(Reuters) – U.S. trucking firm Yellow averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals. “Agreement by the Central States at the urging of the Teamsters gives Yellow 30 days to pay its bills with the…
By Anna Tong (Reuters) -Worldcoin, a cryptocurrency project founded by OpenAI CEO Sam Altman, launched on Monday. The project’s core offering is its World ID, which the company describes as a “digital passport” to prove that its holder is a real human, not an AI bot. To get a World ID, a customer signs up…
By Akash Sriram, Samrhitha A and Sheila Dang (Reuters) – Threads, Meta Platform’s broadside to Twitter, is seen by some advertisers as less contentious and more predictable than Elon Musk’s platform, and analysts say it could lure away marketing budgets – eventually. Launched on July 5, Threads became the fastest-growing social media platform to hit…
(Reuters) -Adidas got orders worth more than 508 million euros (about $565 million) for 4 million pairs of unsold Yeezy shoes, better than the company’s “most optimistic forecast,” the Financial Times reported on Monday. Strong demand for the first batch of online sales would potentially save the German sportswear company from having to take a…
By Clare Jim HONG KONG (Reuters) – A Hong Kong court on Monday said it will decide in September on an offshore debt restructuring for embattled property developer China Evergrande Group that could allow creditors to recoup up to about one-quarter of what they are owed. Evergrande, the poster child of China’s property sector crisis,…
By Pete Schroeder WASHINGTON (Reuters) – U.S. banking regulators will on Thursday unveil a sweeping proposal for stricter bank capital requirements known as the “Basel III endgame” aimed at ensuring the stability of big banks. While the precise details aren’t yet known, regulators have said the rules will apply to banks with $100 billion in…
By Doyinsola Oladipo NEW YORK (Reuters) – The post-pandemic rebound of international travel, particularly to Europe, is expected to be a bright spot for hotels and cruise operators this quarter on Wall Street, even as consumers grow more price-conscious amid higher costs. Despite high inflation, travel companies have been raking it in as consumers have…
A look at the day ahead in U.S. and global markets from Mike Dolan Another worrying drop in European business activity and a fresh property sector jolt in China encourages speculation the world’s two most powerful central banks may end interest rate tightening campaigns this week with their final hikes of the cycle. In a…
By Jonathan Cable LONDON (Reuters) -Euro zone business activity shrank much more than expected in July as demand in the bloc’s dominant services industry declined while factory output fell at the fastest pace since COVID-19 first took hold, a survey showed. The decline was broad-based with the euro zone’s two biggest economies – Germany and…
By Milounee Purohit BENGALURU (Reuters) – India’s economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly. The world’s most populous country aspires to leapfrog to…
