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by Glenn CHAPMAN SAN Francisco, United States (AFP) — Tesla is speeding the timeline for building half a million cars annually as it steps up production to meet growing demand for its electric vehicles. Hot demand for a new, more affordable Model 3 led the company to shave two years off its timeline for building a combined total of 500,000 vehicles, combining Model S, Model X, and Model 3, each year and make the new […]
NEW YORK, United States (AFP) – Oil prices drifted sideways Wednesday with US futures slightly higher but London slipping amid news that US oil output fell by another 100,000 barrels a day last week. US crude and gasoline stockpiles also increased significantly — a bearish signal for the market — but US prices were supported by a major wildfire in Alberta, Canada, which has threatened production from the oil sands region. US benchmark WTI crude […]
(Reuters) The U.S. Transportation Department confirmed on Wednesday that automakers will recall another 35 million to 40 million U.S. air bag inflators installed by Takata Corp by 2019. The government confirmed figures reported by Reuters Tuesday about the expansion of what is already the largest ever U.S. auto safety recall. Previously, 14 automakers had recalled 24 million vehicles with 28.8 million inflators linked to at least 11 deaths.
FRANKFURT , Germany (AFP) — Adidas said on Wednesday it would sell off its golf equipment brands, as it published “record” quarterly results showing a strong performance in the United States, a key market for the German sports giant. Following a “strategic review” of its golf business, Adidas said it would “actively seek a buyer” for some of its top equipment brands, including TaylorMade, Adams and Ashworth. The firm said it would focus on selling […]
WASHINGTON, United States (AFP) — Seven big banks, including Bank of America, JP Morgan, Credit Suisse and Deutsche Bank, have agreed to pay a total of $324 million to settle a lawsuit accusing them of market manipulation of interest rates. The settlement Tuesday followed a federal judge’s ruling in March admitting the class action lawsuit brought by investors and pension funds against the banks. In all about 15 banks were named in the suit for […]
MOUNTAIN VIEW, CALIFORNIA, United States (Reuters) — Alphabet Inc’s Google unit has agreed to buy 100 plug-in hybrid minivans from Fiat Chrysler Automobiles NV to expand its self-driving vehicle testing program, the two companies said on Tuesday (May 03) — in the most advanced partnership to date between Silicon Valley and a carmaker. The vehicles will not be offered for sale to the public. Unlike prior testing in which Google bought Toyota Motor Corp vehicles […]
by Jennifer GONZALEZ COVARRUBIAS MEXICO City (AFP) — Mexico City businesses warned Tuesday that traffic restrictions have cost them more than $300 million since April as authorities banned nearly half of vehicles again due to high smog levels. It was the second time since last month that the government kept 40 percent of the city’s 5.5 million vehicles off the streets because air pollution exceeded acceptable limits. The government imposed temporary rules on April 5 […]
SAN FRANCISCO , United States (AFP) — Apple confirmed Tuesday that it has hired robotics star and Google X lab co-founder Yoky Matsuoka to work on health projects. Matsuoka, a winner of the MacArthur genius award, last year left her job as a vice president at Google-owned Nest. Her plan to take a job at San Francisco-based one-to-many messaging service Twitter was derailed last year by a “life-threatening illness,” Matsuoka wrote in an online post […]
WASHINGTON, United States (AFP) — The scandal triggered by the Panama Papers leak of information on how and where the world’s wealthy stash funds to avoid detection or taxes underscored many countries’ vulnerabilities, President Juan Carlos Varela said Tuesday. Speaking at the State Department in Washington, the Panamanian president said the documents “reveal a worldwide problem, that involves many countries with legal and financial institutions” vulnerable to actions “that are not in the public interest.” […]
MANILA, Philippines (AFP) — Philippine presidential favourite Rodrigo Duterte’s vague economic plans and threats to kill thousands of criminals are spooking the financial markets, with one business leader warning Tuesday the trash-talking politician would bring anarchy. The key Philippine Stock Exchange index fell on Tuesday for the fifth consecutive day, a stretch that began after Duterte made a speech before top business leaders in which he joked about his penis and vowed to pardon himself […]
HAGUE , Netherlands (AFP) — Electronics giant Philips announced Tuesday it was floating its lighting arm on the stock market in a “historic” initial public offering, aiming to spin off at least a quarter of the division’s shares. “The offering would consist of a sale of existing shares only held by Royal Philips, the current sole shareholder of Philips Lighting. The offering and listing, and their timing, are subject to, among other factors, market conditions,” […]
FRANKFURT , Germany (AFP) — German airline Lufthansa said Tuesday that one-off effects and price pressures pushed it into a loss in the first three months of the year, but it was nevertheless sticking to its full-year targets. Lufthansa said in a statement that it booked a net loss of 8.0 million euros ($9.2 million) in the period from January to March, compared with a profit of 425 million euros a year earlier. But the […]
