US manufacturing slump deepens, factory gate price pressures subdued

By Lucia Mutikani WASHINGTON (Reuters) – U.S. manufacturing slumped further in June, reaching levels last seen when the nation was reeling from the initial wave of the COVID-19 pandemic, but price pressures at the factory gate continued to deflate, a silver lining for the economy. Shrinking activity left factories resorting to layoffs, the survey from…

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Harvard ‘legacy’ policy challenged on heels of affirmative action ruling

By Daniel Wiessner (Reuters) -Three civil rights groups filed a complaint against Harvard on Monday, claiming its preferential policy for undergraduate applicants with family ties to the elite school overwhelmingly benefits white students, days after the U.S. Supreme Court struck down its race-conscious admissions policies. The groups filed a complaint with the U.S. Department of…

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China to restrict exports of chipmaking materials as US mulls new curbs

BEIJING (Reuters) – China will control exports of some metals widely used in the semiconductor industry, its commerce ministry announced on Monday, the latest salvo in an escalating war over access to high-tech microchips between Beijing and the United States. The controls, which China said were aimed at protecting national security and interests, will require…

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Trump-tied SPAC reaches agreement with SEC staff over merger

(Reuters) – A blank-check firm, which was set to merge with former U.S. President Donald Trump’s media company and under regulatory investigation, has reached an agreement with the staff of the Securities and Exchange Commission, a filing showed on Monday. The special purpose acquisition company (SPAC), Digital World Acquisition Corp, said in the filing that…

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What would Japanese intervention to boost the weak yen look like?

By Leika Kihara TOKYO (Reuters) -Japanese authorities are facing renewed pressure to combat a continued yen fall driven by market expectations that the Bank of Japan will keep interest rates ultra-low, even as other central banks tighten monetary policy to curb inflation. Aside from verbal intervention, Japan’s government has several options to stem what it…

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