By Tom Westbrook SINGAPORE (Reuters) – The dollar was on the front foot on Thursday after Federal Reserve Chair Jerome Powell signalled U.S. rates would likely rise further than expected, disappointing traders’ hopes for a change in tone, and shifting the focus to Friday’s jobs data. The dollar hit a week-high of $0.9810 per euro…
By Sergio Goncalves LISBON (Reuters) -Mark MacGann, the whistleblower behind the so-called Uber Files, said on Wednesday that the ride-hailing company seemed to be taking steps toward improving its work culture, but that its business model was still “absolutely” unsustainable. The Guardian and Le Monde newspapers reported in July that Uber Technologies Inc broke laws…
By Chavi Mehta and Jane Lanhee Lee (Reuters) -Qualcomm Inc’s forecast for holiday-quarter revenue fell about $2 billion short of Street estimates, as the chipmaker struggles with a slump in sales to smartphone customers, sending its shares down 7% in after-hours trading. The company also projected a lower-than-expected profit for the quarter, and said it…
(Reuters) – MetLife Inc on Wednesday reported a 53% drop in third-quarter profit as economic pressures and a global market rout led to weaker returns from the U.S. insurer’s investments. The company’s U.S. unit saw a 17% decline in adjusted profit, while the Asia segment recorded a 65% slump. Fewer claims tied to COVID-19 as…
Boeing officials vowed Wednesday to significantly increase airplane production and cash flow in the next few years as the company seeks to recover from two deadly crashes and years of mistakes in its airline and defense businesses. Boeing said it expects to boost revenue to $100 billion and generate $10 billion in annual cash flow…
OMAHA, Neb. (AP) — The Agriculture Department announced more than $223 million in grants and loans Wednesday to help small- and mid-sized meat processing plants expand as part of a larger $1 billion effort to boost competition in the highly concentrated industry. The effort is expected to increase cattle and pig slaughter capacity by more…
HONG KONG/BEIJING (Reuters) -Chinese policymakers pledged on Wednesday that growth was still a priority and they would press on with reforms, helping further boost stock markets buoyed by hopes that Beijing will ease off on its strict COVID-19 measures. The policymakers’ comments came in an apparent bid to soothe fears that ideology could take precedence…
(Reuters) – The “ultimate level” of the Federal Reserve’s benchmark policy rate is likely higher than previously estimated, Fed Chair Jerome Powell said on Wednesday. In remarks at a press conference after the Fed raised rates by 75 basis points for a fourth consecutive meeting, Powell said there is “significant uncertainty” around the level of…
NEW YORK (AP) — Elon Musk said Wednesday that Twitter will not allow anyone who has been kicked off the site to return until it sets up procedures on how to do that, a process that will take at least a few weeks. That would mean people banned from the site for violating Twitter’s rules…
By John McCrank and Chris Prentice (Reuters) -The U.S. Securities and Exchange Commission on Wednesday proposed new rules aimed at better preparing the mutual fund industry for distressed market conditions, including a new pricing mechanism that has drawn opposition from fund managers. The market disruptions of March 2020 reinforced the fact that liquidity can deteriorate…
