Business

Tesla, electric SUVs get poor scores from Consumer Reports

Vehicles from Tesla Inc and electric sport utilities from rival brands are among the least reliable models sold in the United States, a reflection of the risks of new technology, Consumer Reports said on Thursday. Consumer Reports, a nonprofit organization that evaluates products and services, said Tesla, the world’s most valuable automaker, ranked 27th out […]

Business

U.S. economy regaining speed as unemployment claims fall; manufacturing surges

The number of Americans filing new claims for unemployment benefits fell close to pre-pandemic levels last week as the labor market recovery continues, though a shortage of workers remains an obstacle to faster job growth. “Demand for labor is very strong and workers are in short supply, so layoffs are very low right now,” said […]

Business

Unilever bags $5 bln deal with CVC for tea business

Unilever Plc (ULVR.L) has agreed to sell its global tea business to CVC Capital Partners for 4.5 billion euros ($5.1 billion), concluding a process of reviewing and spinning off the division that took more than two years. The business being sold, called Ekaterra, hosts a portfolio of 34 tea brands including Lipton, PG Tips, Pukka […]

Business

Farmers Business Network valued at $3.9 bln after Fidelity-led investment

Agriculture technology company Farmers Business Network (FBN) said on Thursday it had gained a valuation of $3.9 billion after a funding round led by Fidelity Management & Research Company. FBN raised $300 million in the funding round, with participation from U.S. grain merchant Archer-Daniels-Midland (ADM.N), LN Mittal Family Office, Colle Capital Partners, Walleye Capital and […]

Business

Analysis: Will gasoline prices drop in 2022? It depends on OPEC and U.S. shale

Whether fuel pump prices fall in 2022 depends on two groups of producers who are struggling to increase oil output in the wake of the pandemic: OPEC and its allies and U.S. shale firms. The global oil industry’s slow response to the surging demand in 2021 has contributed to soaring energy costs and inflationary pressures […]

Business

Iveco eyes drive into zero emission trucks after spin-off

Iveco will focus on zero-emission trucks and buses and aim to act like a nimble startup as its owner CNH Industrial (CNHI.MI) prepares to spin off the unit to concentrate on farm machinery and construction equipment. In an investor presentation on Thursday Chief Executive-designate Gerrit Marx said Iveco should be seen as a “150-year-old startup” […]

Business

Canadian banks’ lending recovery seen clouded by hot inflation

Surging inflation and rising bond yields are set to offer a shot in the arm for Canadian banks’ profit margins, which have languished during the pandemic, but an aggressive response by central banks could derail a nascent lending recovery and increase defaults, investors and analysts said. Canadian banks’ loan growth outside of mortgages all but […]