Tesla will not produce all of its batteries at the facility it is building in Grünheide, Germany, according to Reuters. The decision was taken due the US Inflation Tax Act. "Tesla no longer intends to manufacture industrial-scale batteries in Germany. The manufacturer of electric vehicles would rather transfer some production processes to the US, where there are tax incentives," the agency wrote...

Rio Tinto revealed that it would provide BMW with aluminum made in Canada using hydroelectric power. This will lessen the carbon footprint created by the automaker's metal purchase. Both the German manufacturer and the British mining business announced in separate releases that they had signed a memorandum of agreement. According to the messages, aluminum will start to be supplied to the BMW...

The largest retailer in the world, U.S. Walmart, reported in a press release that its fiscal year 2022–2023 (which ended Jan. 31) saw a fall in its combined net income of 14.6% to $11.68 billion. Walmart reported $4.27 in diluted earnings per share, down from $4.87 in the prior year. The company’s overall revenue increased 6.7% year over year to $611.289 billion. In the final quarter of the...

According to British-Hong Kong banking corporation HSBC Holdings plc's report, the bank increased net income attributable to shareholders last year by 17.6% to $14.822 billion. Net interest income grew by 23.1% to $32.61 billion. Earnings diluted per share increased from $0.62 in 2021 to $0.74 in 2022. The annual income for the banking sector added 4.4% to $51.727 billion. For the fourth...

According to Paul Livingston, the chairman of Lockheed Martin's British branch, the American military-industrial conglomerate aims to erect a satellite manufacturing facility in the United Kingdom. The business is seeking suppliers in the Newcastle region, where the UK already has a core for space companies, the newspaper claims. The newspaper reports that if the government invites competitive...

One of the biggest merchants in the world, Trafigura, purchased nickel from Indian businesses. Containers of regular steel arrived at the port of destination instead of nickel. According to the trader's assessment of the losses, the corporation was cheated of $577 million in a conspiracy to swap nickel unlawfully. One of the biggest raw material merchants in the world, Trafigura Group, said that...

Swiss bank Credit Suisse released its 2022 results for the entire year and the fourth quarter. In contrast to 2021, Credit Suisse finished 2022 with a loss of 7.3 billion Swiss francs ($7.9 billion). Since the start of the global financial crisis in 2008, this was the largest annual loss. The bank's annual income decreased 34% to 14.9 billion Swiss francs ($16.2 billion). The bank's revenue for...

According to the Handelsblatt newspaper, which cited government sources, US-based Intel has asked the German government for an additional €3 billion in subsidies on top of the €6.8 billion it has already approved for the country's chip factory project, despite the crisis and inflation-targeting policies. A new semiconductor factory for Intel would be constructed in Magdeburg. However, the firm...

For 2022, the UK oil and gas firm BP recorded record earnings. Underlying replacement cost profit for the business, which is a metric similar to net income, was $27.7 billion, an increase of 116% from 2021. For BP and other oil and gas firms, last year was an overachievement as rising global oil prices increased revenues greatly. The increase in revenue was sufficient to offset a $25.5 billion...