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By Norihiko Shirouzu | SHANGHAI SHANGHAI The automotive industry’s seemingly inexorable drive towards electric cars – and especially Chinese polices pushing new energy vehicles – has forced Toyota Motor Corp (7203.T), the world’s No.2 automaker by sales, into what one executive calls an “agonizing” strategy U-turn. Until recently, Toyota was one of the industry’s major hold-outs against full electrification, and planned to more or less skip all-electric […]

By Ernest Scheyder | HOUSTON HOUSTON Nearly a century after Chevron Corp amassed the No. 2 stake in America’s largest oilfield, Chief Executive John Watson is hitting the accelerator on developing the company’s vast Permian Basin holdings. In an interview, Watson made clear his desire to put the West Texas to New Mexico expanse in the ranks of Chevron’s biggest ventures. That is a stark change from […]

As I dive overboard and into the warm, milky blue waters, a thought crosses my mind. Is this the third or fourth near-pristine beach our boat has cast anchor off today? I continue to ponder this question as I strap a mask and snorkel to my head, dip my face underwater and gaze in pleasure at the wrasse and butterfly fish darting between boulders and coral heads. […]

By Joseph White | DETROIT DETROIT General Motors Co (GM.N) on Tuesday unveiled a German-made Buick crossover wagon it plans to sell in the United States, and in so doing highlighted the U.S. auto industry’s vulnerability to shifting trade politics. The Buick Regal TourX, scheduled to launch later this year in the United States, is aimed at imported all-wheel drive vehicles such as those offered by Subaru […]

By Scott DiSavino | NEW YORK NEW YORK Oil prices on Tuesday rose to a near one-month high as expectations of a drawdown in U.S. crude and product inventories outweighed news of higher Libyan production. Brent LCOc1 futures were up 91 cents, or 1.7 percent, at $54.03 a barrel by 11:27 a.m. EDT (1527 GMT). That pushed the global benchmark over its 100-day moving average, into overbought […]

LAGOS Nigeria is launching a mass vaccination campaign as part of its emergency response to an outbreak of meningitis in its northwestern states, as the death toll climbed to 336, the Nigeria Centre for Disease Control said on Tuesday. The number of suspected cases has hit 2,997, over 1,000 more than at the beginning of last week, when 269 people had died, the centre said. If unchecked, […]

Imagination Technologies lost more than half its market value in a single day this week when the chip designer revealed that Apple, its largest customer, was developing its own version of the graphical processing units in which the UK-based group has specialised. Apple’s initiative to make a GPU, however, should not have come as such as surprise to investors. It follows several months of intensive recruitment by […]

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HealthEngine announced on Tuesday that it has raised AU$26.6 million in a Series C round led by Sequoia India, who is joining existing investors Telstra Ventures and Seven West Media on the company’s board. Alium Capital and some high net worth family offices participated in the round, as did existing investors including Go Capital, Lux Group managing director Adam Schwab, and founder of Carsales Greg Roebuck. The […]

Tesla, the upstart electric carmaker, surpassed US motor pioneer Ford in market value on Monday, as investors look to a future beyond the internal combustion engine. Shares of Tesla, founded in 2003, rose 7.3 per cent to a market capitalisation of $48.7bn, gliding past the 100-year-old Ford, whose shares fell 1.7 per cent after disappointing March sales results to a market value of $45.3bn. While it is symbolic for […]

Despite continued heavy incentive spending, every auto OEM, with the exception of Nissan, missed their sales forecasts for the month of March.  The “D3” were the biggest losers of the month with GM sales up 1.6% YoY vs. estimates of +7.0% while Ford sales dropped -7.2% and Fiat Chrysler declined -5.0%.  Car sales were even worse with industry volumes down 10.6% overall versus light truck sales that […]

TORONTO The Canadian arm of Fiat Chrysler Automobiles (FCHA.MI) (FCAU.N), which makes the Jeep and Chrysler brands, led auto sales in Canada for the month of March, but General Motors Canada (GM.N) posted the biggest surge in monthly sales. FCA Canada sales were up marginally in March, with 26,531 cars and trucks sold during the month, compared with 26,469 a year ago. Ford Motor Co (F.N) sold […]

