The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
BERLIN, Sept 6 (Reuters) - Deutsche Post said on Friday its subsidiary StreetScooter had signed a memorandum of understanding with Chinese carmaker Chery Holding Group to begin producing electric vans in China from 2021.
Chery will invest up to 500 million euros ($551 million) and plans call for production capacity of up to 100,000 vehicles, it said. Deutsche Post will bring its technical expertise to the joint venture.
The MoU is part of a bundle of deals companies signed during a visit to China by German Chancellor Angela Merkel.
"Entry into the Chinese market is a significant milestone in the recent history of StreetScooter," StreetScooter Chief Executive Joerg Sommer said in a statement.
China is StreetScooter's second venture in Asia after Japan and the e-carmaker is looking to enter the U.S. market in two or three years, a Deutsche Post spokesman told Reuters.
Deutsche Post acquired StreetScooter, a start-up company based in Aachen, Germany, in 2014 in a move to electrify its fleet by using the fully-electric light pickup trucks for letter and parcel deliveries.
Deutsche Post has produced more than 12,000 ScreetScooters but has shied away from making large investments in the unit.
Last year it hired Goldman Sachs to evaluate options for StreetScooter as it sought to expand the unit ahead of an expected rise in demand for electric vehicles.
Deutsche Post CEO Frank Appel had said options included cooperating with manufacturers, floating StreetScooter on the stock exchange or bringing in a financial investor.
($1 = 0.9069 euros) (Reporting by Riham Alkousaa and Tom Käckenhoff)