US jury finds Tesla guilty of fatal Model S accident
Miami — A Florida jury on Friday found Tesla liable to pay $243m to victims of a 2019 fatal crash of an Autopilot-equipped Model S, a verdict that could encourage more legal action against Elon Musk’s electric vehicle company.
The verdict is a rare win for victims of accidents involving Autopilot. Musk has been pushing to rapidly expand Tesla’s recently launched robotaxi business based on an advanced version of its driver assistance software.
Tesla shares fell 1.8% on Friday, and are down 25% this year.
Jurors in Miami federal court awarded the estate of Naibel Benavides Leon, as well as her former boyfriend Dillon Angulo, $129m in compensatory damages plus $200m in punitive damages, according to a verdict sheet. Reuters
Meta seeks partners to fund AI infrastructure
New York — Meta Platforms is pressing ahead with efforts to bring in outside partners to help fund the massive infrastructure needed to power AI, disclosing plans in a filing on Thursday to offload $2 billion in data centre assets as part of that strategy.
The strategy reflects a broader shift among tech giants — long known for self-funding growth — as they grapple with the soaring cost of building and powering data centres to support generative AI. The social media giant said last week that it was exploring ways to work with financial partners to co-develop data centres to help finance its massive capital outlay for next year.
While the company still expects to fund much of its capital spending internally, some projects could attract “significant external financing” and offer more flexibility if infrastructure needs shift over time, CFO Susan Li said.
The company did not have any finalised transactions to announce, she said. Reuters
Chevron eyes restart of Venezuela oil exports to US
Houston — Chevron expects its exports of Venezuelan crude to the US to resume this month, CEO Mike Wirth said on Friday, after a restricted licence received this week from the treasury department to operate in the sanctioned country and do oil swaps.
The CEO said in a call to disclose the company’s quarterly results that the exports will begin with a “limited amount,” and added that he does not expect the flows to have a material effect on third-quarter results.
Chevron’s exports of Venezuelan oil have been suspended since April, when state-owned oil firm PDVSA cancelled cargoes it had scheduled for its joint-venture partner over payment problems related to US sanctions on the Opec country.
In March, US President Donald Trump’s administration revoked a licence granted to Chevron under former president Joe Biden. Trump's administration gave Chevron and a handful of PDVSA partners until late May to wind down transactions. Reuters
Walmart’s Mexico and Central America CEO quits
Mexico City — Walmart’s Mexico and Central America CEO, Ignacio Caride, will step down as chief and from the board after just more than a year, the unit of the US retailer said on Friday in a move that surprised analysts.
Walmart’s Chile CEO, Cristian Barrientos Pozo, will take over as interim CEO until a recruitment process is completed, the company said in a statement.
Barrientos Pozo, previously senior vice-president of operations at Walmart de Mexico, brings more than 26 years of retail experience, including in expansion, store openings and digital transformation, the company said.
The company, Mexico’s largest retailer, operates Walmart, Sam’s Club and Bodega Aurrera stores across six countries. Reuters
New Zealand aims to boost tourism industry
Canberra — New Zealand will make it easier to run businesses in conservation zones and charge foreign tourists to enter some areas in an effort to create jobs and increase economic growth, Prime Minister Christopher Luxon said on Saturday.
The decision by the centre-right government, elected in 2023, is part of its efforts to boost New Zealand’s tourism industry and stimulate a limp economy.
It also comes at a time when people in countries around the world are protesting what they see as excessive numbers of tourists.
“We’re going to fix the Conservation Act to unleash a fresh wave of concessions — like tourism, agriculture, and infrastructure, in locations where that makes sense,” Luxon said in a statement. Reuters
Kering may sell Milan building to Qatari royal family
Rome — Gucci-owner Kering is in talks with a member of the Qatari royal family for the sale of a building in Milan’s top shopping avenue, Italian daily Corriere della Sera reported on Saturday.
The deal could help the French luxury group cut its debt, which ballooned to more than €10bn in 2024, after a series of expensive acquisitions.
Among them was the 18th century property in Via Montenapoleone, which the French group bought from Blackstone for €1.bn in April last year.
