(Reuters) -Gap Inc beat revenue estimates on Thursday on strong sales at its Banana Republic division, but withdrew its annual forecasts as the apparel chain struggles with an inventory build-up and tepid demand for outdated Old Navy items. People have been opting for suits, dresses and skirts over casual wear as they venture out for…
JACKSON HOLE, Wyoming (AP) — When officials of the Federal Reserve Bank of Kansas City sought a location for an annual economic symposium in 1982, they chose Jackson Hole, Wyoming, for a simple reason: It had fly-fishing. Paul Volcker, the Fed chairman at the time, was known to enjoy the pastime, and it was hoped…
By Howard Schneider JACKSON, Wyo. (Reuters) -U.S. Federal Reserve officials on Thursday were noncommittal about the size of the interest rate increase they will approve at their Sept. 20-21 meeting, but continued hammering the point they will drive rates up and keep them there until inflation has been squeezed from the economy. Those higher rates…
By David Shepardson WASHINGTON (Reuters) -Global shipping container suppliers China International Marine Containers and Maersk Container Industry in a joint statement on Thursday said they have abandoned a merger plan, citing significant regulatory challenges. China International Marine Containers (CIMC) in September had agreed to buy the Danish shipping company AP Moeller – Maersk’s refrigerated containers…
DESERT CENTER, Calif. (AP) — The main highway from Los Angeles to Phoenix was damaged by a flash flood that washed out part of the road through the Southern California desert in the latest bout of punishing monsoonal thunderstorms that have hit the region this summer. The newest round of flooding started Wednesday evening, damaging…
By Hyunjoo Jin SAN FRANCISCO (Reuters) – Tesla Inc has demanded a safety advocacy group take down videos of its vehicles running over child dummies when its driver assistant system was engaged, calling them “defamatory” and “misleading.” The group, the Dawn Project, has launched a nationwide TV campaign warning of alleged potential dangers of what…
SANTA ANA, Calif. (AP) — A pipeline operator said Thursday that it has reached a settlement with Southern California tourism companies, fishermen and other businesses that sued after a crude oil spill off the coast last year near Huntington Beach. Amplify Energy Corp., which owns the pipeline that ruptured and faces a criminal charge for…
By Nathan Gomes and Aishwarya Nair (Reuters) -Peloton Interactive Inc on Thursday forecast first-quarter revenue below estimates after a large quarterly loss, frustrating investors looking for progress in the company’s efforts to revive sagging sales of its fitness equipment. Shares tumbled more than 19% to $10.88 in morning trade, set to add to the more…
WASHINGTON (AP) — U.S. lawmakers are anxious to hear from Twitter’s former security chief, who has alarmed Washington with allegations that the influential social network misled regulators about its cyber defenses and efforts to control fake accounts. Leaders of several congressional panels are poring over the disclosures by respected cybersecurity expert Peiter Zatko, and calls…
MOSCOW (Reuters) – Moscow Exchange plans to relaunch the evening session on its stock market in September, the head of its stock market department said on Thursday, as Russia’s largest bourse eyes a gradual return to normal. Stocks trading was halted on Moscow’s bourse for almost a month from Feb. 25, the day after President…
