WASHINGTON (AP) — President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide “clear rules” to govern financial innovation. “I strongly believe that inflation is far too high today and I’m committed to bringing it down to the Federal Reserve’s target of 2%,” Michael…
By Elizabeth Culliford and Katie Paul (Reuters) – WhatsApp is introducing free cloud-based API services in a push to get more businesses using the app, Meta Platforms CEO Mark Zuckerberg announced at the company’s messaging event on Thursday. The messaging service, which has increasingly courted business users, is one of several platforms where Facebook-owner Meta…
By Divya Rajagopal and David Ljunggren TORONTO (Reuters) – The Canadian federal government and competition bureau should block Quebecor from buying Shaw Communications’ wireless business, telecom operators Bell Inc and Telus said in separate letters to the government and the agency, people familiar with the matter told Reuters on Thursday. Selling Shaw’s wireless business to…
The S&P is down 17.7% in its first 95 days of trading in 2022. This marks the second-worst start ever for the index (1932 we were down 33%). Technology and high growth names have been the primary drag on markets. We now see bears work their way into other elements of the market. Retail is…
KOENIGSWINTER, Germany (Reuters) – The Group of Seven economic powers expect to meet a climate change financing goal for developing countries by next year, G7 finance chiefs said in a draft communique from a meeting in Germany. “We are strongly committed to achieving the collective climate finance mobilisation goal of 100 billion US dollars per…
BERLIN (Reuters) -Mercedes-Benz outlined a new strategy fuelled by “creating desire” through scarcity at a strategy day on the French Cote d’Azur, where it showcased its luxury models to analysts, investors and selected customers. The German carmaker will dedicate 75% of its investments to top-end vehicles and its highest-selling segment of “core luxury” C-Class and…
By Aishwarya Nair (Reuters) – Harley-Davidson Inc said on Thursday it will suspend vehicle assembly and shipments for a two-week period, excluding those from its electric-vehicle division LiveWire, due to a parts issue related to a supplier. The iconic motorbike maker said the decision was made after a third-party supplier, which was not named, informed…
(Reuters) -Cisco Systems Inc shares on Thursday touched an 18-month low after the company warned of persisting shortages in components, worrying Wall Street on how exports could suffer due to China’s COVID restrictions and the Ukraine crisis. Shares of the company, which lowered its full-year growth forecast, were down about 13% at $42.4 and dragged…
Harley-Davidson announced a two-week suspension of vehicle assembly and most shipments, citing a regulatory compliance issue with one of its suppliers. Shares tumbled almost 8% Thursday. The decision was made Wednesday “out of an abundance of caution” after the company received information from a supplier of one of its component parts, Harley-Davidson said. The company…
Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. Existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million, the National Association of Realtors…
