Category: Business
-
Toyota halts shipment of some vehicles over certification issues
By Daniel Leussink TOKYO (Reuters) -Toyota Motor said it would suspend shipments of some models including the Hilux truck and Land Cruiser 300 SUV after finding irregularities in certification tests for diesel engines developed by affiliate Toyota Industries. A special investigative committee found irregularities during horsepower output testing for the certification of three diesel engine…
-
AmEx forecasts upbeat 2024 profit as credit card spending stays resilient
By Sri Hari N S and Niket Nishant (Reuters) -American Express forecast a better-than-expected profit for 2024 on hopes that its affluent customers will be resilient with their spending even amid elevated interest rates, sending its shares to an all-time high on Friday. The New York-based credit card giant also reported record revenue for 2023,…
-
Woodside says Santos merger talks still at early stage as it forecasts higher production
By Lewis Jackson and Himanshi Akhand (Reuters) -Woodside Energy CEO Meg O’Neill said on Wednesday there was no recent precedent for sizable premiums in oil and gas deals as the producer reported it was still in the early stages of talks over a potential $52 billion merger with Santos. The company on Wednesday forecast a…
-
Cleveland-Cliffs argued its US Steel bid was worth more than Nippon Steel’s, filing shows
By Greg Roumeliotis (Reuters) -Cleveland-Cliffs Inc sought to convince U.S. Steel Corp last month that its cash-and-stock acquisition offer was worth $1.4 billion more than an all-cash winning bid from Nippon Steel Corp, a regulatory filing showed on Wednesday. Nippon Steel beat Cleveland-Cliffs in a sale process for U.S. Steel with a $14.1 billion bid…
-
Los Angeles Times plans ‘significant’ layoffs, guild says
(Reuters) -Los Angeles Times plans to lay off a “significant” number of journalists, the newspaper’s guild said on Thursday, adding that they would organize a one-day walk-out on Friday to protest against the planned move. The layoffs could impact at least 100 journalists or about 20% of the newsroom in a move to address the…
-
Dollar headed for second weekly gain on tempered rates outlook
By Tom Westbrook SINGAPORE (Reuters) -The dollar headed for a second weekly gain in a row on Friday as signs of resilience in the U.S. economy and caution about rate cuts from central bankers had traders dialling back expectations of swift and sharp falls in interest rates. Weekly gains on the risk-sensitive Australian and New…
-
Spot bitcoin ETFs draw nearly $2 billion in first three days of trading
By Suzanne McGee (Reuters) – A new batch of U.S. bitcoin exchange-traded funds (ETFs) has attracted strong investor interest, though it is unclear if they will be able to maintain the pace of inflows in coming weeks. Investors have poured $1.9 billion into nine new exchange-traded funds tracking the spot price of bitcoin in their…
-
S&P 500 ends near record high as AI optimism lifts chipmakers
By Noel Randewich and Ankika Biswas (Reuters) -U.S. stocks ended sharply up on Thursday, with the S&P 500 approaching record highs as AI optimism drove gains in Nvidia and other chipmakers. U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSMC) soared nearly 10% after the world’s largest contract semiconductor maker projected 2024 revenue growth of more than…
-
Cadillac ramps up Lyriq electric vehicle output as battery supply grows
By Abhirup Roy SAN FRANCISCO (Reuters) – General Motors’ Cadillac is ramping up production of its Lyriq compact, electric sport utility vehicle now that more batteries are available and demand for luxury EVs remain strong despite a slowdown for other types of EVs, a senior executive said on Thursday. Production of Lyriq has been far…
-
Tough luxury market hits Bentley as sales drop 11% in 2023
By Nick Carey LONDON (Reuters) – British luxury carmaker Bentley on Friday reported an 11% drop in vehicle sales for 2023 as high-end consumers felt the pinch of rising costs and slowing economies, with sales down in its top three markets – Europe, the Americas and China. “The luxury market was not immune from the…