WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession. Speaking at a news conference, Chair Jerome Powell acknowledged what many economists have been saying for months: That the Fed’s goal of engineering a “soft…
By Kevin Buckland TOKYO (Reuters) – The U.S. dollar pushed to a fresh two-decade high versus major peers on Thursday, propelled by the Federal Reserve’s hawkish outlook for interest rates and after Russian President Vladimir ordered the country’s first mobilisation since World War Two. The dollar index, which measures the currency against a basket of…
By Sam Nussey and Joyce Lee TOKYO/SEOUL (Reuters) -SoftBank Group Corp founder and CEO Masayoshi Son will discuss a “strategic alliance” between chip designer Arm and Samsung Electronics during the billionaire’s first visit to South Korea in three years. “I’m looking forward to visiting Korea for the first time in three years. I’d like to…
By Abigail Summerville and Matt Tracy (Reuters) – Wall Street banks completed the sale of $8.55 billion in loans and bonds backing the leveraged buyout of business software company Citrix Systems Inc by accepting a $700 million loss, a person familiar with the matter said on Wednesday. The process emerged as a key test of…
By Laura Sanicola (Reuters) – Oil prices edged lower in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates significantly to curb inflation, with fears for the global economy casting a shadow over future fuel demand. Brent crude futures fell 16 cents, or 0.2%, to $89.67 per barrel by 0013 GMT,…
WASHINGTON (Reuters) – The U.S. Federal Trade Commission on Wednesday rejected a bid by Amazon.com Inc to quash demands that both Chief Executive Andy Jassy and Executive Chairman Jeff Bezos testify at an investigative hearing. Last month, Amazon questioned what it called the agency’s “burdensome” requests in its investigation of the sign-up and cancellation processes…
NEW YORK (AP) — Home Depot workers in Philadelphia have filed a petition with the federal labor board to form what could be the first store-wide union at the world’s largest home improvement retailer. The petition, filed with the National Labor Relations Board this week, seeks to form a collective bargaining unit for 274 employees…
(Reuters) -Homebuilder Lennar Corp on Wednesday reported a better-than-expected profit in the third quarter, benefiting from record-high property prices as demand far outpaced supply that was crippled by raw material and labor shortages. While homebuilders have been enjoying steeper prices for a while, the U.S. Federal Reserve’s decision to continue raising interest rates to clamp…
OMAHA, Neb. (AP) — A last-minute deal prevented a railroad strike for now, but many rail workers remain unhappy with working conditions, including some who protested outside their workplaces Wednesday ahead of votes to approve the new contracts. Handfuls of workers gathered outside railyards across the country in pickets organized by a newly formed workers…
NEW YORK (AP) — Bill Gates and Melinda French Gates combined characteristic optimism with sobering questions about persistent gender inequality and hunger at an event focused on reaching global development goals that the Gateses’ foundation convened on the sidelines of the U.N. General Assembly. Bill Gates again made the case for investments in agricultural technologies…
