NEW YORK (AP) — The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The Associated Press, Rohit Chopra signaled that the Consumer Financial…
WASHINGTON (AP) — Cigarette maker Altria’s $13 billion investment in the troubled vaping company Juul has gone up in smoke — now worth less than 5% of its original value as U.S. regulators move to ban its e-cigarettes. Altria slashed the value of its Juul investment by more than $1.2 billion Thursday, pegging its new…
JetBlue Airways is buying Spirit Airlines for $3.8 billion in a deal that could increase competition at the top end of the U.S. airline industry while eliminating the largest discount airline for travelers on a tight budget. The agreement announced Thursday capped bidding war that began in April, and it came one day after Spirit’s…
LONDON (AP) — Shell posted record profits Thursday for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia’s war in Ukraine. London-based Shell said it’s second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5…
WASHINGTON (AP) — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed…
(Reuters) -Spirit Airlines Inc on Thursday agreed to a $3.8 billion buyout offer from low-cost rival JetBlue Airways Corp, ending a drawn-out battle for the carrier whose acquisition would help create the fifth-largest U.S. airline. The victory for JetBlue comes after Spirit canceled its $2.7 billion sale to Frontier Group Holdings, but the potential combination…
By Ron Bousso and Shadia Nasralla LONDON (Reuters) – Shell posted record results on Thursday, with a $11.5 billion second-quarter profit smashing the mark it set only three months ago, lifted by strong gas trading and a tripling of refining profit. The company also announced a $6 billion share buyback programme for the current quarter…
TOKYO (Reuters) -Nissan Motor Co on Thursday said it was “cautiously optimistic” after posting a 14% drop in quarterly operating profit as the semiconductor shortage gradually eases and COVID-19 lockdowns in Shanghai are lifted. The Japanese company’s announcement offers a glimmer of hope for an auto industry battered by supply chain disruption that has thrown…
(Reuters) – Singapore Airlines (SIA) swung to a first-quarter net profit of S$370 million ($268 million), it said on Thursday, after a fourteenfold increase in passenger traffic year on year thanks to an easing of COVID-19 travel restrictions. The figure was a major improvement from the S$409 million loss in the first quarter a year…
TOKYO (AP) — Japanese automaker Nissan’s profit plunged in the last quarter to less than half of what it was a year earlier as the COVID-19 lockdown in China and a global semiconductor shortage slammed production. Nissan Motor Co. reported Thursday that its April-June net profit totaled 47.1 billion yen ($349 million), down from 114.5…
