By Kanishka Singh WASHINGTON (Reuters) -The U.S. Justice Department said on Thursday it reached a settlement with memory chipmaker Micron Technology Inc to resolve an allegation of immigration-related employment discrimination. “The settlement resolves the department’s determination that Micron violated the Immigration and Nationality Act (INA) by discriminating against a U.S. citizen when it failed to…
By Nandita Bose WASHINGTON (Reuters) -Republican U.S. lawmakers on Thursday criticized President Joe Biden’s nominee for U.S. labor secretary, Julie Su, saying she dismantled the gig economy, hurting companies such as Uber and DoorDash Su, a civil rights lawyer and former California labor commissioner, found unequivocal support from several Democrats on the committee. She needs…
By Helen Reid LONDON (Reuters) – IKEA stores owner Ingka Group will spend 2 billion euros ($2.2 billion) expanding in the United States over the next three years, its biggest investment in a single country, in a bet to win American customers as other big-box retailers close stores. Sweden’s IKEA, which opened its first U.S….
MILAN (Reuters) -Sales at Italian luxury group Salvatore Ferragamo declined by 6.5% at constant exchange rates in the first quarter hit by a slowdown in the U.S. market, the company said on Thursday. Revenues totalled 278 million euros ($305 million), broadly in line with analyst expectations of 280 million euros, according to a Refinitiv consensus….
By Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits increased moderately last week, suggesting the labor market was gradually slowing as the Federal Reserve’s year-long interest rate hiking campaign dampens demand. Though measured, the loss of labor market momentum added to slumping retail sales and manufacturing activity in…
By Sabrina Valle HOUSTON (Reuters) – The two largest U.S. oil companies are road testing renewable gasoline blends that they say could bring down emissions from conventional autos to levels competitive with electric vehicles (EVs). The fuels being promoted by Chevron Corp and Exxon Mobil Corp, if made commercially available, potentially would extend the life…
NEW YORK (Reuters) -Blackstone Inc, the biggest manager of private equity and real estate assets, said on Thursday it was discussing partnerships with U.S. regional banks to help them with constraints in areas such as car loans and home improvement financing. The New York-based firm, which is one of the world’s biggest non-bank lenders, said…
By Andrea Shalal WASHINGTON (Reuters) – As the world’s largest official bilateral creditor, China should participate in meaningful debt relief for countries facing problems, but it has served for too long as a “roadblock” to necessary action, Treasury Secretary Janet Yellen said in a major speech on U.S.-China relations on Thursday. Yellen said the United…
(Reuters) – The Federal Reserve has “regular discussions” with the banks it supervises about managing the risks associated with artificial intelligence, as more financial institutions utilize AI for customer service applications, fraud monitoring and underwriting, a top official at the U.S. central bank said on Thursday. In prepared remarks, Fed Governor Christopher Waller cautioned that…
By Nick Carey LONDON (Reuters) – UK auto supplier Dowlais is developing rare earth magnets for production in the U.S. market as carmakers look to source more parts locally and benefit from subsidies provided by the Inflation Reduction Act (IRA), its top executive said on Thursday. The company aims to launch production within 12 to…
