DIRS.INFO The most relevant business & tech news

[1/2] People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly SongSHANGHAI, April 19 (Reuters) - At the Shanghai auto show this week, the largest crowds can be found around an unassuming, bright yellow hatchback parked at the booth of China's largest electric carmaker BYD (002594.SZ). "This redefines the whole market in terms of a price value proposition," he said. Russo predicts the value proposition of the Seagull will be compelling to overseas customers. "Affordability is attractive to everyone anywhere, whether it's an emerging market, the United States or Europe, this kind of car with this kind of value proposition will sell," he said.

☆ China's electric car drive, led by BYD, leaves global brands behind
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +4 min

SHANGHAI, April 17 (Reuters) - China's auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane. China’s passenger car sales were down 13% in the first quarter, data from the China Passenger Car Association show. But sales of EVs and plug-in hybrids – an area where Chinese automakers led by BYD now dominate – were up 22%. BYD dominates China’s market for plug-in hybrids, cars that have a combustion engine but are capable of being charged and running for shorter distances on electric power. In a further threat to established brands, China’s exports are growing fast, led by EVs and PHEVs.

☆ Manchester United beat Brighton to reach Women's FA Cup final
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

MANCHESTER, England, April 15 (Reuters) - Manchester United bounced back from conceding a first-half own goal to snatch a thrilling 3-2 win over Brighton & Hove Albion on Saturday and book their spot in the Women's FA Cup final at Wembley, where they will face Chelsea or Aston Villa next month. The victory marks the first time United's women's team have made the final of a major tournament, but the Women's Super League (WSL) leaders had to recover from keeper Mary Earps steering the ball into her own net to give Brighton the lead in the 36th minute. Leah Galton put the Red Devils level two minutes after the break and Alessia Russo put them ahead in the 71st minute, but Danielle Carter equalised for Brighton, who are bottom of the WSL, four minutes later to set up a grandstand finish. With Brighton pouring forward, Rachel Williams netted the decisive goal on the break for the home side in the 89th minute, latching on to Katie Zelem's pass and firing home to send United into the final, which will take place on May 14. Reporting by Philip O'Connor; editing by Clare FallonOur Standards: The Thomson Reuters Trust Principles.

☆ The EV revolution has never felt farther away as inflation, rocky supply chains, and Tesla threaten billions of dollars of investment
▼ + stars: | 2023-04-12 | by ( Alexa St. John | ) www.businessinsider.com time to read: +7 min

In the United States, automakers face major headwinds as they look to establish an all-new EV supply chain, catch Tesla, and win over skeptical buyers — all on top of an increasingly negative economic backdrop. The extent of China's role in the EV supply chain, including with lithium, is coming to light. "The epicenter of where minerals reside, where processing resides, where EV production resides, all are outside of the US," Douglas Kent, EVP of corporate and strategic alliances at the Association for Supply Chain Management, said. Tesla was long past the worst of its production snafus by the time other automakers got serious about EVs. By the time other automakers got serious about EVs, Tesla was long past its biggest manufacturing snafus and profitability challenges.

☆ Drinking is killing Russian troops, according to UK intel. Widespread alcoholism during the first Crimean War 150 years ago resulted in Russia's defeat.
▼ + stars: | 2023-04-12 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +10 min

The Crimean War would become another example of the county's war drinking problem cataloged in the annals of Russian history. I don't think it's nearly as important nowadays, as it was during the Russo-Japanese War or World War One, but it's significant, right?" In an interview with Insider, Schrad expanded on the history of Russian drinking during wartime. A lot of it is the consequence of my research topic, which has been alcohol and Russian history. The Crimean War, the Russo-Japanese War, World War I, in particular, were all drunken fiascos.

☆ Chinese EV prices are competing 'head to head' with ICE vehicle prices: Investment advisory firm
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese EV prices are competing 'head to head' with ICE vehicle prices: Investment advisory firmBill Russo of Automobility discusses the electric vehicle market in China.

☆ Tesla and other automakers are giving hefty discounts to make up for shrinking EV tax credits
▼ + stars: | 2023-04-07 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Not very many electric cars are expected to qualify for the EV tax credits as new rules set in. Automakers, who are pouring billions of dollars into making their product lineups electric, can't afford for their customers to not go EV. Lucid has already offered customers $7,500 off certain trims of its vehicles, which do not qualify for the federal tax credits by requirements around sticker price alone. And Tesla on Friday lowered the price of many of its vehicles, some of which will likely now no longer qualify for the tax credits. GM isn't anticipating turning a profit on electric cars until 2025.

