(Reuters) -The world’s largest record label Universal Music Group on Wednesday posted a better than expected second quarter core profit margin, boosted by strong sales from artists including Taylor Swift and South Korea’s SEVENTEEN. The strong performance “enables us to accelerate our strategy to promote a healthier streaming business”, the company’s chief executive Lucian Grainge…
By Shreyashi Sanyal and Amruta Khandekar (Reuters) – A number of U.S. big tech companies fell on Wednesday as Microsoft’s results signaled how the high-stakes battle for AI supremacy will cost the tech giants that have seen their shares rally in recent months on hype around the technology. Microsoft’s shares fell 3.6% in early trading…
(Reuters) -General Dynamics on Wednesday lifted its annual revenue forecast as demand for business jets and military equipment stays resilient, sending its shares up 3% at midday. Demand for business jets from U.S. corporations remains buoyant despite a recovery in commercial flights and pressure from environmentalists over emissions. “It’s the Fortune 500 that are really…
ROME (Reuters) – Italian policies that slow public debt reduction or delay receiving European pandemic recovery funds could make it harder for Rome to manage its finances as economic growth falters, the International Monetary Fund (IMF) warned on Wednesday. “Growth is expected to enter a slower phase and downside risks dominate the outlook,” the IMF…
WASHINGTON (Reuters) – U.S. Treasury Undersecretary Jay Shambaugh said on Wednesday the Biden administration will not hesitate to take targeted actions against China to secure the national security interests of the U.S. and its allies and to protect human rights, but added that the two countries must cooperate on global challenges. In prepared testimony before…
By Trevor Hunnicutt WASHINGTON (Reuters) – U.S. President Joe Biden has picked former Maryland Governor Martin O’Malley to lead the massive, financially challenged U.S. agency that distributes Social Security benefits to the elderly and disabled, the White House told Reuters on Wednesday. O’Malley, a Democrat, would need to be confirmed by the Senate to become…
(This July 21 story has been corrected to say the proposed standards are not technologically feasible for some Rinnai products, not technologically impossible for its products, in paragraph 7) WASHINGTON (Reuters) – The U.S. Department of Energy on Friday proposed energy efficiency standards on water heaters it said would save consumers $11.4 billion on energy…
By Valerie Volcovici WASHINGTON (Reuters) – The Biden administration on Wednesday launched a Cabinet-level task force that will corral federal agencies to use technology to detect leaks of the potent greenhouse gas methane and help federal and local officials enforce methane regulations. The task force was launched at the same the White House is holding…
By Andy Bruce LONDON (Reuters) -Britain’s former finance minister Kwasi Kwarteng held back official warnings that borrowing was on course to rocket even before he attempted his ill-fated budget plans, new documents from the Office for Budget Responsibility (OBR) show. Kwarteng’s Growth Plan published on Sept. 23 formed the biggest package of tax cuts in…
(Reuters) – Russia’s annual inflation crept back above the central bank’s 4% target in the week to July 24 for the first time since late March, the economy ministry said on Wednesday. The Bank of Russia raised the cost of borrowing for the first time in more than a year last week, hiking to 8.5%…
