Stellantis NV, a European automaker, intends to cease its investment in Symbio, a joint venture focused on manufacturing hydrogen fuel cells for vehicles, by 2026. Michelin and Forvia, both part of the joint venture, reported this in reply to a request from Bloomberg. “Forvia acknowledges its awareness of Stellantis' plans to cease investment in its hydrogen operations, including Symbio,...

Elon Musk's aerospace firm SpaceX is putting $2 billion into xAI, another venture of the American billionaire. This information comes from The Wall Street Journal, referencing knowledgeable sources. Elon Musk's aerospace firm SpaceX is putting $2 billion into xAI, another venture of the American billionaire. This information comes from The Wall Street Journal, referencing sources. SpaceX's...

The Italian brand Loro Piana, a subsidiary of LVMH Moet Hennessy Louis Vuitton SA, has been subjected to judicial oversight due to claims of collaborating with a contractor associated with labor violations, according to the Financial Times. A court in Milan has decided that the brand will be subjected to external oversight for one year to tackle supply chain violations. Should all legal...

Jensen Huang, the CEO of American Nvidia Corp., sold 225,000 company shares for $36.4 million. This was disclosed in a company announcement on the US Securities and Exchange Commission (SEC) website. The shares were sold under a plan established in March, allowing for the sale of up to 6 million shares by the year's end. In June, he had already sold approximately $15 million in securities as part...

Tesla is set to launch its inaugural showroom in India next week and is expected to start delivering electric vehicles to customers as soon as next month, according to Bloomberg, referencing sources. Tesla's inaugural showroom in India will launch in Mumbai on July 15, and a second location in New Delhi is set to open at the end of July. According to the sources, the showrooms will serve as...

Italian chocolatier and confectioner Ferrero has reached an agreement to acquire American WK Kellogg, known for its breakfast cereals, according to a joint announcement from both parties. Kellogg shareholders will receive $23 per share from Ferrero. The agreement values the whole company at $3.1 billion. It is anticipated to be concluded in the latter half of the year.  The Wall Street...

BPER Banca, the fourth-largest lender in Italy, has acquired over 35% of its smaller competitor Banca Popolare di Sondrio (BPSO), according to the Italian Stock Exchange. BPER Banca stated that the stake was sufficient to guarantee complete control over BPSO.  The Italian bank enhanced its proposal for BPSO last week. It is providing 1.45 of its newly issued shares along with 1 euro for...

The American aerospace company Boeing Co. raised aircraft deliveries to clients by about 1.6 times in the second quarter relative to the same timeframe last year. As stated in the company's press release, it provided 150 commercial aircraft, in contrast to 92 during April to June 2024.  130 airlines were handed over to clients during the initial quarter of this year.  Consequently,...

The Public Investment Fund (PIF) of Saudi Arabia has invested $200 million in a project to construct a 366-meter tall skyscraper in Manhattan and intends to acquire a two-thirds ownership in the project, according to Bloomberg, which references sources. The property located at 625 Madison Avenue was purchased by the developer Related in 2024. It is situated in a prominent location, just a block...