Innoviz wins $4 billion deal for Volkswagen lidar

In this illustration, the Innoviz Technologies logo is displayed on a smartphone. Rafael Henrique | SOPA pictures | Lightrocket | Getty Images Israeli lidar maker Innoviz announced Tuesday that it has won a contract to supply lidar modules and related software for autonomous driving to a unit of Volkswagen, in a deal worth $4 billion … Read more

Hackers drain nearly $200 million from crypto firm Nomad

Billions of dollars in value have been wiped out of the cryptocurrency market in recent months. Companies in the industry are feeling the pain. Credit and trading companies are facing a liquidity crisis and many companies have announced layoffs. Yu Chun Christopher Wong | S3studio | Getty Images Hackers siphoned off nearly $200 million in … Read more

Uber’s earnings for the second quarter of 2022

Uber Technologies Inc. CEO Dara Khosrowshahi speaks during an interview in San Francisco, Tuesday, Dec. 14, 2021. David Paul Morris | Bloomberg | Getty Images Uber reported a second-quarter loss on Tuesday, but beat analysts’ revenue estimates. Uber shares rose 14% in premarket trading. Here are the key figures: Loss of an item: $1.33, not … Read more

Russia faces ‘economic oblivion’ despite short-term resilience

Russian President Vladimir Putin attends a meeting with congressional leaders in Moscow, Russia on July 7, 2022. Alexey Nikolsky | Sputnik | Reuters Russia faces long-term “economic oblivion” due to global sanctions and corporate flight, several economists have said. The International Monetary Fund last week updated Russia’s 2022 GDP forecast by 2.5 percentage points, meaning … Read more

Oil company BP’s earnings for the second quarter of 2022

BP gas station in Madrid, Spain. Sopa pictures | Lightrocket | Getty Images LONDON – BRITISH oil giant BP on Tuesday reported second-quarter profits that benefited from higher commodity prices. The U.K. energy company posted an underlying replacement cost profit in the second quarter, used as a proxy for net profit, of $8.5 billion. That … Read more

How Italy’s Draghi government collapsed

Mario Draghi’s government ended earlier than many experts expected. Anadolu Agency | Anadolu Agency | Getty Images Mario Draghi is best known for saving the euro. But the long-awaited rescue of the Italian economy ended prematurely when internal politics erupted last month, making it increasingly difficult to manage. In about a week, Italy went from … Read more

Stock futures fall after the first trading day in August

Chinese stocks fall as tensions rise over Pelosi’s visit Stock futures open flat Stock futures opened flat in overnight trading on Monday. Dow Jones futures fell 0.06%, or 21 points. S&P 500 and Nasdaq 100 futures fell 0.06% and 0.01% respectively. — Samantha Subin The gains from here are limited in the coming months, says … Read more

China’s economy could shrink due to a loss of confidence in the property sector

A loss of confidence in China’s property sector could lead to contagion that would further drag down the Chinese economy, experts warned. The comments come after embattled developer China Evergrande Group failed to deliver on a promised $300 billion restructuring plan over the weekend. In filings with the Hong Kong stock exchange, Evergrande instead said … Read more

California, New York, Illinois declare states of emergency

California Gov. Gavin Newsom (D) speaks to reporters after meeting with House Speaker Nancy Pelosi, D-Calif., at the U.S. Capitol, Friday, July 15, 2022. Tom Williams | CQ-Roll Call, Inc via Getty Images California Governor Gavin Newsom declared a state of emergency over the rapidly spreading monkeypox outbreak on Monday, the third US state to … Read more

Hong Kong shares fall 2%, South Korea’s CPI rises

SINGAPORE – Asia-Pacific shares fell on Tuesday as inflation in South Korea rose and investors looked ahead to the Reserve Bank of Australia’s interest rate decision. Hong Kong’s Hang Seng Index fell 2.13% in early trade and the Hang Seng Tech Index fell 3.1%. The city’s gross domestic product fell by 1.4% in the second … Read more