By Chibuike Oguh NEW YORK (Reuters) -Shares of AT&T Inc fell nearly 7% to hit their lowest level in thirty years on Monday, after analysts downgraded the stock following a news report that the telecommunications giant left toxic lead cables buried across the U.S. A Wall Street Journal report on July 9 named AT&T and…
By Jody Godoy and Chris Prentice (Reuters) -A cryptocurrency developer’s landmark legal victory against the U.S. Securities and Exchange Commission (SEC) will galvanize Coinbase and other companies to resist the agency’s attempt to assert its jurisdiction over the industry, experts said. Thursday’s ruling that Ripple Labs Inc did not violate securities law by selling its…
By Paul Lienert LANSING, Michigan (Reuters) – General Motors is seeing strong demand for many of its U.S. vehicles, but can’t deliver them to dealers fast enough, one of the company’s top executives told Reuters on Monday. “GM very strongly continues to have discipline in terms of incentives, which means that demand is still very…
By Arathy Somasekhar HOUSTON (Reuters) -Oil dropped by more than 1.5% on Monday after weaker than expected Chinese economic growth raised doubts over the strength of demand in the world’s second biggest oil consumer, and a partial restart of halted Libyan output also pressured prices. China’s gross domestic product (GDP) grew 6.3% year-on-year in the…
By Sam Tobin and Paul Sandle LONDON (Reuters) -Microsoft’s appeal against Britain’s block on its $69 billion takeover of Activision Blizzard was formally paused by a London tribunal on Monday, to give the parties more time to resolve the dispute. Microsoft, Activision and Britain’s competition regulator, the Competition and Markets Authority (CMA), had all asked…
(Reuters) -FedEx Corp on Monday appointed former CEO of Atlas Air Worldwide John Dietrich as chief financial officer, effective Aug. 1. He will succeed Michael Lenz, who will serve as a senior advisor until the end of this year. FedEx said Dietrich, a veteran in the aviation and air cargo space, has held numerous leadership…
LONDON (Reuters) -A committee that reviews disputes in the credit default swaps (CDS) market said on Monday that UBS is the sole successor to Credit Suisse Group following the merger of the two banks. This means that Credit Suisse will no longer be the reference entity for its outstanding CDS, which are a type of…
By Nigel Hunt and Jonathan Saul LONDON (Reuters) – A deal allowing Ukraine to export grain via the Black Sea will expire at the end of Monday after Russia said it will suspend its participation. The deal, brokered by the United Nations and Turkey last July, aimed to alleviate a global food crisis by allowing…
By Tom Hals WILMINGTON, Delaware (Reuters) -Tesla Inc’s directors will return $735 million to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a Monday filing in a Delaware court. The settlement resolves a 2020 lawsuit by a retirement fund which holds Tesla…
(Reuters) – Russian President Vladimir Putin said on Monday his defence ministry was preparing proposals for a response to an overnight attack that damaged the road bridge linking Crimea to southern Russia, for which he blamed Ukraine. At the end of a televised video meeting with national and regional officials to assess the consequences of…
