WASHINGTON (AP) – President Joe Biden is asking major US automakers and their labor unions to reach an agreement that takes “every step possible to avoid painful factory shutdowns” as the sector transitions to electric vehicles. The president has not yet been attended by the union of auto workers as he seeks re-election, despite his…
by Bianca Flowers CHICAGO (Reuters) – The international head of United Steelworkers (USW) said on Monday the union supports North American steel producer Cleveland-Cliffs’ bid to acquire rival United States Steel Corp, adding that the company is the best strategic buyer. Cleveland-Cliffs said Sunday it has offered to buy US Steel in a cash and…
font size Hawaii Electric stock was falling on Monday. Patrick T Fallon/AFP via Getty Images Hawaii Electric Industries It was falling on Monday as wildfires in Maui weighed on the company’s stock. Wells Fargo maintained the Underweight rating on Hawaiian Electric (stock ticker: HE) stock in a report, and cut its price target to $25…
Dow futures turned lower on Monday morning, as investors braced for a big week of retail earnings. Meanwhile, Cathie Wood’s Ark Innovation ETF (ark) has sold more than 31,000 shares of Tesla stock. The EV giant has slipped after cutting the starting prices of its Model Y in China. X On the economic front this…
Shares of AMC Entertainment fell 35% in pre-market trading Monday amid concerns that approval of a revised shareholder settlement would allow the company to issue more shares to raise capital, a move that would dilute the value of each common share. Common shares fell to $3.45 in trading before the bell. Preferred stock units called…
(Reuters) – Shares of US Steel jumped 29% in pre-market trading Monday, after the more than century-old steelmaker rejected a $7.3 billion takeover bid from Cleveland-Cliffs and said it would review its options after “several proposals.” Undesirable. “. Cleveland-Cliffs, North America’s largest producer of flat steel, said Sunday it had offered to buy US Steel…
(Bloomberg) — One of China’s largest private wealth managers has raised fresh concern about the health of the country’s shadow banking industry after it missed payments on several high-yield investment products. Most Read from Bloomberg Unrest escalated at Zhongzhi Enterprise Group Co., Ltd. , a secretive financial conglomerate managing about 1 trillion yuan ($138 billion),…
Consolidation may be coming to the US steel industry. Ina Fassbender/AFP via Getty Images font size Investors should prepare for volatile trading in steel stocks to start a new week. Steel company built by Andrew Carnegie JPMorgan You may not be independent for much longer. Sunday, United States Steel (Stock ticker: X), which was formed…
font size US Steel rejected an unsolicited buyout offer from rival Cleveland Cliffs. Sean Gallup / Getty Images Stock futures rose on Monday as markets faltered in August, adding to this year’s rally. The focus on Wall Street this week will be the minutes of the Federal Reserve’s latest policy meeting and earnings reports from…
(Bloomberg) — China’s latest attempt to reverse stagnant foreign investment in the country includes pledges to provide better tax treatment for offshore companies and make it easier for them to obtain visas, as officials try to quell concerns about doing business in the world’s second-largest economy. . Most Read from Bloomberg The 24-point plan from…
