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☆ Jack Ma started off as a school teacher and built China's Amazon. But 3 years after Beijing cracked down on his tech businesses, Ma's now turned to farming.
▼ + stars: | 2023-08-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Alibaba cofounder Jack Ma has invested in a new agrotech company in China. Ma largely vanished from public view since angering Beijing with a critical speech in October 2020. During his disappearance, Ma traveled the world and studied agrotech. Alibaba cofounder Jack Ma is leading an active retirement. Ma, a teacher turned tech titan, retired from Alibaba in 2019 but still sits on the board of the Jack Ma Foundation.

Persons: Jack Ma, Ma Organizations: Morning, South China Morning, Marine Technology, Culture Co, Tokyo College, Alibaba, Jack Ma Foundation Locations: China, Beijing, Hong Kong, Tokyo, Tianyancha, Zhejiang, Hangzhou, Spain, Netherlands, Japan, Thailand

☆ Cramer sold this stock because he's 'done being hostage to law firms'
▼ + stars: | 2023-07-31 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Exiting J & J The Club sold 500 shares of Johnson & Johnson (JNJ) Monday morning, closing out our position in the pharmaceuticals firm. Johnson & Johnson is facing a slew of legal troubles and there's no resolution in sight. Stick with Salesforce Shares of Salesforce (CRM) came under pressure Monday after the software company received a downgrade from Morgan Stanley. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, shrugging, Johnson, We've, Morgan Stanley, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Federal, The Club, Johnson, BlackRock, Mastercard Locations: Stocks

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ Apple and these other companies reporting next week have a history of outperforming earnings expectations
▼ + stars: | 2023-07-28 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Although not an exact science, companies whose quarterly results exceed analyst estimates could see their shares rise in resulting enthusiasm. CNBC Pro screened for the companies scheduled to report earnings next week that also have a record of outperforming the Street's expectations. Apple The maker of the iPhone, iMac and iPad is set to report results Thursday after the bell. Yum China The Chinese restaurant holdings company, which includes KFC and Pizza Hut, has a record of topping earnings estimates 73% of the time. The company has a 75% record of beating earnings estimates and tops revenue forecasts 71% of the time.

Persons: Kraft Heinz, Steve Madden, CNBC's Michael Bloom, Fred Imbert Organizations: Apple, Qualcomm, Devices, Kraft, CNBC Pro, Investment, Bank of America, KFC Locations: Cupertino , California, China, Yum China

☆ Bank of England forecasts 150 billion pound loss from QE gilt programme
▼ + stars: | 2023-07-25 | by ( David Milliken | ) www.reuters.com time to read: +3 min

LONDON, July 25 (Reuters) - The Bank of England forecast on Tuesday that it would make a net loss of just over 150 billion pounds ($193 billion) over the next 10 years as it unwinds its quantitative easing (QE) gilt purchases, up from 100 billion pounds projected in April. In the short term, the BoE expects the government to pay around 40 billion pounds a year in 2023, 2024 and 2025, roughly 10 billion pounds a year more than its last estimate in April. Markets currently expect BoE rates to peak at 5.75% later this year, up from around 5% at the time of April's report. The BoE projections assume holdings continue to fall at their current target rate of 80 billion pounds a year. That is still more than 50 billion pounds greater than forecast in April.

Persons: Rishi, BoE, BoE Governor Andrew Bailey, David Milliken, Paul Sandle, Kylie MacLellan, Andy Bruce Organizations: Bank of England, Conservative Party, Thomson

☆ Panasonic, Mazda eye for long-term EV battery supply partnership
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: 1 min

TOKYO, June 21 (Reuters) - Japan's Panasonic Energy and Mazda Motor (7261.T) on Wednesday announced they will discuss a lithium-ion battery supply partnership for electric vehicles. Under the partnership, Panasonic Energy, a Panasonic Holdings Corp (6752.T) unit, would supply Mazda with automotive cylindrical lithium-ion batteries manufactured in Japan and North America for Mazda's battery EVs scheduled to be launched in the latter half of the 2020s, the companies said in a statement. Reporting by Kantaro Komiya, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Kantaro Komiya, Louise Heavens Organizations: Panasonic Energy, Mazda, Wednesday, Panasonic Holdings Corp, Thomson Locations: TOKYO, Japan, North America

