Business

U.S. federal prosecutors investigating Lordstown Motors

Lordstown Motors Corp (RIDE.O) said federal prosecutors in Manhattan are investigating the electric-truck maker’s vehicle pre-orders and its merger with blank-check company DiamondPeak Holdings. The U.S. Securities and Exchange Commission had earlier asked the electric pickup truck maker to produce documents and information related to its merger and pre-orders. In March, shares of the company […]

Business

Intel in talks to buy GlobalFoundries for about $30 billion

Intel Corp is in talks to buy semiconductor manufacturer GlobalFoundries Inc for about $30 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Any deal talks don’t appear to include GlobalFoundries directly, as a spokesperson for the company told the Journal it was not in discussions with Intel, according to […]

Business

Tesla registrations in California surge 85% in second quarter

Tesla Inc’s vehicle registrations in California rose more than 85% in the second quarter versus last year, largely due to the success of the company’s Model Y, according to data from Cross-Sell, a research firm that collates title and registration data. The automaker posted record vehicle deliveries for the April-to-June quarter earlier this month, as […]

Business

Dollar recovers ground as jobless claims data helps

The U.S. dollar edged higher on Thursday, recovering some of the ground lost in the prior session after the head of the Federal Reserve told Congress he saw no need to rush the shift towards tighter post-pandemic monetary policy. The dollar index , which measures the greenback against a basket of six currencies, was 0.1% […]

Business

Bad weather hits Rio Tinto’s qtrly iron ore exports ahead of results bonanza

Rio Tinto reported a 12% fall in quarterly iron ore shipments on Friday after storms affected its West Australian operations, but is expected to report bumper results this month on soaring prices for the steel raw material. Rio said it now expects to ship near the lower end of its range of 325 million tonnes […]

Business

China to order developers to disclose commercial paper debt every month

Chinese regulators want property developers to disclose details of rapidly growing commercial paper issuance in their monthly reports, said three sources, as part of Beijing’s move to rein in ballooning debt in the property sector as the economy slows. Real estate developers in the world’s second largest economy are major issuers in the commercial paper […]

Business

BOJ cuts this year’s growth forecast, unveils outline of climate scheme

The Bank of Japan cut this fiscal year’s growth forecast on Friday but maintained its view the economy was headed for a moderate recovery, signalling that monetary policy will be on a holding pattern for the time being. At its two-day rate review that ended on Friday, the BOJ also released an outline of its […]