By Ann Saphir and Lindsay Dunsmuir (Reuters) – Containing inflation running at its highest in decades must be a top priority for the Federal Reserve with Americans “suffering” under the rapid pace of price increases, U.S. President Joe Biden’s nominees to the central bank’s Board of Governors said on Thursday. While the Fed has a…
By Aditi Sebastian and Ananya Mariam Rajesh (Reuters) -Estee Lauder Cos Inc raised its annual revenue and profit projections on Thursday as price hikes and a recovery in demand for its makeup products blunt the hit from surging costs. Sales of the cosmetics maker rose in every region in the last three months of 2021…
Meta is putting a lot of virtual eggs — and billions of dollars — into the metaverse basket, and Wall Street is pretty anxious about it. Shares of the company formerly known as Facebook saw a historic plunge Thursday after the social media giant reported a rare profit decline due to a sharp rise in…
By Uday Sampath Kumar (Reuters) -Ralph Lauren Corp raised its annual revenue forecast on Thursday and became the latest luxury goods retailer to top market estimates for holiday-quarter revenue as demand for high-end apparel soars. Shares in the New-York based designer, which also announced a new $1.5 billion stock buyback program, rose 4% in morning…
By Ron Bousso LONDON (Reuters) – Shell again boosted its dividend and share repurchases on Thursday after fourth quarter profits hit their highest in eight years, fuelled by higher oil and gas prices and strong gas trading performance. The strong results cap a dramatic recovery in 2021 for Shell and the oil and gas sector…
WASHINGTON (AP) — Last month, U.S. employers might have shed jobs for the first time in about a year, potentially raising alarms about the economy’s trajectory. Yet even if the January employment report coming Friday were to show a deep loss of jobs, there would be little mystery about the likely culprit: A wave of…
By Pete Schroeder WASHINGTON (Reuters) -Sarah Bloom Raskin, President Joe Biden’s pick to lead the Federal Reserve’s regulatory work, told U.S. lawmakers on Thursday that she believes banks need strict oversight, but that it is not her job to tell them how and where to lend. Raskin tried to make the case for her confirmation…
WASHINGTON (AP) — Pushing back against critics, a key nominee to the Federal Reserve’s Board of Governors said Thursday before a Senate panel that she would not make it more difficult for any industry to obtain bank loans. President Joe Biden nominated Sarah Bloom Raskin, a former Fed governor and deputy Treasury Secretary, to be…
ZURICH (Reuters) – Siemens is ramping up its spending on research and development above its rivals, Chief Executive Roland Busch will tell the German engineering group’s shareholders next week. The maker of trains and factory automation software will spend 5.5 billion euros ($6.21 billion) developing new products and services this year, Busch will say, according…
Meta Platforms (FB), the artist formerly known as Facebook, posted a disappointing round of earnings. Investors fled for the hills as the stock tumbled 21%. To put it into perspective, FB lost approximately $180 billion in market cap last night, roughly the size of AT&T! Does this wash out mean it is time to buy?…
