By Johann M Cherian and Sruthi Shankar (Reuters) – Wall Street’s main stock indexes fell on Wednesday after stronger-than-expected retail sales data offered more evidence of resilience in the U.S. economy, fueling worries that the U.S. Federal Reserve could stick to its rate-hike campaign. A Commerce Department report showed retail sales surged 3% in January,…
WASHINGTON (Reuters) – Production at U.S. factories rebounded in January, but output in the prior month was much weaker than initially thought amid higher borrowing costs that are hurting the manufacturing sector. Manufacturing output increased 1.0% last month, the Federal Reserve said on Wednesday. Data for December was revised down to show production at factories…
(Reuters) – The New York Federal Reserve said on Wednesday its barometer of manufacturing activity in New York State contracted for a third straight month in February, but not by as much as economists had expected as orders and shipments stabilized. The regional Fed’s “Empire State” index on current business conditions rose to -5.8 this…
By David Shepardson WASHINGTON (Reuters) -Starbucks Corp Chief Executive Howard Schultz declined an invitation from 11 senators to testify on March 9 on the coffee company’s compliance with federal labor law, according to a letter seen by Reuters late on Tuesday. Last week, U.S. Senator Bernie Sanders, who chairs a committee on labor issues, and…
(Reuters) – Goldman Sachs Group Inc has dropped plans to develop a branded credit card for retail customers, CNBC reported on Wednesday, citing people with knowledge of the matter. The credit card would have been a part of a range of products to enhance its margins and loyalty in the retail segment, the report said….
By Tommy Wilkes LONDON (Reuters) – Barclays on Wednesday said it was tightening lending criteria for coal power and would stop financing oil sands exploration and production, but did not announce new restrictions on oil and gas lending as some rivals have. The British lender extended a previously announced plan to phase out financing for…
PARIS (Reuters) – Kering is creating a new position at the group level to oversee “brand safety” following the controversy over a Balenciaga ad campaign that dented sales in December, executives said Wednesday. The label drew fire over an advertising campaign featuring imagery with children, prompting apologies from Kering executives including Balenciaga’s creative director and…
BEIJING (Reuters) – China said it will take countermeasures against U.S. entities that undermine Chinese sovereignty, its foreign ministry said at a press conference on Wednesday. China foreign ministry spokesperson Wang Wenbin made the announcement at the start of a regular press briefing, after the United States shot down a Chinese balloon and said…
LONDON (Reuters) -Glencore announced a payout of $7.1 billion to its investors on Wednesday, including a $1.5 billion share buyback, as strong oil and coal prices helped it post a record 2022 profit. In preliminary 2022 results, the miner and trader said it cut net debt to $75 million at the end of the year…
PARIS (Reuters) – Sales at French luxury group Kering fell 7% in the fourth quarter, dragged lower by a slump in revenues at its biggest brand Gucci as COVID-19 disruptions in China hit its business hard. Gucci’s revenues fell 14% on a comparable basis in the last three months of the year, compared with an…
