EV startup Rivian announces $2.5b funding round

Electric car startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com, Ford Motor Co and T Rowe Price. The announcement came the day after the California-based company said it was exploring building a second US assembly...

US Treasury Secretary Yellen warns Congress on debt limit

US Treasury Secretary Janet Yellen urged lawmakers on Friday to increase or suspend the nation’s debt limit as soon as possible and warned that if Congress does not act by August 2 the Treasury Department would need to take “extraordinary measures”...

USTR drops tariff threat

The US Trade Representative’s office on Friday said it had determined that no tariff action against Vietnam was warranted after its central bank agreed with the US Treasury not to manipulate its currency for an export advantage. In a statement, USTR said it found that...

Global insurance recovery will be faster

The global insurance industry is poised to recover more quickly and forcefully from the pandemic than it did after the 2008 financial crisis, despite such obstacles as low interest rates and inflation risk, insurer Swiss Re AG’s chief Americas economist said on...

World Bank lowers project rating

The World Bank has downgraded the $200 million locust control project to moderately satisfactory just one year after its approval that had been given in haste and without assessing the actual needs of the farmers. Even before its approval by the World Bank board in...

Wall Street surges to all-time closing high

Wall Street gained ground for the fourth straight session on Friday, extending a rally that pushed all three major US stock indexes to record closing highs as upbeat earnings and signs of economic revival fuelled investor risk appetite. The Dow closed above 35,000 for...
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