HOUSTON (Reuters) – A Delaware judge has extended a deadline to submit improved bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to June 18, a filing showed on Friday, giving more time for bidders to participate. Companies taking part in the bidding round originally had until May 28…
By David Shepardson and Michael Martina WASHINGTON (Reuters) -Global auto executives are sounding the alarm on an impending shortage of rare-earth magnets from China – used in everything from windshield-wiper motors to anti-lock braking sensors – that could force the closure of car factories within weeks. In a previously unreported May 9 letter to Trump…
HOUSTON (Reuters) -Enterprise Products Partners on Thursday said its ethane and butane exports could be hurt by a U.S. Department of Commerce requirement that it apply for a license to export to China. The United States has ordered a broad swathe of companies to stop shipping goods, including ethane and butane, to China without a…
(Reuters) -Automakers in the United States, including Tesla, must build entire vehicles including all their parts in the country instead of manufacturing parts abroad, President Donald Trump said on Friday. The comments from Trump, at a press conference marking Tesla CEO Elon Musk’s last official day at the White House as a senior adviser, were…
By Qiaoyi Li and Alessandro Diviggiano BEIJING (Reuters) -Xiaomi rolled out its new sports utility vehicle in Beijing on Thursday, as the firm best known for smartphones and consumer electronics gears up to further challenge Tesla in the world’s largest auto market. Xiaomi launched the YU7 at 13 of its Beijing showrooms and will start…
By Sayantani Ghosh, David Gaffen, Arpan Varghese SAN FRANCISCO/NEW YORK/BENGALURU (Reuters) -President Donald Trump’s trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate disclosures, a toll that is expected to rise as ongoing uncertainty over tariffs paralyzes decision making at some of…
By Saeed Azhar NEW YORK (Reuters) -Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison by a judge in a New York court on Thursday after he pleaded guilty in 2018 for his involvement in a multi-billon dollar scandal involving Malaysia’s sovereign fund 1MDB. Leissner’s conduct was “brazen and audacious,” judge…
By Conor Humphries DUBLIN (Reuters) -OpenAI’s restructuring plans position it for a potential future IPO, but any such decision would depend on the mood in public markets as well as the readiness of the company, Chief Financial Officer Sarah Friar said on Wednesday. OpenAI, in which Microsoft has invested more than $13 billion, outlined plans…
TOKYO (Reuters) -Japan’s struggling Nissan is considering raising more than 1 trillion yen ($7 billion) from debt and asset sales which would include a syndicated loan guaranteed by the British government, Bloomberg News said on Wednesday. The country’s third-biggest automaker plans to issue as much as 630 billion yen worth of convertible securities and bonds,…
By Amy Lv and Hongmei Li SINGAPORE (Reuters) -China says it wants to cut crude steel output this year but traders and steelmakers are betting Beijing won’t follow through as industry profitability improves and trade tensions weigh on the economy. The world’s largest steel producer in March unveiled plans to cut output and restructure its…
