(Reuters) – U.S. inflation remains too high, although recent readings showing price pressures have eased notably were welcome, Richmond Federal Reserve President Thomas Barkin said on Thursday. “Certainly, last month’s inflation read was a good one and I hope it is a sign,” Barkin said in remarks prepared for a speech in Virginia. Barkin did…
(Reuters) – Engine maker Cummins reported a second-quarter profit on Thursday that missed analysts’ estimates, hurt by high manufacturing costs. The company’s shares fell 3.8% to $252.20 in premarket trading. Increasing production costs have battered the auto industry’s earnings over the months. Despite taking pricing actions, automakers and parts suppliers have struggled to cover costs…
AMSTERDAM (Reuters) -The car carrier that caught fire last week off the coast of the Netherlands has arrived at the northern Dutch port of Eemshaven for salvage, officials there said on Thursday. One crew member died when the blaze broke out on the Fremantle Highway on July 26 as it was travelling from Germany to…
ZURICH (Reuters) – Switzerland’s financial capital is bracing itself for the biggest wave of job losses in over a decade following Credit Suisse’s collapse earlier this year. Since the government engineered a rescue of the 167-year-old bank in March by merging it with rival UBS, tens of thousands of jobs have been expected to go….
By Nyasha Chingono HARARE (Reuters) – When Zimbabwe’s President Emmerson Mnangagwa came to power nearly six years ago after the military toppled long-time ruler Robert Mugabe, he promised to tackle the country’s economic woes “head on”. But for many, like 51-year-old widow Regina Ruona, the promised economic revival remains elusive. After braving a chilly morning…
(Reuters) -Regeneron Pharmaceuticals expects a U.S. decision on a higher-dose version of its blockbuster eye disease drug Eylea in the third quarter, much earlier than market expectations, sending its shares 5% higher in premarket trading on Thursday. The U.S. Food and Drug Administration declined to approve a higher-dose version of Eylea in June following an…
By Safiyah Riddle (Reuters) – American employers announced fewer layoffs in July than the year before, marking the first year-over-year decrease in more than a year and bolstering prospects that a resilient labor market will help the economy avoid a recession. U.S.-based employers announced 23,697 job cuts in July, a 42% drop from the number…
By Shaloo Shrivastava BENGALURU (Reuters) – India’s dominant services sector expanded at its fastest pace in 13 years last month as demand increased significantly despite elevated inflationary pressures, a business survey showed on Thursday. S&P Global’s India services purchasing managers’ index rose to 62.3 in July from June’s 58.5, confounding expectations in a Reuters poll…
By Rajesh Kumar Singh CHICAGO (Reuters) -U.S. airlines are enjoying strong leisure travel demand, but corporate travelers are still not back in full force, compelling airlines to restructure their networks to account for fewer people flying for business purposes. Before the pandemic hit in 2020, corporate travel was the travel industry’s cash cow. But now,…
By Maria Sheahan BERLIN (Reuters) – The boom in holiday travel shows no signs of ending, German airline group Lufthansa said on Thursday, as advance bookings for this winter and next year were already a double-digit percentage above the year-earlier level. The outlook will underscore optimism in the tourism and airline sector that the recovery…
