US banks report weaker loan demand, Fed survey says
(Reuters) - U.S. banks reported renewed weakening in demand for industrial loans and a decline in household demand for credit in the first quarter of the year, according to a Federal Reserve survey of senior loan officers published on Monday. Fed o...
2h ago
Citadel's Griffin says Fed's first rate cut may come in December
By Carolina Mandl Beverly Hills (Reuters) - Ken Griffin, Citadel's founder and chief executive, said on Monday that he is unsure when the Federal Reserve may be able to cut interest rates this year, but it may come in December. Speaking at the Milk...
3h ago
Massachusetts top court to hear challenges to gig worker ballot measures
By Nate Raymond BOSTON (Reuters) - The top Massachusetts court on Monday is set to consider whether the state's voters will get to decide two ballot proposals in November that would redefine the relationship between app-based companies like Uber Te...
3h ago
Fed's Williams says next Fed move likely to be lower rates
By Michael S. Derby (Reuters) - Federal Reserve Bank of New York President John Williams said Monday that at some undefined point the U.S. central bank will lower its interest rate target. "Eventually we'll have rate cuts" but for now monetary poli...
3h ago
Investors pull $9.9 billion from hedge funds in March - Nasdaq eVestment
By Nell Mackenzie LONDON (Reuters) - Investors withdrew an estimated net $9.9 billion from hedge funds in March, up from $780 million in February and the 22nd consecutive month where industry outflows totalled more than inflows, a report from Nasda...
4h ago
Nio on track to unveil its first mass-market car in May, executive says
By Gilles Guillaume PARIS (Reuters) - China's premium electric vehicle maker Nio is on track to unveil a new model under a mass-market brand by the end of this month and a second smaller EV to be sold in Europe next year for less than $30,000, a se...
5h ago
Fed's Barkin: Current rate level will cool demand, doesn't see "overheating"
By Howard Schneider COLUMBIA, South Carolina (Reuters) - The current level for the Federal Reserve's benchmark interest rate should cool the economy enough to return inflation to the central bank's 2% target, with the strength of the job market giv...
5h ago
US financial markets watchdog to collect data on bilateral repo
By Davide Barbuscia NEW YORK (Reuters) - The Office of Financial Research (OFR), a U.S. Treasury Department-based research powerhouse, said on Monday it has adopted a final rule that will allow it to collect data on certain transactions in the repu...
5h ago
Tesla lays off more staff in software, service teams, Electrek reports
(Reuters) -Electric-vehicle maker Tesla has launched another round of layoffs including staff from the software, service and engineering departments, Electrek reported on Monday, citing emails and sources familiar with the matter. The move comes after ...
6h ago
NY Fed survey finds Americans bracing for higher housing costs
By Michael S. Derby (Reuters) - Americans are once again bracing for another round of higher housing costs, the New York Federal Reserve said on Monday. As part of its latest Survey of Consumer Expectations, the regional Fed bank found that respond...
6h ago
Etihad CEO considers buying small number of Airbus, Boeing jets
DUBAI (Reuters) - Etihad Airways would consider buying a small number of aircraft from Airbus and Boeing over the next five years if delivery slots opened up, its chief executive said on Monday. The Abu Dhabi's carrier plans to grow its fleet of na...
7h ago
Synopsys to sell software unit to Clearlake, Francisco in $2.1 billion deal
(Reuters) -Synopsys will sell its software integrity (SIG) unit to a private equity consortium led by Clearlake Capital and Francisco Partners in a deal valued at $2.1 billion, the chip designer said on Monday. Reuters reported last week that the priva...
7h ago
Robinhood Crypto gets Wells notice from US SEC
(Reuters) - Retail trading platform Robinhood Markets said on Monday its cryptocurrency trading arm received a Wells notice from the U.S. Securities and Exchange Commission (SEC) on May 4. Robinhood's shares fell 2.5% before the bell. A Wells notic...
7h ago
Fewer low-income Americans took out mortgages in 2023, study says
(Reuters) - Fewer low-income Americans took out mortgage loans last year than 2020, real estate broker Redfin said in a report on Monday, as steep interest rates make homebuying less affordable. As aggressive rate hikes by the U.S. Federal Reserve ...
7h ago
EU clears Nippon Steel's $14.9 billion purchase of U.S. Steel
(Reuters) -The European Commission on Monday approved U.S. Steel's $14.9 billion buyout by Japan's Nippon Steel, saying the deal does not raise competition concerns despite the political opposition that it faces in the United States. U.S. Steel shares ...
8h ago
U.S. hospital network Steward files for bankruptcy, aims for new loan
By Dietrich Knauth NEW YORK (Reuters) - Steward Health, which operates 30 hospitals in nine U.S. states, filed for Chapter 11 bankruptcy in Texas on Monday, aiming to secure a new loan from its landlord Medical Properties Trust. The privately-owned...
8h ago
Novavax's top shareholder Shah Capital ramps up efforts for board shakeup
(Reuters) - Hedge fund Shah Capital on Monday urged Novavax shareholders to vote against the re-election of three directors and proposals related to executive compensation, ramping up its efforts for a board shakeup at the COVID-19 vaccine maker. S...
8h ago
Canada's Brookfield to invest $1.5 billion in private credit manager Castlelake
(Reuters) -Canada's Brookfield Asset Management will invest about $1.5 billion in U.S.-based private credit manager Castlelake, the companies said on Monday. Private credit firms have become an increasingly popular source of capital for they do not fac...
9h ago
Tyson Foods beats profit estimates on cost control efforts, sales slip
(Reuters) - Tyson Foods surpassed Wall Street expectations for second-quarter profit on Monday, as it begins to reap the benefits of shutting some chicken processing plants to reduce costs. Shares of the Springdale, Arkansas-based company rose 3.5%...
9h ago
US utility Allete goes private in $6.2 billion deal
(Reuters) - Allete said on Monday a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners would acquire the U.S. utility for $6.2 billion, including debt. The partnership would pay $67 per share in cash for all ...
9h ago
Futures edge higher on rate-cut bets
(Reuters) - U.S. stock index futures edged higher on Monday, pointing to more gains on Wall Street, as traders priced in a higher chance of the Federal Reserve cutting interest rates this year. The benchmark S&P 500 and the blue-chip Dow closed at ...
10h ago
Spirit Airlines forecasts weak Q2 revenue on slow growth in domestic demand
(Reuters) - Spirit Airlines forecast weak second-quarter revenue on Monday due to sluggish improvement in domestic demand and grounding of dozens of its aircraft. The airline is among the most heavily impacted by issues with RTX's Pratt & Whitney G...
10h ago
Loews reports higher profit on strong returns on investment income
(Reuters) - Loews Corp on Monday reported a near 22% jump in first-quarter profit compared with the previous year, helped by higher premiums and strong returns on its investments. The company earns most of its revenue from its insurance unit CNA in...
10h ago
Denny's faces proxy vote over pig gestation crate pledge
By Waylon Cunningham (Reuters) - An upcoming shareholder vote at Denny's Corp could pressure the company to set targets for reducing its use of pork from suppliers that keep pregnant pigs in tight confinement, called gestation crates. The Humane So...
11h ago
Warren Buffett's fans plot their own course for when he leaves
By Jonathan Stempel and Koh Gui Qing OMAHA, Nebraska (Reuters) - Warren Buffett, the 93-year-old billionaire chief of Berkshire Hathaway, mulled his future in telling shareholders on Saturday that if he were lucky, he would have another six or seve...
12h ago