By Michael Erman (Reuters) -Pfizer on Friday slashed its full-year revenue forecast by 13% and said it will cut $3.5 billion worth of jobs and expenses due to lower-than-expected sales of its COVID-19 vaccine and treatment. Pfizer earned record revenue in 2021 and 2022, topping $100 billion last year, after developing its vaccine Comirnaty with…
Oct 13 (Reuters) – Gold prices rose on Friday, set to mark their best week since mid-March as U.S. bond yields lowered, increasing the appeal of U.S. dollar-backed bullion as markets price in a chance that Fed’s rate increase cycle has come to an end. Spot gold rose nearly 1% to $1,886.40 per ounce by…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices leapt nearly 6% on Friday, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip. Israel’s announcement marked a shift from an air war…
By Manya Saini and Tatiana Bautzer NEW YORK (Reuters) -Citigroup’s third-quarter profit beat estimates on Friday as it benefited from a surge in trading revenue, investment banking fees and interest payments while undertaking its biggest overhaul in decades. The bank said it will cut management layers from 13 to eight as part of a sweeping…
By Niket Nishant and Nupur Anand (Reuters) -JPMorgan Chase beat expectations for third-quarter profit on Friday as rising borrowing costs and its acquisition of failed First Republic Bank drove income from interest payments to a record high. JPMorgan took on billions of dollars in consumer loans after it rescued First Republic in May, bolstering its…
By Jaiveer Shekhawat and David Randall (Reuters) -A sharp drop in net inflows took shares of BlackRock down around 1% on Friday despite the company handily beating third-quarter profit estimates, as the world’s largest asset manager signaled that it was increasing its hunt for acquisition targets. A rise in investment advisory fees and BlackRock’s assets…
By David Shepardson WASHINGTON (Reuters) -U.S. investigators on Thursday proposed $270,000 in fines for a General Motors and LG Energy Solution joint venture battery plant in Ohio for safety and health violations. Occupational Safety and Health Administration (OSHA) investigators examining the cause of a March explosion and fire at the Ultium Cells plant prompted the…
(Reuters) – The conflict in the Middle East will have “ripple effects that extend far beyond the region”, JPMorgan Chase’s CEO Jamie Dimon warned in an internal memo to employees seen by Reuters. The deadliest attack on civilians in Israeli history on Saturday has led to a dramatic escalation of violence in the region. The…
(Reuters) – Traders see a stronger chance the Federal Reserve will end up delivering another interest-rate hike this year, and keep rates higher for longer next year, after U.S. data on Thursday showed that consumer prices rose more than expected in September. Futures contracts that settle to the Fed policy rate now reflect about a…
By Diane Bartz WASHINGTON (Reuters) – The U.S. government is near the halfway mark in its court battle with Alphabet’s Google, which it has accused of breaking antitrust law with the tactics it used to dominate online search and some aspects of advertising. In the trial that started on Sept. 12 and is scheduled to…
