By Hyunjoo Jin SAN FRANCISCO (Reuters) – Tesla shares extended declines to hit their lowest level in more than two years on Wednesday, as investors including a “fanboy” of CEO Elon Musk lashed out at Musk’s distraction from the electric car company following his buy of Twitter. Shares of Tesla, the world’s most valuable carmaker,…
OMAHA, Neb. (AP) — Federal regulators and shippers are questioning Union Pacific’s decision to temporarily limit some businesses’ shipments as part of its effort to clear up congestion across the railroad. The head of the U.S. Surface Transportation Board, Martin Oberman, said Wednesday he’s concerned about Union Pacific’s increasing use of the embargoes because they…
By Andy Bruce MANCHESTER, England (Reuters) – A ninth interest rate hike in a row by the Bank of England looks to be a foregone conclusion on Thursday and investors will be looking for clues on how many more will be needed with the economy sliding into recession but inflation still above 10%. The Monetary…
By Luc Cohen and Chris Prentice NEW YORK (Reuters) – When he took office as the top federal prosecutor in Manhattan in late 2021, Damian Williams pledged to prioritize “rooting out corruption in our financial markets.” Now, with the fraud charges filed earlier this week against Sam Bankman-Fried, the founder of the bankrupt FTX exchange,…
By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks closed lower in volatile trading on Wednesday following a policy announcement by the Federal Reserve that raised interest rates by an expected 50 basis points, but its economic projections see higher rates for a longer period. The central bank raised interest rates by half a percentage…
BOSTON (AP) — A hacker who reportedly posed as the CEO of a financial institution claims to have obtained access to the more than 80,000-member database of InfraGard, an FBI-run outreach program that shares sensitive information on national security and cybersecurity threats with public officials and private sector actors who run U.S. critical infrastructure. The…
By Marcela Ayres BRASILIA (Reuters) -Brazil’s incoming Finance Minister Fernando Haddad on Wednesday said fiscal expansion would not help the economy at the moment and the government needs to organize its finances to allow lower interest rates, tamping down fears of a public spending spree. His comments helped to calm market concerns about an explosion…
WASHINGTON (AP) — The government on Wednesday charged eight men of earning more than $100 million in illicit stock market profits by manipulating their novice-investor followers on social media. The Justice Department and the Securities and Exchange Commission said that from early 2020 to around April of this year the men, who had combined following…
(Fixes typographical error in Haworth quote in 22nd paragraph to make it “than” instead of “that”) NEW YORK (Reuters) – The Federal Reserve raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023 as well as…
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve raised interest rates by half a percentage point on Wednesday and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023 as well as a rise in unemployment and a near stalling of economic growth. The…