☆ How you could save thousands on an electric car, even without tax credits
▼ + stars: | 2023-04-06 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Not very many electric cars are expected to qualify for the EV tax credits as new rules set in. It will take time for car companies to prepare their EVs and supply chains in order to qualify. Automakers, who are pouring billions of dollars into making their product lineups electric, can't afford for their customers to not go EV. Lucid has already offered customers $7,500 off certain trims of its vehicles, which do not qualify for the federal tax credits by requirements around sticker price alone. GM isn't anticipating turning a profit on electric cars until 2025.

☆ Netflix Bets Big on ‘The Electric State’ as It Seeks to Build Franchises
▼ + stars: | 2023-03-22 | by ( Sarah Krouse | Robbie Whelan | ) www.wsj.com time to read: 1 min

‘The Electric State’ is directed by Anthony and Joe Russo, who are also known for Netflix’s ‘The Gray Man.’Netflix Inc. is spending big on a coming science-fiction movie from the filmmaking team behind “Avengers: Endgame,” underscoring the company’s willingness to invest heavily in projects it thinks can be turned into major franchises. The price tag for the “The Electric State”—featuring A-list talent including Chris Pratt of the “Guardians of the Galaxy” franchise and “Stranger Things” star Millie Bobby Brown —is likely to be in the high $200 million range, people familiar with the matter said.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

☆ On eve of Xi visit, Putin welcomes Chinese role in Ukraine crisis
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

March 19 (Reuters) - Russian President Vladimir Putin welcomed China's willingness to play a "constructive role" in solving the Ukraine crisis, in an article released on Sunday, the eve of a visit by his Chinese counterpart Xi Jinping. In what the Kremlin said was an article written for a Chinese newspaper, Putin called Xi his "good old friend" and said Russia had high hopes for his visit, the Chinese leader's first to Russia since Putin launched his "special military operation" last year. We welcome China's willingness to play a constructive role in resolving the crisis," Putin said. Xi and Putin signed a "no limits" partnership agreement weeks before the invasion last year. China has publicly remained neutral in the Ukraine conflict, while criticising Western sanctions against Russia and reaffirming its close ties with Moscow.

☆ Volkswagen joins China price war as new emissions rule looms
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

Guangzhou Automobile Group, the Chinese partner of both Honda Motor Co Ltd and Toyota Motor Corp (7203.T), has also offered subsidies running from March 15 to March 31. Chinese passenger vehicle sales fell 20% in January-February, industry data showed, even as some manufacturers offered reduced prices to stimulate demand. Sales of new energy vehicles, which include all-battery and plug-in battery-petrol hybrid vehicles, grew faster than the overall market, accounting for over 30% in February. In the same month, Chinese electric vehicle maker BYD Co Ltd (002594.SZ) outsold Volkswagen-branded cars for the second month in four. ($1 = 6.8923 Chinese yuan renminbi)Reporting by Zhang Yan and Brenda Goh; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Before-and-after photos show how Russia's invasion reduced a Ukrainian city to a post-apocalyptic wasteland
▼ + stars: | 2023-03-07 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

Drone footage showed how a city in Ukraine's eastern Donetsk region was reduced to rubble. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyBefore-and-after photos show how Russia's invasion reduced a Ukrainian city to a post-apocalyptic wasteland. Located around 80 miles from Bakhmut, Marinka has recently found itself at the center of renewed battles between Ukrainian and Russian forces. It used to be…until Russia's war criminals razed it to the ground," the Ministry of Foreign Affairs captioned the photos. At the time of writing, the territory was roughly split between Russian and Ukrainian control, the Associated Press reported.

☆ Verizon finance chief Matt Ellis to depart in top management rejig
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Verizon Communications Inc finance chief Matt Ellis will leave the wireless carrier in May, it said on Friday in a slew of senior leadership changes. Senior Vice President Tony Skiadas will replace Ellis, the company said while announcing new leaders to its key verticals. Sowmyanarayan Sampath, who leads Verizon Business Group, will be executive vice president and chief executive of Verizon Consumer Group. Joe Russo, senior vice president and chief network officer, will replace Malady as president of Global Networks and Technology, which looks over 5G, 4G, Fiber and Edge computing services. In its latest quarterly report in January, Verizon forecast annual profit below expectations hurt by higher costs, tepid growth in wireless customers and high competition.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

☆ BYD is clearly the EV market leader in China, says investment advisory firm
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBYD is clearly the EV market leader in China, says investment advisory firmBill Russo of Automobility says BYD owns five of the top 10-selling electric vehicle models in China, and upcoming brands like Nio and Li Auto have much smaller market penetration.

☆ Tesla faces tough competition from Chinese EV makers with cost advantage, says consultancy firm
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTesla faces tough competition from Chinese EV makers with cost advantage, says consultancy firmBill Russo of Automobility Limited said that Tesla faces tough price competition from Chinese electric vehicle makers after Chinese battery maker CATL reportedly offered to sell its batteries to Chinese automakers at a discount.

