By Jody Godoy NEW YORK (Reuters) -Nikola Corp founder Trevor Milton on Friday was convicted by a U.S. jury of fraud in a case alleging he lied to investors about the electric vehicle company’s technology. The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for…
WASHINGTON (AP) — Atlanta Federal Reserve Bank President Raphael Bostic said Friday that many of his financial trades and investments in the past five years inadvertently violated the central bank’s ethics rules, and he has revised all his financial disclosures since becoming president in 2017. Bostic said the trades were made by investment managers that…
NEW YORK (AP) — Key financial regulators on Friday approved U.S. Bank’s $8 billion acquisition of Japanese financial titan MUFG’s Union Bank franchise, clearing big regulatory hurdles for a deal that will push U.S. Bank closer to the size of Wall Street’s mega banks. But in reaching those approvals, both the Office of the Comptroller…
WASHINGTON (AP) — The Defense Department has gotten a request from SpaceX and Tesla founder Elon Musk to take over funding for his satellite network that has provided crucial battlefield communications for Ukrainian military forces since almost the beginning of its war with Russia, U.S. officials said Friday. The officials, who spoke on condition of…
By Arriana McLymore and Siddharth Cavale NEW YORK (Reuters) – The $25-billion merger of Kroger and Albertsons could ultimately lead to lower prices for shoppers, at least according to a plan laid out Friday by Kroger’s CEO. In an interview with Reuters, Kroger Co CEO Rodney McMullen said the savings provided by the deal would…
WASHINGTON (Reuters) – U.S. business inventories increased a bit less than expected in August, but there are signs that unsold goods are piling up at retailers and wholesalers as stubbornly high inflation and rising interest rates slow demand. Business inventories rose 0.8% after climbing 0.5% in July, the Commerce Department said on Friday. Inventories are…
By Aishwarya Venugopal, Diane Bartz and Abigail Summerville (Reuters) -Kroger Co snapped up Albertsons Cos Inc in a $25 billion deal on Friday, creating a U.S. grocery behemoth to better compete with leader Walmart Inc on prices while bracing for potential antitrust roadblocks. The mega merger between the No. 1 and 2 standalone grocers in…
By Jorge Otaola BUENOS AIRES (Reuters) -Argentina’s central bank is set to hold the benchmark interest rate steady at 75% after months of consecutive hikes, two sources said, with the entity’s directors hopeful that monthly inflation will gradually slow down in the remainder of the year. The bank had been mulling another potential hike after…
By Lucia Mutikani WASHINGTON (Reuters) -U.S. retail sales were unexpectedly flat in September as households cut back on purchases of big-ticket items amid stubbornly high inflation and rapidly rising interest rates. But consumers are not rolling over yet, with the report from the Commerce Department on Friday also showing a measure of underlying retail sales…
By Johann M Cherian (Reuters) – Canada’s main stock index extended gains on Friday, tracking a rise on Wall Street after big bank earnings, while Russian President Vladimir Putin said there were no plans for a further military mobilization. At 09:43 a.m. ET, 01:44 p.m., the Toronto Stock Exchange’s S&P/TSX composite index was up 0.5%…
