Hyundai Motor, LG’s battery unit to invest $1 bln in EV partnership
South Korea’s Hyundai Motor Group and LG Energy Solution said on Thursday they would set up a joint venture (JV) in Indonesia to establish a battery cell plant for electric vehicles (EV), investing $1.1 billion with each owning half the business.
Volkswagen makes $3.4 billion Europcar bet on mobility services
A consortium led by Volkswagen (VOWG_p.DE) has agreed with Europcar (EUCAR.PA) to launch a tender offer for the car rental company that values it at 2.9 billion euros ($3.4 billion) including debt, Europe’s largest carmaker said on Wednesday.
Robinhood’s meme stock status fuels IPO uncertainty
Robinhood Markets Inc (HOOD.O) thrived thanks to the popularity of so-called meme stocks such as GameStop Corp (GME.N) with retail investors. Becoming a meme stock itself comes with trading volatility that is giving pause to some potential investors in its initial public offering.
White House calls on America’s most critical companies to improve cyber defenses
The White House is signaling to U.S. critical infrastructure companies, such as energy providers that they must improve their cyber defenses because additional potential regulation is on the horizon.
US dollar, stocks dip as Fed keeps taper timing close to chest
U.S. stocks and the dollar slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track.
Santander profit beats forecasts on strong UK, U.S. performance
Spain’s Santander (SAN.MC) beat forecasts with a 35% jump in second-quarter underlying profit on the back of lower loan loss provisions, strong U.S. consumer business and a rise in mortgage lending in the UK market.
Wizz Air sees summer capacity close to pre-pandemic levels
Wizz Air (WIZZ.L) expects capacity to ramp up to between 90% and 100% of pre-pandemic levels in July and August as summer demand for European travel grows, and this could get an extra boost from further easing of UK restrictions.
EXCLUSIVE Rivian ready to invest $5 billion in second U.S. assembly plant -document
Amazon.com Inc (AMZN.O)-backed Rivian plans to invest $5 billion initially in its second U.S. electric vehicle assembly plant, according to a company document shared with state economic development officials.
BASF reports second-quarter beat, says no Delta impact so far
The world’s largest chemical producer BASF (BASFn.DE) reported a better-than-expected second-quarter net profit on Wednesday, saying the spread of Delta coronavirus variant has not interrupted orders from industrial customers so far.
Australian CPI blows hot in Q2, core inflation far cooler
Australia’s consumer prices rose at the fastest annual pace in almost 13 years last quarter as petrol jumped and government subsidies unwound, but a far tamer reading for core inflation suggested the spike would be fleeting.
