WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Thursday that Russia’s invasion of Ukraine, which has already driven up oil prices, will likely further magnify the high inflation that has engulfed the U.S. economy. At the same time, Powell said he is committed to doing whatever it will take to slow inflation, underscoring the…
By Howard Schneider WASHINGTON (Reuters) – Russia’s war in Ukraine could hit the U.S. economy across a variety of channels from higher prices to dampened spending and investment, Federal Reserve Chair Jerome Powell said Thursday, though it is unclear what the ultimate impact will be. “What we know so far is that commodity prices have…
DETROIT (AP) — Elon Musk is inviting the United Auto Workers union to hold an organizing vote at Tesla’s factory in Fremont, California. On Twitter Wednesday, Musk wrote that he invited the union to hold a vote at its convenience. “Tesla will do nothing to stop them,” he wrote. The UAW wouldn’t comment Thursday but…
MOSCOW (Reuters) – No restrictions stopping people from paying debts in foreign currency to a foreign company or bank have been introduced, Russia’s central bank said in a question and answer page on its website, last updated on Thursday. (Reporting by Reuters in Moscow; Editing by Toby Chopra)
By Jonathan Stempel (Reuters) – The Sackler family owners of Purdue Pharma LP reached a deal with nine attorneys general to pay up to $6 billion in cash to resolve widespread litigation alleging that they fueled the opioid epidemic, bringing the OxyContin maker closer to exiting bankruptcy. The deal was revealed on Thursday in a…
NEW YORK (Reuters) – Citigroup is uncertain how long it will be able to keep its operations in Ukraine running and is concerned about a cyber attack by Russia, Chief Executive Jane Fraser said in an interview with CNBC. “I don’t think any of us know how long we will be able to keep going…
By Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits dropped to their lowest level this year last week, while layoffs declined sharply in February, indicating that the labor market recovery was gaining steam. The upbeat reports on Thursday bode well for February’s employment report on Friday. Economists are…
Twitter is expanding Birdwatch, its crowd-sourced fact checking project it started as a small and little-publicized pilot program more than a year ago. The program lets regular people flag and notate misleading tweets. This is separate from Twitter’s news verification partnerships with The Associated Press and Reuters. Starting Thursday, a small, randomized group of U.S….
By Marwa Rashad, Samia Nakhoul and Ghaida Ghantous DUBAI (Reuters) – Saudi Arabia’s crown prince says he simply doesn’t care whether Joe Biden misunderstands him. The prince is instead looking to his oil power to deliver his goals, according to sources familiar with Riyadh’s thinking: recognition from the American president that he’s the real ruler…
NEW YORK (AP) — Best Buy reported a shortfall in sales for the holiday quarter as the nation’s largest electronics chain struggled with limited supplies of holiday products and was forced to reduce store hours because of a shortage of workers due to the omicron variant. The chain, based in Minneapolis, also announced on Thursday…
