BUSINESS - Page 39

The U.S. Federal Reserve has launched a long-awaited service that will modernize the country’s payment system by allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week. The “FedNow” service, which has been in the works since 2019, will seek to eliminate the several-day lag it commonly takes for cash transfers to settle. This could speed up bill payments, consumer-to-merchant transactions, and business-to-business payments, bringing the United States in line with countries

Elon Musk is no stranger to defying skeptics, and the robotics business will likely be one of his next frontiers. The billionaire has made a career by pushing against the tide with electric cars and rockets. Still, his plans to turn Tesla into a maker of human-like robots on legs have drawn skepticism from investors and artificial intelligence experts. In his latest earnings call, Musk set new targets for Tesla’s growth in autonomous software and using humanoid robots in factories.

Blackstone Inc BX.N on Thursday said second-quarter distributable earnings dropped 39% amid a slump in asset sales, overshadowing a key milestone of the firm becoming the first manager of alternative investments such as private equity and real estate to amass $1 trillion in assets. The investment giant’s asset sale proceeds were down due to the sharp slowdown in the commercial property market. The loss was also hurt by rising redemptions at its flagship real estate income trust, contributing 17% to

Sweden-based automaker Volvo Cars (VOLCARb.ST) reported a 54% fall in second-quarter operating earnings on Thursday as a one-off gain boosted the year-ago period’s profit. Still, it forecasts healthy demand for its vehicles despite pricing pressures. Earnings before interest and taxes fell to 5.0 billion Swedish crowns ($488.62 million) from 10.8 billion crowns a year ago, missing expectations of 5.3 billion crowns. Analysts polled by Refinitiv had expected an EBIT of 5.2 billion crowns. Sales were impacted by ongoing supply constraints

Telecommunications contractor QualTek announced on Friday that it has emerged from bankruptcy after it reduced its debt by about $307 million through a restructuring deal. This debt reduction is expected to give the Company the flexibility to invest in growth and strengthen its financial position in the future. The Company will operate as a privately-held company under the ownership of its lenders and management. Its shares are no longer publicly traded. The Company will be led by its existing management

On Monday, Ladbrokes-owner Entain (ENT.L) agreed to acquire U.S.-based Angstrom Sports for a potential consideration of up to 203 million pounds ($266 million) as it looks to widen its footprint in the country. The acquisition of the sports modeling, forecasting, and data analytics company will comprise a total consideration of 81 million pounds plus contingent payments of up to 122 million pounds over three years, the company said in a statement. Angstrom simulation-based predictive modeling creates highly sophisticated pricing and

China’s BYD Co (002594. SZ) – which counts Buffett’s Berkshire Hathaway as an investor – has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The sources said that the company aims to scale production of 100,000 electric vehicles in India within a few years by shipping vehicle components for assembly in the country and establishing a supply chain.

Indian IT services major HCL Tech said it will buy German automotive engineering services firm ASAP Group late on Wednesday for an enterprise value of about 251 million euros ($279.83 million) as it looks to grow in the automotive space. The acquisition will expand HCL Tech’s engineering services capabilities in e-mobility and autonomous driving in Europe and other key global markets, the company said in a stock exchange filing. Headquartered in Ingolstadt, Germany ASAP employs about 1,600 people across nine

Bank of America has agreed to pay over $250 million over junk fees and other issues. The country’s second-largest bank will pay a total of $100 million in restitution to harmed consumers and another $150 million in civil penalties after the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) accused it of illegally double-charging customers on overdraft fees, withholding promised credit card perks and opening accounts without customer authorization. Over these deceptive practices it’s

China’s looming gallium export controls leave automakers with a dilemma over whether they can continue to rely on a metal seen as a game changer for electric vehicles. But the move could also push them to explore alternatives, such as using gallium nitride chips in onboard chargers. China accounts for a lot of the world’s production of gallium, along with germanium and arsenic. It has imposed new restrictions on those minerals’ exports, claiming they’re vital to its national security. While