Corriere said Kering was looking at selling a majority stake in the company through which it owns the building, based on a “similar valuation”. Reuters
Saudi chemical maker reports new quarterly loss
Dubai — Saudi chemicals company SABIC reported another surprise quarterly loss on Sunday, after deciding to shut a cracker in Britain amid a restructuring of its business during an industry slowdown.
SABIC reported a net loss of 4.07-billion riyals for the three months to June 30, missing analysts’ expectations of a profit of 504-million riyals, LSEG data showed.
Shares declined 1.6% at the open to 53.8 riyals a piece.
SABIC, 70% owned by oil major Saudi Aramco, has posted three consecutive losses in quarterly earnings as the chemicals industry grapples with weak demand that has weighed on sales. Reuters
Court rejects asset managers’ bid to dismiss lawsuit
Washington/New York — A US judge on Friday largely rejected a request by top asset managers, including BlackRock, to dismiss a lawsuit filed by Texas and 12 other Republican-led states that said the companies violated antitrust law through climate activism that reduced coal production and boosted energy prices.
US district judge Jeremy Kernodle in Tyler, Texas, agreed to dismiss just three of the 21 counts in the states’ lawsuit, which also names institutional investors State Street and Vanguard.
The lawsuit is among the highest-profile cases targeting efforts to promote environmental, social and governance goals. Texas attorney-general Ken Paxton said the three companies “created an investment cartel to illegally control national energy markets and squeeze more money out of hardworking Americans,” and that “today’s victory represents a major step in holding them accountable.” Reuters
SEC to create AI task force for its operations
Bengaluru — The US Securities and Exchange Commission (SEC) said on Friday that it is creating an AI task force to lead the agency’s efforts to “enhance innovation and efficiency” in its operations.
Valerie Szczepanik, who has been named the SEC’s chief AI officer, will lead the task force, the regulator said in a statement. Reuters
US treasury secretary upbeat on China deal
Washington — US treasury secretary Scott Bessent said on Friday that he believed that Washington has the makings of a deal with China and that he was “optimistic” about the path forward.
“This week’s negotiations in Stockholm have advanced our talks with China and I believe that we have the makings of a deal that will benefit both of our great nations,” Bessent said in a post on X that was subsequently deleted.
“I am optimistic about the path forward,” he said. Reuters
Fitch upgrades Pemex credit rating on state support
Mexico City — Fitch Ratings upgraded Mexican state energy producer Petroleos Mexicanos’ (Pemex) credit rating to ‘BB’ from ‘B+’ on Tuesday, removing its positive watch status and citing strengthened government support, the agency said in a statement.
The upgrade to BB, while still below investment grade, reflects the government’s efforts to try to stabilise Pemex, the world’s most indebted energy company, beset for years by financial and operational challenges.
Last week, Mexico placed $12bn in a debt offering in an effort to ease Pemex’s short-term financial pressures and support debt refinancing. Reuters
IMF lowers Argentina’s reserve accumulation targets
New York — The IMF lowered the bar for Argentina’s reserve accumulation targets through 2026 in its $20bn programme and removed a review that was due before the country’s October legislative elections as detailed in a report published Friday.
Net international reserves (NIR) accumulation targets were lowered through 2026, leading to a steeper accumulation curve as the 2027 target was kept in place.
“The NIR accumulation target for end-December 2025 has been lowered to mainly reflect the initial shortfalls, which are gradually being addressed through the agreed corrective actions,” the report said. Reuters
Trump calls for dialogue with Brazil president
Washington/Brasilia — US President Donald Trump said on Friday that Brazilian President Luiz Inacio Lula da Silva can call him any time to discuss tariffs and other friction between the countries.
“He can talk to me any time he wants,” Trump said of Lula, speaking to reporters at the White House. He added he was fond of the Brazilian people but “the people running Brazil did the wrong thing”.
Later, speaking with reporters in Brasilia, Brazil finance minister Fernando Haddad called Trump’s remarks “great,” saying he is sure Lula feels the same, and would be willing to receive a call from the US president.
In a post on his X account, Lula said Brazil has always been open to dialogue, though he did not mention Trump nor his earlier remarks. Reuters
Boeing workers to strike at St Louis plant
Bengaluru — Union workers who assemble Boeing’s fighter jets in the St Louis area rejected Boeing’s latest offer on Sunday and will strike at midnight on Monday, the International Association of Machinists and Aerospace Workers union said. Reuters
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