Rivian’s financial losses have crept up as it pushed out the last of its first-generation R1 trucks and SUVs in favor of newer, more cost-efficient versions — a sign of just how much the company could use the $5 billion it could get as part of a recently announced deal with Volkswagen Group.

The company announced Tuesday that it lost $1.46 billion in the second quarter of 2024, up from a first-quarter loss of $1.45 billion. The loss was nearly $300 million worse than the second quarter last year.

Saudi Arabia is committing even more money to Lucid Motors as the EV startup struggles to erase its losses. Lucid announced Monday as part of its second-quarter earnings report that an affiliate of the Saudi sovereign wealth fund is committing another $1.5 billion, with half coming in the form of a private placement and the other half as a loan facility.

McDonald’s has reported its first decline in global sales since the Covid-19 pandemic, largely due to a boycott campaign initiated by Muslims and pro-Palestine campaigners amidst the ongoing genocide in Gaza.

The US fast food giant saw a one per cent drop in worldwide sales in the second quarter, attributing the decline to reduced demand in international markets, particularly in France, which has a significant Muslim population.

“France is one of the markets that has a higher Muslim population,” said CEO Chris Kempczinski on Monday. “The impact we’re seeing in France has been more significant because of that population.”

LONDON, Aug 2 (Reuters) - The Bank of England's first interest rate cut in more than four years will help to foster a cautious sense of optimism about Britain's long-struggling economy, but the scale of the growth challenge facing the new government remains huge.

The BoE lowered its benchmark rate to 5.0% on Thursday, from a 16-year high of 5.25%, offering a bit more relief to households and businesses who are emerging from the inflationary shocks of the COVID pandemic and Russia's invasion of Ukraine.

WASHINGTON/HANOI, Aug 2 (Reuters) - The U.S. Commerce Department announced on Friday it will continue to classify Vietnam as a non-market economy country, a decision disappointing to Hanoi, which the U.S. has been wooing in its efforts to push back against China.

Vietnam has long sought an upgrade, which would have reduced the punitive anti-dumping duties levied on non-market economies marked by heavy state influence. Only 12 other economies are labeled as non-market by Washington, including China, Russia, North Korea and Azerbaijan.

A change in status has been opposed by U.S. steelmakers, Gulf Coast shrimpers and honey farmers and members of the U.S. Congress representing them, but backed by retailers and some other business groups.

"Today, the U.S. Department of Commerce announced its determination that Vietnam will continue to be classified as a non-market economy country for purposes of calculating U.S. antidumping duties on imports from Vietnam," the department said in a statement after a year-long review.

"This finding means that the methodology used in calculating U.S. antidumping duties on imports from Vietnam remains the same," it said.

Vietnam's Ministry of Industry and Trade said upgrading Vietnam would have been an objective and fair move. "Vietnam regrets that despite several positive improvements in the Vietnamese economy recently, the U.S. Department of Commerce still has not recognized Vietnam as a market economy country," it said in a statement.

Investors are thrilled—customers and antitrust regulators, not so much

Aug 2 (Reuters) - Intel (INTC.O) , opens new tab was set to erase nearly $25 billion in stock market value on Friday in potentially its worst selloff since 2000 after it suspended dividend and slashed workforce to fund a costly turnaround for its chip-making business.

The company's stock fell nearly 21% in premarket trading after Intel late on Thursday forecast quarterly revenue below estimates and announced 15% job cuts, raising worries about its ability to catch up with Taiwan's TSMC (2330.TW), and other chipmakers. "Intel's issues are now approaching the existential in our view," Bernstein analyst Stacy Rasgon said.