Stellantis announced on Monday that the joint venture it has with Guangzhou Automobile Group, which produces Jeep vehicles in China, is declaring bankruptcy. This comes after a protracted decline for the oldest foreign auto brand in the biggest market in the world. The European automaker claimed in a statement that its results for the first…
As manufacturers struggled with rising raw material costs and the global economic slowdown, Japan’s factory output fell in September for the first time in four months. According to the government, this trend is expected to continue in October before picking up in November. Retail sales increased for a seventh consecutive month, which is a positive…
After successfully completing his $44 billion acquisition of the social media platform Twitter, billionaire Elon Musk has stated that there won’t be any immediate changes to the content moderation policies of the platform. “To be super clear, we have not yet made any changes to Twitter’s content moderation policies,” he tweeted. He had previously declared the…
Elon Musk’s takeover of Twitter has drawn criticism from a senior Ukrainian official, whose relations with Kyiv have been strained ever since the billionaire suggested in early October that Ukraine should cede occupied land for peace. Musk, a self-described “free speech absolutist,” has stated a desire to shake up Twitter’s content moderation, and after completing…
Higher loan-loss provisions and rising costs in some emerging markets overshadowed higher-than-expected third-quarter earnings at Spain’s BBVA, sending its shares lower. Higher lending income and profits in its main market, Mexico, helped the country’s second-largest lender by market value post a 31% increase in quarterly net profit to 1.84 billion euros ($1.83 billion), exceeding analysts’…
Elon Musk completed the $44 billion deal announced in April to take Twitter Inc private, assuming ownership of the influential social media platform by immediately firing top executives. “The bird is freed,” he tweeted in an apparent nod to his desire to see the company has fewer limits on content that can be posted. But…
Apple Inc reported revenue and profit that exceeded Wall Street expectations, one of the few bright spots in a tech sector battered by inflationary spending cuts. The outlook for the holiday season was more bleak. While not providing specific figures, Apple stated that revenue growth would be less than 8% in the December quarter, but…
Chevron Corp reported its second-highest quarterly profit in history, exceeding analysts’ expectations, thanks to rising global demand for its oil and gas and increased output from its U.S. oilfields. The increase comes as oil companies report record profits as prices near record highs and supplies are tight due to output cuts during the COVID-19 pandemic,…
Elon Musk has posted a video of himself carrying a sink into Twitter’s headquarters, raising questions about the fate of his planned takeover. The billionaire has until Friday to complete the $44 billion purchase, which he announced months ago but then attempted to abandon. He agreed to proceed earlier this month, just weeks before a…
Ford Motor Company reported a net loss for the third quarter, owing to its decision to shift spending away from the Argo AI self-driving business. Ford’s decision, which contrasts sharply with rival General Motors Co’s decision to double down on investments in its Cruise robotaxi unit, highlights the pressure on automakers to make difficult decisions…
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