By Noel Randewich and Akash Sriram (Reuters) – Amazon’s stock rallied to its highest in more than two months on Friday after a research firm predicted the online heavyweight’s retail business in North America is set to beat Wall Street’s estimates. Amazon’s shares climbed 4% to $108, their highest since Feb. 3, giving the Seattle…
(Reuters) – BlackRock Inc Chief Executive Officer Larry Fink sold nearly 7% of his stake in the asset management giant, netting proceeds of about $25 million. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission on Thursday. Last week, the New York-based company reported an 18% drop in its first-quarter…
By Joseph White DETROIT (Reuters) -United Auto Workers union President Shawn Fain said on Friday there is “no excuse” for Detroit’s automakers to set up electric vehicle operations and ventures that are not unionized. Fain also told the Detroit Automotive Press Association that Stellantis NV’s decision to idle an assembly plant in Belvidere, Illinois, is…
By Kylie Madry MEXICO CITY (Reuters) – MG Motor is launching a plug-in hybrid SUV in Mexico, the carmaker said on Thursday, as the market for hybrid and electric vehicles in the Latin American country heats up despite a lack of infrastructure and high costs for locals. The hybrid eHS model is set to hit…
(Reuters) – The cost of insuring exposure to United States sovereign debt rose to the highest level since 2011 on Friday, over market jitters that the government could hit its debt ceiling sooner-than-expected. Spreads on U.S. five-year credit default swaps widened to 51 basis points, data from S&P Global Market Intelligence showed. This is more…
PARIS (Reuters) – French police are involved in an ongoing investigation relating to a probe by EU antitrust regulators into possible violations by European luxury companies, a police spokesperson said on Friday. The European Commission said on Tuesday that antitrust regulators had raided companies in the fashion sector in multiple EU countries, but did not…
By Jessica DiNapoli and Ananya Mariam Rajesh (Reuters) -Procter & Gamble Co’s customers, particularly in the United States, continued to show little resistance to repeated price hikes helping the Tide detergent maker boost its sales forecast and third-quarter margins. The maker of Pampers diapers, Pantene shampoo and Oral-B toothpaste raised average prices across its categories…
By Kirstin Ridley, Jahnavi Nidumolu and John Revill LONDON (Reuters) -Investors representing more than 4.5 billion Swiss francs ($5 billion) of Credit Suisse bonds have sued the Swiss regulator after their investments were wiped out during last month’s government-orchestrated rescue. Law firm Quinn Emanuel Urquhart & Sullivan, which is representing the bondholders, said on Friday…
By Svea Herbst-Bayliss BOSTON (Reuters) – Hedge funds pulled in $9.1 billion in new money during the first three months of 2023, data showed on Friday, after last year’s hefty outflows as pension funds and other investors navigated a banking crisis and faced fresh fears of an economic downturn. It was the first quarterly inflow…
WASHINGTON (Reuters) – A senior U.S. sanctions official is alerting European countries to Russian efforts to acquire certain sanctioned goods, as Washington seeks to root out sanctions evasion by Moscow. Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson is visiting Switzerland, Italy, Austria and Germany this week, where he is meeting…