☆ Twitter's latest vendor to go unpaid is Oracle, despite Elon Musk's friend Larry Ellison investing $1 billion in the takeover
▼ + stars: | 2023-06-21 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Oracle cofounder Larry Ellison is a fellow billionaire and longtime friend of Musk. Even Elon Musk's close friend and financial backer Larry Ellison isn't safe from the Twitter owner's refusal to pay various bills and expenses. Oracle, the company Ellison cofounded and where he remains chairman and CTO, is the latest Twitter vendor to go months without being paid for services rendered, according to two people familiar with the company. Stiffing Oracle is more of a surprise given Musk's close personal and financial relationship with Ellison. Ellison was subpoenaed as part of Twitter's lawsuit to force Musk into acquiring the company for the agreed upon price.

Persons: Elon Musk, Larry Ellison, Musk, Elon Musk's, Larry Ellison isn't, Ellison, He's, Linda Yaccarino, Kali Hays Organizations: Twitter, Oracle, Google, X Holdings, Tesla, New York Times Locations: Europe, Asia, khays

☆ McDonald's Japan hikes prices in city centres as costs bite
▼ + stars: | 2023-06-19 | by ( Anton Bridge | ) www.reuters.com time to read: +1 min

TOKYO, June 19 (Reuters) - The Japanese operator of McDonald's restaurants said on Monday it would raise prices at 184 city centre branches, equivalent to about 6% of its 3,000 stores, to help absorb higher rents and labour costs. Until now, 40 stores in some city centres and special locations such as airports and motorway service stations had been subject to "city centre pricing". McDonald's Holdings Company Japan (2702.T) said the new pricing would start on July 19. McDonald's, Japan's largest fast-food chain, has led the way with three price increases across all outlets since March 2022, including the latest one in January. McDonald's said the latest round of hikes would range from 10 to 90 yen per item or set.

Persons: McDonald's, Anton Bridge, Chang, Ran Kim, Angus MacSwan Organizations: McDonald's Holdings Company Japan, Thomson Locations: TOKYO

☆ Chinese regulators warn four analysts over Feb 2022 strategy report
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +2 min

The research report, published in February 2022 when China was battling the pandemic, predicted that the domestic stock market would still seek bottom following a rebound, as the economy was under heavy downward pressure. Negative comments by analysts and commentators in China are often censored and have come under increased regulatory scrutiny. The warning comes as China's stock market is struggling to stand on its feet amid signs the post-COVID recovery is losing steam. Other analysts and commentators in China have been censored or come under scrutiny after negative comments in the past. Separately, China's securities watchdog last March launched a crackdown on brokerages using feng shui to predict stock market trends in their research notes, state media reported.

Persons: CSRC, Zhang Xia, Chen Gang, Geng Ruitan, Tu, Yi Huiman, Hong Hao Organizations: China Merchants Securities, China Securities Regulatory Commission, Bank of Communications International Holdings Co, Shanghai, Thomson Locations: SHANGHAI, China, Shenzhen

☆ Panasonic to boost battery output at Tesla's Nevada Gigafactory - Nikkei
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

The company's unit, Panasonic Energy, will install a 15th production line at Gigafactory Nevada, the report said. The report comes after Panasonic said last month it plans to build at least two new factories for the production of Tesla 4680 battery cells in North America by 2030. At the time, Panasonic had not disclosed where in North America it would add the production capacity. Tesla recently told Panasonic it would "buy as much as can make", according to an executive at the Japanese manufacturer, the report added. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla is already producing the 4680 battery cells, which Musk has touted as being key to making cheaper and compelling electric cars.

