HONG KONG/BEIJING (Reuters) -Two creditors of China’s Guangzhou R&F Properties have sued the property developer to seek a bankruptcy restructuring, notices in an official database showed, deploying a rare court tactic against a mid-sized firm of its kind. While many developers, including R&F, have faced legal action by creditors for non-repayment, such restructuring requests to…
(Reuters) – A shift to remote working is likely to wipe off $800 billion from the value of office buildings in major global cities by 2030, according to a study published by consulting firm McKinsey on Thursday. The survey on nine “superstar” cities — Beijing, Houston, London, New York City, Paris, Munich, San Francisco, Shanghai…
WASHINGTON (Reuters) – Andrea Gacki, a veteran U.S. Treasury official who helped design Washington’s Russia sanctions strategy, has been appointed director of the department’s Financial Crimes Enforcement Network (FinCEN), Treasury Secretary Janet Yellen said on Thursday. Gacki, who has headed the Office of Foreign Assets Control (OFAC) since 2019, “guided the office through major world…
By Granth Vanaik (Reuters) -U.S. online sales during Amazon.com’s Prime Day shopping event rose 6.1% to $12.7 billion from last year, as inflation-hit Americans hunted for discounts on the e-commerce platform, Adobe Analytics data on Thursday showed. Shoppers spent $6.3 billion on the second day of the big sale as deep discounts on products such…
By Chandni Shah (Reuters) -Amazon.com was hit with a complaint on Wednesday for refusing to bargain with a New York workers’ union, a spokesperson for the National Labor Relations Board (NLRB) said. The NLRB general counsel, which acts as a prosecutor, is seeking remedies that include an order for Amazon to bargain in good faith…
(Reuters) -Haleon, the world’s biggest standalone consumer health business, is planning to cut hundreds of roles in the UK and potentially thousands worldwide, the Guardian reported on Thursday. The company behind the Sensodyne toothpaste and Advil painkillers was spun off from GSK last year and has more than 24,000 staff globally. Staff were informed about…
(Reuters) – Analysts are cautiously optimistic as second-quarter reporting season rolls out amid this year’s rally in U.S. stocks fueled by optimism over artificial intelligence (AI) and a resilient U.S. economy. Strategists expect profit at S&P 500 companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Several…
By Safiyah Riddle (Reuters) – U.S. small businesses are paying the most for loans in 16 years as borrowing costs have skyrocketed under the Federal Reserve’s aggressive interest rate hikes, but new data shows they have yet to face a widely predicted credit crunch. The average rate paid on short-term loans for small businesses shot…
(Reuters) – Cintas Corp beat quarterly profit and revenue expectations on Thursday, helped by demand for its pricier rental uniforms across segments and easing input costs pressures. Shares of the company rose 1% in early trading. The Mason, Ohio-based company had raised product prices in the last few quarters to protect margins from the impact…
By Horacio Soria and Lucinda Elliott MONTEVIDEO (Reuters) – Uruguayans are crossing into Argentina to shop for cheap food and fuel in their economic crisis-hit neighbor, but the trend is plunging businesses near the border into a crisis of their own. Uruguayan supermarket manager Noelia Romero said that sales were falling fast as her customers…
