Business

By Giulio Piovaccari

ROME, May 25 (Reuters) – Ferrari presented its first fully electric car on Monday, marking a high-stakes shift by the luxury sports car maker as competitors including Porsche and Lamborghini scale back their EV ambitions, citing weak demand.

The four-door Luce, Italian for ‘light’, was developed with the help of former Apple design chief Jony Ive and his collective LoveFrom, and is Ferrari’s first five-seater.

Ferrari aims to appeal to families with deep pockets, offering them comfortable seats, high-end tech and a 600-litre boot. Deliveries of the long-awaited Luce, priced at €550,000 ($640,000), are due to begin in the fourth quarter of 2026.

“It’s the result of five years of work,” CEO Benedetto Vigna told more than 200 reporters gathered in Rome.

The Luce, which amplifies natural vibration sounds from its EV powertrain to maintain the visceral appeal of a traditional Ferrari, marks a gamble that a generation steeped in technology and AI, and less attached to its trademark 12- and 8-cylinder engine legacy, will shift to high-tech luxury EVs.

Ferrari is hoping that will also give it the opportunity to move further into markets such as China, where EVs are already widespread and big petrol cars are heavily taxed.

“In our client base there are many … who are still looking for something completely different, to be used in different moments of life,” said Ferrari’s chief marketing and commercial officer Enrico Galliera. 

“It’s absolutely stunning,” Galliera added of the car, which features four electric motors — one per wheel — which help deliver more than 1,000 horsepower, a top speed above 310 kph, and increased agility for a car weighing more than 2.2 tons.

Ferrari said the Luce has a range of over 500 kilometres.

A light show launch featured five Luces, painted from Ferrari-red to white and light blue, which mark a break from the carmaker’s aggressive, muscular, signature sporty style with a larger body and expansive, glass-led design.

The Luce interior defers to traditional Ferrari luxury, with leather, glass and anodised aluminium surfaces as well as several physical controls which differ from the all-digital, touch-led approach of Tesla and some Chinese EV makers.

($1 = 0.8593 euros)     

(Reporting by Giulio Piovaccari; Editing by Alexander Smith)

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By Haripriya Suresh and Aishwarya Venugopal

BENGALURU, May 25 (Reuters) – Target is moving from “using AI to running on AI,” but a shift in the pricing of the technology by its providers is prompting the U.S. retailer to reassess the way it is deployed, its India head told Reuters on Monday.

“It’s about the intentional use and integration of AI rather than deploying it everywhere…,” Target India President Andrea Zimmerman said.

She said there are “significant investments” being made in ensuring that teams have the right tools for their jobs.

AI firms such as Anthropic and OpenAI are increasingly shifting to token-based pricing that charges customers based on usage, instead of a subscription-based service, reflecting a broader reset in AI economics and raising costs for enterprises.

“It is forcing us to re-evaluate our strategy,” Zimmerman said. Discussions around AI pricing are “at the highest level in both our architecture forums as well as in our senior leadership forums within technology,” she told the Reuters summit in Bengaluru. 

Target’s global center in India has verticals such as merchandising, digital, stores and supply chain, employing about 5,600 people. About 40% of Minneapolis-based Target’s tech workforce is based in Bengaluru.

In India, the company is looking at ramping up investment in its analytics teams in a bid to turn growing volumes of data into actionable insights at a faster clip, she said.

“We work to adapt really quickly when we see that consumer demand or sentiment start to shift,” Zimmerman said.

The retailer has struggled with three straight years of declining revenue as cost-conscious shoppers traded down to cheaper alternatives.

Under new CEO Michael Fiddelke, the company plans to spend an additional $2 billion this year on new stores, remodels, and AI initiatives.

“AI is fun, exciting and interesting to think about,” Zimmerman said. “Change isn’t going to be immediate, and it is certainly not free.”

(Reporting by Haripriya Suresh and Aishwarya Venugopal in Bengaluru; Editing by Anil D’Silva)

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VATICAN CITY (AP) — Pope Leo XIV called Monday for robust regulation of artificial intelligence and for its developers to work for the common good rather than profit, issuing a sweeping manifesto on safeguarding humankind as the technology impacts everything from work to war.

“Magnifica Humanitas” (Magnificent Humanity), Leo’s first encyclical, has been eagerly awaited ever since history’s first U.S.-born pope announced days after his election that he considered AI to be the biggest challenge facing humanity today.

