General Motors (GM) Declares $0.38 Quarterly Dividend; 4.6% Yield

Intel's Mobileye, Volkswagen plan Israel's first autonomous ride-hailing service

October 29, 2018 4:05 PM EDT

(Reuters) - Volkswagen and Intel Corp's (NASDAQ: INTC) Mobileye are planning to roll out Israel's first ride-hailing service using self-driving cars starting early next year.

The two companies are forming a joint venture with Israeli car importer Champion Motors, under which... More

U.S. autos rise on report China proposes slashing car purchase tax

October 29, 2018 12:12 PM EDT

By Sanjana Shivdas and Ankit Ajmera

(Reuters) - Shares of U.S. automakers rose on Monday after a report that China was considering halving its car purchase tax to 5 percent to support its struggling auto industry, which has been hit hard by the ongoing Sino-U.S. trade war.

Shares of General Motors Co (NYSE: GM), the No.1 U.S. automaker by sales, rose as... More

GM says it favors fuel-efficiency rules based on historic rates

October 29, 2018 11:33 AM EDT

By David Shepardson

WASHINGTON (Reuters) - General Motors Co (NYSE: GM) backs an annual increase in fuel-efficiency standards based on "historic rates" rather than tough Obama era rules or a Trump administration proposal that would freeze requirements, according to a federal filing made public on Monday.

The largest U.S. automaker said the Obama rules that aimed to hike fleetwide fuel efficiency to more than 50 miles per gallon by 2025 are "not technologically feasible or economically practicable.

The Detroit automaker said that since 1980, the motor vehicle fleet has improved fuel efficiency at an... More

Pre-Open Stock Movers 10/29: (RHT) (DRNA) (ON) Higher; (DNR) (FDC) (IBM) Lower (more...)

October 29, 2018 9:29 AM EDT

Today's Pre-Open Movers

Red Hat (NYSE: RHT) 48.7% HIGHER; IBM (NYSE: IBM) and Red Hat (NYSE: RHT), the world's leading provider of open source cloud software, announced today that the companies have reached a definitive agreement under which IBM will acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, representing a total enterprise value of approximately $34 billion.

Dicerna Pharmaceuticals (NASDAQ: DRNA) 27%... More

U.S. October auto sales seen down slightly: consultants

October 29, 2018 9:01 AM EDT

By Nick Carey

DETROIT (Reuters) - U.S. auto sales likely fell slightly in October from a year earlier, when replacement demand following hurricanes Harvey and Irma boosted business, industry consultants J.D. Power and LMC Automotive said on Monday.

"The year-over-year comparison is difficult as sales in October last year were inflated by vehicle replacement demand associated with Hurricanes Harvey and Irma," Thomas King, senior vice president of J.D. Power's data and analytics division, said in a statement.

October U.S. new vehicle sales will likely be about 1.349 million units, down marginally from 1.351... More

China regulator to propose 50 percent cut to car purchase tax: Bloomberg

October 29, 2018 6:37 AM EDT

(Reuters) - China's top economic planning body is proposing to cut the tax levied on car purchases by half, as the impact of an escalating trade war with the United States threatens to slow the Chinese economy and affect demand for vehicles, Bloomberg reported on Monday.

Shares of... More

China Regulator Said to Propose 50% Cut to Car Purchase Tax - Bloomberg

October 29, 2018 6:17 AM EDT

Chin'a top economic body is proposing cutting the tax levied on car purchases by half, according to Bloomberg, citing people familiar with the matter.

The National Development and Reform Commission submitted a plan to cut the purchase tax to 5% from 10% for passenger vehicles with engines bigger than 1.6 litters.... More

20 U.S. states, major cities urge Trump to drop fuel efficiency freeze

October 26, 2018 12:54 PM EDT

By David Shepardson

WASHINGTON (Reuters) - A group of 20 U.S. states and several major cities on Friday urged the Trump administration to abandon a proposal to freeze fuel efficiency standards after 2020 and strip California of the ability to impose its own vehicle emissions rules.

The states, including California, New York, Illinois, Massachusetts and Pennsylvania, called the Trump administration proposal "unlawful" and "reckless" in a 143-page document reviewed by Reuters ahead of its filing later Friday. The states have vowed to sue if regulators move forward with the proposal.

Also joining the effort are the District... More