By Anna Ringstrom, Gwladys Fouche and Eric M. Johnson (Reuters) – Sneaker maker Nike and home furnishings firm IKEA shut down stores in Russia on Thursday, as trade restrictions and supply shutdowns added to political pressure for companies to stop business in Russia because of its invasion of Ukraine. French bank Societe Generale said it…
By Herbert Lash and Tommy Wilkes NEW YORK/LONDON (Reuters) – Oil prices initially soared on Thursday as the Ukraine war sparked a run on commodities that raised fears of “stagflation,” while equity markets mostly fell as investors hope the Federal Reserve cautiously move to tighten monetary policy. The fresh surge in energy prices heightened worries…
By Akash Sriram and Hyunjoo Jin (Reuters) – Rivian Automotive Inc has rolled back price hikes on electric vehicles booked before March 1 after facing backlash from customers following a 20% increase in prices. Preorders as of March 1 will not be subject to the new prices, and customers who canceled orders can reinstate them…
By David Shepardson and Eric M. Johnson WASHINGTON/SEATTLE (Reuters) – Boeing Co will strictly adhere to the export controls and restrictions that have been announced governing work in Russia, the U.S. airplane manufacturer’s Chief Executive said on Thursday. Chicago-based Boeing said earlier this week it was suspending parts, maintenance and technical support for Russian airlines…
By Julie Gordon and David Ljunggren OTTAWA (Reuters) – The Bank of Canada has “considerable space” left to raise interest rates this year, Governor Tiff Macklem said on Thursday, and did not rule out a rare 50-basis-point move if needed to rein in hot inflation. The central bank, increasingly concerned about spiking prices, hiked rates…
(Reuters) – Credit Suisse has named Saad Rawra as its head of clean-energy technology banking and Canadian head of diversified industries group to help drive the Swiss bank’s growing global energy tech franchise, according to a memo seen by Reuters. Rawra will be based in Toronto and report to Credit Suisse Canada CEO Ron Lloyd…
More than 1 million people have fled Ukraine, and at least 160,000 have been displaced inside the country as fighting continues between Russian and Ukrainian forces in Europe’s largest ground war since World War II. The United Nations issued an appeal this week for $1.7 billion to help with aid efforts, estimating that 12 million…
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy. At the same time, Powell said he is committed to doing whatever it will take to slow inflation, underscoring the…
By Howard Schneider WASHINGTON (Reuters) – Russia’s war in Ukraine could hit the U.S. economy across a variety of channels from higher prices to dampened spending and investment, Federal Reserve Chair Jerome Powell said Thursday, though it is unclear what the ultimate impact will be. “What we know so far is that commodity prices have…
DETROIT (AP) — Elon Musk is inviting the United Auto Workers union to hold an organizing vote at Tesla’s factory in Fremont, California. On Twitter Wednesday, Musk wrote that he invited the union to hold a vote at its convenience. “Tesla will do nothing to stop them,” he wrote. The UAW wouldn’t comment Thursday but…
