By Lewis Krauskopf, Bansari Mayur Kamdar and Praveen Paramasivam (Reuters) – Wall Street’s main indexes fell on Tuesday, dragged by weakness in tech and other growth stocks, after comments from Federal Reserve Governor Lael Brainard spooked investors about potential aggressive actions by the central bank to control inflation. The tech-heavy Nasdaq fell nearly 2% with…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. services industry activity picked up in March, boosted by the rollback of pandemic restrictions, but higher prices for fuel and other commodities because of Russia’s war against Ukraine are creating uncertainty for many businesses. The Institute for Supply Management’s survey on Tuesday showed capacity constraints and inflation remained…
By Ben Klayman DETROIT (Reuters) – General Motors and Honda Motor Co said on Tuesday they will develop a series of lower-priced electric vehicles based on a new joint platform, producing potentially millions of cars from 2027 in a bid to beat Tesla in sales. The announcement expands on plans for GM to begin building…
PARIS (Reuters) – Farfetch Ltd, an online retailer of luxury fashion products, said on Tuesday it will make an investment of up to $200 million in Neiman Marcus Group, gaining a stronger foothold in the U.S. as part of a deal to develop the high-end department store’s online business. The investment cements a “very strategic,…
(Reuters) – Russia is turning to microchip manufactures in China to circumvent western sanctions which have boosted demand for bank cards linked to the Mir payment system, an executive with the domestic payment system said. Western sanctions imposed on Russia over its invasion of Ukraine have cut Moscow off the global financial system and from…
By Bansari Mayur Kamdar and Praveen Paramasivam (Reuters) -Wall Street’s main indexes fell on Tuesday after U.S. Federal Reserve Governor Lael Brainard said she expects rapid reductions to the central bank’s balance sheet, spooking investors already on edge about the prospect of fresh sanctions on Russia. The tech-heavy Nasdaq led losses as expectations of quicker…
LONDON (AP) — The British government on Tuesday ordered scientists to take a new look at the risks of fracking, as soaring fuel prices and squeezed supplies prompt a rethink about the country’s energy supply. Business Secretary Kwasi Kwarteng asked the British Geological Survey to review the evidence and report by June “on the geological…
(Reuters) – AT&T’s WarnerMedia unit chief Jason Kilar will depart from the company after the merger with media firm Discovery, according to a memo seen by Reuters. “With the pending transaction with Discovery nearing close, now is the right time to share with each of you that I will be departing this amazing company,” Kilar…
Shares of Tesla (TSLA) rallied 5% after reporting first-quarter deliveries that were in line with expectations. Investors worried that supply chain issues would lead the EV maker to miss its output target. The better-than-feared number provided some relief. The rally made Elon a cool $9 billion in net worth. Life is good when you are…
By David Lawder WASHINGTON (Reuters) -The U.S. Internal Revenue Service has suspended information exchanges with Russia’s tax authorities in a bid to hamper Moscow’s ability to collect taxes and fund its war against Ukraine, the Treasury Department told Reuters on Tuesday. Under a 30-year-old tax treaty, the IRS and Russia’s Federal Tax Service have shared…
