Uber has reached a momentous milestone, achieving its first-ever operating profit. The American ride-hailing giant, Uber Technologies Inc (NYSE: UBER), has successfully transitioned into a profitable enterprise, as evidenced by its latest financial results. The company reported pre-tax earnings of $326 million (£255 million), a remarkable turnaround from the previous year’s operating loss of $713…
By Valerie Insinna and Abhijith Ganapavaram (Reuters) -Shares of Spirit AeroSystems plummeted 27% on Wednesday after the aerospace manufacturer disclosed $105 million in losses on Boeing and Airbus aircraft production and forecast a bleak cash flow picture for the rest of the year. The outlook stunned analysts, who grilled executives about how the company planned…
(Reuters) – Equinix forecast third-quarter revenue below market estimates on Wednesday, a sign that demand for data centers was slowing as businesses curtail spending in an uncertain economy. Shares of the company fell more than 2% in extended trading, having risen by nearly a fourth so far this year. Equinix said it expects revenue of…
By Ernest Scheyder and Eric Onstad (Reuters) – Refining rare earths for the green energy transition is hard. Just ask MP Materials and Lynas. The world’s two biggest rare earths companies outside of China are facing challenges turning rock from their mines into the building blocks for magnets used across the global economy, from Apple’s…
By Anthony Deutsch AMSTERDAM (Reuters) -Ukrainians living in Russian-occupied territory are being forced to assume Russian citizenship or face harsh retaliation, including possible deportation or detention, U.S.-backed research published on Wednesday said. Yale University researchers said that as part of a plan by Moscow to assert authority over Ukrainians, residents of the Luhansk, Donetsk, Kherson…
By Jasper Ward and Gram Slattery WASHINGTON (Reuters) – The indictment of former President Donald Trump for his efforts to overturn his loss in the 2020 election may be unprecedented in the annals of American history, but it appears to have done little to soften the resolve of Republican voters poised to support his bid…
By Daniel Wiessner (Reuters) – The agency that enforces U.S. labor laws on Wednesday made it more difficult for businesses to defend workplace rules that could interfere with employees’ rights to join unions, as part of a case involving waste disposal company Stericycle. The Democrat-led National Labor Relations Board’s 3-1 decision could provide a boost…
NEW YORK (Reuters) – JPMorgan CEO Jamie Dimon said on Wednesday bank regulators risk making mortgages and small-business loans less affordable with the capital raises proposed by the Federal Reserve and the FDIC. In an interview with CNBC, Dimon said regulators are drafting rules “without any forethought of the consequences and very little calibration,” and…
By Dietrich Knauth NEW YORK (Reuters) – Lawyers for thousands of people who claim Johnson & Johnson’s talc-based powders caused them to develop cancer on Wednesday urged a U.S. judge to temporarily block the company from seeking bankruptcy protection for a third time for its talc subsidiary. J&J’s attempt at resolving thousands of cancer lawsuits…
By Jonathan Stempel NEW YORK (Reuters) – The indicted FTX cryptocurrency exchange founder Sam Bankman-Fried is trying to stay out of jail for disclosing too much to the press, and enlisted one of the foremost American constitutional law experts for help. Laurence Tribe, the longtime Harvard Law School professor, in a Tuesday night court filing…
