By Andrew Chung WASHINGTON (Reuters) – U.S. Supreme Court justices on Monday weighed a bid by Salesforce Inc’s Slack Technologies to avoid a lawsuit over its 2019 direct listing in a case that could undermine the ability of shareholders to sue companies for alleged misstatements when they go public. The justices heard arguments in an…
By Michael Erman (Reuters) -Merck & Co said on Sunday it will buy Prometheus Biosciences Inc for about $10.8 billion, picking up a promising experimental treatment for ulcerative colitis and Crohn’s disease and building up its presence in immunology. Merck will pay $200 per share for the California-based biotechnology company that specializes in treatments for…
By Rajesh Kumar Singh and Valerie Insinna CHICAGO/WASHINGTON (Reuters) – A manufacturing problem with Boeing Co’s 737 MAX jets that led to a pause in some deliveries threatens to disrupt plans by U.S. carriers to boost capacity to capitalize on a busy summer travel season. It is expected to result not just in lost revenue,…
By Chris Prentice and John McCrank NEW YORK (Reuters) – The head of the U.S. Securities and Exchange Commission (SEC) plans to defend its rulemaking and policing of market misconduct at a Tuesday hearing led by Republican lawmakers who have accused it of overstepping its authority. Having won control of the House of Representatives last…
By David Shepardson (Reuters) – The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo Cars electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. The Treasury said the new requirements effective on Tuesday will also cut by half credits for the Tesla Inc…
By Clark Mindock NEW YORK (Reuters) -Berkeley, California, cannot ban natural gas hookups in new buildings because a U.S. federal law preempts its rule, a federal appeals court said Monday, siding with a challenge the state’s restaurant industry made. The 9th U.S. Circuit Court of Appeals in San Francisco said Berkeley’s 2019 ban on new…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. Brent crude futures fell $1.55, or 1.8%, to settle at $84.76 a barrel, while U.S. West…
By Nell Mackenzie LONDON (Reuters) – Investment firm Orchard Global, which manages $8 billion of capital, has hired Fredrik Gentzel as its chief operating officer (COO), a statement seen by Reuters said. Gentzel previously worked as the CEO of hedge fund Capula Investment Management from 2017. Capula specialises in bond and macro economic trading. At…
By Hannah Lang (Reuters) -The U.S. Securities and Exchange Commission on Monday charged cryptocurrency exchange Bittrex Inc and its former CEO William Shihara with operating an unregistered national securities exchange, broker and clearing agency. The SEC alleged in its complaint, which was filed in a U.S. district court in Washington, that Shihara coordinated with crypto…
By Hannah Lang (Reuters) -The U.S. Securities and Exchange Commission on Monday charged cryptocurrency exchange Bittrex Inc and its former CEO William Shihara with operating an unregistered national securities exchange, broker and clearing agency. The SEC alleged in its complaint, which was filed in a U.S. district court in Washington, that Shihara coordinated with crypto…
