Business

(Reuters) -Tesla is recalling 125,227 vehicles in the United States due to a malfunction in its seat belt warning system that can increase the risk of injury in a collision, the National Highway Traffic Safety Administration said on Friday. The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted. The recall affects certain 2012-2024 … Read more…

By Karen Freifeld (Reuters) – The U.S. House of Representatives committee on China has asked the FBI and the intelligence community for a briefing on GenScript Biotechnology Co and three subsidiaries to determine if the Chinese Communist Party has influence over their operations. In a letter dated May 30 to the FBI and the U.S. office of the director of national intelligence, committee chair John Moolenaar and ranking member Raja Krishnamoorthi said GenScript’s work with … Read more…

By Kanchana Chakravarty and Arsheeya Bajwa (Reuters) -Salesforce shares slumped about 18% on Thursday, after its lowest-ever quarterly revenue growth forecast raised fears that high interest rates and rival AI offerings were hampering demand at the cloud-based software firm. The company could lose more than $48 billion in market value if losses hold, as it also reported quarterly revenue that was below expectations for the first time since 2006. “Weak bookings in Q1 further test … Read more…

PARIS (Reuters) – Renault said it would link up with a Chinese engineering company to develop future Twingo cars priced below 20,000 euros ($21,676), as European automakers target smaller and cheaper electric vehicles to compete with Chinese peers. “Twingo’s development is moving forward quickly, as we plan to make the development in two years,” said a spokesperson for Renault’s Ampere electric vehicles division. “The development of the car will be done with a Chinese engineering … Read more…

By Carolina Mandl and Davide Barbuscia NEW YORK (Reuters) -The Securities Industry and Financial Markets Association (Sifma) said on Wednesday the transition to faster trade settlement was going smoothly, with some early numbers and market participants pointing to a well-ordered transition so far. On Tuesday, U.S. trading of equities, corporate and municipal bonds and other securities moved to a one-day securities settlement cycle (T+1) from two days (T+2), to comply with a rule change adopted … Read more…

By Mike Scarcella (Reuters) – Visa and Mastercard have agreed to pay $197 million to resolve a class action by millions of consumers accusing the financial payment companies of keeping cash access fees artificially high. The plaintiffs’ lawyers revealed the proposed accord on Wednesday in a filing in Washington, D.C., federal court. The settlement involves consumers who withdrew cash from bank-operated ATMs since 2007. Two other related class actions — one from consumers who used … Read more…

(Reuters) -The California Public Employees Retirement System (CalPERS) CEO Marcie Frost is planning to oppose Tesla CEO Elon Musk’s $56 billion pay package, CNBC reported on Wednesday. “We do not believe that the compensation is commensurate with the performance of the company,” Frost said in an interview to CNBC. Asked if the pension fund was “duped” when it supported the proposal in 2018, Frost said it had not been. “We used the information we had … Read more…

By Sabrina Valle HOUSTON (Reuters) – Hess Corp on Tuesday approved the company’s $53 billion merger with the No. 2 U.S. oil company Chevron, according to preliminary results of the vote. The merger required a majority vote to approve the deal by a majority of Hess’ 308 million shares outstanding to pass. The company did not immediately provide the vote tally. Chevron offered to acquire Hess last October in a move to gain a foothold … Read more…

By Zaheer Kachwala (Reuters) – Nvidia’s shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker’s stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street’s biggest players. Last trading at $1,128, Nvidia’s market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street’s second-most valuable company after Microsoft. Its stock surged as much as … Read more…

(Reuters) -Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race. The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday. The company’s pre-money valuation was $18 billion, Musk said in a post on X. The money will be … Read more…