Business

Oil bounces around, settles up despite strong dollar, near $83/barrel

Oil prices settled slightly higher on Thursday, as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices. Brent crude futures settled up 23 cents at $82.87 a barrel after falling during the session to $81.66. U.S. […]

Business

China’s Haidilao plans $302 mln share sale for credit facilities repayment

Restaurant chain Haidilao International Holding Ltd (6862.HK) plans to sell HK$2.35 billion ($301.6 million) of new shares in a top-up placing, raising capital for repayment of credit facilities and to enhance supply chain management and product development. The Chinese hot pot chain operator plans to sell 115 million new shares to major shareholder, SP NP […]

Business

Tesla dips after Musk sheds $5 billion in shares

Tesla’s stock (TSLA.O) declined slightly on Thursday after filings revealed Chief Executive Elon Musk sold about $5 billion worth of his shares this week following his much-hyped Twitter poll. The electric-car maker’s stock ended the session down 0.4% at $1,063.51 after tumbling earlier in the week. Musk’s share sale was his first since 2016 and […]

Business

Kellogg says union did not allow vote on U.S. cereal plant workers’ contract

Kellogg Co (K.N) said on Thursday the union representing striking workers at its four cereal plants in the United States did not allow a vote on the company’s revised offer for a new contract and that it had filed for a restraining order at one of its plant. The revised offer was set to expire […]

Business

Musk says high production, breakeven cash flow ‘true test’ for Rivian

Tesla Inc (TSLA.O) boss Elon Musk said on Thursday high production and breakeven cash flow would be the “true test” for Rivian Automotive Inc (RIVN.O), a day after the electric vehicle maker’s blockbuster market debut. “There have been hundreds of automotive startups, both electric and combustion, but Tesla is (the) only American carmaker to reach […]

Business

Lordstown delays launch of electric pickup by a quarter, citing supply-chain issues

Lordstown Motors Corp (RIDE.O) on Thursday delayed next year’s launch of its Endurance electric pickup truck by a quarter, citing parts and materials shortages and other supply-chain issues, sending shares down 11% in after-hours trading. The Ohio-based electric vehicle startup, while reporting its third-quarter results, said it would now begin production and deliveries in the […]

Business

Morgan Stanley Investment Management appoints new emerging markets equity head

Morgan Stanley (MS.N) has appointed Amy Oldenburg as head of emerging markets equity at its investment management business, replacing Ruchir Sharma who is leaving after a 25-year stint at the bank. Oldenburg has spent over 20 years in Morgan Stanley’s asset management business and has been chief operating officer overseeing its emerging markets platform since […]