Weight of history: Chongqing Steel and China’s state sector dilemma

Weight of history: Chongqing Steel and China’s state sector dilemma
CHONGQING, China (Reuters) – A year and a half ago, Chongqing Iron and Steel Corp (CISC) (601005.SS)(1053.HK), China’s oldest steelmaker, was rescued from the brink of bankruptcy in a deal hailed as a shining example of how struggling state companies can be revamped. A worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou, Chongqing, China... Read More

European blockchain company Bitfury launches artificial intelligence unit

European blockchain company Bitfury launches artificial intelligence unit
NEW YORK (Reuters) – European blockchain company The Bitfury Group, valued recently at more than $1 billion, has launched its artificial intelligence (AI) division, the company’s top official told Reuters in an interview. FILE PHOTO – Delegates walk near an exhibition stand of Bitfury, a full-service blockchain technology company, at the Malta Blockchain Summit in St Julian’s, Malta November 1,... Read More

U.S. transportation chief asks new FAA head to review agency in wake of 737 MAX crashes

U.S. transportation chief asks new FAA head to review agency in wake of 737 MAX crashes
FILE PHOTO: Elaine Chao, U.S. Secretary of Transportation speaks at the Global Entrepreneurship Summit 2019 (GES 2019) in The Hague, Netherlands June 4, 2019. REUTERS/Piroschka van de Wouw WASHINGTON (Reuters) – U.S. Transportation Secretary Elaine Chao said on Monday she has asked the new head of the Federal Aviation Administration (FAA) to assess the agency’s performance in the wake of... Read More

Tesla owner lawsuit claims software update fraudulently cut battery capacity

Tesla owner lawsuit claims software update fraudulently cut battery capacity
SAN FRANCISCO (Reuters) – A Tesla Inc owner has filed a lawsuit against the electric vehicle maker, claiming the company limited the battery range of older vehicles via a software update to avoid a costly recall to fix what plaintiffs allege are defective batteries. FILE PHOTO: Tesla Model S drives during electric car E-Rallye Baltica 2019 near Iecava, Latvia, July... Read More

Uber loses $5 billion, misses Wall Street targets despite easing price war

Uber loses $5 billion, misses Wall Street targets despite easing price war
(Reuters) – Uber Technologies Inc (UBER.N) reported a $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6%. FILE PHOTO: Uber’s logo is seen on a smartphone screen as a picture of stock exchange graph is displayed on a computer screen in this... Read More

Tesla hit by lawsuit claiming thousands of owners lost battery capacity after software update

Tesla hit by lawsuit claiming thousands of owners lost battery capacity after software update
SAN FRANCISCO (Reuters) – A Tesla Inc owner has filed a lawsuit against the electric vehicle maker, claiming the company limited the battery range of older vehicles via a software update to avoid a costly recall to fix what plaintiffs allege are defective batteries. FILE PHOTO: Tesla super chargers are shown in Mojave, California, U.S. July 10, 2019. REUTERS/Mike Blake/File... Read More

Uber revenue misses estimates despite easing price war, shares tumble

Uber revenue misses estimates despite easing price war, shares tumble
(Reuters) – Uber Technologies Inc (UBER.N) reported lower-than-expected revenue for the second quarter on Thursday, sending shares down 12% as the largest U.S. ride-hailing company failed to show expected benefits of easing price competition. FILE PHOTO: A screen displays the company logo for Uber Technologies Inc on the day of its IPO at the New York Stock Exchange (NYSE) in... Read More

Uber quarterly revenue misses estimates, sees pricing pressure easing

Uber quarterly revenue misses estimates, sees pricing pressure easing
(Reuters) – Uber Technologies Inc (UBER.N) reported lower-than-expected revenue for the second quarter on Thursday, but followed ride-hailing rival Lyft Inc (LYFT.O) in saying that the pricing pressure is easing. FILE PHOTO: A screen displays the company logo for Uber Technologies Inc. on the day of it’s IPO at the New York Stock Exchange (NYSE) in New York, U.S., May... Read More

Kraft Heinz withdraws outlook after dismal results

Kraft Heinz withdraws outlook after dismal results
(Reuters) – Kraft Heinz Co (KHC.O) reported weak sales on Thursday, prompting the maker of packaged foods to write down the value of several business units by more than $1 billion and drop its full-year forecast as it struggles to lure back customers. FILE PHOTO: Shareholders shop for discounted products at the Kraft Heinz booth at the annual Berkshire Hathaway... Read More

Tesla stands by safety claims despite U.S. probes, subpoenas over crashes

Tesla stands by safety claims despite U.S. probes, subpoenas over crashes
(Reuters) – Electric carmaker Tesla Inc (TSLA.O) stood by its Model 3 safety claims on Wednesday in the face of regulatory scrutiny, while documents showed the top U.S. automotive safety watchdog issued at least five subpoenas since last year seeking information about crashes involving the company’s vehicles. FILE PHOTO: Joe Young, media relations associate for the Insurance Institute for Highway... Read More