Elon Musk, the CEO of Tesla, told LVMH scion Antoine Arnault that he believes the automaker’s market capitalization is directly related to whether it can successfully develop autonomous driving. Musk was addressing the VivaTech innovation conference in Paris. The younger Arnault made fun of Musk for Tesla’s $827 billion market worth, pointing out that it…
Because of the robustness of the narrowbody market, which is driven by demand from low-cost carriers, American aircraft manufacturer Boeing modestly increased its 20-year prediction for new airliner deliveries. Boeing estimates that between now and 2042, airlines will need to buy 42,595 aeroplanes, up from the 41,170 aircraft predicted in its previous 20-year forecast released…
As part of a multi-billion dollar investment drive across Europe to increase chip production, Intel announced on Friday that it would invest up to $4.6 billion in a new semiconductor assembly and test plant close to Wroclaw, Poland. In an effort to take advantage of the European Commission’s loosened funding requirements and subsidies as the…
The American memory chip manufacturer Micron announced on Friday that it was dedicated to China and will invest 4.3 billion yuan ($603 million) in its chip packaging factory in the Chinese city of Xian over the coming several years. The biggest memory chip manufacturer in the US has been singled out by China’s cyberspace regulator,…
With the acquisition of American biotech company Chinook Therapeutics by Novartis, which might cost up to $3.5 billion, the stakes in the battle to find a cure for a rare kidney illness have been raised. The shareholders of Seattle-based Chinook will receive $3.2 billion, or $40 per share, in cash as part of the agreed-upon…
Volkswagen’s passenger car brand will make savings and cost-cutting moves totaling 10 billion euros ($10.83 billion) by 2026 in order to meet a target return on sales of 6.5%, according to a spokeswoman. The business will increase manufacturing efficiency across the passenger car brand, as well as at CUPRA, Skoda, and SEAT, and streamline its…
Three people with firsthand knowledge of the investigation told Reuters that EU antitrust authorities who raided Kering’s Gucci and other fashion companies in April are looking into how they set prices of handbags and leather items for distributors. After Reuters reported the morning raid by the European Union on Gucci’s Milan manufacturing facility, Kering at…
According to two sources with direct knowledge of the negotiations, Zurich Insurance Group is in talks to acquire up to 51% of India’s Kotak General Insurance. If the talks proceed, it will be the company’s first significant investment in the rapidly expanding South Asian insurance industry. The Indian startup, backed by Asia’s richest banker Uday…
Alphabet’s Google announced the debut of two new capabilities for advertisers on Wednesday that will use artificial intelligence to locate the most effective ad placements for businesses across all of the tech giant’s services. Since Google and other businesses created innovative chatbots that can engage people in open-ended discussions, AI has taken over the digital…
Bunge, a U.S. grains trader, and Viterra, a Glencore-backed company, announced their merger on Tuesday. The combined company will be in the agricultural trading business and will be worth roughly $34 billion, including debt. With Bunge and Viterra valued at roughly $17 billion apiece, the merger puts the combined business on par with its two…
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