By David French (Reuters) – Wall Street ended Friday with all three benchmarks more than 3% lower, as Federal Reserve Chief Jerome Powell’s signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors. The Nasdaq led declines among the three U.S. benchmarks,…
MEXICO CITY (Reuters) – Mexican airline Volaris fired a pilot who filmed two of the carrier’s planes nearly crashing at Mexico City’s international airport in May, as the pilot broke airline rules by using a phone when she was not allowed to, Volaris said on Friday. The pilot, Libertad Salmeron, acknowledged in interviews that she…
(Reuters) -3M Co must face more than 230,000 lawsuits accusing it of selling defective earplugs to the U.S. military, after a U.S. judge on Friday ruled that the bankruptcy of a subsidiary did not stop lawsuits against the non-bankrupt parent company. Companies that file for bankruptcy typically receive an immediate reprieve from lawsuits, and 3M…
By Jessica DiNapoli and Alexander Marrow NEW YORK (Reuters) -Coca Cola HBC AG has started making a local cola, Dobry Cola, in Russia after stopping production and sales of Coca-Cola Co products following the mass exodus of Western companies earlier this year. Dobry has been a juice brand in Russia but Coca-Cola HBC https://www.reuters.com/business/retail-consumer/coca-cola-bottler-detail-costs-exiting-russia-2022-08-10/, which…
AMSTERDAM (Reuters) -Klaas Knot, a member of the European Central Bank’s governing council, said in an interview with Dutch national broadcaster NOS on Friday that he favours large interest rate hikes to tame inflation. Knot, who is also the Netherlands’ Central Bank president, was speaking from Jackson Hole, Wyoming, where the U.S. Federal Reserve is…
WASHINGTON (Reuters) -The U.S. Justice Department is in the early stages of drafting a potential antitrust complaint against Apple Inc, Politico reported on Friday, citing a person with direct knowledge of the matter. A Justice Department spokesperson declined to comment. Apple did not immediately respond to Reuters requests for comment. Politico reported the Justice Department…
WASHINGTON (AP) — The U.S. and China have reached a tentative agreement to allow U.S. regulators to inspect the audits of Chinese companies whose stocks are traded on U.S. exchanges. In a long-festering dispute, U.S. regulators have threatened to boot a number of Chinese companies off the New York Stock Exchange and Nasdaq if China…
By Daniel Trotta (Reuters) -Moderna sued Pfizer and its German partner BioNTech on Friday for patent infringement in the development of the first COVID-19 vaccine approved in the United States, alleging they copied technology that Moderna developed years before the pandemic. Pfizer shares fell nearly 1%, while BioNTech U.S.-listed shares were down about 1.5% and…
JACKSON HOLE, Wyoming (AP) — Federal Reserve Chair Jerome Powell delivered a stark warning Friday about the Fed’s determination to fight inflation with more sharp interest rate hikes: It will likely cause pain for Americans in the form of a weaker economy and job losses. The message landed with a thud on Wall Street, sending…
By Karen Brettell NEW YORK (Reuters) – The dollar index gained on Friday after Federal Reserve Chair Jerome Powell adopted a hawkish tone to battling inflation, but did not settle the debate on how large a rate increase is likely at the U.S. central bank’s September meeting. The U.S. economy will need tight monetary policy…
