By Akash Sriram and Noel Randewich (Reuters) -Apple’s stock climbed to a record high close on Wednesday and was on the cusp of a $3 trillion market capitalization. The iPhone maker’s stock rose 0.6% to end the day at $189.25, putting Apple’s market value at $2.98 trillion, according to Refinitiv data. It was the second…
(Reuters) -Private equity firm Arcline Investment Management proposed to buy Circor International for $1.8 billion including debt on Wednesday, topping a rival bid from KKR & Co for the industrial machinery maker. Arcline’s bidding war with KKR had already forced the latter to sweeten its deal with Circor to $1.7 billion from $1.6 billion. Arcline…
By David Shepardson (Reuters) -The trade group representing nearly all major automakers wants the U.S. Environmental Protection Agency to soften its proposal to sharply cut vehicle emissions through 2032 saying it is “neither reasonable nor achievable.” The EPA said in April the proposed 2027-2032 standards would cut emissions by 56% compared to the existing 2026…
SEOUL (Reuters) – Confidence among South Korea’s services sector firms has continued to improve, with their outlook for July the most optimistic in nine months, but manufacturers turned a bit pessimistic, a central bank survey showed on Thursday. The business outlook index for the services sector rose to 78 for July on a seasonally-adjusted basis,…
By Medha Singh (Reuters) – Shares of U.S. chipmakers fell on Wednesday following reports that the Biden administration was planning new curbs on export of computing chips for artificial intelligence to China as early as July. Companies such as Advanced Micro Devices, Nvidia and Intel, which rely on the world’s second-largest economy for at least…
By Foo Yun Chee BRUSSELS (Reuters) – Businesses and Big Tech on Wednesday criticised European Union data rules agreed between EU countries and lawmakers, saying they could hinder data flow and contractual freedom, while a pan-European consumer group said they did little for Europeans. The Data Act, agreed on Tuesday, sets out rights and obligations…
By Stephen Culp NEW YORK (Reuters) – The Nasdaq Composite Index closed higher and the dollar rebounded on Wednesday as Federal Reserve Chair Jerome Powell suggested two more interest rate hikes are probably in the cards. Of the three major U.S. stock indexes, only the Nasdaq advanced, lifted by megacap momentum stocks led by Tesla…
By Timothy Gardner and Joseph White WASHINGTON/DETROIT (Reuters) -President Joe Biden’s administration on Wednesday said it intends to invest $2 billion from last year’s Inflation Reduction Act to accelerate domestic manufacturing of electric vehicles and resuscitate plants that are struggling. Speeding grants and other subsidies to fund conversion of existing auto plants to build electric…
BRUSSELS (Reuters) -The U.S. branch of Belgian chemicals company Solvay has struck a nearly $393-million deal with the New Jersey Department of Environmental Protection (NJDEP) to settle some claims linked to drinking water pollution caused by one of its plants, Solvay announced on Wednesday. The funds will be used to test for, filter and clean…
By Leah Douglas (Reuters) – Food insecurity is rising in the U.S. as the end of pandemic-era aid and higher food costs strain low-income Americans, according to data released on Wednesday by the U.S. Census Bureau and two surveys from anti-hunger groups. About 26.5 million Americans reported sometimes or often not having enough to eat…