In the text, Leo denounced the “culture of power” driving the AI race, especially in developing ever more sophisticated methods of remote warfare. He declared that it was “not permissible” to entrust irreversible, lethal decisions to AI systems, setting up another flash point between the American pope and the Trump administration, which has worked aggressively to deregulate AI development.

“Artificial Intelligence now demands to be disarmed, freed from logics that turn it into an instrument of domination, exclusion and death,″ the pope told a special Vatican presentation of the encyclical, one of the most authoritative types of teaching documents a pope can issue.

Experts in the tech industry, academia and Catholic morality said the document will likely become a benchmark in the debate over AI, a point of reference for policymakers, researchers and ordinary folk alike. It comes as the near-daily developments in the technology trigger concerns over AI replacing human jobs and even human intelligence.

Taylor Black, a Microsoft AI executive and director of Catholic University of America’s AI institute, said the document would prompt people “at the forefront of these tools” to ask questions such as “What does it mean to be human?”

The Vatican launch also included remarks by the co-founder of Anthropic, which is currently locked in a legal battle with the Trump administration over access to its AI technology. The Vatican decided to involve Anthropic as part of its decade-long effort to engage Silicon Valley in dialogue over the human cost of AI.

And yet in his text, Leo repeatedly blasted the concentration of power and data in the hands of so few people in the private sector as a danger, especially to children and the most vulnerable, and called for external regulation of their work.

“It is not enough to invoke ethics in the abstract; robust legal frameworks, independent oversight, informed users and a political system that does not abdicate its responsibility are required,” he wrote. “A more moral AI is not enough if that morality is determined by a few.”

Leo appealed to AI developers and political leaders responsible for regulating them to slow down and reflect on what they are doing. He urged them to use ethical and spiritual guidelines to make the choice to work not for their own profit or power, but the betterment of humanity.

AI competitors OpenAI and Anthropic are the second- and third-most valuable U.S. private companies, each valued at hundreds of billions of dollars, more than the GDP of many nations. Both companies are heading toward near-trillion dollar IPOs.

Anthropic co-founder Christopher Olah welcomed Leo’s criticism and concern. He said such external checks were fundamental to the technology “going well” for humankind since there is so much at stake — “a real possibility that AI will displace human labor at a very large scale.”

“We need more of the world — religious communities, civil society, scholars, governments — to do what His Holiness has done here: to take this seriously, to look closely, and to push events in a better direction,” Olah said. “We need moral voices that the incentives cannot bend.”

In a methodical text, the math major pope traced the history of the Catholic Church’s social teaching and applied its core concepts — justice, solidarity, the dignity of work and the universal destination of resources — to the digital revolution.

“I am convinced that this will prove to be a defining document for our era, a profound and prophetic document,” said Paolo Carozza, law professor at Notre Dame Law School and chair of the Meta Oversight Board.

“Pope Leo is offering a clear, comprehensive, and coherent voice urging us to take responsibility for constructing a world in which technology will serve humans rather than degrade them,” he said.

In its strongest chapters, Leo denounced how AI had helped accelerate the “normalization of war” by desensitizing people to its cost. He didn’t name specific conflicts, but cited “opposing imperialisms, between powers that wish to preserve their supremacy, and those that aspire to seize that supremacy.”

He demanded transparency and accountability by AI developers so that the chain of decision-making command in ordering strikes with AI weaponry is always known. He declared that the Catholic Church’s “just war” theory, which provides specific criteria for when force can be justified, was now “outdated” given the technological advances of warfare.

Leo signed the text May 15, the 135th anniversary of the publication of “Rerum Novarum” (Of New Things), the most important teaching document of Leo’s hero and namesake, Pope Leo XIII. That document addressed workers’ rights, the limits of capitalism, and the obligations that states and employers owed workers as the Industrial Revolution was underway.

It became the foundation of modern Catholic social thought, and the current pope cited it at the start of his pontificate in relation to the AI revolution, which he believes poses the same existential questions that the Industrial Revolution posed over a century ago. “Magnifica Humanitas” thus becomes the latest chapter in a century-long history of popes adapting “Rerum Novarum” to the social questions of their times, often dwelling on the dignity of work for human flourishing.

AI is evoking both existential fears and utopian vision amid an intensifying debate on whether it will become a catalyst that enriches humanity or a technological toxin that dulls human intelligence while wiping out millions of high-paying jobs.

