Tesla has gained approval to begin commercial production at its new factory near Berlin, local German officials announced Friday. The conditional license for the vehicle and battery plants in Brandenburg was expected following months of delays. Tesla had intended to start production of vehicles by early summer of 2021, but the Covid pandemic, supply chain […]
This week, Rivian updated the price estimates for its R1T electric pickup and R1S electric SUV, informing people that they could cost as much as $20,000 more than the original quotes, depending on the package they’d ordered. Fans who put down $1,000 to get in line for trucks years before they were built were outraged by […]
Best Buy on Thursday reported fiscal fourth-quarter sales that fell short of expectations, as it was hamstrung by supply chain challenges and omicron-related staffing shortages. But the company’s shares rose, as executives painted a rosier picture of the years ahead and investors bet that sales gains made during the Covid pandemic will outlast near-term hiccups. […]
NEW YORK — Amazon is closing all of its brick-and-mortar bookstores, as well as its 4-star shops and pop up locations, as the online retail behemoth reworks its physical footprint. The Seattle-based company said Wednesday that the move, which affects 66 stores in the U.S. and two in the United Kingdom, will enable it to […]
Volkswagen AG is the latest automaker to announce it will suspend vehicle exports to Russia until further notice in response to the country’s invasion of Ukraine. In addition, the company is halting production at its facilities in Kaluga and Nizhny Novograd. “The Volkswagen Group has received the news about the war in Ukraine with great […]
Citigroup executives Wednesday (March 2) unveiled a three-phase plan they say will streamline the banking conglomerate’s operations and improve return rates for customers, according to a Barron’s report that added investors seemed leery about the pace of the proposed changes. CEO Jane Fraser, who took the Citigroup helm about a year ago, said while she […]
Day after a number of countries imposed harsh sanctions on Russia over its invasion of Ukraine, consumers in that country are more resigned than anything else, Bloomberg News reported Wednesday (March 2). “As strange as it sounds, in general there’s no panic at stores or ATMs,” said Elmira – she declined to give a last […]
LONDON — Shares of Russia’s Sberbank plunged 95% on the London Stock Exchange on Wednesday to trade as low as a penny after the bank announced that it was pulling out of the European market. Russia’s largest lender said its European subsidiaries had experienced “abnormal cash outflows” and expressed concern for the safety of its […]
Federal Reserve Chairman Jerome Powell still sees interest rate hikes coming, but noted Wednesday that the Russia-Ukraine war has injected uncertainty into the outlook. Powell said he sees a series of quarter-percentage-point increases coming, though he left open the possibility of moving more aggressively should inflation persist. In remarks prepared for dual appearances this week […]
Expense and payment management platform Payhawk has become the first $1bn startup in Bulgaria, after extending its Series B funding round this morning. Payhawk raised $112m in November 2021, already the largest startup funding round in Central and Eastern Europe, at a $570m price tag. Today the fintech broke another record by extending the round […]
The Provenance Blockchain Foundation has appointed veteran Citigroup executive Morgan McKenney as its new CEO. McKenney had been with Citi for 18 years, most recently as chief operating officer of the lender’s global consumer banking division. Provenance is an open-source, public blockchain that was built specifically for the financial services industry and aims to help firms digitize […]
Oil prices surged Tuesday, with U.S. crude hitting its highest level since June 2014 as Russia bears down on Ukraine’s capital. West Texas Intermediate crude futures, the U.S. oil benchmark, jumped 11.5% at the highs of the day to $106.78 per barrel. The contract eased off that level during afternoon trading and ended the session […]
