By Marius Zaharia and Kevin Yao HONG KONG/BEIJING (Reuters) – American businessman Brody Shores’ furniture business in China grew on a model that leaned heavily on the promise of an enduring property boom and homebuyers desperate for fully furnished new apartments. Soon after launching in 2019, his company began selling directly to developers who decked…
By Leika Kihara WASHINGTON (Reuters) -Japan’s currency intervention last month to stop a sharp slide in the yen was likely a “signaling action” to smooth volatility, though the impact of such moves tend to be short-lived, a senior International Monetary Fund official said on Thursday. Recent volatile market moves heighten the need for the Bank…
By Tom Hals and Sheila Dang WILMINGTON, Del. (Reuters) -Elon Musk is under a federal investigation related to his $44 billion takeover deal for Twitter Inc, the social media company said in a court filing made public on Thursday. Twitter said it requested for months that Musk’s attorneys produce their communications with federal authorities but…
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks surged to close more than 2% higher on Thursday, as technical support and investors covering short bets drove a dramatic rebound from a selloff earlier in the day. The reversal marked a jump of nearly 194 points in the S&P 500 from its low of the…
OMAHA, Neb. (AP) — The lack of some benefits most American workers can readily count on, like paid sick leave and regularly scheduled weekends, is driving some railroad workers to veto contracts that include hefty raises and $5,000 bonuses. This week’s vote by the third-largest railroad union against their contract raised the possibility that a…
WASHINGTON (AP) — Federal regulators and Facebook parent Meta are battling over Meta’s proposed acquisition of virtual-reality company Within Unlimited and its fitness app Supernatural. In a landmark legal challenge to a Big Tech merger, the Federal Trade Commission is suing to block the deal, asserting it would hurt competition and violate antitrust laws. Meta…
By Caroline Valetkevitch NEW YORK (Reuters) – The outlook for jobs and spending may be chief among concerns for investors heading into third-quarter U.S. earnings as expectations increase that the Federal Reserve will need to keep an aggressive approach to hiking interest rates. Estimates for the earnings period have been falling, and analysts now expect…
By Fergal Smith TORONTO (Reuters) – Canada’s main stock index rose on Thursday, rebounding from its lowest intraday level in 20 months, as investors covered short positions that they had put in place in anticipation of hot U.S. inflation data. The Toronto Stock Exchange’s S&P/TSX composite index ended up 407.35 points, or 2.2%, at 18,613.63,…
By Pete Schroeder and Hannah Lang WASHINGTON (Reuters) – A leading U.S. bank regulator said his caution over banks partnering with fintechs is not meant to stifle those arrangements, but rather reflects his concern that firms must adequately gauge their risks. Michael Hsu, the acting Comptroller of the Currency, also told Reuters in an interview…
SAN RAMON, Calif. (AP) — Netflix next month will unveil the first version of its video streaming service with ads, giving cost-conscious viewers a chance to watch most of its shows at a steep discount in exchange for putting up with commercial interruptions. The ad-supported service is scheduled to debut Nov. 3 as Netflix tries…
