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Commodity Market: WTI Crude Oil retreats ahead of key US macro data set

March 31, 2023 9:03 am
Futures on US West Texas Intermediate Crude Oil edged down on Friday as optimism over China demand along with potential supply disruptions in Iraq was countered by uncertainty regarding US macro data due out later today. China’s industrial activity has become a major driver of oil prices in recent weeks. The country’s manufacturing sector activity […] Read more

BAE Systems, Heart Aerospace to work on electric airplane battery

March 30, 2023 11:00 am
Aerospace and defense company BAE Systems and Swedish electric airplane maker Heart Aerospace on Thursday announced a collaboration to develop the battery system for Heart’s ES-30 regional electric jet. The battery will be the first-of-its-kind to be integrated into an electric conventional takeoff and landing regional aircraft, the companies said. The ES-30 jet will be […] Read more

Petrofac, Hitachi Energy awarded EUR 13 billion agreement by TenneT

March 30, 2023 8:36 am
Petrofac Ltd (PFC) said on Thursday it and Hitachi Energy had been awarded a EUR 13 billion multi-year framework agreement by electricity grid operator TenneT to supply offshore platforms and onshore converter stations. The agreement is part of TenneT’s 2 gigawatt high-voltage direct current offshore wind programme in the North Sea. The deal encompasses 6 […] Read more

Indiana American Water announces the acquisition of Claypool water system

March 29, 2023 10:56 am
Indiana American Water said this week it had agreed to acquire the Claypool water system in northern Indiana. The acquisition will add nearly 150 water customers to the company’s client base, which represents a population of over 400 residents, it said. Approved by the Indiana Utility Regulatory Commission in February, the deal was estimated at […] Read more

Lucid to lay off about 1,300 people amid restructuring plan

March 29, 2023 8:19 am
Lucid Group Inc (LCID) said this week it would lay off about 1,300 people, or nearly 18% of its workforce, as part of a restructuring plan. Lucid Group’s Chief Executive Officer Peter Rawlinson said the company would communicate with all its employees over the upcoming days about the plan. The EV maker’s US workforce will […] Read more

Forex Market: USD/JPY retreats on receding bank fears, Japan’s fiscal end flows

March 28, 2023 9:30 am
USD/JPY edged lower on Tuesday, as concerns over a full-blown banking crisis seemed to have diminished, curbing safe haven demand. The Japanese Yen firmed strongly, driven mostly by flows associated with the end of Japan’s fiscal year on Friday. According to Kristina Clifton, analyst at Commonwealth Bank of Australia, Japanese banks may seek USD funding […] Read more

Credit Agricole expands investment banking operations in China

March 27, 2023 10:52 am
France’s Credit Agricole said on Monday that it had expanded its investment banking operations in China, while launching a new unit. Named Credit Agricole (Beijing) Advisory Services, the unit began operations on March 10th and is led by Huai Yang, the bank said. The new unit will specialize in cross-border merger and acquisition activities, covering […] Read more

Rivian plans staff relocation to Illinois, report states

March 27, 2023 8:56 am
According to a Wall Street Journal report, citing sources, Rivian Automotive Inc plans to relocate parts of its manufacturing engineering team to Illinois, as the company seeks to accelerate production. Under the reorganization, employees who work on manufacturing engineering will be asked to relocate to Normal, Illinois, or to Rivian Automotive’s headquarters in Irvine, the […] Read more

Joby Aviation appoints Michael Huerta to its board of directors

March 24, 2023 11:33 am
Electrical aircraft developer Joby Aviation Inc (JOBY) on Friday appointed Michael Huerta, former Federal Aviation Administration head, to its board of directors. Between 2013 and 2018, Huerta was FAA administrator, while before that he served as deputy administrator for 3 years. In 2018, Huerta was also appointed to the board of Delta Air Lines. According […] Read more