Analysis-Endeavor's $13 billion deal highlights push to sidestep minority shareholders
By Anirban Sen and Tom Hals (Reuters) - Endeavor Group's decision to deny minority shareholders the ability to veto a $13 billion deal to take the entertainment conglomerate private is the latest example of a company's controlling investors risking...
May 17, 2024
NY Fed announces launch of new supply chain pressure metrics
By Michael S. Derby NEW YORK (Reuters) - The Federal Reserve Bank of New York is bolstering its data offerings tracking the state of supply chains. The bank said Friday that it is launching new "Supply Availability Indexes" via a blog posting on Mo...
May 17, 2024
Bank of America to buy WaFd's multi-family loan portfolio for $2.9 billion
(Reuters) - WaFd Inc, the parent of Washington Federal Bank, has agreed to sell a portfolio of commercial multi-family real estate loans to Bank of America for $2.9 billion, it disclosed in a regulatory filing on Friday. (Reporting by Manya Saini ...
May 17, 2024
Tesla chair sees challenges in getting shareholder vote for Musk's pay package, FT reports
(Reuters) - Tesla's chair of the board said the company needs to climb "Mount Everest" as it faces shareholder votes on relocating to Texas and CEO Elon Musk's $56 billion pay deal, the Financial Times reported on Friday. Robyn Denholm, who has hel...
May 17, 2024
Factbox-From tax to green power, UK's Conservatives and Labour lock horns on economy
By William Schomberg LONDON (Reuters) - British Prime Minister Rishi Sunak's Conservatives and the opposition Labour Party are increasingly making the economy a battleground of their early election campaigning. Finance minister Jeremy Hunt said on ...
May 17, 2024
US labor board will suspend case against SpaceX pending company's legal challenge
By Daniel Wiessner (Reuters) -The U.S. National Labor Relations Board told a Texas federal judge that it will suspend an administrative case accusing SpaceX of illegally firing engineers critical of CEO Elon Musk while the rocket maker pursues a lawsui...
May 17, 2024
Microsoft plans to release next Call of Duty version on subscription service, WSJ reports
(Reuters) - Microsoft plans to release the coming installment of "Call of Duty" videogame to its subscription service instead of the longtime approach of only selling it à la carte, the Wall Street Journal reported on Friday. The plans are expected...
May 17, 2024
BlackRock CEO sees 'giant issue' for Europe due to AI power needs
ROME (Reuters) - The enormous power supply required by data centres to support artificial intelligence (AI) technologies will create competitive issues among countries and put Europe at a disadvantage, the CEO of BlackRock said on Friday. "It will ...
May 17, 2024
Global equity funds draw inflows on rate cut hopes, soft US economic data
(Reuters) - Global equity funds experienced strong demand for the third consecutive week, in the seven days to May 15, bolstered by a softer U.S. jobs report and lower-than-expected inflation figures, which increased expectations that the Federal R...
May 17, 2024
GameStop expects first-quarter revenue to drop, shares tumble
(Reuters) -GameStop expects first-quarter net sales to drop from a year ago, as customers transition to buying video games and collectibles online, while the retailer largely relies on brick and mortar stores. Shares of the company fell 10% in premarke...
May 17, 2024
Exclusive-VW and Renault end talks to develop affordable EV, sources say
By Gilles Guillaume and Christina Amann PARIS/BERLIN (Reuters) - Volkswagen has walked away from talks with Renault to jointly develop an affordable electric version of the Twingo car, two sources familiar with the situation said, in a setback for ...
May 17, 2024
Reddit stock jumps after OpenAI partnership
(Reuters) - Shares of Reddit rose 14% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to draw in more users for the social media platform with AI-enhanced experience and attract more advertising revenue....
May 17, 2024
Morning bid: Dow flirts with 40k, China fights homes bust
A look at the day ahead in U.S. and global markets from Mike Dolan After a week of worldwide stock market records, Friday seems set for a breather - with attention switching to the deepening Chinese housing bust and sweeping government plans to stop th...