“The pursuit of greater profits cannot justify choices that systematically sacrifice jobs, because the human person is an end, not a means, and the economic order must remain subordinate to human dignity and the common good,” Leo wrote.

Leo extended his concern for upholding human dignity in labor to issue the first-ever papal apology for the Holy See’s own role in legitimizing slavery by giving European sovereigns explicit authority to subjugate and enslave “infidels.”

Vatican officials declined to say who contributed to Leo’s encyclical. But Vatican and church officials have been engaged in a dialogue with Silicon Valley tech firms for a decade.

The decision to include Anthropic at the Vatican launch was criticized by some who considered it a papal stamp of approval of the AI firm, which is currently suing the Trump administration after it ordered all U.S. agencies to stop using Anthropic’s technology for its refusal to allow the U.S. military unrestricted use of it.

Brian Boyd, U.S. faith liaison for the nonprofit Future of Life Institute, read the inclusion of Anthropic’s co-founder Olah as a recognition of its prominence in the field and as similar to a papal audience with a head of state: not an endorsement.

Anthropic is an “enormous corporation that is taking onto itself an enormous risk and responsibility,” Boyd said, adding that the company has “demonstrated genuine goodwill and integrity and interest in dialogue.”

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Winfield reported from Middletown, Connecticut, and Huamani reported from Los Angeles. Associated Press writers Kelvin Chan in London and Colleen Barry in Milan contributed to this report.

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Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

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NICOSIA, Cyprus (AP) — Cypriot YouTuber and TikToker Fidias Panayiotou, who translated his online popularity into a meteoric political career at home and in Europe, said Monday that he’ll hold onto his European Parliament seat, despite winning one in Cyprus’ House of Representatives.

“I’ll stay in the European Parliament because it would be good for the Direct Democracy party to have a European Parliament member,” Fidias, who goes by his first name, told reporters before a proclamation ceremony.

“We could’ve done better but we’re happy with what has happened, this is a small victory.”

Fidias whipped up much speculation by being coy about his political future throughout his campaign.

It was only six months ago that Fidias, 26, founded the Direct Democracy party. He said that the party was intended to upend the established political order in Cyprus and abroad by enabling ordinary citizens to have a say in formulating party policy and declare themselves party candidates through an online application.

Direct Democracy received 5.4% of total votes in Sunday’s parliamentary election and four seats in the 56-member House. Fidias, who garnered the most votes out of all of his party’s candidates, ceded his seat to runner-up Yiannis Laouris.

Even though it’s a remarkable result for a group that eschewed the traditional way of wooing voters by outlining its policies, the result didn’t live up to Fidias’ own expectations. That’s because nearly one in five voters cast their ballots for him in the June 2024 European Parliament election, even though he took no political positions, made no promises and didn’t present a program for his time in office.

“It seems now that people are hungry not for political positions, but for true people that are not lying, (but) saying the truth,” he told The Associated Press in an interview shortly after the 2024 poll.

Fidias spent years boosting his popularity with outrageous video posts of him spending wads of cash in Vietnam, living a week in an airport for free, and burying himself alive for 10 days.

His online breakthrough came after he relentlessly pursued and succeeded in getting a hug from billionaire entrepreneur Elon Musk, who also became a fan.

Fidias has acknowledged that his online antics had offered many Cypriot voters — who are deeply disenchanted with the perceived corruption of a party system that has operated on a favors-for-votes basis for decades — a way to express their frustrations.

Fidias has used online media as his primary tool to communicate with his supporters the inner workings of the European Parliament, the reasoning for his voting on issues as well as to answer his growing number of detractors who consider him and his trial-by-error decision-making politically infantile.

He has also courted plenty of controversy for his perceived support for negotiations with Russia over the war in Ukraine, and for casting doubt on what the International Criminal Court said was the “unlawful deportation” of Ukrainian children to Russia.

Sunday’s parliamentary election saw the ultranationalist National Popular Front, or ELAM, party make major gains, receiving nearly 11% of the vote and eight seats — up from just under 7% and four seats in the previous poll.

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DALLAS (AP) — After three terms in the U.S. House and two unsuccessful campaigns for the U.S. Senate, Colin Allred said he’s heard plenty about voters’ suspicions that politicians are just trying to make a buck in Washington.

“’What about the stock trading in Congress? What about people getting rich in Congress?’” Allred said they ask him regularly. “And I have to say to them, you’re absolutely right about that, too. We need to be better.”

