S.Korea sees stronger growth, vows support for small businesses
SEOUL (Reuters) -South Korea's government has prepared financial support for small businesses struggling due to high interest rates, President Yoon Suk Yeol said on Wednesday, as it revised up its forecast for this year's economic growth. "Small busine...
Jul 03, 2024
Oil prices inch up on large US crude stock draw
By Yuka Obayashi TOKYO (Reuters) - Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in th...
Jul 03, 2024
China's services activity growth hits 8-month low, Caixin PMI shows
BEIJING (Reuters) - China's services activity expanded at the slowest pace in eight months and confidence hit a four-year low in June, dragged by slower growth in new orders, a private-sector survey showed on Wednesday, suggesting more economic sti...
Jul 03, 2024
Irish service sector growth moderates, input costs fall sharply
DUBLIN (Reuters) - Growth in Ireland's service sector moderated slightly in June, bringing jobs growth to a near standstill but a sharp drop in input costs offered welcome relief to firms, a survey showed on Wednesday. The AIB Global S&P Purchasing...
Jul 03, 2024
Analysis-Rough road ahead for US EV makers despite upbeat quarterly sales
By Akash Sriram and Abhirup Roy (Reuters) - Better-than-expected U.S. electric-vehicle sales in the second quarter brought welcome relief to investors after a sharp slowdown in demand triggered by high interest rates, but EV makers still face a bum...
Jul 02, 2024
Skydance Media reaches new deal with Shari Redstone's National Amusements, WSJ reports
(Reuters) -Skydance Media has reached a preliminary agreement to buy Shari Redstone's family company National Amusements and merge with Paramount Global, the Wall Street Journal reported on Tuesday. Shares of Paramount were up 9% in after-hours trading...
Jul 02, 2024
Exclusive-Constellation talking to Pennsylvania on Three Mile Island restart, sources say
By Laila Kearney and Jarrett Renshaw NEW YORK/PHILADELPHIA (Reuters) - Constellation Energy is in talks with the Pennsylvania governor's office and state lawmakers to help fund a possible restart of part of its Three Mile Island power facility, the...
Jul 02, 2024
SLB, ChampionX get second request from DoJ for proposed $8 billion deal details
(Reuters) - Oilfield services company SLB said on Tuesday it has received a second request for additional information from the United States Department of Justice in connection with its $7.75 billion acquisition deal for smaller rival ChampionX. Ch...
Jul 02, 2024
Court officer's rep reports several competitive bids in auction of Citgo parent
By Marianna Parraga HOUSTON (Reuters) - The second bidding round for shares in refiner Citgo Petroleum's parent was "successful," with several competitive bids received last month by a U.S. federal court, a representative of the court officer overs...
Jul 02, 2024
Exxon-Hess arbitration panel nears formation, sources say
By Sabrina Valle HOUSTON (Reuters) - The final member has been chosen for a three-person arbitration panel meant to settle Exxon Mobil's claim against Chevron's $53 billion purchase of Hess Corp, two people familiar with the matter told Reuters. Th...
Jul 02, 2024
Exclusive-AI coding startup Magic seeks $1.5-billion valuation in new funding round, sources say
By Anna Tong and Krystal Hu (Reuters) - Magic, a U.S. startup developing artificial-intelligence models to write software, is in talks to raise over $200 million in a funding round valuing it at $1.5 billion, just several months after its last capi...
Jul 02, 2024
EV maker Rivian denies media report on production talks with VW
SAN FRANCISCO (Reuters) -Rivian denied a media report on Tuesday that said the U.S. electric vehicle company was in early talks with Volkswagen to extend their partnership beyond a recently announced software joint venture. Shares of Rivian dipped 1.5%...
Jul 02, 2024
Apple poised to get OpenAI board observer role as part of AI pact, Bloomberg News reports
(Reuters) - Apple will get an observer role on OpenAI's board as part of a landmark AI agreement announced last month, Bloomberg News reported on Tuesday. Phil Schiller, the head of Apple's App Store and its former marketing chief, was chosen for t...
