By Niket Nishant (Reuters) -Shares of Corebridge Financial Inc opened 2% below the IPO price in their New York Stock Exchange debut on Thursday, giving the company a valuation of $13.2 billion, dimming hopes of a revival in U.S. listings as market turmoil dents investor confidence. The lukewarm reception to the biggest U.S. IPO so…
By Medha Singh and Bansari Mayur Kamdar (Reuters) – Shares of Union Pacific Corp and Norfolk Southern rose on Thursday after major U.S. railroads clinched a tentative deal with unions for better pay and working conditions, narrowly averting a rail shutdown. The two sides reached the agreement following 20 hours of intense talks brokered by…
LONDON (AP) — Microsoft’s $69 billion deal to buy video game company Activision Blizzard faces an in-depth antitrust investigation in Britain after the tech company refused to offer proposals to ease competition concerns. Britain’s Competition and Markets Authority said Thursday that it was referring the blockbuster deal for more scrutiny under a so-called phase 2…
(Reuters) – Zoom Video Communications Inc said on Thursday it was “investigating issues” after more than 40,000 users reported problems with the video-conferencing platform, according to outage tracking website Downdetector.com. Downdetector, which tracks outages by collating status reports from several sources including user-submitted errors on its platform showed 40,377 users reporting problems. The actual number…
Outdoor gear company Patagonia says “the earth is now our only shareholder” after transferring the company’s ownership from founder Yvon Chouinard and his family to two nonprofits established to fight climate change. In a letter posted on the 50-year-old company’s website Wednesday night, Chouinard said Patagonia would transfer 100% of its voting stock to the…
NEW YORK (AP) — The largest part of the U.S. economy is holding up against the hottest inflation in four decades and the threat of a potential recession. Hotels, restaurants and other businesses that provide services have managed to keep gaining ground through the summer, according to the latest survey from the Institute for Supply…
Software company Adobe is buying online design company Figma in an approximately $20 billion cash-and-stock deal. Figma, founded in 2012, allows those who design interactive mobile and web applications to collaborate through multi-player workflows, sophisticated design systems and a rich developer ecosystem. The companies said that Figma’s web-based, multi-player capabilities will accelerate the delivery of…
By Alex Lawler LONDON (Reuters) -Brent crude oil fell 3% on Thursday as expectations of weaker demand and a strong U.S. dollar ahead of a potentially large interest rate increase outweighed supply concerns. The International Energy Agency said this week oil demand growth would grind to a halt in the fourth quarter. [IEA/M] The dollar…
Amtrak on Thursday worked to accommodate travelers whose plans were disrupted this week ahead of a tentative railway labor agreement. Crowds were noticeably smaller at New Jersey stop on Amtrak’s Northeast Corridor line between Philadelphia and New York hours after the agreement was announced, customers said. Amtrak cancelled several of its long-distance routes this week…
NEW YORK (AP) — Americans picked up their spending a bit in August from July even as surging inflation on household necessities like rent and food took a toll on family budgets. U.S. retail sales rose an unexpected 0.3% last month after falling 0.4% in July, the Commerce Department said Thursday. Excluding business at gas…
