FRANKFURT (Reuters) - Mercedes-Benz will lower mid-term profitability targets for its passenger car business due to prolonged weakness in the market and the switch to electric-powered vehicles, a source familiar with the matter told Reuters on Tuesday. The German premium automaker's management board, led by CEO Ola Kaellenius, will revise downwards the targets it set in 2022 by Feb. 20,...

09:25 AM EST, 01/07/2025 (MT Newswires) -- Ryan Specialty ( RYAN ) said Tuesday it has agreed to buy Velocity Risk Underwriters from funds managed by Oaktree Capital Management for $525 million in upfront cash, subject to adjustments. As a component of the deal, Velocity's Velocity Specialty Insurance, or VSIC, will be bought by commercial property mutual insurance company FM,...

RPM International Inc ( RPM ) shares are trading lower after the company reported second-quarter results. Sales increased 3% year over year to $1.845 billion, beating the consensus of $1.789 billion. Sales growth was driven by higher volumes across segments and strong performance in technical solutions. Geographically, sales growth was strong in North America, mixed elsewhere, with Europe improving profitability,...

09:24 AM EST, 01/07/2025 (MT Newswires) -- American Electric Power ( AEP ) said Tuesday it has appointed Trevor Mihalik as chief financial officer, effective Jan. 20. Mihalik will join the company from Sempra ( SRE ) , where he most recently was the group president, American Electric said. Mihalik will succeed Chuck Zebula, who will serve as senior adviser...