Uber said Thursday that it reached out to law enforcement after a hacker apparently breached its network. A security engineer said the intruder provided evidence of obtaining access to crucial systems at the ride-hailing service. There was no indication that Uber’s fleet of vehicles or its operation was in any way affected. “It seems like…
Wall Street closed out the stock market’s worst week in three months with more losses Friday, as a stark warning from FedEx about rapidly worsening trends in the economy rattled already anxious investors. The S&P 500 fell 0.7%, with all but two of its 11 company sectors ending in the red. The benchmark index sank…
BEIJING (AP) — Chinese consumer spending and factory output edged up in August but still were weak, official data showed Friday, and forecasters warned the second-largest economy is vulnerable to repeated shutdowns of cities to fight virus outbreaks. Housing sales plummeted while prices edged lower, adding to a slide in real estate activity under pressure…
BERLIN (AP) — Germany is taking control of three Russian-owned refineries in the country to ensure energy security before an embargo on oil from Russia takes effect next year, officials said Friday. Two subsidiaries of Russian oil giant Rosneft — Rosneft Deutschland GmbH and RN Refining & Marketing GmbH — will be put under the…
By Hannah Lang and Michelle Price WASHINGTON (Reuters) – Banks’ cryptocurrency projects have been upended by U.S. Securities and Exchange Commission (SEC) accounting guidance that would make it too capital-intensive for lenders to hold crypto tokens on behalf of clients, according to more than half a dozen people with knowledge of the matter. A slew…
By Liangping Gao and Ryan Woo BEIJING (Reuters) -Woes in China’s property market worsened in August, with official data showing home prices, sales and investment all falling in August, as a mortgage boycott and developers’ financial strains further hurt confidence in the sector. New home prices resumed their month-on-month decline in August, down 0.3%, Reuters…
SHANGHAI (Reuters) – China Evergrande Group said its electric vehicle (EV)unit started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin on Friday. Delivery of the first electric car model unveiled last year by China Evergrande New Energy Vehicle Group Ltd will start in October, Evergrande Group said…
By Kevin Yao and Ellen Zhang BEIJING (Reuters) -China’s economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales shoring up the recovery from the effects of COVID and heatwaves, but a deepening property slump weighed on the outlook. The better-than-expected figures show the world’s second-largest economy is gaining some…
BEIJING (Reuters) -China’s property sector contracted further in August, with falls in home prices, investment and sales, official data showed on Friday, as a mortgage boycott, widespread COVID lockdowns and a weak economy clouded confidence in the sector. Once a key driver of economic growth, China’s property market has lurched from crisis to crisis since…
FedEx said Thursday it is shuttering storefronts and corporate offices while putting off new hires in a belt-tightening drive brought on by drop-off in its global package delivery business. The company based in Memphis, Tennessee, warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it…
