(Reuters) -FedEx, which is slashing costs to protect profits as demand wanes, said on Tuesday that ongoing “demand challenges” prompted its plans to ground 29 more aircraft in the fiscal year that started on June 1. The global shipping downturn has hurt margins for the sector and FedEx’s challenge is matching costs and capacity to…
By Stephen Culp NEW YORK (Reuters) – U.S. stocks softened on Tuesday, closing in negative territory as investors began the holiday-shortened week by taking profits in the wake of a sustained rally amid signs of weakening global demand. Federal Reserve Chairman Jerome Powell’s congressional testimony Wednesday could be a potential market mover. All three major…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A deepening sense of caution descends over Asian markets as the trading week reaches its mid-point, as investors give a lukewarm reaction to China’s interest rate cut and await key remarks from Federal Reserve Chair…
WASHINGTON (Reuters) – Microsoft CEO Satya Nadella and Activision Blizzard CEO Bobby Kotick are among the witnesses planned for an evidentiary hearing set to begin this week on the Federal Trade Commission’s legal bid to block the deal from closing, according to a court filing on Tuesday. The FTC is seeking a preliminary injunction to…
By Shivangi Acharya (Reuters) -Tesla chief executive Elon Musk will directly brief Indian Prime Minister Narendra Modi on plans to set up a manufacturing base there, a source with direct knowledge said. The meeting, the first at a high level to discuss the expansion, will take place on Tuesday during Modi’s state visit to the…
By Lisa Baertlein LOS ANGELES (Reuters) -FedEx on Tuesday said it will merge its contractor-based Ground delivery operations in Canada into its company-operated Express unit and convert contractors into employees. The move, set to phase in starting in April 2024, comes as the global delivery company is revamping operations to boost profits and better compete…
By David Ljunggren OTTAWA (Reuters) – Canada’s national statistics agency on Tuesday revealed new weights for the basket of goods and services in its Consumer Price Index, giving more prominence to changes in the prices of food and gasoline. The reweighting, which Statistics Canada carries out every year, has historically had only a marginal impact…
By Shreyashi Sanyal and Bansari Mayur Kamdar (Reuters) -German stocks fell on Tuesday as shares of speciality chemicals maker Lanxess plunged after lowering its earnings forecast, while a modest interest rate cut by Beijing did little to lift investor sentiment among Europe’s China-exposed shares. Germany’s DAX index closed 0.6% lower, retreating further from a record…
By Scott DiSavino NEW YORK (Reuters) -Oil futures fell about 2% in choppy trading on Tuesday on forecasts for slower growth of oil demand in China, the world’s second-biggest oil consumer, and disappointment with the size of cuts in China’s key lending rates. Brent futures for August delivery fell $1.11, or 1.5%, to $74.98 a…
ROME (Reuters) – Italy’s Chinese-owned luxury yacht maker Ferretti said on Tuesday its shares have been admitted to Borsa Italiana’s Euronext Milan exchange. Share trading, due to start on June 27 pending regulatory approval, is part of a dual listing, as Ferretti shares have been part of the Hong Kong Stock Exchange since last year….
