By Tatiana Bautzer and Mehnaz Yasmin (Reuters) -Citigroup beat analysts’ estimates for second-quarter profit on Friday as higher interest payments from borrowers partly countered a blow to its Wall Street businesses from a slump in trading. The bank’s net income tumbled 36% to $2.92 billion, or $1.33 per share, in the three months to June…
By Sriparna Roy (Reuters) -Eli Lilly and Co said on Friday it will buy privately held Versanis for potentially up to $1.93 billion to strengthen its position in the fast-growing market for weight-loss treatments. Shares of Eli Lilly rose 3% after the deal that gives it access to an experimental obesity drug being tested along…
By David Shepardson (Reuters) -American Airlines and JetBlue Airways said Friday they will begin to wind down their Northeast Alliance on July 21 after a U.S. judge’s order in May that they end the agreement. JetBlue said last week it would terminate the three-year-old alliance, which allowed the two carriers to coordinate flights and pool…
By Lisa Baertlein (Reuters) -A threatened U.S. strike at United Parcel Service could be “one of the costliest in at least a century,” topping $7 billion for a 10-day work stoppage, a think tank specializing in the economic impact of labor actions said on Thursday. That estimate from Michigan-based Anderson Economic Group (AEG) includes UPS…
By Paul Sandle LONDON (Reuters) – Britain’s competition regulator on Friday extended its final deadline on Microsoft’s Activision Blizzard deal to Aug. 29 after its received a “detailed and complex” new proposal from Microsoft that claimed material changes in circumstance. The Competition and Markets Authority (CMA) in April became the first and so far only…
(Reuters) – Delivery firm United Parcel Service said on Friday the company is focused on reaching an agreement with the Teamsters workers’ union before Aug. 1. (Reporting by Aishwarya Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)
WASHINGTON (Reuters) – U.S. consumer sentiment jumped to the highest level in nearly two years in July as inflation subsided and the labor market remained strong, a survey showed on Friday. The University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 72.6 this month, the highest reading since September…
(Reuters) – Shares of Nikola Corp jumped 14% on Friday, a day after a short squeeze sent the electric-truck maker’s shares soaring in their busiest trading session on record. The stock surged nearly 61% to a more than four-month high on Thursday after Nikola entered a deal to sell 50 EVs to BayoTech and purchase…
By Mike Scarcella WASHINGTON (Reuters) – The U.S. Federal Trade Commission’s (FTC) bid to temporarily block Microsoft’s $69 billion purchase of “Call of Duty” maker Activision Blizzard must clear some key hurdles to succeed, legal experts said. U.S. District Judge Jacqueline Scott Corley on Tuesday gave the go-ahead to the largest-ever gaming industry deal, rejecting…
(This July 12 story has been officially corrected by the European Commission to change the amount of deal to $570 mln from 570 mln euros in paragraph 6) By Foo Yun Chee BRUSSELS (Reuters) – U.S. genetic testing company Illumina was fined a record 432-million-euro ($476 million) by the EU on Wednesday for closing its…
