In the latest twist in the Twitter-Elon Musk saga, the company has sued the billionaire Tesla CEO in an attempt to force him to complete his $44 billion takeover. Twitter claims in a lawsuit filed Tuesday in Delaware that Musk’s “outlandish” and “bad faith” actions have caused the social media platform irreparable harm and sunk…
By Lindsay Dunsmuir and Ann Saphir (Reuters) -The U.S. Federal Reserve is seen ramping up its battle with 40-year high inflation with a supersized 100 basis points rate hike this month after a grim inflation report showed price pressures accelerating. “Everything is in play,” Atlanta Fed President Raphael Bostic told reporters in Florida, when asked…
SAN FRANCISCO (AP) — Netflix has picked Microsoft to help deliver the commercials in a cheaper version of its video streaming service expected to launch later this year with a pledge to minimize the intrusions into personal privacy that often accompany digital ads. The alliance announced Wednesday marks a major step toward Netflix’s first foray…
By Lindsay Dunsmuir and Ann Saphir (Reuters) -Investors were betting on Wednesday the U.S. Federal Reserve will deliver a super-sized 100 basis point rate hike this month after a mostly grim inflation report showed price pressures, already running at a 40-year high, accelerating further. “Everything is in play,” Atlanta Fed President Raphael Bostic told reporters…
By Stephen Culp NEW YORK (Reuters) – Wall Street stocks fluctuated on Wednesday as investors digested surprisingly strong U.S. inflation data, which fueled fears of a larger-than-expected interest rate hike from the Federal Reserve later this month. All three major U.S. stock indexes burst through the starting gate deep in negative territory on the heels…
ROME (AP) — Italy’s agriculture minister warned Parliament on Wednesday that a third of Italy’s agricultural production was at risk because of drought and poor water infrastructure, and that the situation is only going to get worse in years to come. Stefano Patuanelli provided the latest data from government research institutes which showed that Italy…
The euro has hit parity with the dollar, falling to its lowest level in 20 years and even skirting just below a one-to-one exchange rate with the U.S. currency at times this week. It’s a psychological barrier in the markets. But psychology is important, and the euro’s slide underlines the foreboding in the 19 European…
By Julie Gordon and Steve Scherer OTTAWA (Reuters) -The Bank of Canada on Wednesday raised its main interest rate by 100 basis points in a bid to crush inflation, surprising markets and becoming the first G7 country to make such an aggressive hike in this economic cycle. The central bank raised its policy rate to…
WASHINGTON (AP) — Inflation’s relentless surge didn’t merely persist in June. It accelerated. For the 12 months ending in June, the government’s consumer price index rocketed 9.1%, the fastest year-over-year jump since 1981. And that was nothing next to what energy prices did: Fueled by heavy demand and by Russia’s invasion of Ukraine, energy costs…
GENEVA (Reuters) – Canada has the right to impose tariffs on U.S. imports in the future to ward off the threat of the United States penalising Canadian manufacturers for alleged unfair subsidies, the World Trade Organization said on Wednesday. Canada brought a case to the WTO in 2016 over U.S. anti-subsidy duties on Canadian “supercalendered”…
