Groton Selected as Navy awards $642M contract boost for Virginia class submarine work
Groton, CT – General Dynamics Electric Boat Corp. has secured a $642.3 million contract modification to continue design and support work for the Navy’s Virginia class submarine program, the Pentagon announced. Contract…
US agency probes pedestrian risks at GM’s self-driving unit Cruise
By David Shepardson and Nick Carey WASHINGTON (Reuters) -U.S. auto safety regulators on Tuesday opened a probe into whether General Motors’ self-driving unit Cruise is taking sufficient precautions with its autonomous robotaxis…
Factbox-How the US will cut off China from more AI chips
By Stephen Nellis (Reuters) – The Biden administration on Tuesday issued a sweeping update to restrictions on exporting advanced artificial intelligence to China and other countries. The measures are designed to prevent…
Tyson Foods workers, activists protest child labor in US meat sector
By Tom Polansek (Reuters) -Tyson Foods workers and activists rallied outside the U.S. meat company’s headquarters in Arkansas on Monday to protest child labor and push for improved working conditions in processing…
Wall St slips on higher yields, fall in chipmaker stocks
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks were slightly lower in afternoon trading on Tuesday as Treasury yields rose and shares of chipmakers fell after the Biden administration said it…
GM delays EV truck production at Michigan plant by year
By David Shepardson and Ben Klayman DETROIT (Reuters) -General Motors Co said on Tuesday it will delay production of electric pickup trucks at its plant in Michigan’s Orion Township by a year…
Adidas lifts revenue guidance, cuts operating loss for 2023
(Reuters) -Sportswear giant Adidas lifted its revenue forecast and cut its expected loss for 2023 on Tuesday, citing Yeezy shoe sales and a stronger core business. The German company said it now…
Fitch places Israel on rating watch negative as Gaza war rages
(Reuters) -Fitch on Tuesday placed Israel’s sovereign debt rating of “A+” on rating watch negative and warned a major escalation of the ongoing conflict with the Palestinian Islamist group Hamas could result…
AutoNation drops bid for UK auto dealer Pendragon
(Reuters) – U.S.-based AutoNation said on Tuesday it will not make an offer for Pendragon, just weeks after the British automotive retailer’s top shareholder Hedin Mobility and PAG International also dropped their…
Detroit casino workers go on strike after failed talks
By Doyinsola Oladipo NEW YORK (Reuters) -Thousands of hospitality workers in Detroit walked off the job on Tuesday after unions called for strikes at casinos MGM Grand Detroit operated by MGM Resorts…
Stellantis cancels presentation at CES tech show due to UAW strike
(Reuters) -Chrysler-parent Stellantis is canceling its presentation at technology show CES slated for January 2024 due to the ongoing United Auto Workers (UAW) strike in the U.S. “As the costs of the…
Wyndham rejects Choice Hotels’ $7.8 billion takeover bid
By Priyamvada C (Reuters) -U.S. budget hotel operator Wyndham Hotels and Resorts on Tuesday rejected rival Choice Hotels’ $7.8 billion cash-and-stock acquisition offer, calling it “underwhelming” and citing regulatory risks around a…
Fed’s Barkin: can’t rely on tightening from long-term rates
(Reuters) – Richmond Federal Reserve Bank chief Thomas Barkin on Tuesday said that higher long-term borrowing costs are putting downward pressure on demand but it’s unclear how that will affect the central…
Russia may need tighter policy to bring inflation to target -c. bank analysts
MOSCOW (Reuters) – Inflation in Russia continues to accelerate and a return to the central bank’s 4% target may require additional monetary policy tightening, according to a review by central bank analysts…
Canada’s annual inflation cools in September
TORONTO (Reuters) -Canada’s annual inflation rate edged down to 3.8% in September on broad-based price reductions for some travel-related services, durable goods and groceries, Statistics Canada said on Tuesday. This beat analysts’…
Explainer-Biden combines billions in chipmaking grants with China curbs to keep US ahead
By Alexandra Alper WASHINGTON (Reuters) – The Biden administration’s latest round of export curbs on China is part of a two-pronged strategy aiming to halt Beijing’s technological advances over fears it could…
Starboard says Rupert Murdoch’s News Corp should break up
By Svea Herbst-Bayliss NEW YORK (Reuters) -Activist hedge fund Starboard Value’s CEO Jeff Smith said on Tuesday that Rupert Murdoch’s News Corp is trading at a big discount to the value of…
Hedge funds pile into banks ahead of earnings – BofA
NEW YORK (Reuters) – Hedge funds bought U.S. stocks in all sectors last week, but mainly in financials, Bank of America said in a report on Tuesday. Hedge funds bought over $300…
Executives leave BlackRock, ISS to lead governance at Longacre Square
By Svea Herbst-Bayliss NEW YORK (Reuters) – Two executives who helped make recommendations in some of America’s biggest proxy contests and contested mergers left BlackRock and Institutional Shareholder Services (ISS) to lead…
WTO launching global carbon price task force – Okonjo-Iweala
LONDON (Reuters) – The World Trade Organization is launching a task force to create a methodology to determine global carbon prices to ensure that plans to tax imports based on their carbon…
Engaged Capital takes stake in VF Corp, stock jumps
NEW YORK (Reuters) – Engaged Capital’s Chris Hetrick says the firm has built a position in apparel brand owner VF Corp and says the company is mismanaged and that its stock price…
Exclusive-Activist hedge fund Trian targets insurer Allstate-sources
By Svea Herbst-Bayliss and David French (Reuters) -Nelson Peltz’s activist hedge fund Trian Fund Management has built a stake in Allstate Corp, one of the insurers struggling to cope with the fallout…
Stellantis to base ‘around’ seven models on a fifth, low-cost platform
MEUDON, France (Reuters) – Stellantis plans to base seven models on a fifth, low-cost platform, an executive for the automaker said on Tuesday, as it prepares to compete against an expected ‘flood’…
Vanguard sells stake in joint venture with Ant – Bloomberg News
(Reuters) – U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with…
Ericsson says telecoms uncertainty to persist into 2024, shares fall
By Supantha Mukherjee STOCKHOLM (Reuters) -Ericsson on Tuesday said it expected the uncertainty impacting its mobile networks business to persist into 2024, after reporting a fall in third-quarter revenue as demand for…
EV maker Lucid’s deliveries rise as special lower price aids demand
(Reuters) -Lucid Group posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air…
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