By Sabrina Valle HOUSTON (Reuters) – Europe’s plan to double down on renewable fuels in response to rising fuel costs could have the unintended short-term effect of increasing prices and slow down the energy transition, Chevron Corp Chief Executive Michael Wirth said on Tuesday. “That can erode the public support that will be necessary for…
NEW YORK (Reuters) – Hedge funds posted negative performance in May, accentuating their losses this year to almost 3%, as investors positioned for a potential recession, a report by hedge fund data provider HFR showed on Tuesday. The fund weighted composite index went down 0.58% in May, amid volatility in equities, bonds and commodities, HFR…
NEW YORK (AP) — Meltdowns in the cryptocurrency space are common, but the latest one really touched some nerves. Novice investors took to online forums to share tales of decimated fortunes and even suicidal despair. Experienced crypto supporters, including one prominent billionaire, were left feeling humbled. When the stablecoin TerraUSD imploded last month, an estimated…
By Chuck Mikolajczak NEW YORK (Reuters) – The U.S. dollar index retreated from earlier highs and fell on Tuesday as Wall Street stocks erased initial declines amid growing hopes that inflation may have peaked, but the greenback managed to hit its highest level in 20 years against the Japanese yen. While a decline in Target…
By Jonathan Stempel NEW YORK (Reuters) -The former Hollywood movie producer Harvey Weinstein, now in prison after being convicted of sex crimes, on Tuesday sued the U.S. business of Fiat Chrysler Automobiles over a 2019 crash in which he flipped a Jeep Wrangler while trying to avoid a deer. Weinstein is seeking $5 million in…
By Scott DiSavino NEW YORK (Reuters) – Oil prices gained about 1% on Tuesday, with U.S. crude settling at a 13-week high on supply concerns, including no nuclear deal with Iran, and prospects for demand growth in China, which is relaxing lockdowns to control the pandemic. Looking ahead, analysts polled by Reuters forecast U.S. crude…
(Reuters) -The U.S. Federal Trade Commission has opened a probe into how big pharmacy benefit managers like CVS Caremark affect pricing and patients’ access to prescription drugs at a time when costs of some medicines, even older ones like insulin, have skyrocketed, the agency said on Tuesday. As part of the probe, the FTC is…
(Reuters) -The U.S. Federal Trade Commission has opened a probe into how big pharmacy benefit managers like CVS Caremark affect pricing and patients’ access to prescription drugs at a time when costs of some medicines, even older ones like insulin, have skyrocketed, the agency said on Tuesday. As part of the probe, the FTC is…
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Some options players are betting that this year’s selloff in the shares of retailers may be overdone, at least for the near term. Retailers’ stocks took a fresh beating on Tuesday, after Target cut its quarterly profit margin forecast. More broadly, the S&P 500 Retailing index is…
By Aishwarya Venugopal and Uday Sampath Kumar (Reuters) – Target Corp on Tuesday cut its quarterly profit margin forecast issued just weeks earlier, and said it would have to offer deeper discounts to clear inventory as decades-high inflation takes a toll on demand. The surprise outlook revision sent shares of Target down nearly 7% in…
