Business News

Tesla to shrink board to seven directors from 11

(Reuters) - Tesla Inc said on Friday that four members of its eleven-member board would be leaving over the next two years, as the electric car company looks to streamline its board. Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice will not be standing for re-election in the upcoming annual meetings of stockholders in 2019 and 2020, the company said here in a regulatory filing. The company said...

20 Apr 12:08 AM 0 Read More...

Exclusive: Tereos still searching for wider funding - sources

(Corrects headline and paragraph 1 to make clear that syndication process is ongoing, to make clear in paragraph 5 that no offers finalized by April 15, to clarify sourcing throughout) By Sybille de La Hamaide PARIS (Reuters) - French sugar group Tereos is still working to find additional banks to spread risk on a 250 million euro ($281 million) loan secured earlier this year, two sources familiar with the matter sa...

20 Apr 12:08 AM 0 Read More...

Boeing 737 MAX joint governmental review will begin April 29: FAA

WASHINGTON (Reuters) - The U.S. Federal Aviation Administration said Friday that a joint governmental review of the now grounded Boeing 737 MAX will begin on April 29 and will include 9 other aviation regulators from around the world. The FAA said earlier this month it was forming an international team to review the safety of the aircraft, grounded worldwide following two deadly crashes - in Indonesia in October and ...

20 Apr 12:08 AM 0 Read More...

PepsiCo results beat as new CEO's ad push lifts sales

(Reuters) - PepsiCo Inc’s quarterly sales and profit beat Wall Street estimates on Wednesday, as the beverage maker’s advertising and marketing push helped drive sales of its snacks, sparkling waters and low-sugar sodas globally. Shares of PepsiCo hit a record high of $125.92 in morning trading after the company said its core sales grew at the fastest pace in more than three years. The results come as a boost fo...

20 Apr 12:08 AM 0 Read More...

Venezuela congress to weigh 2020 PDVSA bond payment next week

CARACAS (Reuters) - Venezuela’s opposition-controlled National Assembly expects to vote on making a $71 million bond interest payment when it meets next week, a lawmaker and a member of state-run oil company PDVSA’s ad-hoc board of directors said. Payment would protect U.S. refiner Citgo, PDVSA’s crown jewel overseas asset, from potential seizure by creditors. But it was not immediately clear how the oppositio...

19 Apr 7:04 PM 0 Read More...

Will the Benettons use Alitalia to fly in from the cold?

MILAN/ROME (Reuters) - Italian transport group Atlantia could join a rescue of loss-making flag carrier Alitalia to try to win favor with the government and secure the future of its own domestic business following a deadly bridge collapse last year, sources said. Atlantia, controlled by the Benetton family, faces the loss of its entire national motorway concession in a bitter dispute with the government, which erupte...

19 Apr 7:04 PM 0 Read More...

SEC fines Prosper Funding $3 million for overstating net returns to investors

WASHINGTON (Reuters) - The Securities and Exchange Commission on Friday said Silicon Valley-based Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to retail and other investors. The regulator said the online lending platform from around July 2015 until May 2017 excluded certain non-performing charged off loans from its calculation of annualized net...

19 Apr 7:04 PM 0 Read More...

U.S. homebuilding near two-year low; permits extend decline

WASHINGTON (Reuters) - U.S. homebuilding dropped to a near two-year low in March, pulled down by persistent weakness in the single-family unit segment, suggesting the housing market continued to struggle despite falling mortgage rates. The second straight monthly decline in homebuilding reported by the Commerce Department on Friday probably reflected in part massive flooding in the Midwest, with housing starts in the...

19 Apr 7:04 PM 0 Read More...

Return of the bench seat: Concept EVs show space big enough for sofas

SHANGHAI (Reuters) - Electric vehicle (EV) concepts shown in Shanghai this week, such as the Audi AI:me and Infiniti QX Inspiration, point to a future of living-room-like comfort in cars with flat floors and ample space for sofa-like bench seats. In the design studies, automakers have taken advantage of the space freed up by the electric motor, which takes less room than the bulky internal combustion engine, cooling...

19 Apr 1:59 PM 0 Read More...

Fiat Chrysler recalls 320,000 Dart cars that could roll away

WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV said Friday it is recalling more than 320,000 Dodge Dart compact cars in North America that could roll away because of a defective part that could allow the shift cable to detach from the transmission. The Italian-American automaker said the recall covers 2013 through 2016 model year automatic transmission Dart cars and that the defect could prevent drivers from shi...

19 Apr 1:59 PM 0 Read More...