By Yuvraj Malik and Greg Bensinger (Reuters) -BuzzFeed Inc said on Thursday it will shutter its news division, which gained renown for its irreverent and probing coverage but ultimately succumbed to the challenges of its digital-first business model. Shares of BuzzFeed nosedived 20% to 75 cents after the New York-based media company said it will…
By Dietrich Knauth (Reuters) – The U.S. Supreme Court on Wednesday ruled that the Mall of America outside Minneapolis – the nation’s largest shopping complex – can challenge an extremely cheap lease it made decades ago with Sears Holdings Corp, which was subsequently sold to a new owner during the department store chain’s bankruptcy. In…
By John McCrank (Reuters) – The U.S. Securities and Exchange Commission (SEC) published a staff bulletin on Thursday giving guidance on how broker dealers and investment advisers must put their clients’ interests ahead of their own when providing advice and recommendations to retail investors. The guidance, which is the third in a series of such…
(Reuters) – U.S. railroad operator CSX Corp posted better-than-expected quarterly profit and revenue on Thursday, as higher shipment rates had helped offset the impact of a 1% drop in volumes. Shares of the Jacksonville, Florida-based company were up about 3% in extended trading. Railroad operators had been struggling to move cargo on time due to…
By Aditya Soni and Noel Randewich (Reuters) – Tesla Inc’s stock tumbled nearly 10% on Thursday after CEO Elon Musk signaled the electric vehicle maker will keep cutting prices to drive up demand, even after taking a painful hit to margins. The leading electric car manufacturer lost over $50 billion of its stock market value,…
(Reuters) – Lordstown Motors Corp said on Thursday it has received a delisting notice from Nasdaq and is evaluating actions including a reverse stock split to meet the minimum bid price requirement set by the exchange. The company received the notice because the closing bid price for the electric-truck maker’s class A common stock fell…
(Reuters) – PPG Industries Inc on Thursday surpassed street estimates, as the industrial coatings supplier accelerated its margin recovery on the back of higher prices and sales volumes, and forecast better-than-expected full-year 2023 earnings. The reopening of the Chinese economy after pandemic-induced lockdowns boosted demand for coatings used in aerospace and automotive original equipment manufacturers…
NEW YORK (Reuters) – Amazon has launched its Anti-Counterfeiting Exchange (ACX), an initiative to help retail stores label and track marketplace counterfeits as part of the e-commerce giant’s efforts to crack down on organized crime on its platform, the company announced on Thursday. Online marketplaces in the United States including Amazon face hurdles in keeping counterfeiters…
DUBLIN (Reuters) – Generative AI, such as OpenAI’s ChatGPT, needs to be regulated, but governing bodies must figure out how to do so properly before rushing into prohibitions that “really aren’t going to stand up”, Ireland’s data protection chief said on Thursday. “It needs to be regulated and it’s about figuring out how to regulate…
By Elizabeth Howcroft LONDON (Reuters) -Major U.S. crypto exchange Coinbase Global Inc has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally. Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in “offshore” havens unless the U.S. and UK create “clarity about…
