Business

Apple shares rise on car rollout plan, battery ambitions

Shares of Apple Inc jumped nearly 5% on Tuesday, a day after Reuters exclusively reported that the iPhone maker is aiming to produce a passenger vehicle by 2024 with its own battery technology.FILE PHOTO: U.S. dollar banknotes are seen in front of the Apple logo in this photo illustration taken August 3, 2018. Photo illustration taken August...

Volkswagen CEO expects autonomous cars on market from 2025-2030

BERLIN (Reuters) - The chief executive of Volkswagen, the world’s largest vehicle maker by sales, expects autonomous vehicles to be ready for sale between 2025 and 2030, he told a magazine.Herbert Diess cited the improving performance of computer chips needed in autonomous cars while developments in artificial intelligence are also speeding the process.

Kia recalls 295,000 U.S. vehicles for fire risks

The Korean automaker said the recall covers some 2012-2013 model year Sorento, 2012-2015 Forte and Forte Koup, 2011-2013 Optima Hybrid, 2014-2015 Soul, and 2012 Sportage vehicles because an engine compartment fire can occur while driving.Dealers will inspect the engine compartment for fuel or oil leaks, perform an engine test and make any repairs...

U.S. charges Houston technology mogul Robert Brockman with tax, securities fraud

WASHINGTON (Reuters) - Federal prosecutors said on Thursday they had charged Houston-based technology executive Robert Brockman with hiding $2 billion in income from the IRS over 20 years, in the biggest tax fraud case against an individual in U.S. history.At the same time, the U.S. Attorney for the Northern District of California announced...

Persistently high U.S. weekly jobless claims point to labor market scarring

WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits rose to a two-month high last week, stoking fears the COVID-19 pandemic was inflicting lasting damage to the labor market.The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s health, also showed...

U.S. small business program handed out virus aid to many borrowers twice

WASHINGTON - A technical snafu in a U.S. government system caused many small businesses to receive loans twice or more under a federal aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said.The money mistakenly handed out could amount to hundreds of millions...

U.S. manufacturing activity crawls off 11-year low

WASHINGTON (Reuters) - U.S. manufacturing activity eased off an 11-year low in May, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen, though the recovery from the COVID-19 crisis could take years because of high unemployment.The promising signs of stabilization in manufacturing reported by the Institute...

Tesla’s Musk says ready for arrest as he reopens California plant against local order

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk on Monday said production was resuming at the automaker’s sole U.S. vehicle factory, in California, defying an order to stay closed and saying if anyone had to be arrested it should be him.The move comes as states and cities around the United States experiment...

Coronavirus-hit economies spark US, UK trade negotiations

The United States and the United Kingdom will begin negotiating a trade agreement Tuesday aimed at reinvigorating the countries' coronavirus-slammed economies.“More trade between the U.K. and U.S. is essential if we are to overcome the unprecedented economic challenge posed by coronavirus,” Truss said in the note.“As we start trade talks with the U.S., we want...

Tyson warns of coronavirus-related US meat shortages as livestock plants shutdown

CHICAGO (Reuters) - Millions of pounds of beef, pork and chicken will vanish from U.S. grocery stores as livestock and poultry processing plants have been shuttered by coronavirus outbreaks among workers, the chairman of Tyson Foods Inc said.In this April 2020, photo provided by Tyson Foods, workers wear protective...

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