By Brenda Goh and Kane Wu SHANGHAI/HONG KONG (Reuters) -Alibaba Group on Tuesday kicked off its restructuring with a plan to list its logistics arm Cainiao in Hong Kong that would make the unit the first to be separated since the Chinese e-commerce giant announced its break-up six months ago. Alibaba said on Tuesday it…
By Nate Raymond and Andrew Chung (Reuters) – U.S. Supreme Court Justice Samuel Alito on Friday extended a temporary block on an order restricting the ability of President Joe Biden’s administration to encourage social media companies to remove content it deemed misinformation about COVID-19 and other matters of public concern. The decision to keep the…
By Mike Scarcella (Reuters) – A lawsuit by the U.S. Federal Trade Commission against Amazon.com, expected to be filed as soon as this week, adds to a slew of legal challenges exposing the retail giant to billions of dollars in potential damages. U.S. regulators have been probing Amazon.com and other Big Tech companies for antitrust…
By Sinead Cruise and Elizabeth Howcroft LONDON (Reuters) -Goldman Sachs and HSBC are among a group of five banks adopting a common global approach to disclosing clients’ stock positions, a move which participants say could help cut costs and bolster transparency. The group, which also includes Barclays, BNP Paribas and one other bank, is working…
By David Shepardson (Reuters) -Ford Motor said on Monday it has paused work on a $3.5 billion electric vehicle battery plant in Michigan, citing concerns about its ability to competitively operate the plant at a time when it remains locked in broader contract negotiations. United Auto Workers (UAW) President Shawn Fain blasted Ford, saying the…
By Davide Barbuscia NEW YORK (Reuters) -A U.S. government shutdown would harm the country’s credit, rating agency Moody’s said on Monday, a stern warning coming one month after Fitch downgraded the U.S. by one notch on the back of a debt ceiling crisis. U.S. government services would be disrupted and hundreds of thousands of federal…
By Sinéad Carew and Amanda Cooper NEW YORK/LONDON (Reuters) – A global index of stocks fell slightly while Wall Street eked out a gain in Monday’s choppy market as bond yields rose and investors continued to digest last week’s central bank indications that interest rates would stay higher for longer. The dollar hit an 11-month…
Gold futures experienced a dip on Monday, stepping back from the mid-$1,900 range. This shift was prompted by the dollar’s ascent to 10-month highs in response to the Federal Reserve’s recent caution that U.S. interest rates would maintain their elevated position for a more extended period. The December contract, the most active in New York’s…
Crypto aficionado and respected analyst Nicholas Merten isn’t sugar-coating it; he’s warning of a seismic shakeup in the crypto realm. According to Merten, we’re looking at a massive $440 billion nosedive in the total valuation of the crypto market. But why should you sit up and take notice? Here’s the full scoop. What’s the…
By Nathan Gomes and Mrinmay Dey (Reuters) -Canadian labor union Unifor said on Sunday its members had voted to ratify a new contract with Ford Motor, a relief for the Detroit automaker locked in a separate tussle with its U.S. union over demands for better pay and benefits in the country. Unifor, which represents about…