Business

S&P 500, Nasdaq open higher; Amex, Honeywell weigh on Dow

The S&P 500 and the Nasdaq indexes opened higher on Friday, while a fall in shares of American Express and Honeywell weighed on the Dow as investors awaited business activity data to gauge the pace of economic recovery. The Dow Jones Industrial Average (.DJI) fell 11.4 points, or 0.03%, at the open to 33804.52. The […]

Business

Netflix’s Reed Hastings exercised $612 mln from stock options in 2020

Netflix Inc (NFLX.O) co-Chief Executive Officer Reed Hastings realized $612.13 million from exercising his stock options in 2020, a year of bumper subscription growth for the video-streaming giant. The company, which crossed 200 million subscribers last year as people sought entertainment from home, saw its shares rise more than 67% in 2020. Hastings purchased over […]

Business

Porsche plans EV battery cells factory in southern Germany

Volkswagen’s luxury sports car unit Porsche AG is speeding up its e-mobility drive with plans for a German factory to manufacture battery cells for electric vehicles, its chief executive officer told Frankfurter Allgemeine Sonntagszeitung. European car manufacturers, who mainly rely on battery suppliers in Asia, are looking to reduce their dependence from abroad in light […]

Business

German prosecutors charge more VW managers in emissions scandal

German prosecutors have charged 15 executives from Volkswagen AG and a car supplier in connection with the diesel emissions scandal that emerged in 2015, a spokesman for the prosecutor’s office said on Saturday. The suspects are accused of aiding and abetting fraud in combination with tax evasion, indirect false certification and criminal advertising, said Klaus […]

Business

Bitcoin falls 1.8% to $50,270

Bitcoin dropped 1.77% to $50,269.9 on Saturday, losing $906.75 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 22.5% from the year’s high of $64,895.22 on April 14. Ether , the coin linked to the ethereum blockchain network, dropped/dipped 4.91 % to $2,253.41 on Saturday, losing $116.36 from its previous close. […]

Business

Volkswagen warns of worsening output hit from chip shortage

Volkswagen AG has warned managers to prepare for a bigger production hit in the second quarter than the first due to a global chip shortage, the Financial Times reported on Saturday. “We are being told from the suppliers and within the Volkswagen Group that we need to face considerable challenges in the second quarter, probably […]

Business

Kansas City Southern says it will talk with rival bidder CN; CP welcomes regulatory ruling

Canadian Pacific Railway on Saturday welcomed a favorable regulatory decision related to its proposed merger with Kansas City Southern , on the same day that Kansas City said its board has determined that a competing offer from Canadian National Railway could be expected to lead to a “superior proposal.” Kansas City Southern said the board […]