UPDATE 1-Oracle to invest over $8 bln in Japan in cloud computing, AI

Reuters Videos
Elon Musk lays off Tesla execs, plans more cuts
STORY: Elon Musk looks to be doing more layoffs at Tesla. Reports by The Information on Tuesday (April 30) say he’s fired two top executives, and plans to get rid of hundreds more workers. Musk is said to be frustrated by falling sales, and the pace of earlier job cuts. The story quotes an email said to be from Musk. In it he says, “these actions are making it clear that we need to be absolutely hard core about headcount”. In an apparent warning to managers, he says “while some on exec staff are taking this seriously, most are not yet doing so”. There was no immediate response to a Reuters request for comment. It all follows a move earlier this month to shed some 10% of the company’s workforce. Tesla is grappling with falling sales and an intensifying price war which it started. Reporting earnings last week, it said all that led to its first quarterly drop in revenue since 2020. Musk this weekend made a surprise visit to China, the epicenter of the price battle. There he made progress on rolling out the brand’s advanced driver assistance features in the country. However, Tesla faces fierce competition from local makers like BYD in what is now the world’s biggest car market.
16 hours ago
The Telegraph
Electric grid wars are a direct assault on the Western middle class
As in the Medieval past, scarcity will likely define our present, facilitated by our “net zero” economy. This brave new world will support fewer people, juggling between them expensive resources, less food, and uncertain energy production. Perhaps the biggest struggle will be over electricity, the preferred energy solution of our ruling green hierarchy.
a day ago
Reuters
Musk disbands Tesla EV charging team, leaving customers in the dark
DETROIT (Reuters) -Elon Musk's abrupt decision to lay off employees who ran Tesla's electric vehicle charging business blindsided automakers gearing up to equip new EVs for customers to use the Tesla Supercharger network, industry officials and analysts said on Tuesday. For now, General Motors, Ford and other automakers which struck deals last year to give customers access to the network said they are not changing their plans. Tesla's decision to open its network to rival EV manufacturers was hailed by U.S. President Joe Biden, and opened the door for Tesla to get federal subsidies to expand the reach of its North American Charging Standard (NACS) system.
7 hours ago
Reuters
Weak demand, new model ramp up hit Europe's top automakers
European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high. The news hit the automakers' stocks. Mercedes shares were down 4.4%, Stellantis 4% and Volkswagen 2.7%.
19 hours ago
Reuters
UPDATE 3-Diamondback Energy beats first quarter profit estimates on higher production
Diamondback Energy beat first quarter profit estimates on Tuesday as the oil and gas firm benefited from higher oil production and better prices. Crude oil prices in the quarter mirrored the previous year as production cuts by OPEC+ countries offset lower demand, helping oil producers like Diamondback Energy. Quarterly oil production was at 24.8 millions of barrels (mmbls), up about 10% up from the previous year and prices for oil was up 2.7% at $75.06 per barrel for the same period.
7 hours ago
Birmingham Live
Martin Lewis issues standing charge warning ahead of rules changing
The BBC Sounds podcast host spoke out on Twitter/X after an open letter from Energy Secretary Claire Coutinho today.
a day ago
Reuters
Soaring cocoa prices put spotlight on Hershey, Mondelez earnings
Hershey and Mondelez International investors will be eager to see how the chocolate makers plan to tackle the recent surge in cocoa and sugar prices when they report first quarter results this week. A recent surge in cocoa prices amid a shrinkage in supplies due to droughts and inconsistent rainfalls as well as crop disease in the world's top cocoa producing regions could spell more trouble for them. In addition, sugar prices have also spiked in recent months.
2 days ago
CNN Business
How CEOs are preparing for possible employee protests
Google CEO Sundar Pichai recently fired about 50 employees for protesting the company’s relationship with the Israeli government. His explanation boiled down to four words: This is a business.
2 days ago
Bloomberg
Oil Producers Flush With Cash Cut Reliance on Loans
(Bloomberg) -- Last year, the demand for loans from fossil-fuel companies fell 6% year-on-year and that followed a decline of 1% in 2022.Most Read from BloombergTesla Soars on Tentative China Approval for Driving SystemHSBC CEO Quinn Unexpectedly Steps Down After Almost 5 YearsStocks Trade for 390 Minutes a Day. Increasingly, Only 10 MatterUS Warns ICC Action on Israel Would Hurt Cease-Fire ChancesYen Sparks Intervention Suspicion After U-Turn From 1990 LowsFrom a climate perspective, this may s
a day ago
CNN Business
Volkswagen’s electric car orders double in Europe
Volkswagen’s orders for electric vehicles shot up in Europe in the first quarter of 2024 compared with a year ago, countering suggestions that drivers may be losing interest in EVs.
13 hours ago
Reuters Videos
Walmart to close U.S. health clinics, citing costs
STORY: Walmart is getting out of the healthcare business.The world’s largest retailer said on Tuesday that it's closing all 51 of its health clinics as well as all of its virtual healthcare operations.In its announcement, Walmart called it a "difficult decision" but that it is "determined there is not a sustainable business model for us to continue." The move is a surprising reversal of plans, as Walmart just last year said it would nearly double its number of health center locations.But now it sees a “challenging reimbursement environment and escalating operating costs” that hamper profitability.Its health centers, which house doctors and dentists and are typically located next to Walmart Supercenters, are spread across five states, including Texas and Florida.All will be shut within 30 to 90 days.Companies such as Walmart, Walgreens, Amazon and CVS expanded into providing healthcare services during the past five years, seeing opportunities in the highly fragmented U.S. healthcare system. But it has not been clear that consumers want such services from retailers or that they are profitable.Shares of Walmart were down more than 1.5% in Tuesday morning trading.
9 hours ago
Reuters
McDonald's posts rare profit miss as customers turn picky
McDonald's missed quarterly profit estimates for the first time in two years as budget-conscious consumers looked past its offers and the Middle East conflict weighed on the burger chain's international sales. Global comparable sales growth slid for the fourth straight quarter to 1.9%, with the company saying consumers turned "more discriminating with every dollar they spend". "Consumer is certainly being very discriminating in how they spend their dollar ... I think it's important to recognize that all income cohorts are seeking value," McDonald's CEO Chris Kempczinski said on a post-earnings call.
16 hours ago
The Telegraph
How the SNP paid the price for burning Scotland’s economic trump card
It was just five months ago that Sir Jim Ratcliffe’s energy and chemicals empire announced the planned closure of Grangemouth, Scotland’s largest oil refinery.
22 hours ago
Birmingham Live
Tesco, Asda, Sainsbury's, Morrisons shoppers face having £8 added onto food shop
Tesco, Asda, Sainsbury's and Morrisons shoppers could be paying £8.57 extra on a monthly food shop due to new border controls from the EU after Brexit.
2 days ago
Reuters
UPDATE 5-Hyundai Motor Group plans hybrid cars for India in strategy shift, sources say
Hyundai Motor Group plans to launch its first hybrid cars in India as early as 2026, three sources said, as the South Korean auto group shifts strategy to look beyond electric vehicles and boosts its presence in a key market. The group, housing Hyundai Motor and Kia Corp , is evaluating a hybrid sport-utility vehicle of size similar to its top-selling, mid-sized Creta SUV in India, said two of the sources, who have direct knowledge of the plans.
19 hours ago
EADT
Jobs at restaurants in Suffolk under threat amid hotel chain cutbacks
Jobs at Brewers Fayre and Beefeater restaurants in Suffolk are under threat after cutbacks were announced by owner Whitbread.
19 hours ago
Yahoo Finance Video
Facing weight loss drug side effects? GNC wants to help
With the surge in popularity of GLP-1 drugs for weight loss, there has been a trend of individuals discontinuing treatment prematurely due to side effects. GNC CEO Michael Costello joins Wealth! to discuss how the company aims to assist individuals on these medications in combating the associated side effects. Costello highlights that GNC strives to provide "a very easy way" for individuals using GLP-1 drugs to visit their stores and gain a clear understanding of the products and supplements that can aid them on their weight loss journey. He acknowledges that the side effects can range from gastrointestinal issues to concerns related to muscle mass and bone density. Costello sheds light on the range of products GNC offers to help mitigate these side effects. He further explains the steps the company has taken to train its workforce, ensuring they are well-equipped to guide customers effectively. For more expert insight and the latest market action, click here to watch this full episode of Wealth! Editor's note: This article was written by Angel Smith
a day ago
Business Insider
Elon Musk comes out fighting as China throws Tesla a lifeline
Elon Musk's weekend trip to Beijing resulted in a deal that brings the rollout of Tesla's autonomous-driving technology in China one step closer.
2 days ago
Bloomberg
BP Focuses on Familiar Turf as Its Rivals Push New Oil Exploration Frontiers
(Bloomberg) -- For a company that made its name with frontier oil discoveries from Iran to Alaska, BP Plc is notably absent from today’s hottest new oil plays. The company’s head of exploration and production is just fine with that. Most Read from BloombergTesla Soars on Tentative China Approval for Driving SystemStocks Trade for 390 Minutes a Day. Increasingly, Only 10 MatterYen Sparks Intervention Suspicion After U-Turn From 1990 LowsWhat 60,000 Headlines Say About the Fed’s Next MoveElliott B
a day ago
Euronews
Tesla's Musk in China as rivals reveal new electric cars at Beijing auto show
Musk is viewed in China as a favourable contrast to the stern statements from US officials, particularly during the recent visit by US Secretary of State Antony Blinken.View on euronews
2 days ago

