By David French (Reuters) – Wall Street’s main indexes slumped to close well down on Friday, as rattled investors continued repositioning themselves to reflect fears the U.S. Federal Reserve’s hawkish rate policy to curb inflation will push the American economy into recession. The Dow narrowly avoided ending more than 20% lower than its Jan. 4…
By Joseph White and David Shepardson TOLEDO, Ohio/WASHINGTON (Reuters) – The United Auto Workers will seek a speedier recognition from GM that does not require a vote to represent hourly workers in the automaker’s growing stable of U.S. joint-venture battery plants, the union said on Friday. UAW President Ray Curry, speaking at an event in…
TOLEDO, Ohio (AP) — General Motors says it will spend $760 million to renovate its transmission factory in Toledo, Ohio, so it can build drive lines for electric vehicles. It’s the first GM engine or transmission plant to begin the long transition from internal combustion engines to electric vehicles. The company has a goal of…
By David French (Reuters) – Wall Street slumped more than 2% on Friday as investor concerns about the health of the American economy and the impact of the U.S. Federal Reserve’s aggressive interest rate policy to quell inflation triggered a sell-off. The Dow slipped down more than 20% from its Jan. 4 record all-time closing…
By Kannaki Deka (Reuters) -FedEx Corp’s new chief executive needs to show he can deliver on the promise of implementing aggressive cost cuts, Wall Street analysts said on Friday, after the company laid out plans to slash up to $2.7 billion in expenses for fiscal 2023. The parcel delivery giant’s plan on Thursday comes after…
WASHINGTON (AP) — The U.S. is outlining its goals for a new trade deal with Australia, Japan, South Korea and nine other nations meant to signal the country’s commitment to working with the Indo-Pacific region at a time of growing Chinese clout. The Office of the U.S. Trade Representative on Friday released its negotiating objectives…
By David Milliken, Andy Bruce and Kate Holton LONDON (Reuters) -Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending sterling and British government bonds into freefall. Kwarteng scrapped the country’s top rate of income tax, cancelled a planned…
MOSCOW (Reuters) -Japan’s Toyota Motor Corp said on Friday that it had decided to end vehicle production in Russia due to the interruption in supplies of key materials and parts. Toyota had suspended production in St Petersburg in March due to supply chain problems, and stopped importing to Russia. “During this period we have fully…
By Scott DiSavino NEW YORK (Reuters) -Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession. Brent futures were down $4.35, or 4.8%, to $86.11 a barrel by 10:09…
By Julia Payne LONDON (Reuters) -Oil prices dumped on Friday to trade at levels not seen since January as the dollar index hit its strongest level in two decades and on demand fears as rising interest rates risked tipping major economics into recession. Brent crude futures fell $3.74, or 4.13%, to $86.72 a barrel by…