He’s challenging Rep. Julie Johnson in the Democratic runoff for a Dallas-area House seat on Tuesday, and he’s one of several candidates trying to harness populist anger over congressional stock trading. Allred has denounced Johnson for trades involving companies like Palantir, a data analytics firm with ties to President Donald Trump’s administration.

Johnson said her trades were handled by a financial manager, and she accused Allred of being “only out for himself.” She pointed to financial disclosures that showed Allred’s wealth nearly doubling during his own time in Congress, although Allred said his assets were in a blind trust and the money came from his wife’s income as a partner at a law firm.

“To be clear, the sum total I made on that trade was only $90,” Johnson said of her Palantir stock. “My opponent is trying to make it seem like it was hundreds or thousands.”

The bitter campaign is emblematic of broader debates within the Democratic Party over the role of money in politics. Long a refrain of strident progressives and good-government reformers, accusations that political rivals are self-dealing or bought by special interests have become a mainstay of Democratic primaries. The heightened criticism of lawmakers’ personal wealth comes as the party looks to sharpen its anti-corruption message against Trump and to develop a platform for overhauling Washington if Democrats take power in the midterms.

Trump campaigned on a promise to “drain the swamp,” capitalizing on Americans’ disdain for the Washington establishment. Now that his family is profiting while he’s back in the White House, Democrats are eager to regain the upper hand on an issue that could prove potent with voters.

“The difficulty is that right now, no party has the mantle on anti-corruption,” said Daniel Lobo-Lewis, a political consultant in Washington. “Many voters outside of the beltway see both parties as corrupt, because they see all politicians as bought by the donors or by their own self-interest.”

Lobo-Lewis and Nico Agosto founded the Political Integrity Project last year to track stock trading and corporate donations involving members of Congress.

The organization asks candidates to sign an “integrity pledge” to refrain from trading stocks or accepting corporate donations while in Congress and vow not to work as a lobbyist after they leave office. So far, about 90 challengers and seven sitting lawmakers have taken the pledge, all of whom are Democrats.

“If we want to, in any way, start rebuilding trust in our political institutions, it starts with no-brainer changes like this that have an approval rating above and beyond any other issue you could imagine,” Lobo-Lewis said.

Congress has yet to enact a stock trading ban for its members, though insider trading is already illegal. for members just like it is for anyone else. There are multiple proposals on Capitol Hill but none have gained traction.

A bipartisan bill to ban congressional stock trading stalled this year despite receiving Trump’s blessing during his State of the Union. And Democrats remain divided over the number of alleged loopholes in their competing proposals.

A crowded race in a Democratic-leaning Utah congressional seat has featured attacks over candidates’ personal wealth. State Sen. Nate Blouin criticized his main rival, former Rep. Ben McAdams, for having equity in a Utah data center firm, and excoriated others in the race for past investments and jobs.

McAdams said the equity of several thousand dollars was payment for a past contract completed by his government consulting firm while he was a private citizen. His campaign defended the data center project by saying it would use no water and run on clean energy.

A spokesperson for McAdams also claimed Blouin “is currently hiding his corporate donations” by removing them from campaign disclosure reports, which McAdams’ campaign claims “is not only deceitful, it breaks campaign finance law.”

In an interview, Blouin rejected the claim that he broke the law, and said that he removed the donations because he returned the money to each donor.

“It was actually quite uncomfortable to return some of those,” said Blouin, because some of the firms included local firms and clean energy companies. “But there is a perception that campaign contributions from lobbyists and companies influence votes, and I think there is some truth to that.”

In a New York City congressional district that includes both Wall Street and the Democratic Socialists of America’s headquarters, the city’s former comptroller, Brad Lander, has accused Rep. Dan Goldman of trying to buy another term by using his own wealth to match campaign contributions. Goldman, an heir to the Levi Strauss family fortune, says he entered all of his assets into a blind trust after taking office in 2023.

A spokesperson for Goldman said Lander is “running a deceitful campaign based on absurd lies that Dan is beholden to special interests” and that Goldman has raised more campaign funds than Lander “without taking a dime of corporate PAC money.” Goldman has spent his own money on the race, the spokesperson said, “to ensure that the NY-10 voters can be sure that he is beholden only to them and his principles.”

