March 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 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 […]
Read moreMarch 8, 2023 11:49 am
Ford Motor Co (F) on Wednesday announced a discount of 40,000 yuan ($5,700) on its Mustang Mach-E electric sport-utility vehicles in China until the end of April. China-based clients can now buy the Mustang Mach-E at prices starting at 209,900 yuan after the discount. In November, the US auto maker had said it planned to […]
Read moreMarch 8, 2023 8:43 am
Visteon Corporation (VC) said on Tuesday that its board of directors had authorized a share repurchase program of $300 million of common stock expiring December 31st 2026. Visteon said it would fund the share repurchases with excess cash on hand and through cash flow generated in the future. Shares may be repurchased from time to […]
Read moreMarch 6, 2023 12:02 pm
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services company, said on Monday that its reinsurance unit, Gallagher Re, had acquired the business and assets of UK’s Bay Risk Services Limited. However, financial terms of the agreement remained undisclosed. Bay Risk, which was established in 2016, specializes in structuring and […]
Read moreMarch 6, 2023 9:35 am
Tesla Inc (TSLA) has slashed prices of its two most expensive vehicle models in the United States, according to its website. The price reductions were between 4% on the performance edition of Tesla’s Model S and 9% on the costlier Model X. Tesla’s Chief Executive Officer Elon Musk has not once said in recent months […]
Read moreMarch 3, 2023 10:48 am
Morgan Stanley on Friday revised up its projection for the European Central Bank’s terminal rate to 4%, as inflationary pressures in the Euro Area continue to persist. The Wall Street bank had previously forecast a terminal rate of 3.25%. “Following material revisions to our inflation forecast, we now expect the ECB’s terminal rate at 4%,” […]
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