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The Star
21 hours ago
- Business
- The Star
Telus offers to fully own digital unit for greater control of AI capabilities
A sign for Telus Communications in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo (Reuters) -Telus said on Thursday it intends to acquire the shares in its listed digital services subsidiary it does not currently own, as the Canadian telecom firm seeks greater control of the unit's artificial intelligence capabilities. The company has offered $3.40 per share to acquire the shares it does not own in Telus Digital, valuing the unit at $946.8 million, according to Reuters' calculation. Telus currently holds about 57% of the digital unit's outstanding shares directly and through its other units. This is a 15% premium to the last closing price of the subsidiary's U.S.-listed stock. U.S.-listed shares of the digital unit are down more than 24% this year, severely lagging the parent company whose U.S. listing is up nearly 19% this year. The move underscores Telus' push for more control of the digital unit, which helps businesses adopt AI and develop data strategies amid a worldwide push to harness the technology. "Our proposal to fully acquire Telus Digital reflects our belief that closer operational proximity... will enable enhanced AI capabilities and SaaS transformation across all lines of our business," Telus CEO Darren Entwistle said. Telus said last month it is investing more than C$70 billion ($51.40 billion) in Canada over the next five years to expand its network infrastructure in the country, which would be focused around launching two new AI data centers. Barclays is serving as Telus' financial advisor. ($1 = 1.3619 Canadian dollars) (Reporting by Meghana Khare in Bengaluru; Editing by Leroy Leo)
Japan Today
2 days ago
- Automotive
- Japan Today
GM to invest $4 billion to ramp up U.S. production
FILE - Vehicles move along the 2023 Chevrolet Bolt EV and EUV assembly line at the General Motors Orion Assembly June 15, 2023, in Lake Orion, Mich. (AP Photo/Carlos Osorio, File) By MICHELLE CHAPMAN Shares of General Motors rose before the opening bell after announcing plans to invest $4 billion to shift some production from Mexico to U.S. manufacturing plants as the automaker navigates tariffs that could drive prices higher. President Trump signed executive orders in April, relaxing some of his 25% tariffs on automobiles and auto parts, a significant reversal as the import taxes threatened to hurt domestic manufacturers. Automakers and independent analyses say the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide. Trump portrayed the changes as a bridge toward automakers moving more production into the United States. GM said late Tuesday that the investment will be made over the next two years and is for its gas and electric vehicles. The company will add production of the gas-powered Chevrolet Blazer and Chevrolet Equinox, which are made in Mexico, to two American plants starting in 2027. The Blazer will be produced at GM's Spring Hill, Tennessee plant, while the Equinox will be made at its Kansas City, Kansas facility. GM will also begin making gas-powered full-size SUVs and light duty pickup trucks at its Orion Township, Michigan plant, which was previously being reconfigured to make electric vehicles until demand for such cars weakened. The new investment will give GM the ability to assemble more than 2 million vehicles per year in the U.S. CEO Mary Barra said in a statement on Tuesday that GM is committed to building vehicles in the U.S. and supporting American jobs. GM has 50 U.S. manufacturing plants and parts facilities in 19 states, including 11 vehicle assembly plants. The company says that almost 1 million people in the U.S. depend on it for their livelihood, including employees, suppliers, and dealers. Last month GM lowered its profit expectations for the year as it braces for a potential impact from auto tariffs as high as $5 billion in 2025. The automaker now foresees full-year adjusted earnings before interest and taxes in a range of $10 billion to $12.5 billion. The guidance includes a current tariff exposure of $4 billion to $5 billion. GM previously predicted 2025 adjusted EBIT between $13.7 billion and $15.7 billion. Shares of General Motors Co. rose almost 1% before the opening bell Wednesday. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Toronto Sun
28-05-2025
- Automotive
- Toronto Sun
Stellantis names Italian car executive Antonio Filosa its new CEO
