Business

By Alex Lawler LONDON (Reuters) -OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October. This is the first cut in OPEC’s 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as … Read more…

(Reuters) -China-based autonomous driving startup WeRide said on Friday it was seeking a valuation of as much as $5.02 billion in its initial public offering in the United States. The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous and connected vehicles in the United States in the coming weeks. WeRide is aiming to raise as much as $119.4 million by offering 6.45 million American … Read more…

(Reuters) -Boeing said on Friday it had been awarded a $2.56 billion contract from the United States Air Force for two rapid prototype E-7A AEW&C Wedgetail aircraft. The contract includes lifecycle development, training and support for the U.S. E-7A fleet, the company said in a statement. Last month, the U.S. Air Force said it had reached a deal with Boeing for the supply of E-7 Wedgetail airborne warning and control aircraft. It downplayed concerns that … Read more…

NEW YORK (Reuters) – Shares of Lumen Technologies surged 30% on Wednesday, extending gains from the previous session, after the telecommunications company boosted its annual free-cash-flow forecast due to demand related to artificial intelligence. Lumen shares were trading at $6.54 per share after hitting an intra-day high of $7.83, which is the highest since October 2022. The stock nearly doubled on Tuesday, soaring 93% to close at $5 from $2.59. It is now up 256% … Read more…

By Sourasis Bose (Reuters) – Demecan Group, one of Germany’s largest cannabis producers, recently completed its latest round of funding, bringing its valuation close to 100 million euros ($109.24 million), a person familiar with the matter told Reuters on Wednesday. The funding round was led by Florida-based Trog Hawley Capital, marking the first institutional investment by a U.S.-based investor in Demecan. While financial details on the latest funding were not known, according to the source, … Read more…

(Reuters) – United Airlines has begun negotiations with the Teamsters union, which is pushing for a new contract covering 10,000 aviation maintenance and related workers in the United States, the labor union said on Tuesday. The Teamsters National Negotiating Committee is seeking industry-leading wages, a faster timeline for reaching the top pay rate, improved healthcare benefits and higher safety standards. The negotiations — which have begun four months before the current contract is set to … Read more…

(Reuters) -Apple and Nvidia led a sell-off in technology stocks on Monday as U.S. recession fears and Berkshire Hathaway’s decision to cut its stake in the iPhone maker punctured a months-long rally in the sector. High-performing shares of Alphabet, Amazon, Meta Platforms, Microsoft and Tesla fell as much as 12.2% in premarket trading. The losses in the Magnificent Seven stocks were set to wipe out nearly $1 trillion from the combined market value of the … Read more…

By Dietrich Knauth NEW YORK (Reuters) – SVB Financial Group, the former owner of failed Silicon Valley Bank, received a U.S. judge’s permission on Friday to turn over its assets to creditors and end its bankruptcy. Its bankruptcy restructuring has made provision for the creation of a trust to pursue litigation against the U.S. Federal Deposit Insurance Corporation which seized $1.9 billion from SVB Financial’s bank accounts during Silicon Valley Bank’s 2023 collapse – one … Read more…

By Jonathan Stempel (Reuters) – Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway soar to nearly $277 billion and selling a large chunk of its stake in Apple, even as the conglomerate posted a record quarterly operating profit. Berkshire sold about 390 million Apple shares in the second quarter, on top of 115 million shares from January to March, as Apple’s stock price rose 23%. It still owned about 400 … Read more…

By Marianna Parraga, Gary McWilliams and David French HOUSTON (Reuters) – An oil refiner backed by activist investor Carl Icahn and a group of creditors holding claims against Venezuela are competing in the last mile of a U.S. court auction for Citgo Petroleum, according to three people familiar with the matter. A total of 18 creditors holding rulings for debt defaults and expropriations in Venezuela totaling $21.3 billion are pursuing proceeds from the auction of … Read more…