By David Lawder WASHINGTON (Reuters) -U.S. President Joe Biden vowed Thursday to raise taxes on wealthy Americans and large companies, announcing plans in his State of the Union address to hike corporate minimum taxes and cut deductions for executive pay and corporate jets. Biden previewed the steps that will be part of a proposed fiscal…
By Aatrayee Chatterjee (Reuters) -Costco Wholesale fell short of Wall Street estimates for quarterly sales on Thursday due to tepid demand for higher margin goods, pulling its shares down 5% in extended trading. With elevated day-to-day costs hammering household budgets, customers have kept a tight lid on their spending, particularly for big-ticket non-essential purchases such…
By Chris Kirkham and Abhirup Roy LAGUNA BEACH, California (Reuters) -Rivian on Thursday introduced its smaller, less expensive electric R2 SUVs and R3 crossovers with plans to start producing the R2 at its existing U.S. factory to hasten deliveries in the first half of 2026. Rivian shares closed up 13.4% at $12.51 after the company…
By David Shepardson and Michael Martina WASHINGTON (Reuters) -A bipartisan group of U.S. lawmakers introduced legislation on Tuesday to give China’s ByteDance about six months to divest popular short video app TikTok or face a U.S. ban, seeking to tackle national security concerns about its Chinese ownership. The bill is the first significant legislative move…
By Hannah Lang, Amanda Cooper and Ankur Banerjee WASHINGTON/LONDON/SINGAPORE (Reuters) -Bitcoin touched a record high on Tuesday, fueled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall. The world’s largest cryptocurrency hit a high of $69,202, topping November 2021’s all-time peak of $68,999.99. Investor interest…
By Jaspreet Singh and Aditya Soni (Reuters) -Meta-owned Facebook and Instagram were back up on Tuesday after a more than two-hour outage that was caused by a technical issue and impacted hundreds of thousands of users globally. The disruptions started at around 10 a.m. ET (1500 GMT), with many users saying on rival social media…
By Polina Devitt and Ashitha Shivaprasad LONDON (Reuters) – Gold hit a record high on Tuesday, with growing expectation of U.S. monetary easing and continued geopolitical risk buoying activity from momentum-driven funds which could propel the precious metal further. A wider robust fundamental backdrop added support, including strong physical demand in Asia and central bank…
By Yuka Obayashi and Ritsuko Shimizu TOKYO (Reuters) – A senior Nippon Steel executive told Reuters he is set to meet the United Steelworkers (USW) union chief this month to seek support for acquiring U.S. Steel, expressing confidence the deal can be finalised by the end of September. Gaining their backing could help the world’s…
By Andrew Chung and John Kruzel WASHINGTON (Reuters) – The U.S. Supreme Court handed Donald Trump a major victory on Monday, barring states from disqualifying candidates for federal office under a constitutional provision involving insurrection and reversing Colorado’s exclusion of him from its ballot. The justices unanimously overturned a Dec. 19 decision by Colorado’s top…
By Manya Saini (Reuters) -New York Community Bancorp shares extended their slide days after the lender replaced its CEO and flagged “material weaknesses” in internal controls related to a loan review. The shares tumbled over 23% to close at their lowest since 1996. They had dropped as much as 26% on Friday despite the bank…
