(Reuters) – A profit warning by Walmart ignited a sell-off in shares of major U.S. retailers late on Monday, quickly evaporating over $100 billion in stock market value in extended trade. Sounding an alarm that inflation is hurting its shoppers and forcing them to change what they spend on, Walmart cut its forecast for full-year…
(Reuters) -Walmart Inc on Monday said it was cutting its forecast for full-year profit, due to pricing actions aimed to improve inventory levels at Walmart and Sam’s Club in the United States. Adjusted earnings per share for the second quarter will decline around 8% to 9% and full-year earnings will fall 11% to 13%. Excluding…
Hollywood film producer Dan Lin — known for movies such as Disney’s live action “Aladdin” and “The Two Popes” — is launching a nonprofit with more than $1 million from the Ford and MacArthur foundations as well as several other philanthropies. His goal is to help more people of color create and produce film, television,…
(Reuters) -Russia’s attack on the Ukrainian port of Odesa casts doubt on a grain deal, the White House said Monday, adding that the United States would continue to explore options with the international community to increase Ukraine exports through overland routes. The announcement comes after the Kremlin said it did not expect the Saturday missile…
By David Shepardson WASHINGTON (Reuters) – The U.S. Energy Department on Monday announced it intends to loan a joint venture of General Motors Co and LG Energy Solution $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities. The conditional commitment for the loan to Ultium Cells LLC for facilities in Ohio,…
BRUSSELS (AP) — European Union nations struggled Monday to find common ground on how to wean the bloc off its reliance on Russian natural gas, seeking to appease wary, stressed consumers at home while upholding unity as Moscow turns down the tap. Russian President Vladimir Putin has weaponized gas exports to pressure the bloc into…
By Rithika Krishna (Reuters) -Newmont Corp on Monday raised its annual cost forecast and warned that inflationary pressures would persist into 2023 after its second-quarter profit missed Street estimates, sending the world’s biggest gold miner’s shares down 12%. Higher operating costs related to labor, energy and supplies have forced the miner to hike its annual…
WASHINGTON (AP) — Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot. With inflation raging at a four-decade high, the job market strong and consumer spending still solid, the Fed is under pressure to raise interest rates aggressively. But other signs suggest the economy is slowing…
By Lisa Baertlein (Reuters) -Marine terminals at California’s Port of Oakland reopened for regular weekday hours on Monday after independent truckers formally ended a week-long protest of the state’s new “gig worker” law that stranded cargo on ships, docks and warehouses, worsening U.S. supply chain snarls. “All of our marine terminals are open this morning…
WASHINGTON (Reuters) – President Joe Biden will meet virtually on Monday with the chief executives of Lockheed Martin Corp, Medtronic PLC and Cummins Inc along with labor leaders as part of the administration’s push for legislation to boost the U.S. semiconductor industry, a White House official told Reuters. The presidents of the Communication Workers of…
