Business

Spain picks QEV as frontrunner for Nissan’s Barcelona plant

Spanish authorities have selected local automotive group QEV Technologies as lead candidate to take over Nissan’s main plant in Barcelona after Chinese carmaker Great Wall Motor (601633.SS) withdrew its interest, Nissan said on Wednesday. Catalonia-based engineering group QEV plans to turn the facility into a hub for electric vehicles, including participation from Swedish producers Inzile […]

Business

U.S. crude, fuel stocks fell last week; output rises

U.S. crude stocks, gasoline and distillate inventories fell last week, while U.S. oil production rose to the highest since May 2020, Energy Information Administration data showed on Wednesday. Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, fell by 1.7 million barrels in the week to 122.43 million barrels, versus expectations for a 0.2 million-barrel […]

Business

China’s Tsinghua Unigroup says creditors back restructuring plan

China’s debt-laden Tsinghua Unigroup on Wednesday said creditors had backed a draft restructuring proposal for the chip conglomerate after local media reported that a strategic investment of 60 billion yuan ($9.42 billion) was on the way. Creditors representing more than 90% of outstanding claims voted in favor of the draft restructuring proposal at an investors’ […]

Business

U.S. goods trade gap hits record; pending home sales slip

The goods trade deficit widened last month by 17.5% to $97.8 billion from $83.2 billion in October, Census Bureau data showed. That exceeds the previous record deficit set in September of $97 billion and may damp optimism that trade might finally add to U.S. economic growth this quarter for the first time in more than […]

Business

Elon Musk’s SpaceX raises over $337 mln in fresh funding

Billionaire Elon Musk’s SpaceX has raised $337.4 million in equity financing, the rocket company disclosed in a regulatory filing on Wednesday. SpaceX, which counts Alphabet Inc (GOOGL.O) and Fidelity Investments among its investors, hit $100 billion in valuation following a secondary share sale in October, according to CNBC. It had raised about $1.16 billion in […]

Business

U.S. retailers may pay the price for ‘extended’ holiday return season

Major U.S. retailers’ longer return policies, launched during the pandemic this year to lure consumers, could leave them facing much higher costs if shoppers bring back a record-setting $112 billion in gifts bought during the extended holiday shopping season. Retailers entered the 2021 holiday season facing a supply-chain logjam, with inventories at lows unseen since […]

Business

Tory Burch’s Muratore on tech and the power of change

“Challenge the status quo and do not settle.” That is the mantra of Magali Muratore, who joined New York-based fashion brand Tory Burch LLC in July as executive vice president and chief technology officer. “It’s not about being perfect, but instead always reaching for better, jumping in with both feet and not being afraid of […]