August 19, 2021 8:45 am
Futures on US West Texas Intermediate Crude Oil dropped for a sixth consecutive trading day on Thursday, while marking their longest streak of losses since late-February 2020, as the relentless spread of the Delta variant of the novel coronavirus worldwide bolstered concerns over fuel demand. Additionally, an unexpected increase in US gasoline stocks last week […]
Read moreAugust 19, 2021 7:13 am
Geely Automobile Holdings on Wednesday maintained its annual sales target as it bet on new product launches. However, the company warned that its near-term performance would be affected by a global chip shortage and resurgent COVID-19 infections. Geely reported a 22% year-on-year surge to 45 billion yuan ($6.94 billion) in its six-month revenue to June […]
Read moreAugust 18, 2021 9:03 am
Germany’s financial agency said earlier this week that the government intended to sell up to a quarter of its 20% stake in Lufthansa during the upcoming weeks, as it cited the positive developments at the previously bailed out air carrier. This 20% state stake was obtained for as much as EUR 300 million, as part […]
Read moreAugust 18, 2021 7:44 am
Aldi said earlier this week that it intended to hire more than 20,000 new workers and increase their pay in the United States in preparation for the busy holiday season. The grocery chain said that its average national starting wages for store and warehouse workers had been raised to $15 and $19 per hour respectively. […]
Read moreAugust 17, 2021 8:40 am
AUD/USD extended losses on Tuesday after the minutes from the RBA’s policy meeting in August showed that the recent outbreaks of the Delta variant of the coronavirus and lockdowns in Sydney, Melbourne and Canberra had disrupted economic recovery and led to a high degree of uncertainty surrounding the outlook for the second half of 2021. […]
Read moreAugust 17, 2021 6:31 am
BHP said it was currently negotiating a merger of its oil and gas business with Australia’s Woodside Petroleum. A potential deal would create the largest upstream producer in the country with output of more than 500,000 barrels per day of oil equivalent. BHP said on Monday that it had begun a strategic review of its […]
Read moreAugust 16, 2021 9:30 am
Tesla Inc’s (TSLA) Chief Executive Officer Elon Musk said last week that the company hoped to manufacture the first vehicles at its “gigafactory” in Gruenheide, near Berlin, in October. The US electric car maker has pushed back the expected opening of the German gigafactory to late 2021 due to local bureaucratic hurdles. “We’re looking forward […]
Read moreAugust 16, 2021 7:23 am
Adidas has agreed to sell Reebok to Authentic Brands Group (ABG) in a deal valued at EUR 2.1 billion ($2.5 billion), as the German sporting goods manufacturer intends to focus on its core brand. Adidas acquired Reebok in 2006 for as much as $3.8 billion in an attempt to better compete with rival Nike, however […]
Read moreAugust 13, 2021 9:05 am
Spot Gold gained on Friday on concerns over the spreading Delta variant of the coronavirus, but still, the commodity was poised to register a second straight week of losses, as the US Dollar held firm in proximity to 4 1/2-month highs. “The ongoing COVID disruption means it is more likely that central banks globally will […]
Read moreAugust 13, 2021 7:55 am
Electric vehicle maker Rivian is considering an investment of at least $5 billion in a new vehicle factory near Fort Worth, Texas, a report by Reuters stated, citing a presentation by the city’s economic development department. Referred to as “Project Tera” in the presentation, the facility would create at least 7,500 jobs by 2027, while […]
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