(Reuters) – The U.S. Securities and Exchange Commission (SEC) had asked Coinbase to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong. “We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which by the…
By Stephen Nellis SAN FRANCISCO (Reuters) – Two U.S. lawmakers who head a committee focused on China on Friday urged the Biden administration to tighten export restrictions on artificial intelligence chips in the wake of industry lobbying to leave the rules unchanged. Representative Mike Gallagher, a Republican and chair of the House of Representatives select…
By David Shepardson WASHINGTON (Reuters) – The Biden administration on Friday proposed to hike fuel economy standards by 2032 to a fleet-wide average of 58 miles per gallon as it seeks to cut greenhouse gas emissions and reduce fuel use. The National Highway Traffic Safety Administration (NHTSA) proposal, which covers the 2027 through 2032 model…
By Dietrich Knauth NEW YORK (Reuters) -A U.S. judge on Friday shot down Johnson & Johnson’s second attempt to resolve tens of thousands of lawsuits over its talc products in bankruptcy, imperiling a proposed $8.9 billion settlement that would stop new lawsuits from being filed. U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled…
By Naomi Rovnick and Dhara Ranasinghe LONDON (Reuters) – Markets have high hopes for a soft landing for the economy, with bonds and equities rallying. Yet a sharp drawdown in the excess savings created by COVID-19 could be a curve ball that slams into bullish sentiment. The cash piles households built up during the lockdowns…
(Reuters) – Insurer CNA Financial missed second-quarter profit estimates on Monday, as wider catastrophe losses in its property and casualty (P&C) segment partially offset higher investment income. Profits at insurers came under pressure from a rise in catastrophe-related claims due to severe storms and hail in several parts of the United States during the quarter….
BRUSSELS (Reuters) – The euro zone returned to growth in the second quarter of 2023, with a greater than expected expansion after narrowly avoiding a technical recession around the turn of the year, preliminary data showed on Monday. Gross domestic product in the euro zone expanded by 0.3% in the second quarter, above expectations of…
By Julie Steenhuysen NEW YORK (Reuters) – Groundbreaking treatments for Alzheimer’s disease that work by removing a toxic protein called beta amyloid from the brain may benefit whites more than Black Americans, whose disease may be driven by other factors, leading Alzheimer’s experts told Reuters. The two drugs – Leqembi, from partner biotech firms Eisai…
(Reuters) – Loews Corp said on Monday its second-quarter profit more than doubled as a jump in investment income cushioned a hit from higher catastrophe losses in its insurance unit, CNA Financial. Markets have staged a comeback this year on rising bets that the Federal Reserve was done with the bulk of its tightening cycle…
By Rahul Paswan (Reuters) – Oil prices will stall this year as weak economic growth is expected to curb demand and offset the impact of OPEC+ production cuts on supply, a Reuters poll showed on Monday. A survey of 37 economists and analysts forecast Brent crude would average $81.95 a barrel in 2023, down from…
