Ad Behind the Markets
By Jonathan Stempel NEW YORK (Reuters) -A long-running federal insider trading case based on leaks about planned changes to Medicare reimbursement rates will likely end with no convictions, after the remaining defendants agreed to enter deferred prosecution agreements. Theodore Huber and Robert Olan, who were partners at the hedge fund Deerfield Management, and David Blaszczak,…
By David Shepardson WASHINGTON (Reuters) -U.S. auto safety regulators said Tuesday they have opened an investigation into 280,000 new Tesla Model 3 and Model Y vehicles over reports of loss of steering control and power steering. The National Highway Traffic Safety Administration (NHTSA) opened a preliminary evaluation after it received 12 complaints from owners of…
KYIV (Reuters) -Ukraine expects its economy to grow by about 5% next year, driven by investment in reconstruction and stronger consumer demand, a senior Economy Ministry official said on Tuesday. The ministry expects gross domestic product to grow by around 2.8% this year, said Natalia Horshkova, head of the ministry’s department for strategic planning and…
(Reuters) – Meta Platforms is preparing to launch a range of artificial intelligence (AI) powered chatbots that exhibit different personalities as soon as September, the Financial Times reported on Tuesday. Meta has been designing prototypes for chatbots that can have humanlike discussions with its users, as the company attempts to boost its engagement with its…
By Mariam Sunny (Reuters) -Zimmer Biomet Holdings on Tuesday raised its full-year profit forecast after beating second-quarter estimates on demand for its medical devices but shares fell more than 5% as investors focused on the company’s comments for 2024. Expectations were high heading into the results following strong reports from Abbott Laboratories and Johnson &…
By Shivansh Tiwary (Reuters) -Caterpillar Inc said on Tuesday that strong demand for heavy machinery from construction and mining industries was expected to drive full-year operating margin near the top end of its prior forecast, sending its shares to a record high. The company, seen as a proxy for global economic activity, also reported better-than-expected…
By Max A. Cherney (Reuters) – Taiwanese chipmaker TSMC has developed the most expansive arsenal of patents surrounding advanced chip packaging, followed by Samsung Electronics and then Intel, according to data from LexisNexis. Advanced chip packaging is a crucial technology that squeezes the most horsepower from the latest chip designs, and is crucial to chip…
By Bhanvi Satija and Michael Erman (Reuters) -Pfizer on Tuesday said it will launch a cost-cutting program if its COVID-19 vaccine and antiviral treatment keep underperforming expectations in the coming months due to plunging demand. Pfizer said it anticipates more clarity on the future size of the COVID market later this year as infection rates…
By Laura Sanicola and Arshreet Singh (Reuters) – U.S. refiner Marathon Petroleum Corp reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins. Despite resilient fuel demand in the U.S., an increase in global refining capacity over the last year and slowing economic activity has…
By Krystal Hu (Reuters) – Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said. The new round, co-led by March Capital and Saudi Arabia’s sovereign wealth fund, Sanabil Investments,…
