DETROIT (Reuters) -Ford Motor Co on Wednesday reported better than expected second-quarter profit and reaffirmed its profit outlook for the year, but said management is “actively looking” at how to offset surging costs. Ford shares were up 6.8% in after-hours trade. Results were driven by higher-margin vehicles, partially offset by higher commodity costs and expenses,…
NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said he has been gratified to see that financial markets have behaved in an orderly way as the U.S. central bank has hiked interest rates. “Given how quickly we have moved, I am gratified that basically markets have been orderly. There’s been some volatility…
WASHINGTON (AP) — Federal regulators on Wednesday took legal action to block Facebook parent Meta and CEO Mark Zuckerberg from acquiring virtual reality company Within Unlimited and its fitness app Supernatural, asserting the deal would hurt competition and violate antitrust laws. The Federal Trade Commission filed a complaint in federal court in San Francisco against…
DALLAS (AP) — Federal officials say that Southwest Airlines and the union representing its pilots have resisted cooperating with investigations into accidents and other incidents and pushed to close the matters quickly. In one instance disclosed Wednesday, the Federal Aviation Administration cut short an investigation of a 2019 incident in Connecticut even though the agency…
WASHINGTON (AP) — Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. The Federal Reserve’s move Wednesday to further tighten credit raised its benchmark interest rate by a sizable 0.75…
NEW YORK (Reuters) – The Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point on Wednesday in an effort to cool the most intense breakout of inflation since the 1980s, with “ongoing increases” in borrowing costs still ahead despite evidence of a slowing economy. The rate-setting Federal Open Market Committee…
By David Shepardson and Patricia Zengerle WASHINGTON (Reuters) -A majority of the U.S. Senate on Wednesday backed sweeping legislation to subsidize the domestic semiconductor industry, hoping to boost companies as they compete with China and alleviate a persistent shortage that has affected everything from cars to washing machines. As voting continued, the Senate backed the…
NEW DELHI (AP) — The head of the U.S. government aid agency called on China on Wednesday to help Sri Lanka and other nations that had borrowed heavily from Beijing with debt restructuring, not just with lines of credit and emergency loans. Samantha Power, the administrator for the U.S. Agency for International Development, contrasted India’s…
By Ruma Paul DHAKA (Reuters) -The International Monetary Fund (IMF) said on Wednesday it would discuss with Bangladesh its loan request after the country became the third in South Asia to seek such support after Pakistan and Sri Lanka. Bangladesh’s $416 billion economy has been one of the fastest-growing in the world for years, but…
NEW YORK (AP) — A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett’s company discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, in what is being called the second-largest redlining settlement in history. Trident Mortgage Co., a division of Berkshire Hathaway’s HomeServices of…
