Robinhood swings to profit from year-ago loss
(Reuters) -Robinhood Markets reported a profit in the first quarter on Wednesday compared with a loss last year, helped by strong trading volumes and rate hikes that boosted its net interest revenue. The company reported a profit of $157 million or 18 ...
25m ago
Argentina industrial output sinks 21% amid Milei austerity, worst since pandemic
BUENOS AIRES (Reuters) - Argentina's industrial output plunged 21.2% in March from a year ago, the INDEC statistics agency said on Wednesday, the worst slide since the depths of the Covid-19 pandemic as libertarian President Javier Milei pushes a t...
44m ago
PIMCO adds bond exposure outside the US on inflation risks
By Davide Barbuscia NEW YORK (Reuters) - U.S. bond giant PIMCO said on Wednesday it is increasing its bond exposure in developed markets outside the United States as inflation could complicate the shift of the Federal Reserve to lower interest rate...
2h ago
Fed's Cook says households, banks, firms largely in solid financial shape
By Howard Schneider WASHINGTON (Reuters) - U.S. households, banks and firms are largely in solid financial shape, with the means at hand to cover debt payments and with strong enough buffers to absorb potential shocks, Federal Reserve Governor Lisa...
3h ago
GM to end production of Chevy Malibu as it shifts to EVs
(Reuters) - General Motors said Wednesday it will end production of its gasoline-powered Chevrolet Malibu car later this year in order to produce new electric vehicles. GM has sold more than 10 million Malibus since 1964 worldwide and will end prod...
3h ago
China approves first gene-edited wheat in step to open up GM tech to food crops
By Mei Mei Chu BEIJING (Reuters) - China has approved the safety of gene-edited wheat for the first time as Beijing cautiously moves forward with commercial growing of genetically modified food crops. China has in the past year ramped up approvals ...
4h ago
Fed's Collins says economy may need to weaken to get 2% inflation
By Michael S. Derby NEW YORK (Reuters) - Federal Reserve Bank of Boston President Susan Collins said on Wednesday that the U.S. economy needs to cool off as an avenue toward getting inflation back to the central bank's 2% target. "A slowdown in act...
4h ago
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 ...
4h 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...
5h 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...
5h 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...
5h 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...
5h 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...
5h 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%...
5h 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...
5h 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...
5h 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...
5h 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...
7h 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...
7h 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...
7h 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)
7h 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...
7h 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, ...
7h 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 ...
8h 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...
8h ago