(Reuters) -Netflix on Tuesday said it has laid off about 150 people, mostly in the United States, as the streaming service company faces slowing growth. The layoffs represent approximately 2% of the company’s workforce in the United States and Canada. “These changes are primarily driven by business needs rather than individual performance, which makes them…
LOS ANGELES (AP) — Dozens of environmental and anti-nuclear organizations expressed opposition Tuesday to any attempt to extend the life of California’s last operating nuclear power plant, challenging suggestions that its electricity is needed to meet potential future shortages in the nation’s most populous state. Last month, Democratic Gov. Gavin Newsom raised the possibility that…
NEW YORK (AP) — An autonomous vehicle technology company that partners with Ford and Volkswagen says it has started driverless operations in two of eight cities where it is developing its technology. Pittsburgh-based Argo AI has pulled drivers from its autonomous cars in Miami and Austin, Texas, though it is still in the testing phase….
By Pete Schroeder (Reuters) – U.S. Democratic Senator Joe Manchin, who on occasions votes against his party in the evenly split Senate, said on Tuesday he intends to support Michael Barr for Federal Reserve vice chair for supervision. In a statement, Manchin said he met with Barr last week and believes Barr would be a…
By Noel Randewich and Amruta Khandekar (Reuters) – Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth. Ten of the 11 major S&P sector indexes advanced, with financials, materials, consumer discretionary and technology all gaining more…
By Tom Sims, Alexander Hübner and Jonathan Stempel NEW YORK/MUNICH (Reuters) -Germany’s Allianz SE agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. Department of Justice…
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until there is clear evidence inflation is steadily falling — a high-stakes effort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead, in turn, to higher borrowing…
By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) – European Central Bank President Christine Lagarde has given national central bank chiefs a bigger say in policy meetings, asking her own board to speak less and set aside more time for debate, sources familiar with the process said. Lagarde has told chief economist Philip Lane and…
Two of the World’s largest retailers, Home Depot (HD) and Wal-Mart (WMT) posted first-quarter results. The earnings and price action reflect a divergence. HD shares rallied after a nice top and bottom-line beat. WMT is under pressure after it missed bottom-line expectations. The results will raise questions about consumer habits. A closer look suggests the…
(This May 16 story corrects headline and paragraph 1 to clarify contract was awarded to the JV, not Lockheed.) (Reuters) – A joint venture between Lockheed Martin Corp and Raytheon Technologies Corp has been awarded two contracts worth $309 million by the U.S. army for its Javelin missiles, the antitank weapon that has helped Ukraine…
