By Devik Jain and Bansari Mayur Kamdar (Reuters) -Wall Street’s main indexes reversed course to move higher on Friday, propelled by gains in Apple and Visa, at the end of a week marked by wild gyrations on worries about aggressive rate hikes by the Federal Reserve and geopolitical tensions. Apple Inc shares jumped 5.7% after…
By Sabrina Valle HOUSTON (Reuters) – Chevron Corp is reviewing a federal judge decision that invalidated the results of an oil and gas lease sale in the Gulf of Mexico on Thursday, saying the Biden administration failed to properly account for the auction’s climate change impact. “We’re disappointed because these lease sales have been conducted…
By Bianca Flowers and Uday Sampath Kumar (Reuters) -Caterpillar Inc topped Wall Street estimates with a fourth quarter revenue increase of more than 20 percent, but the heavy-equipment maker warned operating margins in the current quarter could be hit by higher production and labor costs. Shares of the world’s largest construction and mining equipment maker…
By Swati Verma BENGALURU (Reuters) – Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight supply. The benchmark contracts are on track for their sixth straight weekly rise, the longest run of gains since October. Brent futures rose $1.25, or 1.4%,…
BUENOS AIRES, Argentina (AP) — Argentina has reached an agreement with the International Monetary Fund to refinance more than $40 billion in debt, President Alberto Fernández said Friday. “We had an unpayable debt that left us without a present or a future, and now we have a reasonable agreement that will allow us to grow…
BERLIN (Reuters) – Daimler AG will be formally renamed Mercedes-Benz Group AG on Tuesday – nearly a year after the spin-off of its truck and bus division was announced – in a move its boss hopes will unlock shareholder value for the premium carmaker. The change is the latest in a string of structural reshuffles…
WASHINGTON (Reuters) – U.S. consumer spending fell in December, suggesting the economy lost speed heading into the new year amid snarled supply chains and raging COVID-19 infections, while annual inflation increased at a pace last seen in the early 1980s. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of…
WASHINGTON (AP) — A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as brisk consumer spending collided with snarled supply chains to raise the costs of food, furniture, appliances and other goods. The report Friday from the Commerce Department also said that consumer…
HONG KONG (Reuters) – The United States should immediately stop “unreasonable suppression” of Chinese companies and treat them fairly, China’s commerce ministry said on Friday. A U.S. regulator earlier revoked China Unicom’s authorization to operate in the U.S. over national security concerns. China would resolutely safeguard legitimate rights and interests of Chinese enterprises, the ministry…
(Reuters) -Caterpillar Inc warned on Friday its first-quarter operating margins could take a hit from higher production and labor costs, taking some of the shine off the company’s surging sales. The world’s largest heavy-duty equipment maker’s shares fell 1.6% in premarket trading. Factory shutdowns, clogged ports and labor shortages triggered by the pandemic have hammered…
