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U.S. stocks drop on recession fears, Nasdaq closes at new bear market low

Tesla gains 3.3% in choppy trade Southwest Airlines slips 5.2% on government review Indices down: Dow 1.1%, S&P 500 1.20%, Nasdaq 1.35% Dec 28 (Reuters) – Major Wall Street indexes weakened on Wednesday, with the Nasdaq hitting a 2022 closing low, as investors grappled with mixed economic data, a rise in COVID cases in China …

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Oil drops in volatile trade, records biggest weekly slump in months

WTI and Brent fall more than 10% over the week Deepest weekly drop since April for WTI, since August for Brent Market swings into contango, indicating weak demand Weak economic prospects in China, the United States and Europe weigh on demand Dec 9 (Reuters) – The price of oil stabilized on Friday in volatile trading, …

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Ex-Theranos president Balwani sentenced to nearly 13 years for fraud

Dec 7 (Reuters) – A U.S. judge on Wednesday sentenced former Theranos Inc chairman Ramesh “Sunny” Balwani to 12 years and 11 months in prison for defrauding investors and patients of the blood testing startup run by Elizabeth Holmes, spokeswoman for the U.S. Attorney’s Office confirmed. U.S. District Judge Edward Davila in San Jose, Calif., …

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Tesla cuts Dec Model Y output at Shanghai plant by more than 20% versus Nov – sources

SHANGHAI, Dec 5 (Reuters) – Tesla (TSLA.O) plans to cut December production of the Model Y at its Shanghai plant by more than 20% from the previous month, two people with knowledge of the electric vehicle (EV) giant’s production plan said Monday. Tesla did not immediately respond to a request for comment on the planned …

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Foxconn apologises for pay-related error at China iPhone plant after worker unrest

Foxconn says it is working with staff to resolve disputes Major iPhone factory rocked by protests over wages and conditions Apple says it has a team on the ground in Zhengzhou TAIPEI/SHANGHAI, November 24 (Reuters) – Foxconn (2317.TW) said on Thursday that a “technical error” related to compensation occurred when hiring new hires at a …

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Stick-wielding men smash surveillance cameras at China iPhone plant

SHANGHAI, Nov 23 (Reuters) – Men wielding batons smashed surveillance cameras and windows at a huge Apple-owned campus (AAPL.O) Foxconn supplier (2317.TW) in the Chinese city of Zhengzhou, scenes streamed live on Kuaishou’s short video platform were released on Wednesday. Hundreds of workers demonstrated on campus, home to the world’s largest iPhone factory, where many …

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Oil prices ease to near 2-month lows on China demand fears, dollar strength

Brent and WTI contracts fell around $1 a barrel earlier Beijing districts close schools as China’s COVID cases rise Rising dollar weighs on prices LONDON, Nov 21 (Reuters) – Oil prices fell on Monday to trade near their lowest level in two months, after falling around $1 a barrel as supply fears faded while concerns …

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