Lander said Goldman’s spending is “not illegal, but it is certainly anti-democratic when a quarter-billionaire like Dan Goldman not only dumps millions of his own inherited wealth into his elections but also solicits money from the same forces who are rigging the economy and worsening the affordability crisis.”

Even representatives who support a ban on congressional stock trading are feeling the heat.

Democratic Rep. Brad Sherman of California is facing multiple primary challengers who have criticized the congressman for holding stocks while serving in Congress. Sherman does not trade individual stocks and supports a ban on stock trading.

“I only own three individual stocks which I inherited from my mother when she passed away, which were originally acquired by my grandmother,” Sherman said. “I have never sold them because I made a promise to my constituents that I would not buy and sell individual stocks.”

One of Sherman’s primary challengers is Jake Levine, a former climate adviser to President Joe Biden, who signed the pledge from the Political Integrity Project. But Sherman said Levine “refuses to disclose key elements of his $18 million stock portfolio, and actively bought and sold stocks while serving on the National Security Council.” Levine has said he cannot disclose the portfolio because it is managed by his family and he has no oversight.

In the race to succeed former House Speaker Nancy Pelosi, California State Sen. Scott Wiener has critiqued his progressive opponent, Saikat Chakrabarti, over his personal wealth. Chakrabarti is a former software engineer who earned millions as an early employee at the tech firm Stripe. He later served as the first chief of staff to Rep. Alexandria Ocasio-Cortez, D-N.Y.

Wiener said that Chakrabarti “has enormous investments” and “is trying to buy this seat” while “spreading bogus conspiracy theories” with his own wealth. He criticized Chakrabarti for not disclosing the last decade of his stock trades.

“If you’re making a ban on stock trades a central part of your campaign — as Saikat is doing, running around saying that everyone under the sun is corrupt — how about you tell the voters about your own stock trading history,” Wiener said.

Chakrabarti retorted that his wealth as a private citizen is not relevant to his future time in office and that he would put all of his assets into a blind trust should he be elected. He critiqued Wiener for being supported by super PACs funded by the AI firm Anthropic and other major corporations.

“This is all part of a larger problem, which is just the whole idea of corruption in our politics,” Chakrabarti said. “If you’re in Congress, you sit on committees that oversee a lot of these industries, and it’s unethical to be using that insider information, that knowledge to make stock trades. But that doesn’t apply to a private citizen.”

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May 26 (Reuters) – U.S. crude futures fell more than 6% in early Asian trade on Tuesday after Nikkei reported that the U.S. and Iran are discussing a plan to reopen the Strait of Hormuz about 30 days after the two countries reach a deal to end hostilities.

U.S. West Texas Intermediate at 2205 GMT was down $5.90 or 6.1% to $90.73 per barrel. The contract fell 6.5% in the previous session.

(Reporting by Pooja Menon in Bengaluru; Editing by Cynthia Osterman)

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CAIRO (AP) — A deal appears to be emerging between the United States and Iran to end the war and open the Strait of Hormuz, and U.S. President Donald Trump over the weekend said it had been “largely negotiated.”

It is not clear when or how the deal might be finalized and when its various parts will take effect. Trump spoke after calls with allies in the Middle East, including a separate call with Israel. Details come from two regional officials and a U.S. official who spoke on condition of anonymity to discuss the sensitive negotiations.

Here’s what we know and don’t know:

In the 12 weeks since the U.S. and Israel launched the war with attacks on Iran that killed senior officials including Supreme Leader Ayatollah Ali Khamenei, Tehran has insisted that any deal focus on ending the fighting on all fronts. That includes Lebanon, where the Iranian-backed Hezbollah militant group has been fighting Israel since two days into the war.

A fragile ceasefire has held since April 7. An end to the war would ease concerns throughout a region that saw Gulf havens and travel hubs like the United Arab Emirates struck by Iranian missiles and drones. It would allow for global shipping, including an estimated 20% of the world’s oil and natural gas, to begin flowing through the Strait of Hormuz again. It also would allow the rebuilding of energy and other infrastructure in the region.

Both regional officials said the draft deal includes an end to the war between Israel and Hezbollah, as well as a commitment to not interfere in the domestic affairs of countries in the region including Iran. That’s a critical reference to Iran’s support for proxies, which also include the Houthi rebels in Yemen, Hamas militants in Gaza and Shiite armed groups in Iraq.

