By Echo Wang NEW YORK (Reuters) – The U.S. Financial Industry Regulatory Authority (FINRA) warned on Thursday it was seeing a number of small initial public offerings (IPOs), including many from China, which constituted pump-and-dump schemes that investors should stay away from. Most of these initial public offerings raise less than $25 million for companies…
By David Shepardson WASHINGTON (Reuters) -U.S. broadband providers must display information similar to nutrition labels on food products to help consumers shop for broadband internet services, according to new rules finalized by the U.S. Federal Communications Commission on Thursday. The rules require broadband providers to display, at the point of sale, labels that show prices,…
WASHINGTON (AP) — Reacting to the tumult and mass layoffs at Twitter under its new owner Elon Musk, a group of Democratic senators on Thursday asked federal regulators to investigate any possible violations by the platform of consumer-protection laws or of its data-security commitments. The senators also asked Lina Khan, head of the Federal Trade…
By Jonathan Stempel (Reuters) – Krispy Kreme Inc agreed to pay $1.19 million to settle U.S. Department of Labor charges it failed to properly pay overtime to several hundred workers, the agency said on Thursday. The donut chain was accused of violating the federal Fair Labor Standards Act when, beginning around November 2019, it stopped…
By Herbert Lash and Marc Jones NEW YORK/LONDON (Reuters) – The dollar rose and equity markets slid on Thursday after hawkish remarks from a Federal Reserve official that reminded investors a less aggressive monetary policy is unlikely with U.S. employment data still showing a tight labor market. Nagging recession and higher interest rate worries also…
General Motors says it expects its portfolio of electric vehicles to turn a profit in North America by 2025 as it boosts battery and assembly plant capacity to build over 1 million EVs per year. CEO Mary Barra used the pledge to kick off the company’s investor day event Thursday in New York. The profit…
By Ross Kerber and Chris Prentice BOSTON/ WASHINGTON (Reuters) – With the U.S. House of Representatives under their control, Republicans have a new pulpit to try to constrain President Joe Biden’s administrative oversight of business issues from consumer finance to climate rules. Policy analysts said Wednesday’s projected win in the midterm elections will embolden Republicans…
By Arathy Somasekhar HOUSTON (Reuters) -Oil fell more than 3% on Thursday as rising numbers of COVID-19 cases in China and the suggestion of higher interest rates than currently expected in the United States weighed on demand. Brent crude fell $2.64 to $90.22 a barrel, down 2.8%, at 1:28 p.m. EST (1828 GMT). U.S. West…
By David Milliken, Andy Bruce and William Schomberg LONDON (Reuters) – Britain faces a record hit to living standards this year as surging inflation erodes incomes, the country’s budget forecasters warned, after finance minister Jeremy Hunt announced more pain, with tax rises now and spending cuts further ahead. In a bid to restore Britain’s fiscal…
WASHINGTON (AP) — The average long-term U.S. mortgage rate tumbled by nearly a half-point this week, but will likely remain a significant barrier for potential homebuyers as Federal Reserve officials have all but promised more rate hikes in the coming months. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate…
