(Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said the central bank’s next rate-setting meeting in July would be a “live” meeting after officials chose to forego a rate hike in June. Powell’s remarks came after the Federal Open Market Committee left its benchmark rate at 5.00% to 5.25%, but officials’ forecasts showed they…
By Ismail Shakil OTTAWA (Reuters) -Canada’s budgetary watchdog estimated on Wednesday that a deal offering Volkswagen production tax credits to build a battery gigafactory in the country will cost taxpayers about C$2.4 billion ($1.8 billion) more than announced. The forecast comes as the government tries to sweeten a subsidy deal for Jeep maker Stellantis, which…
By Mimosa Spencer PARIS (Reuters) – The final shape of LVMH’s likely Olympics sponsorship rests on Antoine Arnault, one of LVMH Chairman and CEO Bernard Arnault’s five children and heirs, in a high-profile deal that could test the 46-year old’s marketing prowess. All of Bernard Arnault’s five children hold important positions in LVMH, with each…
By Sheila Dang (Reuters) – Alphabet’s Google said on Wednesday it is launching two new artificial intelligence-powered features for advertisers that will automatically find the best ad placements for brands across the tech company’s services. AI has dominated the tech industry in recent months as Google and other companies have developed novel chatbots that can…
By Michel Rose (Reuters) – French President Emmanuel Macron said he will meet with Tesla CEO Elon Musk on Friday, the second time in just over a month, to promote France as a possible site for one of the electric vehicle (EV) maker’s factories as well as to discuss tech regulation. France has been courting…
(Reuters) – Traders added to bets the Federal Reserve will soon be back to raising U.S. interest rates after skipping a hike in June, following the publication of U.S. central bank forecasts showing most policymakers believe they will need to tighten monetary policy further. Futures contracts tied to the Fed’s policy rate fell after the…
By Michael S. Derby WASHINGTON (Reuters) – U.S. Federal Reserve officials penciled in additional rate rises for this year and said they foresee inflation pressures continuing to ease over the next few years, in updated forecasts released on Wednesday. The projections, released quarterly, came as part of a Federal Open Market Committee meeting that saw…
BERLIN (Reuters) -Volkswagen’s passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday. Chief Financial Officer Arno Antlitz posted on LinkedIn earlier on Wednesday that the company would improve production efficiency across the…
OTTAWA (Reuters) – Canada, which has been renegotiating its support for a Stellantis-LGES electric vehicle battery plant, is confident that the investment is good for the country and “is coming,” Finance Minister Chrystia Freeland said on Wednesday, hinting that a new deal may have been reached. “We’re very confident in the value of the Stellantis…
By Carolina Mandl and Davide Barbuscia NEW YORK (Reuters) – BlackRock Inc chairman and Chief Executive Officer Larry Fink said on Wednesday he is not planning to leave the world’s biggest asset manager “any time soon,” while his team unveiled plans for revenue growth. Fink, 70, said he has no plans to retire, but BlackRock…
