Shenzhen accelerates China’s driverless car dreams

SHENZHEN, China, Aug 1 (Reuters) – On a busy downtown street three delivery bikes suddenly dart over the pedestrian crossing ahead of the car. On the car’s dashboard they look like small 3D blue blocks from a 1990s video game. The steering wheel turns itself a notch and the vehicle slows to a gentle halt, … Read more

From burgers to bleach, stressed consumers buy cheap

NEW YORK/LONDON July 26 (Reuters) – Some global consumers are showing signs of cracking, as shoppers stressed by record inflation stick to buying basics like food, bleach and cheap burgers, while those with bigger bank accounts are snapping up $3,000 Louis Vuitton handbags. Investors are closely watching corporate results for signs economies are headed toward … Read more

Nasdaq falls with dollar, oil rises; earnings, Fed in focus

U.S. stocks chop around with Nasdaq closing lower Euro zone survey shows German morale dropping Fed in focus with two-day policy meeting on Tuesday NEW YORK, July 25 (Reuters) – Nasdaq (.IXIC) closed lower on Monday after a choppy session for U.S. equities ahead of a big week of technology earnings reports while oil prices … Read more

China plans real estate fund worth up to $44 billion for distressed sector, source says

The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021. REUTERS/Aly Song Register now for FREE unlimited access to Reuters.com Register Fund size initially to be set at 80 bln yuan -source News comes as regulators scramble to reassure investors Fund alone will not ‘solve all the … Read more

U.S. existing home sales slide again; prices hit fresh record high

NEW YORK, July 20 (Reuters) – U.S. existing home sales fell for a fifth straight month in June to the lowest level in two years, as fast-rising interest rates and record-high selling prices make buying a home too expensive for a growing share of American households. Mortgage interest rates have soared as a result of … Read more

How China became ground zero for the auto chip shortage

TAIPEI/SHANGHAI/SINGAPORE, July 19 (Reuters) – From his small office in Singapore, Kelvin Pang is ready to wager a $23 million payday that the worst of the chip shortage is not over for automakers – at least in China. Pang has bought 62,000 microcontrollers, chips that help control a range of functions from car engines and … Read more

How Netflix plans to find its inner ‘Star Wars’

LOS ANGELES, July 18 (Reuters) – Netflix (NFLX.O) broke Hollywood’s rules to create a $82 billion global streaming colossus that the rest of the entertainment industry rushed to copy. But as growth slows, it is looking backwards for a way forward, borrowing a page from Walt Disney’s (DIS.N) playbook. The company that changed the way … Read more

Judge in Twitter v. Musk made rare ruling: ordering a deal to close

July 15 (Reuters) – The judge overseeing Twitter Inc’s (TWTR.N) $44 billion lawsuit against Elon Musk has a no-nonsense reputation as well as the distinction of being one of the few jurists who has ever ordered a reluctant buyer to close a U.S. corporate merger. Kathaleen McCormick took over the role of chancellor or chief … Read more

Apple hovers above competition even as smartphone market stumbles, sources say

July 13 (Reuters) – The global smartphone market may be in the toilet, but the iPhone 13 continues to sell well, and Apple Inc (AAPL.O) is expecting its upcoming iPhone 14 to do even better at launch. Apple’s slightly higher expectations for the forthcoming iPhone 14 underscore a growing belief among Wall Street analysts that … Read more

Twitter sues Elon Musk to hold him to $44 billion deal

WILMINGTON, Del., July 12 (Reuters) – Twitter Inc (TWTR.N) sued Elon Musk on Tuesday for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share. “Musk apparently believes that he – unlike … Read more