SHANGHAI (Reuters) – Stellantis and its Chinese partner Leapmotor have scrapped a plan to make a second electric vehicle model at the European automaker’s plant in Poland, two people with knowledge of the matter told Reuters. The joint venture is instead considering using a Stellantis factory in Eisenach, Germany that produces Opel models and its […]
Exclusive-Biden administration buys last oil for emergency reserve as fund taps out
By Timothy Gardner WASHINGTON (Reuters) – The Biden administration said on Friday it has bought its last batch of oil for the Strategic Petroleum Reserve after selling a record amount from the facility in 2022 to counter fuel prices that had risen after Russia’s invasion of Ukraine. The Department of Energy said it had bought […]
Tesla hits $1 trillion market value as Musk-backed Trump win fans optimism
(Reuters) – Tesla’s market value breached the $1 trillion-mark in a sharp rally on Friday, on growing bets of a favorable treatment for CEO Elon Musk’s companies in return for his support for President-elect Donald Trump in his poll campaign. The electric automaker’s shares rose more than 6% to a more than two-year high of […]
Boeing exploring possible $6 billion sale of Jeppesen unit, Bloomberg News reports
(Reuters) – Boeing is exploring a possible $6 billion sale of its Jeppesen navigation unit, Bloomberg News reported on Friday. The planemaker is working with an adviser on the potential sale of the unit, which provides interactive flight plans, the report said. Suitors are already circling Jeppesen, which could attract sizable interest from private equity […]
FAA to strengthen oversight as Boeing set to resume 737 MAX production
By David Shepardson WASHINGTON (Reuters) -The Federal Aviation Administration said on Thursday it will boost its oversight of Boeing as the planemaker prepares to resume production of its 737 MAX jets following a 53-day strike that ended earlier this week. FAA Administrator Mike Whitaker spoke with Boeing CEO Kelly Ortberg this week and stressed the […]
Gold ETF demand turns positive for year-to-date, says WGC
(Reuters) – Global physically-backed gold exchange-traded funds (ETFs) saw inflows for the sixth straight month in October, with year-to-date flows turning positive for the first time this year, the World Gold Council (WGC) said on Thursday. Demand was supported by North American and Asian flows, the WGC added. As geopolitical tensions rise and market uncertainties […]
Putin says China is Russia’s ally, backs its stance on Taiwan
SOCHI, Russia (Reuters) – Russian President Vladimir Putin on Thursday described China as Russia’s ally and threw his weight behind Beijing’s claims over Taiwan, while stating that no countries had anything to fear from deepening Sino-Russian cooperation. The two countries have not declared a formal military alliance, but Putin and Chinese President Xi Jinping signed […]
Barrick Gold misses profit estimates on higher costs, lower Nevada production
By Sourasis Bose (Reuters) -Canada’s Barrick Gold missed Wall Street estimates for third-quarter profit on Thursday, weighed down by higher costs and lower production at its Nevada mines. Total gold output at Nevada Gold Mines fell to 385,000 ounces in the July-to-September quarter, compared with 401,000 ounces in the preceding three months, the company reported […]
Exclusive-EU regulators investigate if Visa, Mastercard fees harm retailers, document shows
By Foo Yun Chee BRUSSELS (Reuters) – EU antitrust regulators are investigating whether the fees charged by Visa and Mastercard have a negative impact on retailers, an EU document seen by Reuters showed. The European Commission, which enforces EU competition rules, sent questionnaires about both Visa and Mastercard to retailers and payment service providers in […]
Blackstone Real Estate to take Retail Opportunity private in $4 billion deal
(Reuters) – Blackstone Real Estate on Wednesday entered into an agreement to take Retail Opportunity Investments Corp private in an all-cash transaction valued at about $4 billion, including debt. Reuters reported on Sunday that the alternative asset manager was in advanced talks for the acquisition of the company, which owns strip malls across the United […]