(Reuters) -Shale oil producer Devon Energy on Monday topped Wall Street estimates for first-quarter profit on high demand for crude oil, and raised its share repurchase program by 50% to $3 billion. Energy companies have started boosting investor returns since last year with the excess cash they generated aided by higher crude prices. While crude…
(Reuters) – Memory chip firm Western Digital Corp forecast fourth-quarter revenue below Wall Street estimates and a bigger current-quarter loss, signaling that memory chip demand will take longer to recover as cloud spending also shrinks. The company’s shares fell about 1% in extended trading. Chipmakers across the board including Intel Corp have said cloud spending…
By Gleb Garanich and Valentyn Ogirenko KYIV (Reuters) -Russia launched its biggest swarm of drones for months against Ukraine on Monday, the eve of Russia’s May 9 holiday celebrating the defeat of Nazi Germany in 1945, striking the capital Kyiv and the Black Sea city of Odesa and shelling other cities. Kyiv’s mayor said Russia…
(Reuters) – Memory chip firm Western Digital Corp forecast fourth-quarter revenue and profit below Wall Street estimates on Monday, signaling that memory chip demand will take longer to recover as cloud spending also shrinks. The company’s shares fell about 1% in extended trading. Chipmakers across the board including Intel Corp have said cloud spending is…
By Marianna Parraga HOUSTON (Reuters) – A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. Since March, creditors including a unit of O-I Glass, Huntington Ingalls Industries, ACL1 Investments,…
WASHINGTON (Reuters) -The U.S. Senate Commerce Committee on Wednesday will vote on sweeping bipartisan rail safety legislation prompted by a Norfolk Southern-operated train derailment on Feb. 3 in Ohio. Committee Chair Maria Cantwell, a Democrat, said the legislation will mandate the use of technology that can identify equipment failures, prevents cursory railcar inspections, and ensures…
By Jaiveer Shekhawat (Reuters) -Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin, the world’s biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto exchange Coinbase Inc fell…
By Foo Yun Chee BRUSSELS (Reuters) – German business software maker SAP and German engineering company Siemens have joined U.S. tech giants in criticising draft EU laws on the use of data generated by smart gadgets and other consumer goods. EU countries and EU lawmakers are working on the details of the Data Act, proposed…
By Howard Schneider and Ann Saphir (Reuters) -Credit conditions for U.S. business and households continued tightening in the first months of the year, according to a Federal Reserve survey of bank loan officers, but the results seemed to mark the accumulating impact of Fed monetary tightening rather than the cliff-like decline in credit some feared…
By Andrea Shalal WASHINGTON (Reuters) – Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the “catastrophic” impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday. The Treasury secretary is having one-on-one conversations with…
