By Niket Nishant and Nupur Anand (Reuters) – JPMorgan Chase beat estimates for second-quarter profit on Friday, as its investment banking business benefited from a resurgence in dealmaking and strong capital market activity. More companies are tapping capital markets to raise funds and striking takeover deals as they become confident in the U.S. economy’s ability […]
IBAT launches new lithium extraction technology in Utah
(This July 11 story has been officially corrected to fix the companies’ production run rate in a bullet and in paragraphs 1-3 and corrects royalty information in paragraph 16) By Ernest Scheyder HOUSTON (Reuters) – International Battery Metals said this week it has launched its version of a novel type of lithium filtration technology, a […]
GM to invest $900 million to retool Michigan auto plant to build EVs
(Reuters) – General Motors plans to invest at least $900 million to retool a Lansing, Michigan auto plant to build electric vehicles, Energy Secretary Jennifer Granholm said Thursday. Granholm announced GM’s planned investment at an event in Lansing. Earlier on Thursday, she announced the largest U.S. automaker will receive $500 million in government grants to […]
Bain Capital to buy financial software vendor Envestnet in $4.5 billion deal
(Reuters) -Private equity firm Bain Capital will buy Envestnet in a $4.5 billion deal, with backing from a cohort of investors, including BlackRock and Fidelity Investments, the financial software vendor said on Thursday. Berwyn, Pennsylvania-based Envestnet offers software for wealth managers and data for financial institutions and investment research firms. Its clients include 16 of […]
Tesla delays robotaxi launch to October from August, Bloomberg News reports
(Reuters) -Tesla is delaying the launch of robotaxi to October from August, Bloomberg News reported on Thursday, citing people familiar with the decision. Shares of Tesla were down more than 6%, ending 11 straight sessions of gains that had pushed the stock up 44%. Musk had announced the unveiling of robotaxi on Aug. 8, soon […]
Global stock index climbs while dollar falls after US inflation data
By Sinéad Carew and Marc Jones NEW YORK/LONDON (Reuters) – A global index of stocks hit record highs on Thursday, the dollar fell and Japan’s yen surged after a tame U.S. inflation reading boosted bets the Federal Reserve will be able to start cutting interest rates. U.S. Treasury yields dropped on Thursday after U.S. consumer […]
European shares rise on real estate boost, Kongsberg shines
By Shubham Batra and Shristi Achar A (Reuters) – European shares advanced on Wednesday amid broad-based gains and upbeat corporate updates while investors digested more comments from U.S. Federal Reserve Chair Jerome Powell’s second day of testimony. The pan-European STOXX 600 gained 0.9%, buoyed by a 2.1% rise in real estate shares. French stocks were […]
Elon Musk beats $500 million severance lawsuit by fired Twitter workers
By Jonathan Stempel (Reuters) – Elon Musk won dismissal of a lawsuit claiming he refused to pay at least $500 million of severance to thousands of Twitter employees he fired in mass layoffs after buying the social media company now known as X. U.S. District Judge Trina Thompson in San Francisco ruled on Tuesday that […]
Biden, NATO set to announce Ukraine aid, stress membership pledge at summit
By Trevor Hunnicutt, Idrees Ali, Sabine Siebold and John Irish WASHINGTON (Reuters) -U.S. President Joe Biden and leaders of other NATO member states are set to announce new aid and stress a membership pledge for Ukraine at a summit in Washington after Biden promised to defend Kyiv against the Russian invasion. As Biden welcomed NATO […]
Microsoft ditches OpenAI board observer seat to stave off antitrust scrutiny
By Foo Yun Chee BRUSSELS (Reuters) -Microsoft has given up its board observer seat at OpenAI in a move aimed at easing U.S. and UK antitrust regulators’ concerns about the extent of its control over the AI startup amid the soaring popularity of generative artificial intelligence. But the change was unlikely to resolve concerns by […]