May 17, 2024
Goldman Sachs looks to expand private equity credit lines as dealmaking picks up
By Saeed Azhar NEW YORK (Reuters) - U.S. investment bank Goldman Sachs is muscling into the lending market for private equity and asset managers, planning an overseas expansion as it helps fill a void left by turmoil at regional banks and the sale ...
May 17, 2024
BHP needs to bid about 32 pounds a share for Anglo, JPMorgan says
By Anousha Sakoui LONDON (Reuters) - BHP Group would need to boost its latest offer around 30% to reflect fair value for Anglo American and its key copper assets, JPMorgan analysts said in a note. They raised their price target for London-listed A...
May 17, 2024
Futures edge lower as rally loses some steam
(Reuters) - U.S. stock index futures slipped on Friday, near the end of a week of sharp Wall Street gains underpinned by hopes of Federal Reserve interest rate cuts after softer-than-expected consumer inflation data. All three main indexes had touc...
May 17, 2024
UAW's influence tested in pivotal Alabama Mercedes-Benz factory union vote
By Nora Eckert VANCE, Alabama (Reuters) - The outcome of a vote on Friday by workers at a Mercedes-Benz factory in Alabama will be a key referendum on whether the United Auto Workers can maintain momentum in the historically anti-union South. The U...
May 17, 2024
Take Five: The good, the bad and the ugly
(Reuters) - Markets are hoping for evidence that will solidify a brightening global economic outlook, though rising trade tensions are casting a cloud, while G7 finance ministers gather in Italy. AI darling Nvidia reports results, London has its si...
May 17, 2024
Daimler Truck and Volvo intend to form software joint venture
(Reuters) - German truck maker Daimler Truck and Sweden's Volvo intend to form a joint venture to develop a software-defined vehicle platform and dedicated truck operating system, the two companies said on Friday. The new company would be a 50/50 j...
May 17, 2024
Xpeng says US tariffs on Chinese EV detrimental to meeting carbon neutrality
HONG KONG (Reuters) - Chinese electric vehicle maker Xpeng said on Friday new U.S. tariffs on Chinese electric vehicles (EV) are detrimental to achieving carbon neutrality and green energy transition. Brian Gu, Xpeng vice chairman and president, al...
May 17, 2024
Exclusive-Shanghai compiles data list eligible for faster overseas transfer, document shows
SHANGHAI (Reuters) - Shanghai has compiled a list of data that can be transferred overseas without security assessments, according to a government document seen by Reuters, a much anticipated move as China tries to lure foreign investment to boost ...
May 17, 2024
Exclusive-Musk pushes plan for China data to power Tesla's AI ambitions
By Fanny Potkin SHANGHAI/SINGAPORE (Reuters) - Tesla is pushing ahead with plans to power the global development of its self-driving system with data from China that could be processed within the country, part of a strategic shift by Elon Musk, acc...
May 17, 2024
Hedge funds play a weak Japanese yen
By Nell Mackenzie LONDON (Reuters) - Pressure on Japan to prop up a weak yen may have ebbed, but currency weakness remains a headache for Tokyo. The yen is down 9.4% against the dollar so far this year, and looks set for a fourth year of declines. ...
May 17, 2024
China to let local governments buy homes, cut mortgage rates to revive property sector
(Reuters) - China will allow local government authorities to buy some homes at "reasonable" prices to provide affordable housing, Vice Premier He Lifeng told an online meeting on housing policy on Friday, the official news agency, Xinhua, said. Chi...
May 17, 2024
Technology leads European shares lower, rate cut doubts loom
(Reuters) - European shares kicked off Friday's trade on a weaker note, led by declines in technology and real-estate companies, as investors looked forward to euro zone inflation data for some clarity on the path for interest rate cuts beyond June...
May 17, 2024