Business

(Reuters) -BlackRock could start offering indexes and exchange-traded funds (ETFs) for private markets, the asset manager said on Monday, after it announced a deal to buy data provider Preqin for nearly $3.2 billion. The move underscores BlackRock’s push to become a major player in alternative assets, which are fast becoming a bigger component of investors’ portfolios. Alternative investments encompass everything other than stocks and bonds. They mostly consist of assets that are traded privately, and … Read more…

(Reuters) – Shares of Tesla gained nearly 6% on Monday, after a key Wall Street brokerage added the stock to its watch list ahead of the automaker’s quarterly production and delivery report on Tuesday. At $209.38, Tesla could add $36.68 billion to its market value if the price holds, which would mark the fifth straight session of stock gains. A slump in demand for electric vehicles and competition from Chinese rivals such as BYD has … Read more…

PARIS (Reuters) – Airbus delivered a preliminary total of around 67 airplanes in June, bringing the total for the first half of the year to around 323 aircraft, up 2% from the same period last year, industry sources said on Monday. Airbus, which last week cut its delivery forecast for the full year to 770 planes from 800 amid supply chain concerns, declined to comment ahead of the release of monthly and half-yearly data expected … Read more…

FRANKFURT (Reuters) – Swiss food giant Nestle is targeting stable growth in sales volumes from the second quarter throughout the remainder of the year as cost inflation eases, its CEO told Swiss weekend paper “Schweiz am Wochenende” on Saturday. “From the second quarter and for the rest of the year, we can expect a stable, positive contribution to growth from volume and product mix,” Markus Schneider was quoted as saying by the newspaper. The maker … Read more…

(Reuters) -The U.S. Army awarded Lockheed Martin a multi-year contract worth $4.5 billion for its air defense Patriot Missiles system, the Pentagon said on Friday. The Patriot system is one of an array of sophisticated air defense units supplied by the West to help Ukraine, as it continues its defense against Russia’s invasion. The contract covers 870 PAC-3 MSE missiles and associated hardware. Lockheed is manufacturing the newest version of the interceptors that arm the … Read more…

(Reuters) – Pershing Square USA, a fund managed by billionaire Bill Ackman, said on Friday it plans to offer shares at $50 each in its initial public offering in New York. Ackman is launching a new investment portfolio that will be available to anyone who can invest in the United States, including retail investors. The fund did not reveal the exact number of shares it will offer. Potential investors need to purchase at least 100 … Read more…

By Akash Sriram and Abhirup Roy (Reuters) -Rivian will be able to slash a fifth of its material costs from electric SUVs and pickups by the end of 2024, CEO RJ Scaringe said on Thursday, after a recent factory overhaul and a vehicle redesign to aid its push to profitability. Shares of Rivian fell 2% after the company stuck to its largely flat annual production growth forecast yet again. The stock had risen 23% after … Read more…

By Tom Hals WILMINGTON, Delaware (Reuters) – Tesla is claiming Elon Musk won his legal battle over his $56 billion pay package because shareholders voted for the compensation, despite a judge rescinding it earlier this year, according to court filing made public on Friday. The company’s filing comes two weeks after Tesla shareholders voted to ratify the 2018 package of stock options. Tesla held the vote following a January ruling by a Delaware judge to … Read more…

By Hannah Lang (Reuters) – Financial regulators in 25 U.S. states announced on Wednesday a settlement with cryptocurrency investment platform Abra and its CEO for operating without required state licensing. As part of the settlement, Abra agreed to stop making cryptocurrencies available for buying and trading to U.S. Abra Trade customers as of June 15, the Conference of State Bank Supervisors (CSBS) said in a release. Abra had said last year that it was winding … Read more…

(Reuters) – American Chip manufacturing supplier Entegris said on Wednesday that it has inked a preliminary deal with the Biden administration for funding of up to $75 million to aid the development of a new facility in Colorado Springs, Colorado. “We’re not just bringing leading-edge chip technology and (factories) to the United States, we’re also bolstering the suppliers that make leading-edge manufacturing possible,” U.S. Secretary of Commerce Gina Raimondo said in a statement. The announcement … Read more…