BUSINESS - Page 37

Automaker Stellantis said it would invest more than $100 million in California’s Controlled Thermal Resources, its latest bet on the direct lithium extraction (DLE) sector amid the global hunt for new electric vehicle battery metal sources. The investment by the Chrysler and Jeep parent announced on Thursday comes as the green energy transition and U.S. Inflation Reduction Act have fueled concerns that supplies of lithium and other materials may fall short of solid demand forecasts. DLE technologies aim to mechanically

In a significant setback for US chipmaker Intel’s (INTC.O) ambitions to expand its manufacturing capacity and semiconductor capabilities, it has terminated its proposed $5.4 billion Deal with Israeli contract chipmaker Tower Semiconductor (TSEM & TASE: TSEM), blaming its inability to get timely regulatory approvals. Specifically, according to a statement from both companies, the company said it could not get approval from Chinese authorities. The Deal, inked in February 2022, had been aimed at strengthening Intel’s position in the “foundry” market

Tesla, the pioneering electric vehicle (EV) manufacturer, continues to make waves in the automotive industry with its unwavering commitment to innovation and accessibility. In a strategic move aimed at expanding its consumer base, Tesla has introduced new “standard range” variants of its popular Model S sedan and Model X SUV in the United States. Priced at $78,490 (PKR 22.4 million) and $88,490 (PKR 25.3 million), these new offerings signify a significant step towards making electric vehicles more attainable for a

United States Steel Corp. finds itself at a crucial juncture as it navigates a landscape of strategic decisions. The recent rejection of a $7.3 billion buyout offer from rival Cleveland Cliffs has raised eyebrows and ignited discussions about the future direction of the iconic steel company. This article delves into the dynamics of the rejected offer, the reasoning behind US Steel’s decision, and the implications of the company’s pursuit of alternative strategies. The $7.3 billion buyout proposal from Cleveland-Cliffs was

The world of biotechnology and genomics is under scrutiny as the U.S. Securities and Exchange Commission (SEC) launches an investigation into the acquisition of cancer test developer Grail. Another facet of the investigation pertains to transparency and proper disclosure. Mergers and acquisitions of this scale often involve intricate negotiations and considerations. Investors and stakeholders rely on accurate and comprehensive information to make informed decisions. The SEC is likely probing whether all material information was disclosed correctly to ensure that investors

In a surprising turn of events, MrBeast’s burger company is again making headlines, but this time for all the wrong reasons. The viral internet sensation and philanthropist, known for his jaw-dropping stunts and acts of generosity, is now facing a massive $100 million lawsuit from his burger venture. The situation sheds light on the complexities of entrepreneurship, celebrity endorsements, and the challenges that can arise when personal and business interests intersect. MrBeast, whose real name is Jimmy Donaldson, has built

China’s electric vehicle (EV) industry continues to be a dynamic and transformative force, shaping the automotive landscape on a global scale. As the demand for sustainable transportation grows, EV manufacturers are witnessing remarkable success in technological advancements and stock market performance. In an astonishing turn of events, the surge in stock value of Chinese EV maker Li Auto has minted its second billionaire. This article explores the details behind this extraordinary achievement, shedding light on Li Auto’s journey and the

Around 80 percent of Credit Suisse’s investment banking staff in Hong Kong will be laid off starting this week as part of the Swiss bank’s integration with UBS Group. Only approximately 20 bankers out of the 100-strong team in the territory will be spared from the cuts, suggested news agency Reuters. Hong Kong accounts for the most significant share of Credit Suisse’s investment banking operations in Asia. The news comes after the merged UBS and Credit Suisse announced in June

In a move that would make him its single largest shareholder, Paytm Chairman Vijay Shekhar Sharma will buy a 10.3% stake worth $628 million in the firm he founded from an arm of Chinese fintech giant Ant Financial. The deal, set to be completed on Friday, will see Sharma’s Netherlands-based Resilient Asset Management BV issue optionally convertible debentures to Antfin as consideration for the purchase, with no cash payment involved, the company said in an exchange filing. Resilient will also