News Highlights: Top Company News of the Day
Toyota, Stellantis to Build EV-Battery Factories in the U.S.
The auto makers are investing billions of dollars in U.S.
battery factories as part of a push to sell more electric
Lawmakers Question if Amazon Executives Misled Congress
In a letter to Amazon CEO Andy Jassy, five members of Congress
asked for "exculpatory evidence" to corroborate the sworn testimony
offered by several company leaders, including founder Jeff
Goldman Sachs Cleared to Own All of China Unit
Chinese regulators approved Goldman's application to take full
ownership of a key local unit, another step in China's gradual
opening of its financial system to major players from the U.S. and
Facebook to Hire 10,000 Workers in EU to Build Up 'Metaverse'
Facebook is planning to create 10,000 jobs in the European Union
over the next five years to build a virtual realm it sees as a key
component of its future and a major driver of new technology
Philips Lowers Outlook as Sales Fall 7.6%
Philips has forecast low-single-digit comparable sales growth
and a modest adjusted Ebita margin improvement for 2021, with
supply-chain challenges which weighed on its third-quarter results
expected to continue into the final quarter.
Saks E-Commerce Unit Begins IPO Preparations
Saks is interviewing potential underwriters this week for an
initial public offering that could take place in the first half of
2022 and targets a valuation of around $6 billion.
Amtrak Hopes Infrastructure Bill Will Help Fund a Tunnel to Ease Delays on Northeast Corridor
Amtrak plans to construct a new 2-mile tunnel to replace the
aged Baltimore and Potomac tunnel, and it is counting on funding in
the roughly $1 trillion infrastructure bill to cover much of the
project's $4 billion tab.
Facebook Says AI Will Clean Up the Platform. Its Own Engineers Have Doubts.
AI has only minimal success in removing hate speech, violent
images and other problem content, according to internal company
reports. It can't consistently identify first-person shooting
videos, racist rants or gruesome car crashes.
Alibaba Faces New Threat as Shopping Habits Change
Already under regulatory scrutiny, Alibaba is losing market
share as Chinese consumers shift from targeted product searches to
browsing and interaction.
Hollywood Strike Averted as Workers, Studios Reach a Deal
The film and television industry avoided a shutdown of
production after a union reached a last-minute, tentative agreement
with studios and streaming services.
(END) Dow Jones Newswires
October 18, 2021 07:00 ET (11:00 GMT)
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