The U.S. wants Israel to have a free hand to respond to what it views as threats in Lebanon while Iran rejects it, one regional official said. The U.S. official said the deal would guarantee Israel’s right to act against imminent threats in self-defense.

Iran’s nuclear program, missile program and support for armed proxies were the stated reasons for the U.S. and Israel attacking Iran. But Tehran’s retaliatory grip on the Strait of Hormuz quickly shot to the top of global concerns as hundreds of ships carrying oil, natural gas, fertilizer and other supplies were stranded.

Under the emerging agreement, the strait would gradually reopen in parallel with the U.S. ending the blockade of Iran’s ports it launched on April 17, the regional officials said. The blockade has limited Iran’s ability to ship its oil and bring in badly needed cash for its long-suffering economy.

The U.S. would allow Iran to sell its oil through sanctions waivers, said one of the officials, who has been briefed on the negotiations. Sanctions relief and the release of Iran’s billions of dollars in frozen funds would be negotiated during a 60-day period, the official said.

Iran’s nuclear program and international concerns over its possible pursuit of a nuclear weapon underlie all tensions, and the U.S. and Israel have considered highly complex military operations to go in and take out its highly enriched uranium.

Under the potential deal, Tehran would agree to give up that stockpile of highly enriched uranium, according to the regional officials. One official, with direct knowledge of the negotiations, said how Iran would give it up would be subject to further talks over the 60-day period. Some would likely be diluted and the rest transferred to a third country, potentially Russia, the official said. Russia has offered to take it.

A U.S. official confirmed the 60-day period and said if Iran doesn’t give up its stockpile, there will be no sanctions relief.

Iran has 440.9 kilograms (972 pounds) of uranium that is enriched up to 60% purity, a short, technical step from weapons-grade levels of 90%, according to the International Atomic Energy Agency.

Iran says it has an “inalienable” right to nuclear technology while insisting its program is peaceful. On Sunday, President Masoud Pezeshkian told state TV they were ready “to assure the world that we are not after a nuclear weapon.”

Trump on Sunday on social media said that “our relationship with Iran is becoming a much more professional and productive one. They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb.”

Other issues have not been mentioned in descriptions of the emerging deal, including the status of Iran’s uranium enrichment.

Another is Iran’s missile program, which Israel in particular has sought to destroy.

And while the United States and Israel entered the war with stated ambitions of seeing Iranians rise up against their government after nationwide protests early in the year, any discussion of leadership change in Tehran appears to be out.

As for Iran’s past stated aims during negotiations, there appears to be no mention of any withdrawal of U.S. forces from the region, or for reparations for the damage the war has caused.

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Superville reported from Washington and Anna from Lowville, New York.

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TOKYO (AP) — Toshifumi Suzuki, the Japanese businessman credited with creating the 7-Eleven convenience-chain global retail empire, has died. He was 93.

Suzuki, an honorary adviser at Seven & i Holdings, died on May 18 of heart failure at his Tokyo home, the company said Monday.

Suzuki founded the Japanese unit that operates the seemingly ubiquitous 7-Eleven “conbini” outlets, where busy people can hop in and grab sandwiches, rice balls, drinks, chips and other meals on-the-run, use ATMs, pay utility bills and copy documents.

The 7-Eleven stores, now numbering more than 80,000 worldwide, are the biggest convenience-store chain in Japan.

The business started out in Japan under a franchise agreement with the U.S. 7-Eleven in 1973. The first store opened in Japan the following year.

After The Southland Corp., which founded 7-Eleven, ran into financial difficulties the Japanese company bought a majority stake in the 1990’s. It made the American counterpart its 100% owned group company in 2005.

Several years ago, the Canadian retailer Alimentation Couche-Tard, which runs the global Circle K convenience store chain, sought to take over Seven & i Holdings. But it dropped the effort in 2024, citing frustration with negotiations that showed “a lack of constructive engagement.”

Suzuki, born in Nagano Prefecture, northern Japan, in 1932, graduated from the prestigious Chuo University in Tokyo.

Before beginning his career in the convenience store business, he worked at Ito-Yokado, a major Japanese retail chain that sells a variety of products including groceries, cosmetics and clothing, which is also owned by Seven and i Holdings.

Apart from leading 7-Eleven, Suzuki engineered the acquisition of Barney’s Japan in 2015 and added banking functions to the empire.

He said he wanted to provide customers with what he called a lifestyle shopping experience. Over the years, the retailing giant also brought under its wing the Sogo and Seibu department stores.

