By Ross Kerber and Hyunjoo Jin (Reuters) -S&P Dow Jones Indices has removed electric carmaker Tesla Inc from its widely-followed S&P 500 ESG Index, citing issues, including racial discrimination claims and crashes linked to its autopilot vehicles, a move that prompted harsh tweets from Tesla CEO Elon Musk on Wednesday. The back-and-forth underscores the widening…
By Aishwarya Venugopal and Uday Sampath Kumar (Reuters) -Target Corp’s quarterly profit halved and it warned on Wednesday of a bigger margin hit this year due to rising fuel and freight costs, in a clear sign there would be no immediate relief for U.S. retailers from surging inflation. Shares tumbled 26% following the bleak results…
LONDON (AP) — Google says its Russian subsidiary is planning to file for bankruptcy because it can’t pay staff and suppliers. Russian state media reported Wednesday that the U.S. tech company’s Russian subsidiary, Google LLC, submitted notice of its intention to declare bankruptcy to a national registry, Fedresurs. The company said in a press statement…
By Sinéad Carew (Reuters) – Wells Fargo Investment Institute said on Wednesday it reduced its economic expectations with a mild U.S. recession now on the horizon in its base case scenario for the end of 2022 and early 2023, making it one of the more bearish big U.S. banks. Goldman Sachs, by comparison, recently calculated…
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices fell over 2% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower. Brent crude was down $2.68, or 2.4%, at $109.5 a barrel at 1:30 p.m….
(Reuters) – Wall Street’s stock indexes tumbled as much as 3% on Wednesday as a growth share rally reversed amid concerns about economic growth highlighted by a 26% plunge in Target Corp shares after the retailer became the latest victim of surging prices. Target’s first-quarter profit halved and the company warned of a bigger margin…
By Lucia Mutikani WASHINGTON (Reuters) – Permits for future U.S. homebuilding tumbled to a five-month low in April, suggesting the housing market was slowing as rising mortgage rates contribute to reduced affordability for entry-level and first-time buyers. But the report from the Commerce Department on Wednesday also showed a record backlog of houses still to…
(Reuters) – Online used-car retailer Carvana Co’s license to sell vehicles in Illinois was suspended on May 10 over the mishandling of paperwork related to its vehicle sales, a state official said on Wednesday. Shares of Carvana fell 9.2% to $37.8 in morning trade. The license was suspended due to the misuse of issuing out-of-state…
By Josh Ye HONG KONG (Reuters) – China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. The operator of the WeChat messaging platform and the world’s largest…
VERONA, Italy (Reuters) – Stellantis will start a reshuffle of its European dealers’ network next year from Austria, Belgium and the Netherlands, and its van and premium brands in all markets, its regional sales chief said on Wednesday. Speaking at an ‘Automotive Dealer Day’ event in Verona, Enlarged Europe sales chief Maria Grazia Davino said…
