(Reuters) – The United States and China are nearing an agreement allowing American accounting regulators to travel to Hong Kong to inspect audit records of U.S.-listed Chinese companies, the Wall Street Journal reported on Thursday. Securities regulators in Beijing are making arrangements for Chinese companies listed in New York and their accounting firms to transfer…
By Swati Verma (Reuters) – Texas’ electric grid operator has powered through record demand this summer by paying more to keep higher reserves and rewarding industrial consumers to cut usage, a combination that has added more than $1 billion to power fees. The Electric Reliability Council of Texas (ERCOT) has set new demand records 11…
NEW YORK (AP) — Peloton shares are on a wild ride this week, running up 20% Wednesday on a new partnership with Amazon only to erase those gains at the opening bell Thursday after quarterly losses for the connected exercise equipment maker topped $1.2 billion. The loss, in a quarter loaded with restructuring and other…
By Ahmad Ghaddar LONDON (Reuters) -Oil prices firmed on Thursday on the prospect that the OPEC+ producer group could curb oil supplies, but the more bearish possibility of an agreement that would return sanctioned Iranian oil exports to the market capped gains. Brent crude rose 60 cents, or 0.6% to $101.82 a barrel by 1244…
LANCASTER, Ca. (AP) — Billionaire philanthropist MacKenzie Scott donated $44 million to the Oregon-based mentoring organization, Friends of the Children, which supports children at risk of entering the welfare system by pairing them with a longtime mentor. The unrestricted gift, announced Thursday, provides $15 million to the organization’s national headquarters and splits $29 million in…
WASHINGTON (AP) — The U.S. economy shrank at a 0.6% annual rate from April through June, the government said Thursday in an upgrade from its initial estimate. It marked a second straight quarter of economic contraction, which meets one informal sign of a recession. Most economists, though, have said they doubt the economy is in…
NEW YORK (AP) — Fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy. Applications for jobless aid for the week ending Aug. 20 fell by 2,000 to 243,000, the Labor Department reported Thursday. The four-week average for claims,…
SEOUL, South Korea (AP) — South Korea has signed a 3 trillion won ($2.25 billion) contract with a Russian state-run nuclear energy company to provide components and construct turbine buildings for Egypt’s first nuclear power plant, officials said Thursday. The South Koreans hailed the deal as a triumph for their nuclear power industry, although it…
JACKSON HOLE, Wyoming (AP) — A half-hour drive or so from the resort where the high priests of international finance — leading economists and central bank officials — have convened in Jackson Hole, Wyoming, to discuss the world’s economic challenges, Ash Hermanowski oversees the distribution of about 1,200 free meals a day. At a food…
(Reuters) – U.S. stock index futures rose on Thursday, supported by megacap growth stocks as Treasury bond yields dipped, while focus turned to the Federal Reserve’s annual Jackson Hole symposium for clues on the central bank’s monetary policy outlook. Wall Street snapped its three-day losing streak on Wednesday boosted by strong gains in energy stocks…
