Business News

Saudi's PIF invests more than $1 billion in electric carmaker Lucid Motors

DUBAI (Reuters) - Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors, adding to the emerging competition facing U.S. electric vehicle maker Tesla Inc (TSLA.O). The funding will enable Silicon Valley-based Lucid to achieve the commercial launch of its Lucid Air electric vehicle in 2020, PIF said in an announcement on Monday. Lucid joins Daimler-owned (DAIGn.DE) Merc...

17 Sep 8:29 PM 0 Read More...

Trade tensions weigh on Wall Street

NEW YORK (Reuters) - U.S. stocks fell on Monday, led by declines in technology and consumer discretionary stocks, as investors looked to President Donald Trump’s announcement regarding tariffs on $200 billion of Chinese imports. The Dow Jones Industrial Average .DJI fell 92.62 points, or 0.35 percent, to 26,062.05, the S&P 500 .SPX lost 16.17 points, or 0.56 percent, to 2,888.81 and the Nasdaq Composite .IXIC d...

17 Sep 8:29 PM 0 Read More...

U.S. review of CVS deal for Aetna may end soon: source

WASHINGTON (Reuters) - The U.S. Justice Department’s antitrust review of CVS Health Corp’s (CVS.N) planned purchase of Aetna Inc (AET.N) may conclude soon, a source familiar with the review said on Monday. That said, arranging divestitures needed to resolve antitrust concerns in the proposed transaction takes time and it is not clear that possible approval will come in September, said the source. The $69 billion ...

17 Sep 8:29 PM 0 Read More...

UPS to hire about 100,000 workers for holiday season

(Reuters) - United Parcel Service Inc would hire about 100,000 temporary employees for the crucial holiday season beginning in November, the U.S. package delivery company said on Monday. The company's seasonal hiring is about 5.3 percent more than last year here, when it added about 95,000 temporary positions. Peak season begins on Black Friday, the day after the Thanksgiving holiday in November, and runs through ear...

17 Sep 3:24 PM 0 Read More...

Saudi's PIF invests over $1 billion in electric carmaker Lucid Motors

DUBAI (Reuters) - Saudi Arabia’s Public Investment Fund said on Monday it had agreed to invest more than $1 billion in Silicon Valley-based Lucid Motors to produce electric vehicles. The deal, which follows a Reuters report last month that the two parties were in talks, will provide funding to enable the commercial launch of Lucid’s first electric vehicle, the Lucid Air, in 2020. The investment comes a few weeks...

17 Sep 3:24 PM 0 Read More...

DowDuPont CEO Breen takes executive chair role in new DuPont

(Reuters) - DowDuPont (DWDP.N) Chief Executive Edward Breen will oversee the specialty-products unit that carries most of the company’s legacy DuPont operations after the chemicals major splits back into three different businesses, the company said on Monday. Dow and Dupont, which completed a $130 billion merger last September to form DowDuPont, also immediately announced plans to create three separately traded com...

17 Sep 3:24 PM 0 Read More...

Wall Street dragged by Apple, Amazon, fears of fresh tariffs

(Reuters) - U.S. stock markets were lower on Monday as technology names such as Apple and Amazon.com fell, bearing the brunt of expectations President Trump will make good on threats to set new tariffs on $200 billion of Chinese goods, and that Beijing will retaliate. The upcoming tariffs will be on a list of items, announced in July, that included internet technology products, other electronics, printed circuit boar...

17 Sep 3:24 PM 0 Read More...

Coke eying cannabis-infused drink market

(Reuters) - Coca Cola Co (KO.N) said on Monday it was closely watching the growing marijuana-infused drinks market, responding to a media report that the world’s largest beverage maker was in talks with Canada’s Aurora Cannabis Inc (ACB.TO). The discussions over a possible product tie-up, reported by Canadian financial channel BNN Bloomberg, could open a new front in Coke’s battle to overcome sluggish demand fo...

17 Sep 3:24 PM 0 Read More...

EU antitrust ruling on Microsoft buy of GitHub due by October 19

BURSSELS (Reuters) - EU antitrust regulators will decide by Oct. 19 whether to clear U.S. software giant Microsoft’s $7.5 billion acquisition of privately held coding website GitHub. Microsoft, which wants to acquire the firm to reinforce its cloud computing business against rival Amazon, requested European Union approval for the deal last Friday, a filing on the European Commission website showed on Monday. The EU...

17 Sep 10:24 AM 0 Read More...

China won't just play defense in trade war, Global Times says

BEIJING (Reuters) - China will not be content to only play defense in an escalating trade war with the United States, a widely read Chinese tabloid warned, as U.S. President Donald Trump was expected to announce new tariffs on $200 billion in Chinese goods as early as Monday. The United States and China have already levied duties on $50 billion worth of each other’s goods in an intensifying row that has jolted glob...

17 Sep 10:24 AM 0 Read More...