By Chris Prentice and Michelle Price WASHINGTON (Reuters) – A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday. The U.S. Public Company Accounting Oversight Board (PCAOB)published the findings of its inspections after gaining access to…
By Ananya Mariam Rajesh (Reuters) -Beyond Meat said on Wednesday it expects sharper revenue growth in the second half of 2023 after reporting a smaller-than-expected quarterly loss on easing supply chain pressures and cost controls. Shares in the plant-based meat company rose as much as 11% in extended trading before paring gains, last up 4%,…
By Dietrich Knauth (Reuters) – Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case. Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company’s international affiliates will continue to…
By Stephen Culp NEW YORK (Reuters) – Shares of Robinhood Markets Inc were last up 2.4% in extended trading after the company beat quarterly revenue forecasts and confirmed it would launch 24-hour trading services. The financial services platform, which came to the fore in 2021 amid the retail trading frenzy surrounding so-called meme stocks, also…
By Dietrich Knauth NEW YORK (Reuters) – A U.S. bankruptcy judge on Wednesday blocked the NBA’s Phoenix Suns from moving ahead with a television and streaming rights deal for its basketball games, saying the team violated the rights of its current broadcast partner, the bankrupt Diamond Sports Group. The Phoenix Suns last month announced they…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Wall Street and world markets cheered below-consensus U.S. inflation on Wednesday, but they may not be so accommodating if Chinese inflation on Thursday also undershoots forecasts. Easing U.S. price pressures are a sign that inflation is on its…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Wall Street and world markets cheered below-consensus U.S. inflation on Wednesday, but they may not be so accommodating if Chinese inflation on Thursday also undershoots forecasts. Easing U.S. price pressures are a sign that inflation is on its…
LONDON (Reuters) – Bank of America has hired former BNP Paribas banker Benoit Nevouet to be the manager of a newly created Luxembourg branch as the U.S. lender seeks to grow its business in Europe, a senior executive at Bank of America told Reuters. The opening of a branch in the small but wealthy country…
By Foo Yun Chee and Ilona Wissenbach BRUSSELS (Reuters) – Lufthansa suffered a setback on Wednesday after Europe’s second-highest court sided with Ryanair and annulled a European Union competition regulator’s decision clearing its state bailout. The court cited errors in the EU competition regulators’ decision to approve the German government’s 6-billion-euro ($6.60 billion) rescue package…
By Ananya Mariam Rajesh and Brendan Pierson (Reuters) -Altria Group Inc said Wednesday that it will pay $235 million to settle at least 6,000 lawsuits accusing it of fueling a teen vaping epidemic through its former investment in e-cigarette maker Juul Labs Inc. The deal ends nearly all of the litigation brought against the tobacco…