☆ New spy series 'Citadel' is Amazon Studios' most ambitious — and riskiest — bet ever
▼ + stars: | 2023-02-28 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

"Citadel," Amazon Studios' ambitious spy series, is on track to be one of the costliest series ever made. Amazon Studios early on was known for prestige shows like "Transparent" and "Maisel" as well as action hits like "Jack Ryan." Amazon Studios' Head of Global Television, Vernon Sanders, told Insider that "Citadel" is new territory for the company. Inside and outside of Amazon Studios, there are concerns about a lack of clear creative direction as well as the division's future role in the larger Amazon ecosystem. Insider spoke to 21 current and recently departed Amazon Studios executives, Hollywood agents, and other industry insiders about the opportunities and challenges.

☆ Warren Buffett, in annual letter, stays upbeat and preaches patience
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire's. And I doubt very much that any reader of this letter will have a different experience in the future." "Buffett is very humble in assessing his own investment prowess, and unnecessarily so," said Thomas Russo, a partner at Gardner Russo & Quinn and longtime Berkshire investors. It also became a big seller of stocks including Taiwanese semiconductor maker TSMC (2330.TW) late in the year, while stepping up repurchases of its own stock. Buffett also urged investors not to dwell on near-term market conditions - he said Berkshire offers "modest protection from runaway inflation, but this attribute is far from perfect."

☆ Buffett's Berkshire posts record annual operating profit
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Profit also fell at the BNSF railroad, while Berkshire generated more profit from its energy businesses and more income from its insurance investments as interest rates rose. For all of 2022, Berkshire lost $22.82 billion, largely because of losses in its $308.8 billion common stock portfolio. "We're delighted to see the growth in float," said Thomas Russo, a partner at Gardner Russo & Quinn who helps invest $8 billion, about 17% of which is in Berkshire stock.

Organizations: & $

☆ Buffett's Berkshire has record annual operating profit despite inflation, rate pressures
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter. Buffett called 2022 a "good year" for Berkshire in his annual shareholder letter, after the conglomerate's dozens of businesses generated $30.8 billion of profit despite rising inflation and supply chain disruptions, including from the war in Ukraine. Berkshire also bulked up its cash hoard, ending the year with $128.6 billion after selling about $16.3 billion of stocks in the fourth quarter. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Berkshire projected that Geico, which shed 7% of its 41,000-person workforce last year, will generate an underwriting profit in 2023.

☆ Even a weak Russia is a problem for Europe
▼ + stars: | 2023-02-20 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

TINOS, Greece, Feb 20 (Reuters Breakingviews) - Almost a year after Russia invaded Ukraine it is hard to see Vladimir Putin winning his war. After all, that would involve either Ukraine surrendering land, which it cannot accept, or Russia giving up all the territory it has occupied including Crimea, which Putin won’t do. Radoslaw Sikorski, a former Polish foreign minister who is now a member of the European Parliament, says Russia only reforms itself after military defeats like the Crimean War, the Russo-Japanese War, World War One and the Cold War. Europe, which was late to appreciate the danger posed by Putin, won’t quickly forget the lesson even if he goes. Yet even a Russia weakened by a year of war and sanctions remains a problem for Europe.

☆ How 'Citadel,' Amazon Studios' ambitious new spy series from the Russo brothers, became one of the costliest shows ever made
▼ + stars: | 2023-02-16 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

☆ In Argentina's drought-hit fields, billion dollar losses and farmers going under
▼ + stars: | 2023-02-16 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

[1/5] Dried sunflowers are seen on a farm, amid Argentina's worst drought in sixty years, in Tostado, northern Santa Fe Argentina February 8, 2023. The wheat harvest was already slashed in half by drought. Like many farmers, Giailevra - who has experienced bad droughts before - has seen his livelihood hammered over the last year. Many farmers in the area say they have lost early-sown corn, wheat and soy, so to rake back income they have planted fields with more drought-resistant cotton. The government has rolled out some tax relief measures for farmers, though with depleted state coffers has limited firepower.

☆ TSMC out of favor with slew of funds alongside Berkshire, filings show
▼ + stars: | 2023-02-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The announcement drove shares in TSMC down 6% on Wednesday, although they remain up 23.5% this year. Equity long-short hedge fund Tiger entirely sold its 1.3 million shares in TSMC in the fourth quarter, a stake worth $119 million at current prices. Fund manager Capital Group also sold over 9.5 million shares in the chipmaker, regulatory filings showed. JPMorgan and BlackRock dumped roughly 4 million shares in TSMC each. On Tuesday, Charles Munder, a director and vice-chairman of Berkshire, said TSMC is the "strongest semiconductor company on earth," without elaborating on the reasons for the sale.

Search resuls for: "Russo"

25 mentions found