(Reuters) – C.H. Robinson Worldwide Inc missed Wall Street expectations for quarterly sales and profit on Wednesday, as the logistics company grapples with falling freight demand against the backdrop of an uncertain economy. The global logistics industry has weathered faltering shipment volumes in the last few quarters, as high inflation and fears of an impending…
By Nupur Anand, Saeed Azhar and Niket Nishant (Reuters) -First Republic Bank’s market value plunged again on Wednesday as investors waited to see if it would be able to find buyers for assets and engineer a turnaround without government support. In a brutal sell-off, the bank’s market capitalization briefly sank as much as 41% to…
By Davide Barbuscia CHICAGO (Reuters) -A U.S. default is highly unlikely, but negotiations around the debt ceiling are expected to be protracted, Daniel Ivascyn, chief investment officer at U.S. bond giant Pacific Investment Management Co (PIMCO), said on Wednesday. Speaking at a Morningstar investment conference in Chicago, Ivascyn said prolonged uncertainty around the U.S. debt…
By Stephen Culp NEW YORK (Reuters) – The Nasdaq rose and the dollar weakened on Wednesday as investors weighed solid company earnings against weaker-than-expected economic data and ongoing wrangling in Washington over raising the debt ceiling. While surging tech shares helped the Nasdaq hold positive territory, the S&P 500 and the Dow were weighed down…
By David Shepardson WASHINGTON (Reuters) – U.S. Commerce Secretary Gina Raimondo said on Wednesday that Chinese cloud computing companies like Huawei Cloud and Alibaba Cloud could pose a threat to U.S. security and vowed to review a request to add them to an export control list. A group of nine Republican senators on Tuesday urged…
MOSCOW (Reuters) -The United States gave JPMorgan permission to process payments for agricultural exports via the Russian Agricultural Bank, but the arrangement was no substitute for reconnecting the bank to the SWIFT system, two Russian sources told Reuters. Access to the SWIFT payment system for the Russian Agricultural Bank is one of Moscow’s main demands…
(Refiles to fix formatting) By Laila Kearney NEW YORK (Reuters) – Oil prices dropped by almost 4% on Wednesday, extending the previous session’s sharp losses, even after a report showed U.S. crude inventories fell more than expected, as recession fears grew for the world’s biggest economy. Brent crude settled at $77.69 a barrel, losing $3.08,…
By Herbert Lash NEW YORK (Reuters) – The dollar retreated on Wednesday on fresh signs of a U.S. slowdown after orders for core capital goods fell more than expected in March, while the economic outlook for Europe could surprise to the upside and strengthen the euro. The Swedish crown weakened sharply after the country’s central…
(Reuters) -Venture capital firm Greycroft has raised over $980 million across two funds to invest in early- and growth-stage companies, the venture capital firm said on Wednesday. The latest fundraise marks the largest funds Greycroft has raised since its inception in 2006. Based in New York and Los Angeles, Greycroft invests in consumer and enterprise…
By Steve Scherer and Ismail Shakil OTTAWA (Reuters) – The Bank of Canada (BoC) did not hike interest rates earlier this month because it wanted to wait for more evidence of the effects of previous monetary tightening on growth and inflation, according to minutes from the policy-setting meeting released on Wednesday. On April 12, the…
