By Sabrina Valle HOUSTON (Reuters) – Exxon Mobil Corp on Tuesday reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices. The company slashed spending after fuel demand cratered two years ago. Since then, earnings have topped pre-pandemic levels, helped by the…
By Nate Raymond (Reuters) -The three largest U.S. drug distributors and drugmaker Johnson & Johnson have agreed to pay $590 million to resolve claims by Native American tribes that the companies fueled an opioid epidemic in their communities, according to court filings. Tuesday’s deal came after the distributors, McKesson Corp, AmerisourceBergen Corp and Cardinal Health…
By Lucia Mutikani WASHINGTON (Reuters) -A measure of U.S. manufacturing activity fell to a 14-month low in January amid an outbreak of COVID-19 infections, supporting the view that economic growth lost steam at the start of the year. But the survey from the Institute for Supply Management (ISM) on Tuesday marked the third straight month…
WASHINGTON (Reuters) – The United Auto Workers (UAW) will directly elect officers after members voted in a referendum that was required as part of a 2020 Justice Department settlement to resolve a corruption probe. U.S. District Judge David Lawson in Detroit on Tuesday approved the results of the referendum and ordered the change by June,…
(Reuters) – A U.S. judge extended on Tuesday a legal shield protecting the Sackler family owners of Purdue Pharma from lawsuits to Feb. 17 as they try to reach a deal with several U.S. states to settle sprawling litigation stemming from the country’s opioid crisis. (Reporting by Tom Hals in Wilmington, Delaware)
By Jeffrey Dastin (Reuters) – When Amazon.com Inc on Thursday reports how it fared during the holiday quarter, a key question will be if the retailer will finally raise the price of Prime, its fast-delivery and media subscription. The company has every reason to do so, analysts say. Amazon had to pay higher wages and…
WASHINGTON (AP) — U.S. employers stepped up their search for workers in December despite the looming impact of the omicron wave of coronavirus infections. The number of posted jobs rose 1.4% to 10.9 million on the last day of December, compared with the previous month, the Labor Department said Tuesday. That is far higher than…
TORONTO (Reuters) – Canadian manufacturing activity expanded at the joint-slowest pace in 11 months in January as material shortages and disruptions from the Omicron coronavirus variant held back output, data showed on Tuesday. The IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 56.2 in January from 56.5 in December, matching…
NEW YORK (Reuters) -It may be appropriate for the Federal Reserve to raise interest rates four times this year, and to move more aggressively if the factors leading to higher inflation, such as supply chain issues, are not mitigated, Philadelphia Fed President Patrick Harker said on Tuesday. “Right now, I think four 25-basis-point increases this…
By Kenneth Li (Reuters) – AT&T Inc said on Tuesday it will spin off WarnerMedia in a $43 billion transaction to merge its media properties with Discovery Inc and also cut its dividend by nearly half. AT&T shareholders will own 71% of the new Warner Bros. Discovery company and will receive a 0.24 shares of…
