HAVANA (Reuters) – There is no quick fix for Cuba’s sputtering economy, its economy minister said on Thursday, as inflation, fuel shortages, plunging farm production and a cash crunch drag on output and continue to fan discontent in the communist-run island nation. Economy Minister Alejandro Gil, in an hour-long presentation before newly elected lawmakers, said…
By Granth Vanaik (Reuters) – Costco Wholesale Corp missed estimates for quarterly earnings on Thursday as shoppers pulled back on non-essential spending due to stubborn inflation and economic uncertainties. With consumers prioritizing their spending on essential items, including packaged food and groceries, one-stop retailers such as Costco are grappling with a drop in demand for…
WASHINGTON (Reuters) -Praising his leadership and even his culinary skills, President Joe Biden on Thursday formally announced his nomination of Air Force chief General Charles Q. Brown as the top U.S. military officer, making the choice at a time of mounting American concern over security threats posed by Russia and China. “General Brown has built…
By Greg Bensinger (Reuters) -OpenAI, the startup behind the popular ChatGPT artificial intelligence chatbot, said Thursday it will award 10 equal grants from a fund of $1 million for experiments in democratic processes to determine how AI software should be governed to address bias and other factors. The $100,000 grants will go to recipients who…
By Chris Prentice and Marc Jones NEW YORK/LONDON (Reuters) -Progress on U.S. debt ceiling talks bolstered global equities and sent gold prices to a two-month low on Thursday, as forecast-smashing revenue from chipmaker Nvidia fueled a rally in AI-related companies. Treasury yields were up and the U.S. dollar climbed to its highest level since mid-March….
By Karen Freifeld WASHINGTON (Reuters) – A top U.S. lawmaker on Thursday asked for more detail on the Biden administration’s proposed executive order on U.S. investments in China, questioning whether the planned restrictions would be effective. Republican U.S. Representative Patrick McHenry, chair of the House of Representatives Committee on Financial Services, sent a letter to…
(Reuters) – Volkswagen and its Audi unit have agreed to an $85 million settlement in principle over violations of Texas environmental laws stemming from its diesel cheating scandal, Texas Attorney General Ken Paxton said Thursday. Paxton said the settlement stipulates that the German automakers pay a civil penalty of $85 million for their unlawful actions. Earlier…
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve emergency lending to banks fell in the latest week to its lowest level since the banking sector ran into trouble in March. Lending to banks via the central bank’s discount window, its main tool to provide liquidity to deposit taking banks, hit $4.2 billion on…
By Daphne Psaledakis WASHINGTON (Reuters) – The U.S. on Thursday said Russian mercenary force Wagner Group may be working through Mali and other countries to hide its efforts to acquire military equipment for use in Ukraine, and accused it of supplying a Sudanese paramilitary with surface-to-air missiles. The U.S. Treasury Department said in a statement…
(Reuters) -Nvidia Corp on Thursday was set to break Tesla Inc’s streak of being the most traded stock by retail traders in every session since Nov. 4, according to J.P. Morgan data. Shares of Nvidia jumped 27%, approaching a $1 trillion market value, after the U.S. chip designer projected quarterly revenue more than 50% above…
