Business

Volkswagen confirms new investment cycle for its plants in Brazil

Volkswagen AG has finalized a commitment to launch a new investment cycle in Brazil, the continent’s top auto producer, its chief executive for South America told Reuters in an interview on Friday. “We have defined (the investment) and we already stopped production at our factory in Taubate to prepare the new platform,” said Pablo Di […]

Business

Broker XP eyes Credit Suisse’s Brazil unit

Brazilian broker XP Inc is interested in acquiring the Brazilian subsidiary of Credit Suisse Group AG , two sources familiar with the matter said on Friday. Considerations are in very early stages, they said. One of the sources said it was clear the Swiss bank was not interested in selling the unit, at least for […]

Business

Airbus Jan-April deliveries up 25% as some markets reopen

April deliveries trebled compared to the same period a year earlier, but slipped from 72 in March, company data showed. U.S. and Chinese domestic markets have seen a surge in travel as vaccinations widen and Britain said on Friday it would cautiously allow international travel to resume. But a humanitarian crisis in India caused by […]

Business

U.S. auto part makers brace for a bumpy ride as chip shortage to intensify

U.S. auto parts suppliers warned of more production cuts at major automakers as a global semiconductor chip shortage worsens before easing in the second half of the year and aiding in a partial recovery of lost sales. The chip shortage came at an inopportune time for automakers as demand rebounded from pandemic lows due to […]

Business

Amazon, union tussle over identifying witnesses as U.S. labor board starts hearing

Amazon.com lost a tussle on Friday over whether it could learn the names of witnesses before they testify at a hearing investigating claims that the company illegally interfered with a vote on unionizing an Alabama facility. Amazon.com warehouse workers outside Birmingham, Alabama, voted against forming a union by a more than 2-to-1 margin in early […]

Business

TC Energy posts C$1 bln quarterly loss on Keystone XL suspension

TC Energy Corp swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charges related to the suspension of its Keystone XL project, the Canadian pipeline operator said on Friday. The KXL pipeline was planned to carry 830,000 barrels per day of heavy crude across the border from Alberta to […]

Business

Auto sector urges U.S. Congress to help fund its computer chip needs

The U.S. auto industry and United Auto Workers union on Friday urged Congress to tie billions of dollars in government funding to boost semiconductor production to help fill the needs of automakers forced to slash production because of chip shortages. Congress “should prioritize production of the semiconductors necessary to assemble vehicles here in the United […]