Business

Volkswagen to work with Mobileye on automated driving after Argo exit

Volkswagen (VOWG_p.DE) plans to expand its cooperation with Intel’s Mobileye (MBLY.O) to include its automated driving program after Wednesday’s decision to no longer invest in self-driving startup Argo AI, two sources familiar with the plan said. Mobileye, which develops autonomous driving technologies, already cooperates with VW’s software unit Cariad. “If you have obtained good results […]

Business

Meta averse, ECB decides and CS slides

A look at the day ahead in U.S. and global markets from Mike Dolan. Meta added a deep pothole to an already bumpy U.S. earnings season – another obstacle to a market pumped-up by bets of some central bank relief on the horizon as G7 economies slow. The Facebook parent’s shares (META.O) plunged almost 20% […]

Business

Nissan mulls taking up to 15% stake in Renault’s planned EV unit

Japan’s Nissan Motor Co is considering investing up to a 15% stake in Renault SA’s planned electric vehicle (EV) unit, Kyodo news agency reported on Thursday, as the two companies negotiate an overhaul of their decades-old partnership. The Japanese and French automakers said this month they were in talks about the future of their alliance, […]

Business

Lazard third-quarter profit falls as AUM shrinks amid market rout

Investment bank Lazard Ltd (LAZ.N) on Thursday reported a 4% fall in third-quarter profit as the global market rout shrank the value of assets under management. The market rout, triggered by the war in Ukraine and rapid tightening of monetary policy in a bid to tame decades-high inflation, has also piled pressure on underwriting activity. […]

Business

AutoNation reports lower profit, sets up $1 billion in buybacks

Automotive retailer AutoNation, Inc (AN.N) reported third quarter adjusted net income fell by 7%, largely because of lower used vehicle profits, but the company said it plans up to $1 billion in new share repurchases reflecting strong cash flow. AutoNation said third quarter, same-store used vehicle gross profits fell by nearly 22% in the quarter […]

Business

Credit Suisse’s strategic overhaul at a glance

Battered by years of scandals and losses, Credit Suisse (CSGN.S) plans to raise capital, cut thousands of jobs and spin off its investment bank. Here are main elements of the new strategy: CAPITALThe bank plans to raise 4 billion Swiss francs ($4.06 billion) to strengthen its balance sheet. Part of this will come via an […]

Business

Schneider CFO says Aveva deal ‘not an absolute must’

French industrial group Schneider Electric (SCHN.PA) said on Thursday it was still pursuing the full takeover of Aveva (AVV.L), but added the deal must make sense from both a financial and strategic perspective. “This is not an absolute must-do deal for us,” Chief Financial Officer Hilary Maxson said in an earnings call, adding the group […]