WASHINGTON (Reuters) – Production at U.S. factories unexpectedly fell in June, but rebounded in the second quarter as motor vehicle output accelerated after two straight quarterly declines. Manufacturing output dropped 0.3% last month, the Federal Reserve said on Tuesday. Data for May was revised down to show production at factories falling 0.2% instead of edging…
By Safiyah Riddle (Reuters) – U.S. home builder sentiment hit a 13-month high in July as limited housing stock continued to drive demand for new houses, according to a survey on Tuesday, but the report also hinted at increasing challenges from tightening credit conditions in the months to come. The National Association of Home Builders/Wells…
By Svea Herbst-Bayliss NEW YORK (Reuters) – Blackstone Group LP is to invest $150 million in London-based Astaris Capital Management which will be split between the firm’s existing hedge fund and a new pool of capital with a drawdown structure, two sources said. Astaris specializes in event-driven credit and equity investments in Europe and was…
(Reuters) – Chipotle Mexican Grill will enter the Middle East next year through its first franchise deal that will see the American chain open restaurants that sell burritos and tacos in Dubai and Kuwait. The company on Tuesday signed a partnership agreement with Kuwait-based firm Alshaya Group and said it would expand operations across the…
TORONTO (Reuters) – Canadian housing starts rose 41% in June compared with the previous month, the largest increase in the last 10 years, led by groundbreaking on multiple unit urban homes, data from the national housing agency showed on Tuesday. The seasonally adjusted annualized rate of housing starts rose to 281,373 units in June from…
By Krystal Hu (Reuters) – Consultancy giant McKinsey said it had struck a partnership with artificial intelligence startup Cohere in an effort to provide AI solutions to its enterprise clients. This is the first partnership with a large language model provider that McKinsey has announced as it joins other global consulting firms to tap into…
(Reuters) – PNC Financial Services Group on Tuesday cut its forecast for full-year net interest income (NII), casting a shadow over the lender’s second-quarter earnings beat. Shares of the bank fell nearly 3.5% in premarket trading as it estimated NII to rise 5% to 6% in 2023 from last year, compared to its previous forecast…
(This July 16 story has been corrected to show that 25% is not the tax rate, but the share of corporate profit that would be taxed, in paragraphs 4 and 9) By Shivangi Acharya, Sarita Chaganti Singh and Nikunj Ohri NEW DELHI (Reuters) – India will push its Group of 20 partners at a meeting…
By Joanna Plucinska and Guglielmo Mangiapane LONDON/ROME (Reuters) – Soaring summer temperatures across southern Europe could prompt a lasting shift in tourist habits, with more travellers choosing cooler destinations or taking their holidays in spring or autumn to dodge the extreme heat, tourism bodies and experts predict. European Travel Commission (ETC) data shows the number…
GANDHINAGAR, India (Reuters) – Global economic activity is slowing, especially in the manufacturing sector, and medium-term growth prospects remain weak, the chief of the International Monetary Fund told financial leaders of the Group of 20 nations on Tuesday. IMF chief Kristalina Georgieva, speaking to G20 finance ministers and central bank governors in the western Indian…
