China outbound investment rule to be completed by end of year -- US official
By David Shepardson WASHINGTON (Reuters) - Commerce Secretary Gina Raimondo said Wednesday she expects rules to implement U.S. outbound investment restrictions on China will be completed by the end of the year. President Joe Biden in August issued ...
1h ago
NYCB stock cheapest among US lenders with over $3 billion in assets, S&P Global says
(Reuters) - New York Community Bancorp was the cheapest U.S. bank stock among lenders with more than $3 billion in assets for the second straight month, an analysis by S&P Global Market Intelligence showed on Wednesday. The evaluation based on adj...
2h ago
Google fights $17 billion UK lawsuit over adtech practices
LONDON (Reuters) - Google parent Alphabet has urged a London tribunal to block a mass lawsuit which accuses it of abusing its dominance in the online advertising market, in the latest case to focus on the search giant's business practices. The laws...
2h ago
ECB can cut rates and should rethink how it sets policy, Wunsch says
FRANKFURT (Reuters) - The European Central Bank can press ahead with interest rate cuts this year but needs to rethink how it forecasts inflation and sets policy based on these projections, Belgian policymaker Pierre Wunsch said on Wednesday. The E...
2h ago
Mercedes CEO speaks against restrictions on trade with China
BERLIN (Reuters) - Mercedes-Benz Chief Executive Ola Kaellenius on Wednesday spoke against imposing restrictions on trade with China, stressing that the country remains the group's most important market. "We are closely monitoring potential trade p...
2h ago
Mercedes rejects claims it prevented unionising at US plant
BERLIN (Reuters) - German premium carmaker Mercedes-Benz on Wednesday rejected claims that it has been trying to prevent the formation of a union at its Alabama plant. The group "respects the decision of the employees to establish a trade union org...
2h ago
US wholesale inventories drop by unrevised 0.4% in March
WASHINGTON (Reuters) - U.S. wholesale inventories fell in March, confirming that inventory investment was a drag on economic growth in the first quarter. The Commerce Department's Census Bureau said on Wednesday that wholesale inventories fell 0.4%...
2h ago
Reddit shares soar as earnings show advertising, AI licensing revenue potential
(Reuters) - Reddit shares soared 14% on Wednesday after the social media firm floored investors with strong revenue growth and improving profitability in the first earnings since its market debut. The company surprised Wall Street late on Tuesday w...
2h ago
Fox profit beats estimates as lower costs help offset ad revenue weakness
(Reuters) - Fox Corp beat Wall Street estimates for third-quarter profit on Wednesday, due to lower expenses, even as its revenue tumbled more than 15% on weakness in its advertising business. The media company benefited from a near 25% fall in ope...
2h ago
Teva Pharm Q1 profit misses estimates, revenue risea
By Steven Scheer JERUSALEM (Reuters) - Teva Pharmaceutical Industries reported a smaller than expected rise in first-quarter profit citing higher impairments of tangible assets, while sales of copycat medicines and its branded drugs to treat migrai...
2h ago
SpaceX's unit Starlink secures Indonesia operating permit
JAKARTA (Reuters) - The satellite unit of Elon Musk's SpaceX, Starlink, has secured a permit to operate in Indonesia, its communications minister told Reuters on Wednesday. Starlink had obtained a permit to operate as an internet service provider f...
4h ago
Emerson Electric boosts 2024 profit view on measurement tools demand
(Reuters) - Emerson Electric raised its full-year profit forecast on Wednesday on steady demand in its unit that makes valves, regulators and actuators, sending the engineering solutions firm's shares up about 2% in premarket trade. The company's m...
4h ago
Uber shares tumble as second-quarter forecast disappoints
By Yuvraj Malik (Reuters) -Uber forecast second-quarter gross bookings below expectations after missing the target for the first three months on Wednesday, sending it shares down nearly 7% before the bell. The weakness in a key metric that indicates th...
4h ago
Wells Fargo names Fernando Rivas as co-CEO of corporate and investment banking
(Reuters) - Wells Fargo on Wednesday named Fernando Rivas as the co-CEO of corporate and investment banking (CIB). (Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
4h ago
Austria's Raiffeisen drops bid to buy Russian tycoon industry stake
By Alexandra Schwarz-Goerlich and John O'Donnell (Reuters) -Austrian lender Raiffeisen Bank has abandoned a bid to buy a 1.5 billion euro ($1.6 billion) industrial stake of a Russian tycoon, following pressure from Washington to scrap the deal. "In rec...
4h ago
Biden to unveil $3.3 billion Microsoft AI investment in battleground Wisconsin
By Andrea Shalal WASHINGTON (Reuters) - President Joe Biden will visit the political battleground state of Wisconsin on Wednesday to announce plans by Microsoft Corp to build a $3.3 billion high-tech data center that will create thousands of jobs, ...
4h ago
Shopify forecasts downbeat quarterly revenue growth, shares sink
(Reuters) -Canadian e-commerce platform Shopify forecast its slowest quarterly revenue growth in two years against the backdrop of an uncertain economy and tepid consumer spending, sending its U.S. shares slumping 19% in premarket trading. The company ...
5h ago
Futures muted as investors seek clues on US rate path
(Reuters) - U.S. stock index futures were muted on Wednesday after a strong run of gains that pushed the benchmark S&P 500 to over three-week highs, as investors sought more clarity on the Federal Reserve's plans for interest rate cuts. The S&P 500...
5h ago
Intel flags revenue hit as U.S. revokes certain export licenses to Chinese customer
(Reuters) - Chipmaker Intel said on Wednesday the U.S. Department of Commerce was revoking certain export licenses for its consumer-related items to a customer in China, a move that would impact its second-quarter revenue. Intel did not disclose th...
5h ago
EU tariffs on Chinese EVs could backfire, hobble Green Deal, BMW CEO says
By Nick Carey and Christina Amann LONDON (Reuters) - BMW's CEO on Wednesday warned against imposing EU import duties on electric vehicles from Chinese automakers, saying it could upend the bloc's Green Deal industrial plan and harm German automaker...
5h ago
Bill Hwang's trial begins over collapse of his $36 billion Archegos fund
NEW YORK (Reuters) - Sung Kook "Bill" Hwang's criminal racketeering trial over the collapse of Archegos Capital Management begins on Wednesday with the selection of jurors who will decide if he and a deputy broke the law in a massive stock scheme t...
7h ago
Morning bid: Stocks buoyant as Sweden cuts, oil skids
A look at the day ahead in U.S. and global markets from Mike Dolan Wall Street looks to have brushed off the latest hawkish Federal Reserve noises and Disney's outsize swoon, with European bourses stalking new records as Sweden becomes the latest G10 c...
7h ago
Korean Air sells five jets to U.S. aerospace firm Sierra Nevada
SEOUL (Reuters) - Korean Air will sell five of its planes to U.S. aerospace firm Sierra Nevada Corporation, the airline said in an exchange filing on Wednesday. Sierra Nevada recently won a $13 billion U.S. Air Force contract to develop a successor...
7h ago
Taiwan April exports up less than expected, but shipments to US hit record
TAIPEI (Reuters) - Taiwan's exports rose less than expected in April, hurt by weak demand from China although robust demand for artificial intelligence-related products had shipments to the United States surging to a record. The Finance Ministry sa...
8h ago
Europe's STOXX 600 hits record high on earnings-driven optimism
By Ankika Biswas (Reuters) -Europe's benchmark stock index hit a record high on Wednesday, on continued cheer over strong earnings from the likes of beer maker Anheuser-Busch Inbev and Germany's Siemens Energy, while investors also mulled the fate of m...
8h ago