NEW YORK (AP) — Just as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights. Drivers were paying $4.37 for a gallon of regular Tuesday, on average, according to AAA. That’s 25 cents higher than a month ago, and $1.40 more…
SACRAMENTO, Calif. (AP) — Water use in California jumped nearly 19% in March compared to 2020 as residents defied pleas for conservation from Gov. Gavin Newsom and other authorities amid a severe drought, state officials announced Tuesday. Newsom last summer asked residents to voluntarily cut water use by 15% compared to 2020. He encouraged people…
By Lisa Baertlein LOS ANGELES (Reuters) -For more than two years, Isaac Larian has used every available tool to overcome global supply-chain bottlenecks and keep retailers stocked with enough Bratz and LOL Surprise! dolls to meet pandemic demand. Asked how he’s preparing for this summer’s West Coast port labor talks, the chief executive of Los…
By Davide Barbuscia NEW YORK (Reuters) – Interest rate jitters keep hammering the U.S. bond market but some investors are starting to think a possible slowdown in price pressure as well as support from yield-seeking buyers could soon put a ceiling – or at least a pause – on rising yields. U.S. Treasuries have had…
(Refiles to add graphics) By Stephen Culp NEW YORK (Reuters) -In the wake of the 50-basis-point interest rate hike by an increasingly hawkish Federal Reserve, markets have gyrated wildly ahead of this week’s U.S. economic data, which will be closely parsed for signs that inflation is peaking. Price growth has soared to the highest level…
By Alun John HONG KONG (Reuters) -TerraUSD, one of the world’s largest stablecoins, lost a third of its value on Tuesday, spooking cryptocurrency investors and partly contributing to bitcoin’s tumble below $30,000 for the first time in 10 months. Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar….
By Manas Mishra and Michael Erman (Reuters) – Pfizer Inc said on Tuesday it will pay $11.6 billion to buy Biohaven Pharmaceutical Holding Co, making a big bet its ability to boost sales of the top-selling pill in a new class of migraine drugs. The boards of both companies have approved the deal, they said….
(Reuters) – Online used-car retailer Carvana Co would lay off about 2,500 employees, the company said on Tuesday, as part of its plan to move operations away from its inspection and reconditioning center in Euclid, Ohio and a few logistics hubs. Shares were down about 7% to $36.02. Carvana added that all impacted team members,…
Sara Lomelin offered the final TED Talk of this year’s conference of expert speakers last month, on a particularly star-studded day in Vancouver, Canada, where she followed actress Bryce Dallas Howard, TV producer Michael Schur and Tesla CEO Elon Musk, who discussed the future of his company and his plans for Twitter. Lomelin, the CEO…
By Sinéad Carew NEW YORK (Reuters) – Wall Street stocks turned lower in a volatile session and oil prices fell on Tuesday with risk appetite appearing to falter as investors turned to safe havens such as Treasuries amid fears about inflation and slowing economic growth. U.S. Treasuries rallied, with the yield on the benchmark 10-year…
