Business

By Jonathan Stempel NEW YORK (Reuters) – Progressive agreed to pay $48 million to settle a class action lawsuit accusing the insurer of systematically undervaluing the claims of New York drivers whose vehicles were wrecked. A preliminary settlement of the proposed class action was filed on Monday night in federal court in Manhattan, and requires approval by U.S. District Judge Lorna Schofield. Policy holders alleged that Progressive used third-party software that underestimated what their vehicles … Read more…

(Reuters) – Walmart has held talks with potential buyers to sell its already shuttered medical clinics, Fortune reported on Tuesday, citing multiple sources familiar with the matter. In April, Walmart decided to close all 51 of its health clinics and shut its virtual healthcare operations, saying it could not see them as a sustainable business model to continue. The report added that some of the talks have involved health insurance companies, including Fortune 50 firm … Read more…

By Foo Yun Chee BRUSSELS (Reuters) -Nvidia is set to be charged by the French antitrust regulator for allegedly anti-competitive practices, people with direct knowledge of the matter said, making it the first enforcer to act against the company. The French so-called statement of objections or charge sheet would follow dawn raids in the graphics cards sector in September last year, which sources said targeted Nvidia. The raids were the result of a broader inquiry … Read more…

(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…