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French aerospace firm Safran to build new Mexico factory
Industry

French aerospace firm Safran to build new Mexico factory

  • Ebrard said on Twitter that he was informed on July 1 that Safran "begins construction of a plant in Chihuahua to manufacture the interiors of Boeing passenger planes.
  • Safran in May announced it had laid off 3,000 employees in Mexico amid an unprecedented crisis in the aerospace industry stemming from the coronavirus pandemic.
Published Jul 11, 2020 08:52pm
Italy pushes to end stalemate over single broadband network
Industry

Italy pushes to end stalemate over single broadband network

  • Rome wants Enel and TIM to sign a preliminary deal by end-July.
  • Italy's FinMin tabled request at a meeting with Enel's Starace.
  • TIM is in talks to sell 40% of its secondary network to KKR.
  • Govt is in favour of CDP investing in TIM's last-mile grid.
Published Jul 11, 2020 08:27pm
Chinese EV maker Li Auto files for US listing
Industry

Chinese EV maker Li Auto files for US listing

  • The move, announced on Friday, comes as share prices of EV makers including Tesla Inc and Nio Inc have surged in recent months.
  • The Beijing-based company, led by chief executive Li Xiang, sold 9,666 vehicles in the first six months this year.
Published Jul 11, 2020 06:31pm
Tesla rival Rivian adds $2.5bn investment led by T. Rowe Price
Industry

Tesla rival Rivian adds $2.5bn investment led by T. Rowe Price

  • The deal comes on the heels of electric car maker Tesla's meteoric rise in valuation and the recent public offering of Nikola Corp. Both Tesla and Nikola are planning electric pickups to rival Rivian.
  • The new round takes total investment in Rivian to at least $6 billion, including a $1.3 billion round in December led by T. Rowe Price.
Published Jul 10, 2020 07:09pm
Spying claims are latest twist in Germany's Wirecard thriller
Industry

Spying claims are latest twist in Germany's Wirecard thriller

  • Jan Marsalek, Wirecard's former chief operating officer, has vanished since the technology company was busted for what accountants described as an "elaborate and sophisticated fraud".
  • Wirecard's former chief executive and founder Markus Braun turned himself in to police, but Marsalek is at large.
Published Jul 10, 2020 06:23pm
Uber to pay Danish fine, avoid legal action
Industry

Uber to pay Danish fine, avoid legal action

  • The amount, equivalent to around 3.3 million euros or $3.7 million, should wrap up a saga that began in 2016.
  • California-based Uber has faced growing opposition from taxi owners and drivers across Europe and also in New York.
Published Jul 10, 2020 06:18pm
Italy's Armani returned to sales growth in 2019
Industry

Italy's Armani returned to sales growth in 2019

  • The luxury group said on Friday it was not yet possible to accurately estimate the impact of the COVID-19 pandemic.
  • Net sales grew 2.3% to 2.158 billion euros ($2.44 billion) last year, thanks primarily to the 7% increase in comparable sales in the directly managed store and e-commerce network.
Published Jul 10, 2020 05:47pm
Power outage continues in Karachi

Power outage continues in Karachi

  • According to experts, the poor transmission system of KE and the reduction in production is the main reason for the power outage.
Published Jul 10, 2020 11:08am