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UPDATE 1-Oracle to invest over $8 bln in Japan in cloud computing, AI

Latest stories

Elon Musk lays off Tesla execs, plans more cuts

Electric grid wars are a direct assault on the Western middle class

Musk disbands Tesla EV charging team, leaving customers in the dark

Weak demand, new model ramp up hit Europe's top automakers

UPDATE 3-Diamondback Energy beats first quarter profit estimates on higher production

Martin Lewis issues standing charge warning ahead of rules changing

Soaring cocoa prices put spotlight on Hershey, Mondelez earnings

How CEOs are preparing for possible employee protests

Oil Producers Flush With Cash Cut Reliance on Loans

Volkswagen’s electric car orders double in Europe

Walmart to close U.S. health clinics, citing costs

McDonald's posts rare profit miss as customers turn picky

How the SNP paid the price for burning Scotland’s economic trump card

Tesco, Asda, Sainsbury's, Morrisons shoppers face having £8 added onto food shop

UPDATE 5-Hyundai Motor Group plans hybrid cars for India in strategy shift, sources say

Jobs at restaurants in Suffolk under threat amid hotel chain cutbacks

Facing weight loss drug side effects? GNC wants to help

Elon Musk comes out fighting as China throws Tesla a lifeline

BP Focuses on Familiar Turf as Its Rivals Push New Oil Exploration Frontiers

Tesla's Musk in China as rivals reveal new electric cars at Beijing auto show