Volkswagen, the latest European automaker to bring battery supplies closer to home in the shift to electric vehicles, announced on Monday a $2.9 billion joint venture with Belgian materials company Umicore. While the majority of the raw materials, such as lithium, cobalt, nickel, and manganese, will still be sourced from around the world, the joint…
In response to accusations that it misled investors about two fatal 737 Max crashes, Boeing will pay $200 million. The US stock market watchdog claimed that the aviation giant and its former CEO Dennis Muilenburg misrepresented safety-related issues. In an effort to improve its reputation, Boeing “put profits over people,” according to the Securities and…
Google’s CEO Sundar Pichai is finding himself on the defensive as the serch engine giant tries to navigate a new environment of slowing growth, cost-cutting, and employee discontent over cultural changes. According to a CNBC report, Pichai was asked challenging questions by staff this week at an all-hands meeting for the entire company about budget cuts…
Because the window automatic reversal system may not respond appropriately after detecting an obstruction, increasing the risk of injury, Tesla is recalling nearly 1.1 million U.S. vehicles. The manufacturer of electric vehicles informed the National Highway Traffic Safety Administration (NHTSA) that it would update the automatic window reversal system’s software over the air. Some Model…
The Financial Times reported on Thursday that Credit Suisse Group AG has developed plans to divide its investment bank into three as the Swiss lender tries to recover from three years of nonstop scandals. According to the report, which cited people familiar with the plans, the bank is looking to sell profitable divisions like its…
The Russian invasion of Ukraine has driven up energy and grain prices to all-time highs, increasing the cost of packaged goods. This has been felt most acutely in Asia and North Africa, where people spend a larger proportion of their income on food and fuel than in the United States and Europe, prompting some shoppers…
Despite a cost-of-living crisis that is eating into household budgets, British home improvement retailer Kingfisher reported a 29.5% drop in first-half profit. CEO Thierry Garnier told reporters that, with the exception of outdoor, sales in all product categories had returned to positive like-for-like growth in the previous week. “When we look at customer demand we…
Elon Musk, the CEO of Tesla, claimed that humans are superior at some tasks and that the company’s reliance on factory robots four years ago caused it to enter “production hell.” According to job postings, Musk’s Texas-based company is reportedly considering ambitious plans to use thousands of humanoid robots, also known as Tesla Bot or…
Plaintiffs in talc lawsuits against Johnson & Johnson urged an appeals court on Monday to reinstate their cases, arguing that the profitable company shouldn’t be permitted to use a bankrupt subsidiary to thwart claims that the products cause cancer. They requested that the bankruptcy of J&J’s subsidiary LTL Management be dismissed by a panel of…
Apple Inc. announced on Tuesday that starting in some countries in Asia and South America as well as the entire euro zone, prices for apps and in-app purchases on its App Store will increase. The new costs, excluding subscriptions that automatically renew, will take effect as of October 5, according to a blog post by…
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