DoorDash is eliminating about 1,250 corporate jobs, or about 6% of its workforce, saying it hired too many people when delivery demand surged during the COVID-19 pandemic. CEO Tony Xu said in a message to employees Wednesday that DoorDash was undersized before the pandemic and sped up hiring to catch up with its growth. “Most…
WASHINGTON (AP) — The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday in remarks likely intended to underscore the Fed’s single-minded focus on combating stubborn inflation. Yet in a speech at the Brookings Institution, Powell also signaled that the Fed may…
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – The Federal Reserve could scale back the pace of its interest rate hikes “as soon as December,” Fed Chair Jerome Powell said on Wednesday, while cautioning the fight against inflation was far from over and that key questions remain unanswered, including how high rates will ultimately…
By Rachel Savage and Bhargav Acharya JOHANNESBURG (Reuters) – Zambia is pushing hard to complete the restructuring of nearly $15 billion of external debt in the first quarter of 2023 and is “in active engagement” with its largest bilateral creditor China, Zambia’s finance minister said in an interview at the Reuters NEXT conference. Zambia defaulted…
By Leigh Thomas PARIS (Reuters) – French President Emmanuel Macron will use a state visit to Washington this week to press European Union concerns about the United States’ huge new green energy subsidy package. While EU countries welcome the new commitment to energy transition, they fear the $430 billion Inflation Reduction Act will put their…
By Hannah Lang (Reuters) -A Democratic senator and chair of a key committee on Wednesday pressed U.S. Treasury Secretary Janet Yellen for help in securing legislation to better regulate cryptocurrency, the latest sign of pressure for tougher regulations following the collapse of crypto exchange FTX. Senator Sherrod Brown of Ohio also urged the Financial Stability…
WASHINGTON (AP) — U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labor Department said…
By Marianna Parraga and Jonathan Saul HOUSTON/LONDON (Reuters) – When the supertanker Young Yong sailed to the Chinese port of Qingdao in September last year, it had quality certificates for its cargo stating it was transporting Malaysian crude oil, according to the documents reviewed by Reuters. But satellite images and photos show the Chinese-owned ship…
Rebecca Thompson was about to sign a lease for an apartment with a friend in early 2020 when businesses started shutting down because of the COVID-19 pandemic. So instead, the 34-year-old decided to stay with her parents to save money. But with home prices skyrocketing in Dallas, she thought she’d never be able to buy…
WASHINGTON (Reuters) – The U.S. economy rebounded more strongly than initially thought in the third quarter, the government confirmed on Wednesday, but higher interest rates as the Federal Reserve battles inflation have raised the risks of a recession next year. Gross domestic product increased at a 2.9% annualized rate, the government said in its second…
