HOUSTON (Reuters) – The United Steelworkers union (USW) on Thursday afternoon signed a tentative agreement to end a nine-week-old strike at Chevron Corp’s Richmond, California, refinery, said sources familiar with the negotiations. The terms of the tentative agreement were not immediately available. The agreement is subject to ratification by the membership of USW Local 12-5,…
By Chavi Mehta and Krystal Hu (Reuters) – Broadcom Inc said on Thursday it will acquire cloud computing company VMware Inc in a $61 billion cash-and stock deal, the chipmaker’s biggest and boldest bid to diversify its business into enterprise software. The acquisition is the second biggest announced globally so far this year, trailing only…
Twitter shareholders have filed a lawsuit accusing Elon Musk of engaged in “unlawful conduct” aimed at sowing doubt about his bid to buy the social media company. The lawsuit filed late Wednesday in the U.S. District Court for the Northern District of California claims the billionaire Tesla CEO has sought to drive down Twitter’s stock…
(Reuters) – The Illinois Secretary of State’s office implemented a stay on Carvana Co’s temporary suspension, allowing the online used-car retailer to do business in the state under strict guidelines, a state official said on Thursday. Carvana would be required to post a $250,000 bond to guarantee payment of any fines or fees incurred by…
(Reuters) – Gap Inc cut its annual profit forecast on Thursday, becoming the latest U.S. retailer to come under pressure from soaring costs and poor demand in the face of decades-high inflation. It now expects fiscal 2022 profit between 30 cents and 60 cents per share on an adjusted basis, compared with $1.85 to $2.05…
By Lindsay Dunsmuir (Reuters) – The world is moving rapidly toward increasing use of digital payments and an official digital version of the U.S. dollar could help safeguard its global dominance as other countries issue their own, Federal Reserve Vice Chair Lael Brainard said on Thursday. “I don’t think we should be taking the global…
NEW YORK (Reuters) – The Federal Reserve could pause its monetary policy tightening in September if there is an economic deterioration and inflation subsides, BofA strategists said on Thursday, a day after the U.S. central bank released the minutes from its May policy meeting. All of the Fed’s policymakers agreed to hike interest rates by…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister said Thursday that he will quickly prepare an economic reform program and seek approval from the International Monetary Fund — because global inflation and the financial impact of Russia’s invasion of Ukraine on other countries could limit their ability to help the island nation. Prime Minister…
(Reuters) – Accounting firm Ernst & Young is planning to split its audit and advisory operations worldwide, the Financial Times reported on Thursday, citing three people with knowledge of the plans. EY did not immediately respond to a Reuters request for comment. Senior partners at the company have been discussing their options for a restructuring…
By Uday Sampath Kumar (Reuters) -Macy’s Inc raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events, even as red-hot inflation saps consumer spending power. The department store chain’s shares rose 13.8% to $21.86 in premarket trading as the company joined rival…
