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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

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

Porsche targets net liquidity improvement by end of 2023

March 23, 2023 11:21 am
Porsche SE said on Thursday that it sought to bolster its net liquidity to between minus EUR 6.1 billion and EUR 5.6 billion by the end of 2023 after it acquired an equity stake in Porsche AG last year. Porsche said it had proposed a dividend of EUR 2.56 per preference share and EUR 2.554 […] Read more

Amazon increases minimum hourly wage for UK workers by 50 pence

March 23, 2023 9:32 am Inc (AMZN) on Wednesday increased the minimum starting wage for its UK employees by up to 50 pence to between GBP 11 and GBP 12 per hour. Yet, the move has faced discontent from the company’s union. The raise came after a pay-related worker walkout at an Amazon warehouse in Coventry less than a […] Read more

Bank shares rout will not lead to knock-on effect on Commodities, Trafigura’s Salmon says

March 22, 2023 11:48 am
Speaking at the Financial Times Commodities Global Summit on Wednesday, Christophe Salmon, Trafigura’s Chief Financial Officer, noted that the recent bank shares rout would not cause a knock-on effect on Commodities. “On banks’ appetite for trading firms, let’s not forget trading firms give banks a lot of business opportunities from hedging to trade finance, M&A […] Read more