By Kannaki Deka (Reuters) – 3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics. The diversified manufacturer said on Tuesday it will shift its focus to high-growth businesses, including automotive electrification and…
By Priyamvada C (Reuters) – U.S. hotel operators are expected to post a rise in first-quarter profit even as they pour in money to lure travelers to make bookings directly through their websites, instead of turning to travel agencies. While bookings have been getting a boost from increased business and leisure travel, the investments hotels…
LONDON (Reuters) -Bank of England (BoE) Deputy Governor Ben Broadbent said on Tuesday that central banks should not ignore measures of money supply, but claims that their huge bond-buying programmes stoked the global surge in inflation are not backed up by evidence. Some politicians and analysts have blamed the waves of central bank money created…
(Reuters) – United Parcel Service Inc said on Tuesday it was confident of reaching an agreement over a new contract with the International Brotherhood of Teamsters union by the end of July. “We are aligned on several key issues like solving the staffing needs for weekend delivery and ways to mitigate the summer heat in…
By Michael Holden and Sam Tobin LONDON (Reuters) -Britain’s Prince William settled a phone-hacking claim against Rupert Murdoch’s UK newspaper arm for a “huge sum” after a secret deal struck with Buckingham Palace, the heir’s younger brother Prince Harry said in court documents. Harry, the younger son of King Charles, is suing Murdoch’s News Group…
BEIJING (Reuters) -China’s cabinet on Tuesday issued a plan to stabilise its vital trade sector, including supporting exports of automobiles and facilitating visas for overseas businessmen, as subdued global demand threatens its exports outlook. The move came after Chinese officials repeatedly warned of a severe and complicated situation for foreign trade development as exporters reported…
(Reuters) – Homebuilder and mortgage banking company NVR Inc beat analysts’ expectations for first-quarter profit on Tuesday, helped by higher home prices. U.S. home prices have remained elevated as a shortage of homebuilding supplies limited the availability of new homes, helping counter lower demand from a jump in mortgage rates following the Federal Reserve’s aggressive…
By Shristi Achar A (Reuters) – Canada’s main stock index fell on Tuesday as investors remained on the sidelines in an earnings-heavy week, while weakness in crude and copper prices dragged the commodity stocks lower. At 10:03 a.m. ET (1403 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 113.01 points, or 0.55%, at…
BRASILIA (Reuters) – Brazilian central bank Governor Roberto Campos Neto ruled out an imminent interest rate cut by emphasizing that the country’s benchmark rate for borrowing costs is appropriate for addressing current inflation concerns. Speaking at a highly anticipated Senate Economic Affairs Committee hearing, he also said that policymakers need to ensure that inflation expectations…
WASHINGTON (Reuters) – Sales of new U.S. single-family homes jumped to a one-year high in March, likely as a retreat in mortgage rates boosted demand. New home sales surged 9.6% to a seasonally adjusted annual rate of 683,000 units last month, the highest level since March 2022, the Commerce Department said on Tuesday. February’s sales…
