SHANGHAI (Reuters) -China surprisingly kept its benchmark lending rates steady on Wednesday, with markets seeing the move as Beijing’s cautious approach to rolling out more easing measures as the economy slows due to COVID-19 lockdowns. In contrast to most major economies that have started to tighten monetary policy to combat inflation, China has stepped up…
(Reuters) -If lockdowns in China aimed at containing COVID-19 cause further disruptions to global supply chains, the Federal Reserve will need to take even more aggressive action to bring down “much too high” inflation, Minneapolis Fed President Neel Kashkari said on Tuesday. Speaking at an event at Luther College in Decorah, Iowa, Kashkari said in…
By Dietrich Knauth (Reuters) -Alabama on Tuesday reached $276 million in settlements with Johnson & Johnson, McKesson Corp and Endo International Plc, resolving claims that the companies fueled an opioid addiction crisis, the state attorney general said. Under the settlement, drug distributor McKesson will pay $141 million toward the state’s efforts to combat the opioid…
(Reuters) – If lockdowns in China aimed at containing COVID-19 cause further disruptions to global supply chains, the Federal Reserve will need to take even more aggressive action to bring down high inflation, Minneapolis Fed President Neel Kashkari said on Tuesday. Speaking at an event at Luther College in Decorah, Iowa, Kashkari said he is…
By Pete Schroeder WASHINGTON (Reuters) – U.S. stocks surged Tuesday on the back of stronger than expected corporate earnings, but bleak forecasts on global economic growth pushed up bond yields and drove down oil. The tech-heavy Nasdaq led the way for gains in U.S. markets, as many corporations began to report stronger than expected earnings….
(Reuters) -A labor group seeking to represent Amazon.com Inc workers in a small warehouse in New Jersey has withdrawn its petition for a unionization vote, a spokesperson for the U.S. National Labor Relations Board (NLRB) said on Tuesday. The move came a day after the NLRB said the group, Local 713 International Brotherhood of the…
By Sabrina Valle HOUSTON (Reuters) – Exxon Mobil Corp. estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday. That is about 60% of the $6.5 trillion market the U.S. largest crude producer estimates for oil and gas by…
By Dawn Chmielewski (Reuters) -Netflix Inc said inflation, the war in Ukraine and fierce competition contributed to a loss of subscribers for the first time in more than a decade and predicted more contraction ahead, marking an abrupt shift in fortune for a streaming company that thrived during the pandemic. Netflix’s 26% tumble after the…
SAO PAULO (Reuters) -Brazilian miner Vale SA first-quarter iron ore production fell 6.0% from the previous year, hit by heavy rainfall in January in Minas Gerais state which curbed its main production. The company’s iron ore output was 63.9 million tonnes in the period, down 22.5% from the final quarter of 2021. Production was lower…
By Ann Saphir (Reuters) – Chicago Federal Reserve Bank President Charles Evans said Tuesday that he’s “comfortable” with a round of rate hikes this year that includes two 50 basis-point increases and reaches a neutral setting by year end, but he does not see the need for bigger hikes. “We should be looking for clear…
