SEOUL (Reuters) -South Korea’s retail sales fell for a third straight month in November, data showed on Thursday, clouding economic growth in the current quarter as demand from China and other major markets loses momentum. The retail sales index fell 1.8% in November, on a seasonally adjusted monthly basis, after declines of 0.2% and 2.0%…
(Reuters) -Tesla Inc Chief Executive Elon Musk told employees that they should not be “bothered by stock market craziness” after the company’s shares fell nearly 70% this year on jitters over softening demand for electric vehicles and Musk’s distraction with running Twitter. In an email sent to staff on Wednesday and reviewed by Reuters, Musk…
(Reuters) -Lockheed Martin Corp’s Sikorsky unit on Wednesday sought a review of the U.S. Army’s decision to award a contract for its next-generation helicopter to Textron Inc’s Bell unit. The company, which filed its protest with the U.S. Government Accountability Office (GAO), said it had partner Boeing Co’s support. Earlier this month, the Army ended…
By Echo Wang (Reuters) – Wall Street’s main indexes closed lower on Wednesday, as investors grappled with mixed economic data, rising COVID cases in China, and geopolitical tensions heading into 2023. “There was no Santa rally this year. The Grinch showed up this December for investors,” said Greg Bassuk, chief executive at AXS Investments in…
(Reuters) – Major U.S.-listed Chinese companies, including Pinduoduo Inc and Full Truck Alliance Co, have put discussions about a potential Hong Kong listing on hold, The Information reported on Wednesday, citing people familiar with the matter. The report comes after a U.S. accounting watchdog said it had full access to inspect and investigate firms in…
By Shariq Khan NEW YORK (Reuters) -Oil prices settled lower on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world’s top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand. Brent crude futures fell $1.07, or 1.3%, to settle at $83.26 a barrel,…
By Jonathan Stempel NEW YORK (Reuters) – Sam Bankman-Fried is expected to enter a plea next week to criminal charges he defrauded investors and looted billions of dollars in customer funds at his failed FTX cryptocurrency exchange. The 30-year-old is expected to be arraigned on the afternoon of Jan. 3, 2023, before U.S. District Judge…
By Sabrina Valle (Reuters) – U.S. oil major Exxon Mobil Corp is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this year by oil companies benefiting from high energy prices have…
PANAMA CITY (Reuters) -Canada’s First Quantum Minerals Ltd said on Wednesday its flagship Cobre Panama copper mine was running as normal and talks have resumed with the Panama government to solve a dispute over the miner’s operations. Both First Quantum and the government said on Wednesday that talks were underway, confirming previous Reuters reporting. On…
By Sinéad Carew NEW YORK (Reuters) – Global equities edged lower on Wednesday while oil prices tumbled as investors weighed their enthusiasm about the potential economic boost from China lifting COVID restrictions with concerns about rising infections there. The yield on the benchmark U.S. 10-year Treasury dipped before turning higher in a choppy session after…