Persons: Tesla, Musk, Samrhitha, Pooja Desai Organizations: Japan's Panasonic Holdings Corp, Tesla Inc, Nikkei, Panasonic Energy, Panasonic, Tesla, Thomson Locations: Nevada, Gigafactory Nevada, North America, Wakayama, Japan, Bengaluru

☆ Crumbs Cupcake Shop Owners Say They Don't Regret Selling the Business
▼ + stars: | 2023-06-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

The couple behind Crumbs Bake Shop said they don't regret selling it even though it eventually failed. The couple bought the Crumbs brand back again seven years after it went bankrupt. Gus Lubin / Business Insider"We watched from the sidelines as the business suffered," Jason told Insider. After Crumb's collapse, Jason started a real estate brokerage that he operated for three years. Jason said he enjoyed his WeWork stint, but their cupcake business was always at the back of the couple's minds.

Persons: —, Jason, Mia Bauer, Gus Lubin, Mia, WeWork Organizations: Service, New, Girls Scouts, Fischer Enterprises Locations: New York, WeWork

☆ Fidelity marks down value of Twitter stake again
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

May 30 (Reuters) - A Fidelity fund has marked down the value of its stake in Twitter for the third time since Elon Musk's $44 billion takeover of the social media platform in October, a monthly disclosure by the investment firm showed on Sunday. Fidelity Blue Chip Growth Fund's stake in Twitter, which now exists under Musk's X Holdings Corp, was valued at nearly $6.55 million as of April 28, compared with $7.8 million as of Jan. 31 and almost $8.63 million at November-end. Earlier this month, Musk named former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO as the company struggles to reverse a slump in advertising revenue and navigate an overhaul that included mass layoffs. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Linda Yaccarino, Jaiveer Singh, Devika Organizations: Twitter, Elon Musk's, Fidelity, X Holdings Corp, Thomson Locations: Bengaluru

☆ Why China and Japan are praying the US won’t default
▼ + stars: | 2023-05-25 | by ( Laura He | ) edition.cnn.com time to read: +8 min

China and Japan are the largest foreign investors in American government debt. China was the largest foreign creditor to the United States for more than a decade. The falling value of Treasuries would lead to a drop in Japan and China’s foreign reserves. “If the United States defaults on its debt, it will not only discredit the United States, but also bring real financial losses to China,” it said. Analysts say Beijing has shown little willingness to fully integrate with global financial markets.

☆ Panasonic plans multiple new battery factories in North America by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Japan's Panasonic Holdings Corp (6752.T) aims to ramp up production of battery cells used in electric vehicles by building at least two new factories in North America, it said on Thursday. Panasonic plans to build at least two new factories for 4680 battery production in North America by 2030, a spokesperson confirmed to Reuters. Panasonic has yet to decide where in North America it will add the production capacity, said the company's Group Chief Executive Officer Yuki Kusumi. Panasonic and trading house Marubeni Corp (8002.T) will build out a delivery network in Japan that will use small electric vans, the Nikkei newspaper said later on Thursday. Panasonic will also set up two other new sites to deepen its battery know-how in Japan over the next two years.

☆ Panasonic plans two or more new battery factories in North America by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 18 (Reuters) - Japan's Panasonic Holdings Corp (6752.T) aims to ramp up its production capacity for 4680 battery cells by 2030 by building two or more new factories in North America, it said on Thursday, as it seeks to supply the growing electric vehicle (EV) market. Panasonic plans to build at least two new factories for 4680 battery production in North America, a spokesperson confirmed to Reuters. Panasonic has yet to decide where in North America it will add the production capacity, said the company's Group Chief Executive Officer Yuki Kusumi. Panasonic is running a pilot 4680 production line at its Wakayama factory in Japan, while Tesla is already producing the 4680 battery cells, which Tesla CEO Elon Musk has touted as being key to making cheaper and compelling electric cars. Panasonic will also set up two other new sites to deepen its battery know-how in Japan over the next two years.

☆ Ahead of G7, Japan PM welcomes more investment from global chipmakers
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 18 (Reuters) - Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in Japan, which is striving to revive its chip sector, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and U.S. tensions with China have brought serious challenges to the semiconductor industry, with Taiwan a major producer of chips used in everything from cars and smartphones to fighter jets. "I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry," Kishida said. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (4901.T). The G7 summit runs from Friday to Sunday, and Kishida is set to meet with U.S. President Joe Biden later on Thursday.

