(Reuters) -United Auto Workers members have until Aug. 24 to vote to authorize strikes at the Detroit Three automakers if they don’t have a new contract deal in hand by the time the current agreement expires in about 30 days, the union said on Tuesday. The UAW’s move comes as the union and General Motors,…
By Tom Hals WILMINGTON, Delaware (Reuters) – AMC Entertainment Inc was hit with a class-action lawsuit on behalf of preferred shareholders that are challenging its stock conversion plan, just days after the cinema operator ended a bruising legal fight with a different group of investors. AMC got court approval on Friday for a settlement of…
By Saeed Azhar, Amruta Khandekar and Shristi Achar A NEW YORK (Reuters) – Wall Street’s main stock indexes closed sharply lower on Tuesday after stronger-than-expected retail sales data stoked worries interest rates could stay higher for longer, while U.S. big banks dropped on a report that Fitch could downgrade some lenders. The Commerce Department report…
HONG KONG (Reuters) -China’s economic activity data for July, including retail sales, industrial output and investment failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth. THE DEMISE OF CHINA’S GROWTH HAS BEEN MISTAKENLY FORECAST BEFORE. IS THIS TIME DIFFERENT? Activity data has been missing forecasts since the beginning of the second…
(Reuters) -Construction materials maker Fletcher Building said on Wednesday its annual profit nearly halved and warned of a decline in overall sales in fiscal 2024 as rapid interest rate hikes impacted housing demand and prices. Shares of the New Zealand-based company fell 4% to NZ$5.27 in early trading, the lowest level since June 29, after…
By Sabrina Valle and Sourasis Bose (Reuters) -U.S. oil and gas producer Occidental Petroleum on Tuesday agreed to pay $1.1 billion for technology supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change. The U.S. oil producer aims to build about 100 plants using…
NEW YORK (Reuters) – JPMorgan Chase and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein. The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and…
By Laura Sanicola and Shariq Khan (Reuters) – U.S. motorists hoping to squeeze out one last trip before the Labor Day holiday and school begins are finding pump prices that have surged to their highest level this year on tighter gasoline supplies. Consumers tend to get a break from steeper fuel costs as peak vacation…
BRASILIA (Reuters) – Brazil’s central bank director of international affairs Fernanda Guardado said on Tuesday policymakers are firmly dedicated to the current pace of rate cuts, after the bank flagged it expects reductions of 50 basis points in its next policy decisions. Speaking at an event hosted by XP, she said the central bank has…
(Reuters) -Southwest Airlines Co said on Tuesday it had reached a tentative agreement with the union that represents about 17,120 transport workers who handle ramp, operations, provisioning and cargo. The workers will now earn $36.72 per hour, higher than the hourly wages at United Airlines Holdings and Delta Air Lines Inc, based on the tentative…
