New York (CNN Business)Shares of luxury electric car maker Lucid plunged more than 10% Thursday after the company disclosed it will make roughly half the cars this year it had planned to build. The company said it is dealing with the serious supply chain problems that have disrupted other automakers’ production as well. But its supply chain issues caused it […]

Black Diamond Equipment has recalled about 76,300 PIEPS and Black Diamond avalanche transceivers due to risk of loss of emergency communications. According to Consumer Product Safety Commission, the recalled transceivers may not switch from SEND mode into SEARCH mode. If this were to occur, the device would not be able to locate a skier in an avalanche, which could result […]

The Biden administration says it has made a “substantial offer” to secure the release of two Americans who have been detained by Russia. CNN reported that Washington has offered to release convicted Russian arms trafficker Viktor Bout in exchange for Paul Whelan and Brittney Griner, but the White House and the Department of State refused to reveal details of the […]

The Centre’s capital expenditure (capex) outlay for the April-June quarter (first quarter, or Q1) of 2022-23 (FY23) could be close to Rs 1.5 trillion, Business Standard has learnt. As a percentage of full-year capex Budget Estimates (BE) of Rs 7.5 trillion, this could be at similar levels to the trends in the past few fiscal years. It is in the […]

EXCLUSIVE: In April 2021, ABC’s first-responders drama Station 19 aired an episode hailed as one of the most powerful reflections of George Floyd’s murder on television. It was written by executive producer/showrunner Krista Vernoff, with contributions from the show’s writing and support staff as well as the cast. More than a year later, an incident involving the depiction of racism […]

European stocks are likely to open higher on Thursday after Fed Chair Jerome Powell hinted the U.S. central bank could slow the pace or rate hikes. The upside may remain capped after Facebook and Instagram’s parent company Meta reported its first-ever quarterly drop in revenue and issued a gloomy forecast, sending its shares down about 4 percent in extended trading. […]

Pending home sales in the U.S. pulled back sharply in the month of June, according to a report released by the National Association of Realtors on Wednesday. NAR said its pending home sales index plunged by 8.6 percent to 91.0 in June after rising by 0.4 percent to a revised 99.6 in May. Economists had expected pending home sales to […]

Robinhood Markets Inc. (NASDAQ: HOOD) has laid off 23% of its staff, after firing 9% of people earlier in the year. CEO Vlad Tenev wrote: “In this new environment, we are operating with more staffing than appropriate. As CEO, I approved and took responsibility for our ambitious staffing trajectory—this is on me.” It is cold comfort for the roughly 1,000 […]

New York (CNN Business)Starbucks sales took a plunge in China due to the country’s strict Covid-19 restrictions. In the three months ending on July 3, sales at Starbucks’ Chinese locations open at least 13 months dropped 44%. “China faced its most severe COVID disruption since the onset of the pandemic,” in the quarter, said Belinda Wong, chairman of Starbucks China, […]