☆ Panasonic plans new battery production capacity in North America by 2030
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

TOKYO, May 18 (Reuters) - Panasonic (6752.T) aims to roll out new large-scale production capacity for 4680 battery cells in North America by 2030, it said in materials posted on its holdings company's website on Thursday. Panasonic's energy unit makes auto batteries for electric vehicle maker Tesla Inc (TSLA.O). The company aims to reach production capacity of 200 gigawatt hours per year for automobile batteries by March 2031, it said. Reporting by Daniel Leussink; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Chipmakers look to Japan as worries about China grow
▼ + stars: | 2023-05-18 | by ( ) edition.cnn.com time to read: +2 min

Japanese Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and US tensions with China have brought serious challenges to the semiconductor industry. “I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry,” Kishida said. Japan's Prime Minister Fumio Kishida meets executives of major global chipmakers ahead of a G7 summit. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (FUJIF).

☆ Dow, S&P edge up as data, debt ceiling curb gains
▼ + stars: | 2023-05-15 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

The Dow Jones Industrial Average (.DJI) rose 47.98 points, or 0.14%, to 33,348.6, the S&P 500 (.SPX) gained 12.2 points, or 0.30%, to 4,136.28 and the Nasdaq Composite (.IXIC) added 80.47 points, or 0.66%, to 12,365.21. Meta Platforms Inc (META.O) climbed 2.16% as one of the top boosts to both the Nasdaq and S&P 500 after Loop Capital upgraded it to "buy" from "hold." Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. REUTERS/Brendan McDermidIn a relatively light week for economic data, investors will focus on retail sales, weekly jobless claims and housing data. The S&P 500 posted nine new 52-week highs and seven new lows; the Nasdaq Composite recorded 59 new highs and 136 new lows.

Atlanta Fed President Raphael Bostic said on Monday he does not expect any interest-rate cuts this year, while Minneapolis Fed President Neel Kashkari said inflation is "much much too high" despite the rate hikes. Investors now await comments from Fed Chair Jerome Powell on Friday for any clues on potential rate cuts this year. Shares of Magellan jumped 13.7%. Advancing issues outnumbered decliners by a 2.14-to-1 ratio on the NYSE and by a 1.92-to-1 ratio on the Nasdaq. The S&P index recorded six new 52-week highs and seven new lows, while the Nasdaq recorded 44 new highs and 110 new lows.

Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics (005930.KS). Western Digital did not respond immediately to a request for comment. Kioxia, previously Toshiba Memory, was sold by Toshiba Corp (6502.T) in 2018 to a consortium led by Bain Capital for $18 billion. Kioxia and Western Digital were in merger talks in 2021 before the negotiations stalled over a series of issues including valuation discrepancies.

☆ Panasonic sees record profit on robust battery demand, U.S. tax credit
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

The net profit outlook would be up 23% from the prior record for net profit of 284.1 billion yen, set in the year ending in March 2019. The company sees operating profit of 430 billion yen for the year through March 2024, versus 288.6 billion yen a year earlier. That beats the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv. For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

☆ Panasonic sees higher profit this year on robust battery demand
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 10 (Reuters) - Japanese electric vehicle (EV) battery maker Panasonic Holdings Corp (6752.T) on Wednesday forecast a higher operating profit this year as it expects robust auto battery sales in the United States. Panasonic expects operating profit of 430 billion yen ($3.18 billion) for the year through March 2024, versus 288.6 billion yen a year earlier. That would compare to the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv. For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

[1/2] The logo of battery recycler Li-Cycle Holdings Corp is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest ScheyderMay 9 (Reuters) - Battery recycler Li-Cycle Holdings Corp (LICY.N) said on Tuesday it planned to develop a recycling hub in Italy along with Swiss miner and commodity trader Glencore Plc (GLEN.L) to produce battery materials including lithium. Canada-based Li-Cycle had earlier announced in March that it would be building a French battery processing facility amid rising demand for lithium due to its key role in transition towards net zero. The two companies are expected to complete a joint feasibility study for the project by mid-2024, Li-Cycle said. Once the companies make a final investment decision on the project, commissioning of the hub in Portovesme, Italy, is expected to commence in late 2026 to early 2027.

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