By David Randall NEW YORK (Reuters) – A swift sell-off in technology stocks and surge in Treasury yields are punishing Cathie Wood’s flagship ARK Innovation ETF, leaving the closely followed fund down more than 20% for the month of August. Wood, whose $7.2 billion fund is well-known for its large bets on companies such as…
By William Schomberg and William James LONDON (Reuters) -British retailers reported a bigger-than-expected drop in sales in July as heavy rain put off shoppers who are also feeling the hit from high inflation and 14 back-to-back increases in interest rates. Official data showed sales volumes last month were 1.2% lower than in June. Economists polled…
MOSCOW (Reuters) -Russia has charged a jailed American citizen with espionage, state news agencies reported, upping the pressure on U.S. President Joe Biden’s administration which has been trying to find a way to bring several detained citizens back home from Russia. Russia’s RIA and TASS news agencies said that Moscow’s Lefortovo court had remanded Gene…
By Bianca Flowers (Reuters) -U.S. Senator J.D. Vance on Thursday asked U.S. Steel to rule out a foreign buyer, in a sign that the emerging bidding war for the iconic steel producer could run into political headwinds. Vance, a Republican, said potential U.S. buyers for the Pittsburgh-based company should have priority because domestic steel production…
By Timothy Gardner WASHINGTON (Reuters) – The Biden administration has tightened controls on the export of materials and components for nuclear power plants to China, saying it would ensure the items were used only for peaceful purposes and not the proliferation of atomic weapons. The steps are among the latest signs of strained relations between…
By Shivansh Tiwary and Kannaki Deka (Reuters) -WeWork said on Friday it would proceed with a one-for-forty reverse stock split to regain compliance with listing requirements, days after the flexible workspace provider raised “substantial doubt” over its ability to continue operations. The company’s shares have lost nearly all of their value since making market debut…
By Deborah Mary Sophia (Reuters) -Shares of Farfetch slumped nearly 40% to a record low on Friday, as choppy demand in the online luxury goods retailer’s top two markets, the United States and China, drove a gloomy annual sales outlook. Farfetch also missed revenue estimates in what analysts called a “very disappointing” second-quarter earnings report,…
By Michael Martina WASHINGTON (Reuters) – U.S. counterintelligence agencies on Friday warned the American space industry to guard against efforts by foreign intelligence entities to steal research and trade secrets as they try to boost their own countries’ space programs. “We anticipate growing threats to this burgeoning sector of the U.S. economy,” a U.S. counterintelligence…
By Prerana Bhat and Indradip Ghosh BENGALURU (Reuters) – The U.S. Federal Reserve is likely done raising interest rates, according to a strong majority of economists polled by Reuters, and a slight majority now expect the central bank to wait at least through end-March before cutting them. With the world’s largest economy defying nearly every…
NAIROBI (Reuters) – Ethiopian Airlines will start manufacturing aircraft parts in a venture with Boeing at an initial cost of $15 million, the government’s investment agency said on Friday. The state-owned carrier, which is the biggest in Africa, has already signed the deal that also involves the local state Industrial Parks Development Corporation, the Ethiopian…
