BUSINESS - Page 15

On Tuesday, British luxury car manufacturer Bentley announced a decline in operating profit for 2023 due to sluggish economic conditions and elevated interest rates impacting sales. Nevertheless, the company assured stakeholders that its performance had reached a stable point. Adrian Hallmark, the company’s chief executive, expressed confidence in Bentley’s ability to rebound this year and highlighted forthcoming product launches as catalysts for growth in 2024. He added that Bentley’s bespoke options, Mulliner services, and derivatives still command considerable interest from

Uber, the leading global ride-hailing company, has taken a substantial step by reaching an agreement to pay A$271.8 million ($178 million) to resolve a lawsuit filed by Australian taxi operators and drivers. The settlement, ranking as Australia’s fifth-largest, was disclosed on Monday by Maurice Blackburn Lawyers, representing over 8,000 taxi and hire car owners and drivers. They alleged that Uber violated the country’s taxi regulations upon its entry into the market in 2012. The taxi operators and drivers participating in

Tesla announced on Friday its decision to raise the prices of all Model Y vehicles in the United States by $1,000 starting April 1st. This follows a prior increase on March 1st, where the company hiked prices for its Model Y rear-wheel drive and long-range variants by $1,000 each, setting them at $43,990 and $48,990, respectively. Tesla attributed these price adjustments to the escalating costs of nickel, a crucial component in the battery cells powering its electric vehicles. Tesla specializes

In the latest sign of stress in the country’s real estate sector, shares in Germany’s largest landlord dropped 6% on Friday after it reported its most significant loss ever for 2023. The residential real estate company reported a loss of 6.76 billion euros for the year, more than double its year-earlier loss of 669 million euros. It marked a stark change in fortune for property firms that had posted years of profit going back to 2010. Vonovia’s annual loss reflects

Hyundai Motor Co and its sister company Kia Corp are embarking on a recall of around 170,000 electric vehicles (EVs) in South Korea due to a significant software problem in the charging systems. The transport ministry confirmed the issue on Thursday. The flaw in the integrated charging control unit may impede the vehicles’ ability to charge at low voltage, potentially causing the car to suddenly stop while in operation, posing a safety hazard. The ministry said the recall will affect

The Pentagon must respond quickly to threats and new adversaries, including technologies like hypersonic weapons. However, developing defense hardware is relatively easy, and several small companies are looking to revolutionize the industry by offering a range of innovative systems with lower costs and quicker development cycles than traditional defense contractors. Castelion, a company founded by a team of ex-SpaceX employees and backed by investors such as Andreessen Horowitz and Lavrock Ventures, is trying to make itself a player in the

In a rare move, the Chinese government has urged major banks to bolster financial assistance to the state-backed property developer China Vanke. Sources reveal that the State Council, China’s cabinet, is spearheading this intervention to aid the beleaguered property firm. Financial institutions have been directed to expedite their support efforts, as disclosed by one source familiar with the situation. Despite attempts to seek comments from the National Administration of Financial Regulation and the State Council Information Office, responsible for media

After ousting former CEO Looney on December 13 due to his failure to disclose past relationships with employees, British oil giant BP managed to reclaim £1.8 million ($2.3 million) from his 2023 pay package. The company announced on Tuesday that its board determined Looney, who led the oil and gas company since 2020, had intentionally provided false information to fellow directors when they sought assurances about his commitment to disclosing any such relationships in the future. As a consequence, Looney

General Electric Co’s aerospace business reaffirmed its outlook for the current year. It forecast a $10 billion operating profit in 2028, setting it on an earnings power path as GE completes a long-planned breakup into separate companies in April. The company’s jet engine business is a cash cow that has benefitted from a recovery in air travel and a surge in defense orders. Amid rising geopolitical tensions, demand for GE’s aerospace products is expected to remain strong through 2028. The

The Chinese electric vehicle giant BYD deepened the flames of a brutal price war in China on Wednesday by cutting the price of its cheapest car. The Seagull, a compact car a little shorter than a Mini Cooper and about as long as a Fiat 500, will start at 69,800 yuan ($9,700). BYD has become a relentless discounter in the price war that Tesla triggered in the world’s largest auto market last year. That aggressive stance has helped BYD unseat