Published May 28, 2025 • 1 minute read The Stellantis sign is seen outside the Chrysler Technology Center, Jan. 19, 2021, in Auburn Hills, Mich. Stellantis on April 26, 2023. Photo by Carlos Osorio / AP MILAN — Stellantis, the world's fourth-largest carmaker, named Italian auto executive Antonio Filosa as its new chief executive officer Wednesday, replacing Carlos Tavares, who resigned under pressure last year. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Filosa, who is currently Stellantis' chief operating officer for the Americas and chief quality officer, takes the post effective June 23, when he is expected to announce his leadership team. The move returns the running of Stellantis, created from the 2021 merger of France's PSA Peugeot with Italian-US carmaker Fiat Chrysler Automobiles, to Italian hands after three years under Tavares, who previously served as Peugeot's top executive. John Elkann, heir to the Fiat-founding Agnelli family, remains chairman. Elkann praised Filosa's 'deep understanding of our company, including its people, who he views as our core strength, and of our industry.' Robert Peugeot said the board's choice was unanimous, calling Filosa a 'natural choice' due to his leadership track record and knowledge of the business and 'the complex dynamics facing our industry.' This advertisement has not loaded yet, but your article continues below. Filosa joined Fiat in 1999, spending much of his career in Latin America where held positions from plant manager to head of purchasing and later chief operating officer. He was credited with making the Fiat brand the regional market leader and boosting the market share of the Peugeot, Citroen, Ram and Jeep brands. He was promoted to chief operating officer of the Americas in 2024 in an executive shakeup as sales slumped in North America, its main source of profits. Stellantis has been lagging globally in the transition to electric powertrains and facing stiff Chinese competition. Analysts also have said Stellantis, with 14 brands, is yoked by too many under-performers, including Maserati and Chrysler. Read More Sunshine Girls Sunshine Girls Toronto Maple Leafs News Canada
The Star
27-05-2025
- Business
- The Star
Telus to invest over $50 billion in Canada over next five years
FILE PHOTO: A sign for Telus Communications in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo (Reuters) -Telus is investing more than C$70 billion ($50.88 billion) in Canada over the next five years to expand its network infrastructure in the country, the telecom company said on Tuesday. The investment will go towards launching two new artificial intelligence data centers as well as help increase Telus' wireless coverage and capacity across more regions, particularly the rural areas, the company said. Telus' big investment comes at a time when the Canadian economy is showing signs of a slowdown due to U.S. President Donald Trump's tariffs on the country. "As the country navigates a challenging economic environment and seeks to attract more investment to stimulate growth, this commitment to Canada's future will help fuel homegrown innovation," Telus said in a statement. Canada sends the U.S. about 75% of its exports, including steel, aluminum and autos, which have been hit by the hefty U.S. duties. The tariffs have prompted Canadian companies to review their ties to U.S. markets and boost local operations, while some firms are also setting up sales channels and offices in other countries. ($1 = 1.3759 Canadian dollars) (Reporting by Arsheeya Bajwa and Deborah Sophia in Bengaluru; Editing by Shreya Biswas)
New York Times
27-03-2025
- Automotive
- New York Times
Auto Tariff Sticker Shock
Image President Trump's latest tariffs on the auto sector are being felt around the world. Credit... Carlos Osorio/Reuters Global stocks have run into a ditch on Thursday. The sell-off comes as President Trump doubled down on his threat to roll out 25 percent tariffs on auto imports beginning next week — and duties on auto parts shortly afterward — potentially upending an industry built on a complex global supply chain, reigniting inflation and inflaming trade war tensions. Hopes that negotiators can work out a deal are dimming. Trump said the tariffs were permanent. He also sees them as a revenue stream: The White House calculates that it could raise $100 billion annually. The tariff threat, however, has zapped more than that from the largest carmakers' market capitalization in recent weeks. Tariff gloom already snapped the S&P 500's three-day winning streak on Wednesday. And a reminder: Reciprocal tariffs are still set for April 2. Here's the latest: Shares in European automakers were down sharply on Thursday. Mercedes and Porsche alone could see tariffs wipe out a combined $3.7 billion in operating profits, Bloomberg calculates. General Motors is down more than 6 percent in premarket trading. Tesla is seen as less affected by the measures, but Elon Musk warned on X that 'Tesla is NOT unscathed here. The tariff impact on Tesla is still significant.' (Like its rivals, it depends a lot on imported parts.) Consumers appear set to face the brunt of tariffs. Automakers could see costs rise by $6,700 per vehicle sold, Daniel Roeska, an analyst at Bernstein, wrote in a research note on Thursday. The big question: How much of that will the companies absorb, and how much will they add to the sticker price? Either way, the levies are likely to dent their profits and force consumers to pay more. Households were already bracing for pain from Trump's trade moves. The prospect of higher car prices comes as consumer sentiment has plummeted, reigniting concerns about an economic downturn. Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience while we verify access. Already a subscriber? Log in. Want all of The Times? Subscribe.
