By Mark Weinraub CHICAGO (Reuters) – The U.S. corn harvest could be the second-largest on record as rains during July shepherded the crop through its critical development phase, offsetting dry conditions early in the season and hot summer temperatures, analysts and farmers said. A strong harvest would add to domestic stockpiles that are expected to…
By Mark John (Reuters) – China’s unexpectedly poor export performance as revealed on Tuesday is still largely down to wider economic headwinds. But underlying trade and investment trends point to an unmistakable long-term drift in commercial ties with the West. Official data showed a 14.5% drop in July exports amid weak consumer demand in the…
By Mike Spector NEW YORK (Reuters) -David Kurtz, Lazard’s global head of restructuring, has agreed to join Hilco Global, the financial advisory firm that helps failing retailers liquidate. Kurtz, who has advised on some of the highest-profile corporate bankruptcies of the past two decades, will join Hilco as a vice chair and chief strategic officer…
(Reuters) -A number of global investors are opting out of Ant Group’s proposed share buyback after the Chinese fintech’s valuation was slashed by more than 70%, Bloomberg News reported on Monday. Among the investors not participating in the buyback are Warburg Pincus, Canada Pension Plan Investment Board (CPPIB), Carlyle Group and GIC Pte, Bloomberg said,…
WASHINGTON (Reuters) – U.S. wholesale inventories fell more than initially estimated in June, which could have implications for the second-quarter gross domestic product estimate. The Commerce Department said on Tuesday that wholesale inventories dropped 0.5% instead of falling 0.3% as previously reported last month. Stocks at wholesalers declined 0.4% in May. Economists polled by Reuters…
By Saeed Azhar NEW YORK (Reuters) – John Rogers, an influential Goldman Sachs executive, will step back from his role as chief of staff next month, according to an internal memo. He will be succeeded by Russell Horwitz, a Goldman veteran who will rejoin the bank after working at Citadel, according to the memo. Rogers…
By Martin Coulter LONDON (Reuters) -Britain’s data regulator is gathering information on Snapchat to establish whether the U.S. instant messaging app is doing enough to remove underage users from its platform, two people familiar with the matter said. Reuters reported exclusively in March that Snapchat owner Snap Inc had only removed a few dozen children…
By Dan Burns (Reuters) -Barring any abrupt change in the direction of recent economic data, the U.S. Federal Reserve may be at the stage where it can leave interest rates where they are, Philadelphia Fed President Patrick Harker said on Tuesday. “Absent any alarming new data between now and mid-September, I believe we may be…
By Granth Vanaik and Juveria Tabassum (Reuters) -Under Armour posted a surprise first-quarter profit and beat sales expectations on Tuesday, as cost pressures eased and higher discounts upheld demand for the sportswear maker’s clothes and footwear. Under Armour, like many other clothing brands, has been offering steep discounts in a bid to clear its bloated…
(Reuters) -Walmart has paid $1.4 billion to buy out hedge fund Tiger Global’s investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel’s remaining 1% stake in the company as well, media reports said on Monday. The Wall Street Journal said Walmart bought the shares from Tiger Global recently, valuing the Indian…
