Ford Motor and its crosstown competitor General Motors both reported their lowest quarterly sales in China since the coronavirus pandemic began, owing to a recurrence of Covid cases in the nation and persistent worldwide supply chain issues. Ford said it sold 120,000 vehicles in the second quarter, a roughly 22 percent decrease from the previous year…
Elon Musk is attempting to terminate his $44 billion (£36 billion) bid for Twitter, claiming repeated violations of the agreement. The statement is the latest twist in a long-running affair that began in April when the world’s richest person decided to purchase Twitter. Musk stated that he withdrew because Twitter did not provide adequate information…
The CEO of German automaker Volkswagen sought to allay fears about electric car sales and semiconductor shortages, saying that delivery periods for EVs will shorten as the year goes. “The outlook is very good, we have [a] very good order intake in Asia,” Herbert Diess told CNBC. In recent years, supply chain restrictions, notably those…
People returning to work and social gatherings wore the comfy styles that had reigned during lockdowns, thus Levi Strauss & Co’s denim jeans and jackets flew off the shelves in the second quarter. This, combined with higher prices, enabled Levi’s to outperform expectations and raise its quarterly dividend, sending its shares up roughly 4% in…
Russia’s Gazprombank is looking into strategic options for its Swiss operations, including the sale of all or portions of it, according to Zurich-based Gazprombank Switzerland. Because the other big Russian banks are sanctioned for Moscow’s invasion of Ukraine, Gazprombank is one of the only surviving routes for financing commercial flows between Russia and Switzerland. Its…
Apple Inc announced on Wednesday that it will introduce a new feature called “Lockdown Mode” this fall, with the goal of adding a new layer of safety for human rights campaigners, political dissidents, and other targets of sophisticated hacker assaults. At least two Israeli firms have exploited weaknesses in Apple’s software to remotely break into…
Following a final investment decision by Shell companies, plans to develop a large hydrogen plant in the Netherlands will move forward. Shell announced Wednesday that the Holland Hydrogen I project will be “Europe’s largest renewable hydrogen plant” when it begins operations in 2025. The 200 megawatt electrolyzer, according to Shell, will be placed in the…
According to preliminary estimates released on Wednesday by the China Passenger Car Association (CPCA), Tesla Inc sold roughly 78,000 China-made vehicles in June. This was a 142 per cent increase from May, when Tesla sold 32,165 China-made automobiles, and a 135 per cent increase from the previous year. Tesla’s factory in Shanghai, China’s economic centre,…
Britain’s antitrust authority is looking into Amazon.com Inc on suspicion of undermining competition by giving its own sellers an unfair edge in its marketplace over third parties, adding to global regulatory scrutiny of the US internet behemoth. The Competition and Markets Authority (CMA) of the United Kingdom announced on Tuesday that it has launched an…
A judge has ruled that Kellogg’s cannot promote sugary cereals in supermarket special offers. In-store marketing for foods and beverages rich in fat, salt, or sugar will be limited under new England regulations. Kellogg’s had taken the government to court, claiming that the rules did not account for the nutritional value of additional milk. The…
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