By Suzanne McGee and Carolina Mandl (Reuters) – Investment advisers are urging clients to dump hefty cash allocations now that the Federal Reserve has begun its much-anticipated interest-rate easing, a process they expect to limit the appeal of money-market funds in the coming months. Retail money-market funds have attracted $951 billion in inflows since 2022,…
(Reuters) -Qualcomm made a takeover approach to chipmaker Intel in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter. Intel’s shares reversed course to rise 8%, while Qualcomm fell 4% in afternoon trade. Intel has been attempting to turn its business around by focusing on its chip foundry unit…
WASHINGTON (Reuters) – Americans began casting their first in-person votes on Friday in a presidential election six weeks away that both Republican and Democratic leaders call the most important in generations. The stakes are high: Democratic presidential nominee Vice President Kamala Harris and other party leaders have described Republican nominee Donald Trump as a threat…
By Juveria Tabassum (Reuters) -Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition. The company’s shares were up 9% in extended trading. Hill was…
By Patricia Zengerle and Mike Stone WASHINGTON (Reuters) – Pro-Ukraine U.S. congressional leaders and President Joe Biden’s administration are near an agreement to seek a one-year extension of $6 billion in military aid for Ukraine that is due to expire this month, according to two sources familiar with the matter. There is bipartisan support for…
By Shariq Khan NEW YORK (Reuters) – Oil prices extended their recent recovery rally and rose more than 1% on Thursday as a large cut in U.S. interest rates and declining global stockpiles helped offset some of the demand concerns arising from weak consumption in China. Brent futures settled at $74.88 a barrel, up by…
(Reuters) -FedEx reported a drop in first-quarter profit on Thursday and lowered the top end of its annual profit forecast as demand in the package industry remained muted, especially for priority services. The company’s shares fell about 11% to $268.21 after the bell. FedEx and other transportation firms expanded operations during the pandemic-fueled online shipping…
(Reuters) – JPMorgan Chase has created a new role that will oversee its junior bankers and analysts amid a focus to tackle the persistent problem of overworking on Wall Street. Ryland McClendon, a near 14-year JPMorgan veteran, has been named as the global investment banking associate and analyst leader, according to an internal memo sent…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. single-family homebuilding rebounded sharply in August, but a moderate increase in building permits suggested that the momentum was unlikely to be sustained against the backdrop of rising supply of new homes on the market. The jump in single-family housing starts reported by the U.S. Commerce Department on Wednesday…
(Reuters) – The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market. Policymakers see the Fed’s benchmark rate falling by…
