MADRID (Reuters) – The CEO of Spain’s Sabadell, Cesar Gonzalez-Bueno, on Thursday said the bank could earn more than 1.6 billion euros ($1.76 billion) in net profit in 2024 if it manages to perform as well in the second half of the year as it did in the first. Sabadell is trying to fend off […]
Tesla misses estimates for third-quarter deliveries on stiff competition
By Akash Sriram (Reuters) -Tesla handed over fewer vehicles than analysts expected in the third quarter as stiff competition in China and Europe hit demand for its aging models, putting the electric-vehicle maker at risk of its first-ever decline in annual deliveries. Shares of the world’s most valuable automaker fell more than 6% in morning […]
OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia
By Krystal Hu (Reuters) -OpenAI, the company behind ChatGPT, has raised $6.6 billion from investors, which could value the company at $157 billion and cement its position as one of the most valuable private companies in the world. The funding has attracted returning venture capital investors including Thrive Capital and Khosla Ventures, as well as […]
Lilly to invest $4.5 billion on new facility to scale-up pipeline drug production
(Reuters) -U.S. drugmaker Eli Lilly said on Wednesday it will invest $4.5 billion to create a new center in Indiana that will focus on developing new ways to manufacture its drugs and increasing production of experimental medicines used in clinical studies. Lilly and Danish rival Novo Nordisk are market leaders for a class of weight-loss […]
Peloton beats shareholder lawsuit over post-pandemic financial forecasts
By Jonathan Stempel NEW YORK (Reuters) – Peloton Interactive won dismissal of a lawsuit claiming it defrauded shareholders by concealing how demand for its home exercise equipment, which surged after the COVID-19 pandemic began, was declining as vaccines became available and gyms began reopening. In a Monday night decision, U.S. District Judge Andrew Carter in […]
OpenAI introduces new tools for developers to fast-track building of AI models
(Reuters) – OpenAI unveiled a host of new tools on Tuesday that would make it easier for developers to build models based on its artificial intelligence technology, as the ChatGPT maker wrestles with tech giants to keep up in the generative AI race. The Microsoft-backed startup said a new real-time tool, rolling out immediately for […]
US issues $2 billion electric vehicle tax rebates since Jan 1, Treasury says
By David Shepardson WASHINGTON (Reuters) – The U.S. government has issued $2 billion in advance point-of-sale consumer electric vehicle (EV) tax credit payments since Jan. 1 covering more than 300,000 vehicles, the Treasury said on Tuesday. Since new rules took effect this year allowing for consumers to take advantage of EV tax credits worth up […]
Platinum Equity’s Ingram Micro makes US IPO filing public
(Reuters) -Ingram Micro made public its U.S. IPO filing on Monday, more than two years after the private-equity backed electronics distributor laid the foundation for its return to stock markets. Expectations of more monetary policy easing and pressure to return capital to investors are encouraging PE firms to list their portfolio companies. Beverly Hills, California-based […]
US FTC allows Chevron-Hess deal, bars John Hess from board
By Jody Godoy NEW YORK (Reuters) -The U.S. Federal Trade Commission allowed Chevron’s $53 billion purchase of Hess Corp on Monday, in an order that barred Hess CEO John Hess from Chevron’s board. The FTC’s order leaves Exxon Mobil’s challenge to the deal, which is expected to stretch deep into next year, as its final […]
Online sellers on Walmart’s Flipkart sue India watchdog over antitrust probe
By Aditya Kalra NEW DELHI (Reuters) – Three online sellers operating on Walmart-owned Flipkart have sued the Indian antitrust watchdog over an investigation which found they, Flipkart and rival Amazon breached competition laws, according to court filings seen by Reuters. The filings come after antitrust investigations concluded in August found Amazon and Flipkart, some of […]