US to hold auctions to sell airline warrants received during COVID bailouts
By David Shepardson WASHINGTON (Reuters) -The U.S. Treasury Department said on Friday it planned to conduct a series of auctions to sell the warrants to purchase stock in U.S. airlines that it received after Congress approved $54 billion in COVID-19 ai...
22h ago
US judge blocks rule capping credit card late fees at $8
By Nate Raymond (Reuters) -A federal judge in Texas on Friday blocked the Consumer Financial Protection Bureau's new rule for an $8 cap on credit card late fees, a victory for business and banking groups that said the regulator exceeded its authority. ...
22h ago
Cuba accuses online news site of US-backed plot to sabotage economy
HAVANA (Reuters) - Cuba's government and independent online news site El Toque exchanged blows this week after state-run media accused the website of manipulating the black market currency exchange rate to impoverish Cubans and stoke unrest on the ...
23h ago
Microsoft hit with $242 million US verdict in Cortana patent lawsuit
By Blake Brittain (Reuters) - Microsoft must pay patent owner IPA Technologies $242 million, a federal jury in Delaware said on Friday after determining that Microsoft's Cortana virtual-assistant software infringed an IPA patent. The jury agreed wi...
May 10, 2024
US Treasury's Yellen says Congress should act on nonbank mortgage sector
(Reuters) - U.S. Treasury Secretary Janet Yellen on Friday called for Congress to give regulators more power to oversee the growing nonbank mortgage industry, which she said presented unique risks to financial stability. Yellen spoke during a meeti...
May 10, 2024
Analysis-Tesla's EV charging team layoffs threaten to slow Biden's program to electrify highways
By Abhirup Roy SAN FRANCISCO (Reuters) - Elon Musk's decision to gut Tesla's electric-vehicle charging team is scrambling plans for rolling out new fast-charging stations and may delay President Joe Biden's efforts to electrify U.S. highways. Last ...
May 10, 2024
US Treasury posts $210 billion surplus in April
(Reuters) - The U.S. federal budget surplus in April increased from a year earlier as a boost in tax receipts outpaced a rise in outlays, the Treasury Department said on Friday. The surplus last month was $210 billion, up 19% from the $176 billion ...
May 10, 2024
US CFTC seeks to ban derivatives bets on elections, calamities
By Laura Matthews NEW YORK (Reuters) - The U.S. Commodity Futures Trading Commission (CFTC) on Friday was poised to propose a ban on listed derivatives used to bet on U.S. elections and other major real world events, its chair said. The agency is s...
May 10, 2024
Musk's X Corp loses lawsuit against Israeli data-scraping company
By Jonathan Stempel (Reuters) - A U.S. judge dismissed a lawsuit in which Elon Musk's X Corp accused an Israeli data-scraping company of illegally copying and selling content, and selling tools that let others copy and sell content, from the social...
May 10, 2024
Elon Musk says Tesla will spend $500 million to expand charging network
(Reuters) - Tesla will spend more than $500 million to expand its fast-charging network, CEO Elon Musk said on Friday, days after abruptly laying off employees who were running the business. "That's just on new sites and expansions, not counting op...
May 10, 2024
Investor and philanthropist Jim Simons dies at age 86
(Reuters) - Investor and philanthropist Jim Simons has died at the age of 86 in New York City, the Simons Foundation said in a statement on Friday. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh Kuber)
May 10, 2024
Exclusive-Shein steps up London IPO preparations amid U.S. hurdles to listing, sources say
By Julie Zhu, Greg Roumeliotis and Kane Wu HONG KONG/NEW YORK (Reuters) - Fast-fashion giant Shein is stepping up preparations for a London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmak...
May 10, 2024
Downside risks for Pakistan remain exceptionally high, says IMF
KARACHI, Pakistan (Reuters) - Downside risks for the Pakistani economy remain exceptionally high, the International Monetary Fund (IMF) said on Friday, in its staff report on the country, ahead of talks with the fund on a longer term progamme. An I...
May 10, 2024
Fed officials mull if rates are high enough as inflation expectations jump
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) - Debate over whether U.S. interest rates are high enough deepened among Federal Reserve officials this week, and may be stoked further after a key survey showed a jump in consumers' inflation...
May 10, 2024
McDonald's to launch $5 meal deal to lure back customers, Bloomberg News reports
(Reuters) -McDonald's is preparing to launch a $5 meal deal at its U.S. restaurants to lure more inflation-hit customers back to its chains, Bloomberg News reported on Friday, citing a person familiar with the matter. The deal could include a McChicken...
May 10, 2024
US consumer sentiment slides to six-month low in May
WASHINGTON (Reuters) - U.S. consumer sentiment sagged to a six-month low in May amid growing anxiety about inflation, unemployment and interest rates, a survey showed on Friday. The University of Michigan's preliminary reading on the overall index ...
May 10, 2024
Exclusive-Biden to put tariffs on China medical supplies - sources
By Jarrett Renshaw and Trevor Hunnicutt (Reuters) - The Biden administration is expected to issue new tariffs on Chinese-made medical devices like syringes and personal protective equipment when it unveils its new trade strategy next week, accordin...
May 10, 2024
Fed's Logan says US monetary policy may not be tight enough
By Ann Saphir NEW ORLEANS, Louisiana (Reuters) - Dallas Federal Reserve President Lorie Logan on Friday said it's not clear if monetary policy is tight enough to bring inflation down to the U.S. central bank's 2% goal, and it is too soon to be cutt...
May 10, 2024
Brazil inflation slightly exceeds forecasts in April as pace of rate cuts slows
SAO PAULO (Reuters) - Brazil's annual inflation continued to trend down but slightly less than expected in April, official data showed on Friday, in the first consumer price readings after the nation's central bank voted to reduce the pace of its i...
May 10, 2024
China's cenbank says it will keep prices stable, guard against yuan overshooting risks
BEIJING (Reuters) - China's central bank said on Friday it will precisely and effectively implement its prudent monetary policy, maintain price stability and guard against overshooting risks in the yuan exchange rate. In its first-quarter monetary-...
May 10, 2024
US equity funds gain weekly inflows amid renewed hopes of rate cut
(Reuters) - U.S. equity funds registered their first weekly inflow in six weeks in the seven days to May 8 thanks to a softer than anticipated payrolls report that revived hopes that the Federal Reserve would trim interest rates this year. Investor...
May 10, 2024
Global equity funds attract big inflows as rate cut bets rise
(Reuters) - Demand for global equity funds rose sharply in the seven days to May 8, driven by renewed bets on Federal Reserve interest rate cuts after a softer than anticipated U.S. employment report. Investors bought a net $12.72 billion worth of...
May 10, 2024
Ford CFO to become vice chair, Lucid Motors exec House to succeed
(Reuters) - Ford Motor said on Friday CFO John Lawler would take on the additional role of being the company's vice chair and that former Lucid Motors finance chief Sherry House will join the company and succeed Lawler as CFO in early 2025. (Repor...
May 10, 2024
Canada gains a net 90,400 jobs in April, jobless rate holds at 6.1%
OTTAWA, May 10 (Reuters) - Canada's economy gained a net 90,400 jobs in April, both in full-time and part-time work, and the jobless rate held at 6.1%, Statistics Canada data showed on Friday. Employment in the goods producing sector fell by a net 10,4...
May 10, 2024
ECB preparing for June rate cut, accounts show
FRANKFURT (Reuters) - Euro zone inflation is on track to ease back to 2% next year so European Central Bank policymakers concluded last month they will likely be in a position to cut interest rates in June, the account of their April meeting showed...
May 10, 2024