Food delivery company DoorDash is taking steps to try and help drivers offset rising gas prices, though unlike ride-share apps Uber and Lyft, it says the added costs won’t be passed on to consumers. DoorDash said on Tuesday that all U.S. delivery drivers will be eligible for 10% cash back on gas through a prepaid […]
Didi shares tumbled 44% on Friday, the biggest one-day drop since the Chinese ride-hailing company went public in the U.S. in June. The stock is now 87% below its IPO price, leaving its two top shareholders — SoftBank and Uber — facing the potential for steep losses. The shares were already in freefall amid a […]
Billionaire investor Steve Cohen’s Point72 Asset Management is pulling out the $750 million it invested in Melvin Capital Management, Bloomberg News reported on Saturday. Point72 will soon start redeeming the money in portions over time, the report said, citing people familiar with the matter. Both Melvin Capital, founded by Gabe Plotkin, and Point72 declined to […]
Power outages aren’t exactly rare in Northern California. In the coming months, residents who own a compatible electric vehicle — such as the Ford F-150 Lightning — will effectively be able to use it as a backup generator. Ford has teamed up with PG&E, the main energy provider in the region, for a bidirectional electric […]
With gas prices soaring above $4 a gallon, electric vehicles are starting to look a lot more attractive to car buyers. But a combination of supply chain constraints, the global chip shortage, higher-than-average prices, and low inventory at dealerships will conspire to keep EVs out of reach for most people. Interest in switching from gas […]
SINGAPORE — Shares in Asia-Pacific slipped in Friday trade, tracking overnight losses on Wall Street as the Russia-Ukraine war continues to keep investors cautious. The Nikkei 225 in Japan fell 2.05%, shedding some of its nearly 4% gain on Thursday, with shares of conglomerate SoftBank Group dropping 6.21%. The Topix index slipped 1.67%. Hong Kong’s […]
Goldman Sachs says it is exiting Russia, becoming the first major global investment bank to do so after the country invaded its neighbor Ukraine last month. The bank said Thursday in an e-mailed statement that it is working to wind down operations in Russia. “Goldman Sachs is winding down its business in Russia in compliance […]
Hong Kong shares of dual-listed Chinese companies including Nio, JD.com and Alibaba plunged in Friday trade after fears of U.S.-delisting resurfaced. By Friday afternoon in the city, shares of tech behemoth Alibaba fell 6.56%. EV maker Nio, which debuted in Hong Kong a day earlier, saw its shares plunge 11.64%. Baidu declined 5.14% while NetEase slipped 6.94%. JD.com plummeted 15.67% after reporting a quarterly […]
Inflation grew worse in February amid the escalating crisis in Ukraine and price pressures that became more entrenched. The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge, according to the Labor Department’s Bureau of Labor […]
With oil prices recently hitting the highest level since 2008, Secretary of Energy Jennifer Granholm took to the stage in front of a room full of energy executives with a simple message: raise output. “We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the […]
In a complete oil industry turnaround, The UAE’s ambassador to Washington has said in a statement to the press that they “favour production increases and will be encouraging Opec to consider higher production levels.” Yousef al-Otaiba’s statement, carried by the FT, comes as both the UAE and Saudi Arabia—two of the very few, if not […]
Amazon announced its first stock split since the dot-com boom, telling investors on Wednesday that they’ll receive 20 shares for each share they currently own. The stock soared 6% in extended trading. The company also said the board authorized it to buy back up to $10 billion worth of shares. Stock splits are cosmetic and […]