Jul 02, 2024
Ford urges its managers to buy more EVs with new leasing policy
By Nora Eckert DETROIT (Reuters) - Ford Motor is trying to get more of its managers to buy electric vehicles, according to an internal email the automaker sent last week that was reviewed by Reuters. The Dearborn, Michigan-based company changed a l...
Jul 02, 2024
Walmart has held talks to sell its shuttered medical clinics, Fortune reports
(Reuters) -Walmart has held talks with potential buyers to sell its already shuttered medical clinics, Fortune reported on Tuesday, citing multiple sources familiar with the matter. In April, Walmart decided to close all 51 of its health clinics and sh...
Jul 02, 2024
Exclusive-Vista Equity in talks to hand over Pluralsight to creditors, sources say
By Milana Vinn (Reuters) - Private equity firm Vista Equity is in talks to cede control of its company Pluralsight to lenders, according to three people familiar with the matter and fund documents reviewed by Reuters. The financial information in t...
Jul 02, 2024
US FDA approves Lilly's Alzheimer's drug
The U.S. Food and Drug Administration on Tuesday gave a green light to Eli Lilly's donanemab for patients with early Alzheimer's, making it the second approved drug for slowing the progress of the brain-wasting disease. The approval for the drug brande...
Jul 02, 2024
Progressive to pay $48 million to settle claims it undervalued wrecked cars
By Jonathan Stempel NEW YORK (Reuters) - Progressive agreed to pay $48 million to settle a class action lawsuit accusing the insurer of systematically undervaluing the claims of New York drivers whose vehicles were wrecked. A preliminary settlement...
Jul 02, 2024
Exclusive-Icahn-owned oil refiner CVR bidding in Citgo share auction, sources say
By Gary McWilliams and Marianna Parraga HOUSTON (Reuters) - Oil refiner CVR Energy, controlled by billionaire investor Carl Icahn, has submitted a binding offer in an ongoing auction of shares in the parent of Venezuela-owned Citgo Petroleum, accor...
Jul 02, 2024
ECB's Makhlouf sees one more interest rate cut this year, two is 'too far'
By Francesco Canepa and Balazs Koranyi SINTRA, Portugal (Reuters) - European Central Bank policymaker Gabriel Makhlouf said on Tuesday he was comfortable with just one more interest rate cut this year as he needed more time to gain confidence infla...
Jul 02, 2024
Fed bank oversight powers grow more uncertain in wake of court action
By Michael S. Derby (Reuters) - A Supreme Court case upending how government regulators do their work thrusts Federal Reserve bank overseers into extended uncertainty and potential risk, although the ruling should not complicate the central bank's ...
Jul 02, 2024
Development banks get ratings boost on climate clauses and hybrid bonds
By Marc Jones LONDON (Reuters) - The World Bank and other top development banks got a double boost on Tuesday as Fitch said debt payment freezes for climate-disaster hit countries would not hit the banks' credit rating and it would no longer cap ra...
Jul 02, 2024
US overnight funding rate hits highest since January
By Davide Barbuscia NEW YORK (Reuters) - A measure of the borrowing costs on loans between banks and other participants in the U.S. repurchase agreement (repo) market hit its highest level since January on Monday, New York Federal Reserve data rele...
Jul 02, 2024
Fed's Goolsbee sees warnings signs on real economy
(Reuters) - Chicago Federal Reserve Bank President Austan Goolsbee on Tuesday said he sees some "warning signs" of weakening in the economy, adding that the U.S. central bank's goal is to get inflation down without stressing the labor market. "I se...
Jul 02, 2024
Toyota's Q2 US auto sales up 9% on SUV demand
(Reuters) - Toyota Motor North America posted an about 9.2% rise in second-quarter U.S. auto sales on Tuesday, aided by demand for its affordable and premium crossover SUVs. The company, a unit of Japan's Toyota Motor Corp, sold 621,549 vehicles in...
Jul 02, 2024