BUSINESS

Baidu Apollo Authorized to Begin Autonomous Vehicle Trials in Hong Kong

China’s Baidu has obtained a license to test its Apollo robotaxi service in Hong Kong, marking a step forward in its expansion beyond the Chinese mainland. The company plans to deploy its AI-driven multi-modal transportation platform in the city, aiming to provide customers with a safe, reliable, and convenient travel solution. The Apollo platform seeks to revolutionize the automotive industry by leveraging the potential of self-driving technology to enhance daily life. It is part of the broader Apollo initiative, which

UniCredit’s Surprise $11 Billion Offer Shakes Up Banco BPM Acquisition Plans

Italy’s UniCredit made a surprising move on Monday with a €10 billion ($11 billion) all-share offer for smaller domestic rival Banco BPM, even as it continues exploring a potential deal with Germany’s Commerzbank. UniCredit shares surged up to 16% in morning trading following the announcement. The bid comes shortly after UniCredit acquired a 5% stake in the bailed-out mid-sized lender Monte dei Paschi di Siena (MPS.IT), a step widely viewed as setting the stage for a future merger as MPS

Boeing to Reduce Workforce by 2,500 in Major Restructuring Effort

Boeing is set to lay off over 2,500 employees across the U.S. states of Washington, Oregon, South Carolina, and Missouri, as indicated by federally mandated filings released on Monday and confirmed by a union representative. Approximately 2,200 of these layoff notices were issued in Washington, while another 220 were sent to employees in South Carolina, where the company manufactures commercial aircraft, including the 777X jetliner, a key focus for Boeing. This decision aligns with the debt-laden aerospace giant’s broader plan

More Than 112,000 Ford SUVs Probed by U.S. for Potential Seat Belt Defects

The U.S. auto safety regulator announced on Monday that it has opened a recall investigation into approximately 112,567 Ford Expedition and Lincoln Navigator SUVs due to a potential issue with seat belt retractors. The problem could cause the retractors to lock unexpectedly, increasing the risk of injury during a crash. The National Highway Traffic Safety Administration (NHTSA) stated it had received three complaints, all describing accidental deployments of the seat belt retractor pre-tensioner. This mechanism uses an explosive charge to

Boeing Announces Layoffs: 10% of Workforce, 17,000 Jobs at Risk

Thousands of Boeing employees are about to learn if they’re included in the company’s latest round of layoffs. The aerospace giant announced it will issue layoff notices on Wednesday to employees impacted by a planned workforce reduction of approximately 17,000 positions. This measure is intended to help Boeing regain its competitive edge as it navigates multiple challenges, including decreased output following a near-catastrophic accident involving a 737 Max plane and a seven-week strike that halted production at its Puget Sound

World’s Leading Battery Maker CATL Open to U.S. Plant if Trump Greenlights Investment

The world’s leading battery manufacturer, CATL, is open to building a plant in the United States if President-elect Donald Trump encourages Chinese investment in the electric vehicle supply chain. CATL founder and chairman, Robin Zeng, told Reuters on November 7 that the company, which supplies Tesla Inc. and other major automakers, would be keen to set up a U.S. plant if permitted by the government. The U.S. government has previously been cautious about allowing Chinese investments in its electric vehicle

23andMe Reduces Staff by 40% and Shuts Down Therapy Initiatives to Save Costs

23andMe Holding Co. announced on Monday that it will be reducing its workforce by approximately 40%, or 200 employees, as part of a restructuring initiative. Additionally, the company will halt all further development of its therapies. This move, though significant, is expected to result in annual savings of $35 million, which will help offset the one-time costs of about $12 million for severance and transition-related expenses. This major strategic shift effectively transforms 23andMe from a high-risk/high-reward biotech play into a

U.S. Election Boosts Elon Musk’s Wealth to Over $300 Billion

Tesla Inc. co-founder Elon Musk’s net worth has surpassed $300 billion for the first time in nearly three years, driven by soaring company shares as investors speculate that his close relationship with President-elect Donald Trump could benefit Tesla. As of Friday, the 53-year-old’s wealth now exceeds the annual GDP of countries like Finland and Chile and surpasses the market value of corporations such as PayPal and Netflix. Following Trump’s election, Musk has seen the greatest surge in wealth of anyone

EV Manufacturer Rivian May Face First Quarterly Revenue Fall Post-IPO

When Rivian reports on Thursday, it is expected to announce its first quarterly revenue decline since its IPO three years ago. The company, which is focused on ramping up production of its R1 SUV and pickup while also introducing a more affordable R2 model, faces growing pressure to meet its goal of profitable growth. This challenge is intensified by a broader slowdown in electric vehicle demand, driven by higher interest rates and weak consumer sentiment. These factors have created a

Lockheed Martin’s Military Satellite Deal with Australia Called Off

Australia has terminated a multibillion-dollar military satellite project with Lockheed Martin. On Monday, the Department of Defence released a statement announcing that the military would redirect its efforts toward a multi-orbit satellite system. This decision follows years of planning for the Geostationary Earth Orbit (GEO) satellite communications system. According to the Defence Department, the cancellation of JP 9102 reflects a reassessment indicating that the project no longer aligns with current strategic priorities. The original project, JP 9102 Phase 1, was

1 2 3 … 40