Category: Business

Renault must keep cutting costs to make its best products by 2023/25

Renault (RENA.PA) CEO Luca de Meo said on Tuesday the company had to keep lowering costs in order to simplify the organisation and achieve its target of putting out its best-ever product lineup by 2023 to 2025. Renault said in its third quarter earnings call that it was close to reaching its target of cutting […]

Urea shortage threatens South Korea’s transport, energy industries

South Korea is flying a military oil tanker to Australia this week to airlift 27,000 litres of urea solution, used in diesel vehicles and factories to cut emissions, amid a dire shortage threatening to stall commercial transport and industries. Approximately two million diesel vehicles, mostly cargo trucks, are required by government to use the additive, […]

Barclays reshuffles top team after Staley exit

Barclays (BARC.L)has appointed Paul Compton as head of its investment banking business, the British bank said on Tuesday, as part of a wider reshuffle in the wake of Chief Executive Jes Staley’s departure. Compton was Barclays’ global head of banking and had been co-heading the investment bank along with CS Venkatakrishnan before the latter’s move […]

Lyft and Motional pick Las Vegas for commercial robotaxi launch in 2023

Driverless tech-maker Motional AD and U.S. ride-hailing firm Lyft Inc (LYFT.O) will launch a fully driverless public ride-hailing service in Las Vegas starting 2023, the companies said on Tuesday. The driverless vehicles will be provided by Motional, a joint venture between Korean automaker Hyundai Motor Co (005380.KS) and auto supplier Aptiv (APTV.N), and will be […]

TSMC to build new chip factory in Taiwan’s southern city amid shortage

Taiwan Semiconductor Manufacturing Co (2330.TW) (TSMC) said on Tuesday it will set up a new chip factory in the island’s southern city of Kaohsiung as the world’s largest contract chip maker bids to boost production amid a global chip shortage. TSMC, a major Apple (AAPL.O) supplier, said in a statement the new chip fabrication plant […]

Cruise operator Royal Caribbean’s long-time CEO Fain to step down

Royal Caribbean Group’s (RCL.N) Chief Executive Officer, Richard Fain, is stepping down after more than three decades with the U.S. cruise operator that is still recovering from the slump caused by the coronavirus crisis. Finance chief Jason Liberty will takeover as CEO, Royal Caribbean said on Tuesday, and will be tasked with taking the company […]

Corporate Mexico feels heat from global supply chain crunch

From the auto industry to producers of toilet paper and cement, Mexican companies have been hit hard by bottlenecks in international supply chains, depressing growth prospects for Latin America’s second-largest economy. Thousands of vehicles have sat on Mexican assembly lines awaiting missing semiconductors, but the impact of raw material shortages has been felt right across […]