New rules ignore realities of inland shipping, leaving industry to develop alternate strategies
Tesla plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models, according to a planning memo seen by Reuters and a person with knowledge of the plan. The automaker plans to produce a weekly average of nearly 20,000 units at its Shanghai factory in February and March, according to the memo, which detailed output plans for Tesla's most productive and profitable manufacturing hub. That level of production would take the plant's output to roughly its rate in September, when it turned out 82,088 Model 3 and Model Y cars, according to data from China Passenger Car Association.
General Motors Co shares jumped early on Tuesday after it reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs. The automaker, the top in the United States by sales, forecast that it could hold its pre-tax margins steady between 8% and 10% through 2025, despite a price war that Tesla Inc has triggered in the electric vehicle segment. GM shares opened up 7.1%.
Nomura Holdings Inc, Japan's biggest brokerage and investment bank, reported an 11% rise in quarterly net profit on Wednesday, as a partial stake sale in an affiliate offset a slump in investment banking. Nomura's wholesale division, which houses its investment banking and trading businesses, logged a pretax loss of 1.9 billion yen ($14.58 million), its first loss since the April-June quarter of 2021. But a 28-billion-yen gain from the partial sale of its stake in affiliate Nomura Research Institute and a recovery in the valuation of the U.S. asset management unit helped Nomura post a net profit of 66.9 billion yen ($513.51 million) for the October-December period.
General Motors Chief Executive Mary Barra is betting that moving more slowly than Tesla or Ford to accelerate electric vehicle production for North America will be more profitable in the long run. Suppliers familiar with GM's production plans through 2025 support the notion the automaker continues to slow-walk electric vehicle investment and output while it continues to bank money from its big combustion-engine pickups and SUVs. GM plans to build just 170,000 EVs at its plants in the U.S., Canada and Mexico in 2023, and 285,000 in 2024, according to data gathered by AutoForecast Solutions, which expects the automaker's EV production to remain under 500,000 in 2025 - about half of its actual capacity of 1 million.
Global markets face their biggest test so far this year as the Federal Reserve appears poised to hint of an end to interest rate hikes at its meeting on Wednesday. Investors are pricing in a quarter-of-a-percentage-point increase in the Fed's benchmark interest rate, which would mark the smallest hike since U.S. central bankers kicked off their tightening cycle 10 months ago with one the same size. The Bank of England is also expected to raise its interest rates by half a percentage point to 4% on Thursday.
South Korea's Samsung Electronics Co Ltd on Tuesday indicated it has no plan to cut investment in chips this year, even as a weak global economy condemns the industry to its worst downturn in over a decade. The guidance bucks a broader industry trend to scale back spending and output, fanning concern that the world's biggest memory chipmaker intends to draw on its deep pockets and superior profit margins to gain market share from smaller peers. "Samsung might be seeing this time as a good opportunity to increase market share, which should help it in the long term, at the expense of SK Hynix and Micron," said analyst Choi Yoo-june at Shinhan Securities.
Ron McKinnon, Member of Parliament for Coquitlam – Port Coquitlam, on behalf of the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada, will announce a new network to create opportunities in B.C.'s clean technology sector.
IM Cannabis Corp. (the "Company" or "IMC") (NASDAQ: IMCC) (CSE: IMCC), an international medical cannabis company, is pleased to announce that it has closed a third tranche of its previously announced non-brokered private placement offering of units of the Company (each a "Unit") pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "LIFE Offering"). An aggregate of 1,162,000 Units at a price of US$1.25 per Unit for aggregate gr
The U.S. wireless carrier has been adding thousands of wireless subscribers lately, thanks to discounts on smartphones, industry-low plan prices and an edge in 5G, owing to its $23 billion buyout of Sprint Corp. in 2020. However, Verizon and AT&T ramped up their handset offers during the holiday season to tap into growing demand after the latest iPhone launch, hitting T-Mobile's torrid growth. T-Mobile expects to add between 5 million and 5.5 million net monthly-bill paying subscribers in 2023, compared with the 6.4 million additions it reported in 2022.
(TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. View PDF version
KINSHASA, Congo (AP) — Pope Francis demanded Tuesday that foreign powers stop plundering Africa’s natural resources for the “poison of their own greed” as he arrived in Congo to a raucous welcome by Congolese grateful he was focusing the world’s attention on their forgotten plight. Tens of thousands of people lined the main road into the capital, Kinshasa, to welcome Francis after he landed at the airport, some standing three or four deep, with children in school uniforms taking the front row. “
ABUJA, Nigeria (AP) — Nigeria's push to replace its paper money with newly designed currency notes has created a shortage of cash, leaving people unable to buy what they need and forcing businesses to close across the West African nation, experts and business groups said. The Central Bank of Nigeria says the redesigned denominations of 200 (43 U.S. cents), 500 ($1.08) and 1,000 naira ($2.17) notes and new limits on large cash withdrawals would help curb money laundering and make digital payments
Keyera Corp. (TSX: KEY) ("Keyera") announced today that it expects to release its year end 2022 results before markets open on Wednesday, February 15, 2023. The release will be followed by a conference call and webcast that have been scheduled for Wednesday, February 15, 2022 at 8:00 AM Mountain Time (10:00 AM Eastern Time).
BEIJING (AP) — Chinese factory activity rebounded in January from three months of contraction, adding to signs the world’s second-largest economy might be recovering from a painful slump, an official survey showed Tuesday. A monthly purchasing managers' index issued by the Chinese statistics agency and an industry group rose to 50.1 on a 100-point scale on which numbers above 50 show activity growing. That was an unusually large gain of 3.1 points from December's 47. China’s economic growth sank
Vesta, a leading global transaction guarantee platform for online purchases, today announced the hiring of corporate transformation leader, Shimon Steinmetz, as Chief Financial Officer.
PITTSBURGH (AP) — The Justice Department has been scrutinizing a controversial artificial intelligence tool used by a Pittsburgh-area child protective services agency following concerns that the tool could lead to discrimination against families with disabilities, The Associated Press has learned. The interest from federal civil rights attorneys comes after an AP investigation revealed potential bias and transparency issues surrounding the increasing use of algorithms within the troubled child w
PARIS (Reuters) -Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. The deal, months in the making and still subject to board approvals, will see Renault reduce its stake in Nissan to 15% from around 43%. For Nissan, the advantages are clear: the Japanese carmaker gets much freer rein to do what it wants, and it is no longer in an alliance of unequal partners as capital ownership is rebalanced.
oneZero, a global leader in multi-asset enterprise trading technology solutions, today announced the appointment of Julian Gay as Director of Institutional Sales, EMEA. Julian will be responsible for further expanding oneZero's institutional business in the region and will be based in oneZero's London office.
Tredence, the global data science and AI solutions company, has been recognized as a 'Leader' in the Information Services Group's (ISG) Provider Lens™ - Analytics Services 2022 report. ISG is a leading independent global technology research and advisory firm. The report spotlights Tredence as a category leader in two categories: Data Engineering Services and Data Science Services.