By Dietrich Knauth (Reuters) -The Boys Scouts of America said on Wednesday it had emerged from bankruptcy after battling back appeals over its $2.46 billion settlement of decades of sexual abuse claims. The Boy Scouts’ three-year Chapter 11 bankruptcy case resulted in the largest sexual abuse settlement fund in U.S. history and resolves claims by…
By Mimosa Spencer PARIS (Reuters) -L’Oreal reported a 13% rise in first-quarter sales, beating expectations thanks to strong business in the United States and Europe as shoppers shrugged off rising prices, but has yet to benefit from the end of COVID-19 curbs in China. Sales of the French cosmetics group, which sells brands ranging from…
By Manya Saini and Tatiana Bautzer (Reuters) – Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading revenue. The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data. Its stock edged 0.5% higher to $90.34 in…
By Sheila Dang (Reuters) -Snap Inc on Wednesday said its artificial intelligence chatbot will now be able to respond to users’ messages with a fully AI-generated image, as the owner of photo messaging app Snapchat deepens its work in AI technology. The announcement came at Snap’s annual Partner Summit. The company aims to use the…
By Rajesh Kumar Singh CHICAGO (Reuters) – United Airlines Holdings Inc on Wednesday said macroeconomic risks have increased following turmoil in the banking industry last month that led to a sharp, brief drop in business travel demand. CEO Scott Kirby said while the company “feels good” about its full-year profit outlook, it stands ready to…
By Emilio Parodi and Foo Yun Chee MILAN/BRUSSELS (Reuters) -European Union antitrust regulators have started inspecting a facility of luxury goods company Gucci as part of an EU investigation spanning several countries, Gucci’s French owner Kering said on Wednesday confirming a Reuters report. “The group is fully cooperating with the (European) Commission in the context…
NEW YORK (Reuters) – Tesla Inc short sellers have $2.16 billion in mark-to-market profits for April so far, but shorts remain down $5.52 billion for the year so far in mark-to-market losses, S3 Partners wrote in a note Wednesday. (Reporting by Caroline Valetkevitch; Editing by Chris Reese)
LONDON (Reuters) – Credit Suisse has lodged a $440 million claim against Japan’s SoftBank Group Corp in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm. The Swiss lender is trying to recover client funds that Greensill had lent to Katerra, a SoftBank-backed…
By Tim Hepher PARIS (Reuters) -Airbus told shareholders on Wednesday that European nations on need to “get their act together” on strategic autonomy and said it stood ready to help shore up Europe’s shaky industrial cooperation on defence, but appealed for governments to back promises with factory orders. The chairman of Europe’s largest aerospace group,…
By Maiya Keidan TORONTO (Reuters) – Hedge fund bets against Canada’s TD Bank Group hit $6.1 billion on Wednesday, a 45% increase from 14 days ago, according to data provider ORTEX’s calculations, one day ahead of the Canadian lender’s annual general meeting. Analysts attributed the short bets to the TD’s planned acquisition of U.S. lender…
