March 16, 2023 9:11 am
Volkswagen on Wednesday disclosed the details of a planned all-electric car that is expected to cost less than EUR 25,000. The vehicle, which will be launched in Europe by 2025, will be the first one on Volkswagen’s modular electric platform to feature a front-wheel drive, the company said. The vehicle has a 450 km range […]
Read moreMarch 15, 2023 12:02 pm
Alcoa Corp said on Wednesday that the Portland Aluminium smelter in the Australian state of Victoria would begin reducing overall production because of operational instability. Production at the smelter is to be reduced to about 75% of the total consolidated capacity of 358,000 metric tons per year, the company said. Alcoa Corp’s share of that […]
Read moreMarch 15, 2023 9:27 am
General Motors Co (GM) said earlier this week a production halt at its Silao Assembly Plant in Mexico would be extended through March 20th due to an undisclosed temporary supply chain issue. The company said the supply issue was not associated with semiconductor chips. Previously, the US auto maker had said it would halt production […]
Read moreMarch 14, 2023 10:45 am
EUR/USD traded not far from fresh one-month highs on Tuesday, as concerns over a larger systemic crisis in the wake of the collapse of Silicon Valley Bank (SVB) and Signature Bank triggered speculation that the Fed could pause its rate-hiking cycle. The abrupt collapse of startup-focused Silicon Valley Bank, the largest bank failure in the […]
Read moreMarch 13, 2023 10:55 am
Huuuge Inc said over the weekend that it held roughly 10% of its cash and securities at the suddenly collapsed Silicon Valley Bank (SVB). The company also said it had sufficient resources to meet shorter-term cash requirements. According to the US-registered mobile games developer, it had nearly $237 million of cash and securities as of […]
Read moreMarch 13, 2023 9:27 am
Porsche AG (P911) reported a record profit for 2022 of EUR 6.8 billion, or a more than 25% year-on-year increase, as deliveries rose 2.6%. The auto maker is aiming to achieve revenue within the range of EUR 40-42 billion in 2023, up from EUR 37.6 billion last year, and a 2023 margin of 17% to […]
Read moreMarch 10, 2023 12:56 pm
Vietnam’s VinFast said earlier on Friday that it would delay plans to begin operations at its electric vehicle facility in the United States until 2025, as the company required “more time to complete administrative procedures.” VinFast, a unit of Vingroup JSC, had announced the plan to establish a $4 billion EV plant in North Carolina’s […]
Read moreMarch 10, 2023 10:23 am
Futures on US West Texas Intermediate Crude Oil headed for their sharpest weekly loss since early February due to concerns faster interest rate hikes in the United States could slow growth and hamper fuel demand in the world’s biggest economy. Expectations of further policy tightening in both the United States and the Euro Area have […]
Read moreMarch 9, 2023 11:21 am
Silvergate Capital Corp on Wednesday announced plans to wind down operations and to voluntarily liquidate Silvergate Bank in an orderly fashion. Silvergate Bank’s wind down and liquidation plan includes full repayment of all deposits, Silvergate Capital said. The holding company is also mulling how best to resolve claims and preserve the residual value of its […]
Read moreMarch 9, 2023 9:32 am
Auto maker Stellantis said this week it had reached a preliminary agreement with authorities in South Africa to establish its first production facility in the country by the end of 2025. The new site is to be built in one of South Africa’s special economic zones and will produce vehicles for both the local market […]
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