By David Shepardson WASHINGTON (Reuters) – Commerce Secretary Gina Raimondo said on Wednesday the Biden administration is seeking to carefully target U.S. controls on exports to China, but rules will cost firms some revenue. Restrictions should not be so broad “that you deny American companies revenue and China can get the product elsewhere, or China…
By Hannah Lang WASHINGTON (Reuters) -A key congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. The crypto industry has been in the regulatory crosshairs since investors were burned last…
By Howard Schneider and Michael S. Derby WASHINGTON (Reuters) -The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday and Fed Chair Jerome Powell said the economy still needed to slow and the labor market to weaken for inflation to “credibly” return to the U.S. central bank’s 2% target. The…
By Summer Zhen and Patturaja Murugaboopathy HONG KONG (Reuters) – Global investors are increasingly choosing to bypass China’s markets in favour of other emerging countries that are either gaining from the geopolitical and growth risks stalking the world’s second-biggest economy or are far removed from them. Reuters analysis shows a massive jump in the assets…
By Clark Mindock (Reuters) -A group of 22 states and U.S. territories on Wednesday moved to block a proposed $10.3 billion settlement that would resolve claims against 3M Co over water pollution tied to “forever chemicals,” claiming the deal fails to adequately hold the company accountable. The group, led by California and including Texas, New…
By David Milliken LONDON (Reuters) – Two thirds of property surveyors think Britain’s commercial real estate market is in a downturn, as higher Bank of England interest rates have brought the toughest credit conditions since at least 2014, a survey showed on Thursday. The Royal Institution of Chartered Surveyors (RICS) said 68% of members judged…
By Abhirup Roy and Jarrett Renshaw (Reuters) -Seven major automakers on Wednesday said they were forming a new company to provide electric vehicle charging in the U.S., in a challenge to Tesla and a bid to take advantage of Biden administration subsidies. The group includes General Motors, Stellantis, Hyundai Motor and its Kia affiliate, Honda,…
By Charlotte Van Campenhout and Rishabh Jaiswal AMSTERDAM (Reuters) -A fire blazed on a cargo ship off the Dutch coast with nearly 3,000 vehicles on board on Wednesday, killing one member of the crew and injuring several others, the coastguard said. Several crew members were forced to jump overboard after the fire began on Tuesday…
By Deborah Mary Sophia and Kailyn Rhone (Reuters) -Chipotle Mexican Grill missed Wall Street estimates for quarterly sales on Wednesday as a pause in months-long price hikes hurt its top line, sending the company’s shares down nearly 9% in extended trading. California-based Chipotle also projected current-quarter comparable sales to grow in the low- to mid-single-digit…
By Sachin Ravikumar LONDON (Reuters) – It could take five more years for Britain to return to producing 1 million or more cars a year, the industry body said on Thursday, as figures showed car manufacturing still remained a third below pre-pandemic levels. UK factories are expected to produce 860,000 cars this year, Society of…
