Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
By Dietrich Knauth NEW YORK (Reuters) - Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group, wi...
May 18, 2024
Nippon key negotiator to meet U.S. Steel staff in Pittsburgh, Bloomberg News reports
(Reuters) - Japan's Nippon Steel's vice chairman and key negotiator for the U.S. Steel deal, Takahiro Mori, will travel to Pittsburgh, Pennsylvania next week to meet with local staff and elected officials, Bloomberg News reported on Friday, citing ...
May 18, 2024
Analysis-UAW's stinging loss in Alabama won't kill national organizing effort
By Nora Eckert VANCE, Alabama (Reuters) - The United Auto Workers failed in its effort to organize a Mercedes-Benz plant in Alabama, but the loss on Friday was a good result for a first effort in a historically anti-union state, labor professors an...
May 17, 2024
Stock market's record-setting rebound may have further to go
By Lewis Krauskopf NEW YORK (Reuters) - A rebound that has taken the U.S. stock market to record highs this week may have further to run, if history is any guide. Fresh signs of a cooling economy calmed inflation worries in May, helping all three m...
May 17, 2024
J&J-backed startup Rapport files for US IPO
(Reuters) - Biopharmaceutical company Rapport Therapeutics, backed by the venture capital arm of Johnson & Johnson, filed for an initial public offering in the United States on Friday. Rapport, which develops small molecule medicines for patients s...
May 17, 2024
US, TikTok seek fast-track schedule, ruling by Dec. 6 on potential ban
WASHINGTON (Reuters) - The U.S. Justice Department and TikTok on Friday asked a U.S. appeals court to set a fast-track schedule to consider the legal challenges to a new law requiring Chinese-based ByteDance to divest TikTok's U.S. assets by Jan. 1...
May 17, 2024
Swedish EV maker Polestar gets Nasdaq notice on potential de-listing
(Reuters) - Swedish electric vehicle firm Polestar said on Friday it received a deficiency notice from the Nasdaq stock exchange for not filing its annual report on Form 20-F with the U.S. securities regulator for the fiscal year ended Dec 31. (Re...
May 17, 2024
US lukewarm on G7 Russian diamond ban after industry backlash
By Julia Payne and Dmitry Zhdannikov BRUSSELS/LONDON (Reuters) - The United States is re-evaluating the strictest elements of a ban on Russian diamonds from the Group of Seven major democracies, after opposition from African countries, Indian gem p...
May 17, 2024
Hershey faces larger lawsuit over missing designs on Reese's candies
By Jonathan Stempel (Reuters) - Hershey is facing a renewed, larger lawsuit claiming it misled consumers about the amount of artistic detail they would find on several Reese's peanut butter candies after opening the packaging. In a proposed class a...
May 17, 2024
Hedge funds squeezed from short bets amid surging meme stocks, Goldman Sachs says
By Nell Mackenzie LONDON (Reuters) - Hedge funds ditched bearish stock bets early this week at some of the highest rates in three years as U.S. meme stocks rallied sharply, a Goldman note seen by Reuters on Friday showed. The note, published on Wed...
May 17, 2024
Factbox-Boeing faces multiple probes after mid-air MAX door plug blowout
(Reuters) - Boeing is facing heightened scrutiny from U.S. regulators and prosecutors into its safety and quality practices following the Jan. 5 panel blowout on an Alaska Airlines 737 MAX 9. The planemaker is producing its cash-cow MAX jets at a l...
May 17, 2024
Fed's Bowman repeats she's willing to hike rates if needed
(Reuters) - U.S. Federal Reserve Governor Michelle Bowman on Friday repeated her view that inflation will fall further with the policy rate held steady, but said she has seen no improvement on inflation this year and remains willing to hike rates s...
May 17, 2024
Haidilao restaurant operator Super Hi's shares surge 38% in strong US market debut
(Reuters) - Super Hi International jumped 38% in its debut on Nasdaq, giving the operator of Chinese hotpot restaurant chain Haidilao a valuation of about $1.74 billion. Shares opened at $27 per share compared with the initial public offering (IPO)...
May 17, 2024
BuzzFeed CEO moves to majority stock based compensation amid AI push
(Reuters) - A major part of BuzzFeed CEO Jonah Peretti's compensation will now be in stock options, the digital media firm said on Friday, amid efforts to boost the adoption of artificial intelligence to speed up a turnaround. The company has award...
May 17, 2024
Fed Chair Powell tests positive for COVID-19, working from home
(Reuters) - Federal Reserve Chair Jerome Powell tested positive for COVID-19 on Thursday, a Fed spokesperson said in an emailed statement. Powell "plans to deliver commencement remarks to Georgetown Law School on May 19 via prerecorded video," the ...
May 17, 2024
Citgo share bidders can be asked how accommodate bondholder claims, judge rules
(Reuters) - Bidders in a U.S. court auction of shares that will decide the ownership of oil refiner Citgo Petroleum can be required to say if their binding offers cover claims by Venezuela bondholders in a separate court action, a U.S. District Cou...
May 17, 2024
Weaker loonie may not deter Bank of Canada diverging from the Fed
By Fergal Smith TORONTO (Reuters) - The Bank of Canada would be willing to cut interest rates three times ahead of the Federal Reserve's first move before a declining currency threatens to endanger the inflation outlook, the median estimate of seve...
May 17, 2024
Texas power demand to hit record high for month of May next week
By Scott DiSavino (Reuters) - Power use in Texas will likely break records for the month of May next week as homes and businesses crank up their air conditioners to escape a spring heat wave, the state's electric grid operator projected on Friday. ...
May 17, 2024
Boeing shareholders vote to re-elect CEO Calhoun to board
(Reuters) - Boeing Co shareholders voted to re-elect outgoing Chief Executive Dave Calhoun to the planemaker's board at the company's annual meeting, as per a preliminary tally. Proxy adviser Glass Lewis had last month recommended shareholders vote...
May 17, 2024
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