American electric automaker Tesla’s plans to produce energy-storage batteries in China moved forward on Friday with a signing ceremony for the land acquisition for a new factory in Shanghai, China’s state media said.Construction is scheduled to start early next year with production to come on line by the end of the year, the official Xinhua News Agency said.The factory won’t build batteries for cars but for electric utilities and other companies to store power. Such storage units have become increasingly im ...

Shares of NetEase Inc. and Tencent Holdings Inc. fell sharply on Friday after Chinese authorities announced draft rules to crack down on spending and rewards in online gaming. In a statement, China’s National Press and Publication Administration, the top gaming regulator, proposed curbs on excessive spending on games by consumers, and bans on rewards from multiple logins and pop-up rules that would warn users against overspending on such games.The draft rules also said content of any games should be prohibi ...

The chief executive of Starbucks Corp. thinks the recent spike in vandalism at some of its coffee-shop locations is based on a “misrepresentation” of the company’s beliefs on the Israel-Hamas war.CEO Laxman Narasimhan attempted to distance the Seattle-based company from the controversy caused in part by comments seen as pro-Palestinian by Starbucks Workers United, the labor group pushing for unionization at the chain.“Many of our stores have experienced incidents of vandalism. We see protestors influenced b ...

“‘Jamie is a phenomenal bank executive. I think he’s the best bank executive in the world, honestly. And I’ve seen them all.’ ”That’s Morgan Stanley MS, +1.63% CEO James Gorman in a CNBC interview Thursday talking about Jamie Dimon, the chief executive of rival bank JPMorgan Chase & Co. JPM, +0.57%. His remarks marked a relatively rare instance of one master of the universe on Wall Street acknowledging the accomplishments of another.Gorman did not elaborate on his admiration for Dimon, however — only mentio ...

Intel Corp.’s INTC, +2.79% stock is up 31.5% during the quarter, which would be its best performance since the third quarter of 2003, according to Dow Jones Market Data. For the year, shares of Intel have soared 77%, while the SPX 500 index SPX, +0.96% has advanced 22%. The fortunes of the chip maker have turned under the leadership of Chief Executive Pat Gelsinger, who has set a goal of achieving technical parity with Intel’s rivals by 2024 and claiming technical leadership by 2025. ...

CUPERTINO, Calif. — Apple has been rebuffed in its latest attempt to untangle a patent dispute that is pushing the company into suspending sales of two popular Apple Watch models as the holiday-shopping season wraps up. The International Trade Commission rejected Apple’s AAPL, -0.51% bid to get around a late-October order revolving around the technology used in the Blood Oxygen measurement feature on the Series 9 and Ultra 2 versions of its internet-connected watch. The dispute stems from a patent-infrin ...

Shares of Nike Inc. rose Thursday, as investors expressed optimism ahead of the athletic apparel and accessories giant’s fiscal second-quarter results.The stock NKE, +0.24% climbed 0.5% in midday trading. It has run up 10.7% in December, which puts it on track for a third straight monthly gain, and the best monthly performance since it soared 18.4% in November 2022.In comparison, the Consumer Discretionary Select Sector SPDR ETF XLY has rallied 6.3% month to date and the Dow Jones Industrial Average DJIA ha ...

Apple Inc. is ramping up production of the Vision Pro mixed-reality headset for a launch by February. Production of the $3,499 headset, which would compete with products from Meta Platforms Inc. META, +0.11% and Microsoft Corp. MSFT, -0.10%, is proceeding quickly at facilities in China, according to a Bloomberg report citing people with knowledge of the matter. The much-anticipated Apple AAPL, -0.49% product, announced in June, is expected to jump-start a middling metaverse market that is struggling to ...

Cathie Wood’s ARK Innovation ETF is now buying Tesla Inc. stock, a reversal from its previous moves to trim its large stake in the electric-vehicle giant.The high-profile investor’s flagship ETF ARKK bought 93,965 shares of Tesla TSLA, -3.92% on Wednesday, which would be valued at $23.2 million at Wednesday’s closing price of $247.14.The purchase pushed Tesla’s stock up to second among the Innovation ETF’s holdings, with a weighting of 7.59%. That is still well below the top holding, which is Coinbase Globa ...

Japanese transport ministry officials inspected Toyota subsidiary Daihatsu on Thursday, one day after officials announced it was suspending the small car unit’s shipments of all vehicles in and outside Japan after an investigation found improper testing involving 64 models.The safety test irregularities earlier this year prompted an independent panel investigation, which found widespread and systematic problems at Osaka-based Daihatsu Motor Co. It is the latest of safety or other violations found at at leas ...