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 vehicles.

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 Bezos.

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 elsewhere.

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 investment.

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 07:15 ET (11:15 GMT)

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