Investors face a test of nerve as the second quarter beckons. The rally in US stocks and the dollar sparked by the election of Donald Trump is looking stretched, amid doubts about the president’s ability to deliver fiscal stimulus for the economy that can justify lofty equity valuations. The shifting mood has spurred money into emerging markets and European stocks, with EM currencies enjoying a stellar March […]

“I’m sorry viewer, the TV show you’re searching for cannot be streamed in your reality. Please stand by for reconnection.” Those are the opening lines of Hulu’s new show Dimension 404, a show that explores “the wonders and horrors of our digital age” in six one-hour episodes.  If that makes you think of Black Mirror, you’re not alone. But Dimension 404, which debuts on April 4, is […]

To Jeremy Grantham, co-founder and chief investment strategist of the Boston asset manager GMO, the earth’s changing temperature is an investment imperative as well as a question of ethics.  “The climate is moving much faster than people think, and the responses are going to move much faster as well”, he says, arguing that measures to help polluters announced last week by the administration of Donald Trump may […]

To Jeremy Grantham, co-founder and chief investment strategist of the Boston asset manager GMO, the earth’s changing temperature is an investment imperative as well as a question of ethics.  “The climate is moving much faster than people think, and the responses are going to move much faster as well”, he says, arguing that measures to help polluters announced last week by the administration of Donald Trump may […]

DUBAI // Retailers are bracing for a rush on big-ticket items including cars, electronics and jewellery before the value-added tax is brought in next year. Shoppers are expected to make major purchases earlier to beat the 5 per cent goods and services tax that will be introduced across the GCC next January. At a car show room on Sheikh Zayed Road in Dubai, Abu Razak, 44, a […]

Huaqiangbei electronics market in downtown Shenzhen is a gadget geek’s paradise, selling everything from individual semiconductor chips to roll-up drum kits to hoverboards. For some, it is also the culprit for the declining fortunes of US wearable tech companies such as GoPro and Fitbit. “[Their] problem essentially is Shenzhen,” says Richard Windsor, founder of independent research company Radio Free Mobile. “It makes much cheaper cameras that are […]

Submitted by Wolf Richter of WolfStreet The Last time automakers tried this was in 2009! In a few days, automakers are going to report their new vehicle deliveries for March. TrueCar, Kelley Blue Book, and LMC Automotive are predicting total vehicle sales slightly above the flat-line compared to March a year ago, though sales were down year-over-year in both January and February. TrueCar forecasts an increase of […]

Colombians woke up on Saturday to a devastating landslide that left at least 193 dead in the south-west of the country, after heavy rains caused rivers to overflow. The avalanche propelled sediment on to buildings and bridges, as homes and cars were swept away in the city of Mocoa in Putumayo. “We have adults, women and infants,” police commander Colonel Omar Bonilla told a Colombian radio on […]

DUBAI // The price of items such as cars, televisions and restaurant bills will rise once value-added tax is introduced in the region early next year. But as the tax will be at a modest 5 per cent, experts say it is unlikely to affect overall spending. Details about goods and services to be subject to VAT will probably be released over the next few months, and […]

Didi Chuxing may have defeated Uber, but China’s dominant ride-hailing platform is no match for the country’s local governments after being forced to gut its urban fleet to comply with regulations. Didi’s core business of cheap ride-hailing now faces a tough fight in the big urban markets, which it built after a bruising battle with local and foreign rivals. Uber ceded the Chinese market — its largest — […]

By Rodrigo Campos | NEW YORK NEW YORK Forget the jobs report. The most interesting bit of U.S. economic data next week is Monday’s auto sales release, which will offer a measure of the middle-class consumer and a sector of the stock market that has had a rough ride so far in 2017. Economists are looking for another solid month of sales north of 17 million new […]

After centuries of getting around primarily via horses, many people viewed the first automobiles with apprehension. This newfangled “horseless carriage” was considered too fast and dangerous to ever catch on. In the late 19th century, England even had a law called the Red Flag Act, which required self-propelled vehicles to be led at walking pace by someone waving a red flag. In 1895, the New […]

LONDON Volkswagen (VOWG_p.DE) said it has so far fixed fewer than half of the 1.2 million cars affected by the diesel emissions scandal in Britain, 18 months after the revelations first came to light. The German carmaker admitted in September 2015 to using software to cheat diesel emission tests in the United States and has since paid out compensation to U.S. motorists but has refused to do […]

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