Suzuki became chief executive of 7-Eleven Japan in 1978. He is widely seen as having innovated how Japanese consumers shop. Convenience stores have led retailers in Japan in implementing new retail technologies.

Funeral services are being held privately with family, and messages, flowers and other condolence gifts were politely declined, according to the company. Details of a public ceremony will come later, it said.

Suzuki is survived by his wife and two children.

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May 25 (Reuters) – A group of U.S. employees have sued Sydney-listed Guzman y Gomez in an Illinois court, alleging the Mexican-themed fast-food chain did not give prior notice to staff before closing all its Chicago restaurants, a court document showed on Monday.

Guzman y Gomez, a Mexican-themed restaurant chain whose global growth plans powered a blockbuster share market listing in 2024, last week said it was quitting the U.S. due to poor sales.

“GYG is aware of legal action filed in the United States, and we are confident we have met all of our legal obligations to our U.S. employees. We are not in a position to provide further comment on this matter,” a spokesperson told Reuters.

The lawsuit alleges the company permanently closed all six of its Chicagoland locations last Thursday and immediately terminated staff without warning. Workers were only notified of the closure via an internal messaging platform late that evening.

The complaint estimates about 500 employees could be affected due to the abrupt closures, the court document showed.

The plaintiffs are seeking 60 days of unpaid wages and benefits under the federal and state Worker Adjustment and Retraining Notification Acts, and a maximum civil penalty under the act, among others.

Guzman shares leapt over 10% at the open on Monday before surrendering gains to trade flat at A$19.805 at 0543 GMT, though still up 24% since its U.S. exit announcement on Friday.

(Reporting by Kumar Tanishk in Bengaluru; Editing by Harikrishnan Nair)

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ROME, May 25 (Reuters) – Ferrari, renowned for its roaring V8 and V12 engines, is unveiling its first fully electric model, the Luce. 

Here is a summary of how the Italian sports car maker got there after first using hybrid technology in its Formula One racing cars more than a decade ago.

2014

Hybrid powertrains introduced in Formula One. Systems to recover kinetic energy when braking had been used since 2009.

MAY 2019

Ferrari launches 1,000 horsepower, 4WD SF90 Stradale, its first mass-produced hybrid. It had launched a limited series LaFerrari hybrid in 2013.

Further hybrid models are launched in the following years, including the 296 family, the 849 Testarossa and the limited edition F80 supercar costing €3.6 million ($4.2 million).

SEPTEMBER 2021

Benedetto Vigna, a physicist who spent 25 years at chipmaker STMicroelectronics, takes over as CEO to drive Ferrari’s leap into electrification.

JUNE 2022

Vigna presents his first multi-year business plan for Ferrari, including a pledge that by 2030 electric models would make up 40% of its line-up, after the European Union launched an effective 2035 ban on the sale of new petrol-engine cars. He targets 2025 for Ferrari’s first fully electric model.

JUNE 2024

Reuters reports details of Ferrari’s first electric car, with a price tag pegged at more than €500,000.

Ferrari inaugurates a new ‘e-building’ within its Maranello complex to make electric cars and parts for EVs, as well as hybrids and some traditional combustion-engine models.

MAY 2025

Ferrari says its first EV will be launched through a three-stage unveiling process culminating with a world premiere in the spring of 2026. It adds deliveries to clients will start in October 2026.

JUNE 2025

Ferrari delays plans for second EV due out in 2026 to at least 2028, due to lack of demand for high-performance EVs, Reuters reports.

OCTOBER 2025

Ferrari unveils technology to power its first electric car.

The four-door, four-plus-seat car will have a specially designed sound system to amplify vibrations from its powertrain to create an electric Ferrari roar.

In a new business plan, Ferrari’s revised model mix targets 20% EVs, 40% hybrids and 40% internal combustion engine (ICE) models for 2030 line-up. That compares with a 2022 target of 40% EVs, 40% hybrids and 20% ICE models.

FEBRUARY 2026

Ferrari releases teaser images of first EV model, revealing its name as Luce – meaning light in Italian. LoveFrom, co-founded by former Apple designer Jony Ive, is involved.

Vigna says that Ferrari is opening pre-orders for the Luce in March, after “very positive” client feedback.

($1 = 0.8519 euros)  

(Reporting by Giulio Piovaccari; Editing by Adam Jourdan and Alexander Smith)

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