plant in Alabama to prepare for production of battery cases for EV models, the company said.

☆ Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper'
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +4 min

Companies Tesla Inc FollowSHANGHAI/SAN FRANCISCO, March 1 (Reuters) - Tesla (TSLA.O) is readying a production revamp of its top-selling Model Y, according to three people with knowledge of the plan. The automaker has not commented on its product strategy or any planned model changes. Tesla did not immediately comment when asked by Reuters about the plans for the Model Y, which was its best seller in California, China and Europe last year. Tesla has already been working to retool its Shanghai assembly plant to prepare for a revamped version of its Model 3 sedan, a project codenamed Highland by Tesla, Reuters has reported. It was not immediately clear how sweeping the revamp would be or what specific changes or improvements Tesla was looking to deliver with the new Model Y.

☆ Exclusive: Tesla readies revamp of Model Y codenamed 'Juniper' - sources
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +4 min

☆ Nissan board also approved planned restructuring deal with Renault - source
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 6 (Reuters) - The board of Nissan (7201.T) has also voted in favour of reshaping its alliance with French carmaker Renault (RENA.PA), a source said on Monday. The agreement, which will retool the two-decade-old alliance, had already got the backing from Renault's board on Sunday. It will be formally unveiled on Monday in London. Reporting by Gilles Guillaume and Dominique Vidalon; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

☆ Renault board backs plans to reshape alliance with Nissan, source says
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 5 (Reuters) - Renault's board (RENA.PA) voted in favour on Sunday to reshape the French carmaker's alliance with its Japanese partner Nissan (7201.T), a source said. The agreement, which will retool the two-decade-old alliance, still needs backing from Nissan's board before it is formally unveiled on Monday in London. Reporting by Gilles Guillaume, editing by Leigh Thomas and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Column: Model no more? Turkey's energy transition reversed in 2022: Maguire
▼ + stars: | 2023-01-19 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

As Turkey's overall coal imports grew by only 8.8% in 2022, the surge in Russian purchases came at the expense of other suppliers such as Colombia and Australia. In contrast, Turkey's electricity generation from solar and wind averaged 16% in 2022, meaning that an overwhelming majority of power was generated from other sources. Share of electricity from solar + wind in Turkey, Germany & SpainAn additional 22% of Turkey's electricity came from hydro facilities in 2022, which provided valuable dispatchable clean power for utilities. Yet solar and wind supplies come with the headache of intermittency, when power generation totals slump at night and during cloudy or windless days. Until 2022, Turkey had been on a path to use cleaner-burning natural gas as that main source of baseload supply, with plans to phase out high-polluting coal use over time.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

WASHINGTON/DETROIT, Dec 9 (Reuters) - Chrysler parent Stellantis (STLA.MI) on Friday said it will indefinitely halt operations at an assembly plant in Illinois in February, citing the rising costs of electric vehicle production. The automaker, which employs about 1,350 workers at the Belvidere, Illinois, plant that builds the Jeep Cherokee SUV, said the action will result in indefinite layoffs and added it may not resume operations as it considers other options. Stellantis has said it will invest over 30 billion euros ($31.6 billion) through 2025 on electrifying its vehicle lineup. Stellantis spokeswoman Jodi Tinson would not comment on whether the Cherokee production would be moved to Toluca. UAW Vice President Cindy Estrada noted Stellantis imports many vehicles into the United States and said "companies like Stellantis receive billions in government incentives to transition to clean energy.

☆ Elon Musk is the head of 5 companies that need strong leadership. Instead, he's starting Twitter wars.
▼ + stars: | 2022-11-29 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +4 min

Elon Musk has made headlines for his recent tweets, which include posts about guns and Apple. Critics say the Twitter CEO's use of the platform could further endanger the struggling company. There's also been discord at SpaceX, the rocket company Musk operates. In a story for New York Magazine, Kevin Dugan wrote that Musk is unlikely to change his ways anytime soon. "It's now been a week since Elon Musk has taken over Twitter, and one thing that's clear about his reign is that he will never, ever touch grass."

☆ Toyota revamps Prius in bid to give hybrids back their halo
▼ + stars: | 2022-11-16 | by ( Satoshi Sugiyama | ) www.reuters.com time to read: +2 min

Toyota billed the new Prius, with its shark-like front and ability to operate as an electric-only vehicle for most daily driving, as a way bring hybrids to a wider audience. Launched in 1997, the petrol-electric Prius hybrid was a hit with eco-conscious drivers and even now it is among the most fuel-efficient mid-priced. The hybrid models will launch this winter and the plug-in hybrids will launch in the spring, it said. The new Prius will be the first to feature Toyota's 2-litre plug-in hybrid system, which includes an EV driving range that is about 50% higher than that of the previous model, Toyota said. Toyota has also pushed back against critics, saying hybrids make sense in markets where infrastructure isn't ready to support a faster move to battery vehicles.

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