(Reuters) -The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. Elliott Lam, a Canadian citizen and Hong Kong resident, filed his proposed class-action lawsuit in San Francisco federal court on behalf of “thousands, if not millions” of…
By Ankika Biswas and Shreyashi Sanyal (Reuters) -Wall Street’s main indexes started the week lower due to a rise in COVID-19 cases in China and declines in energy stocks following a report of a likely increase in oil output, while gains in Disney helped ease pressure on the Dow and S&P 500. The S&P 500…
By Chibuike Oguh NEW YORK (Reuters) – Global stocks and oil prices slipped on Monday as a spike in COVID-19 cases and newly recorded deaths in China prompted authorities in the world’s second-largest economy to reinstate lockdowns. Beijing’s most populous district urged residents to stay at home on Monday as the city’s COVID case numbers…
NEW YORK (Reuters) – Asset manager BlackRock said on Monday it had increased its strategic overweight on investment grade credit due to attractive valuations and the income potential coming from corporate bonds’ higher yields. “We go more overweight investment grade (IG) credit on attractive yields and healthy corporate balance sheets that can withstand the mild…
By David Shepardson and Lisa Baertlein WASHINGTON/LOS ANGELES (Reuters) -The two largest U.S. rail unions representing conductors and engineers split in ratification votes on a tentative contract deal reached in September raising the possibility of a strike or lockout that could cause significant damage to the U.S. economy. Members of the Brotherhood of Locomotive Engineers…
(Reuters) – Bob Iger is returning as Walt Disney Co’s chief executive officer in a bid to restore confidence in the entertainment giant and chart a faster path to profitability for its streaming business. He replaces Bob Chapek, who took charge in February 2020 just before the COVID-19 crisis hit and under whose reign the…
ZURICH (Reuters) – Nestle’s Nespresso coffee business is launching paper-based compostable capsules to attract customers put off by the Swiss packaged food giant’s metal ones, which despite being recyclable often end up in landfill. Nespresso CEO Guillaume Le Cunff told Reuters that not all customers were aware that its aluminium capsules are recyclable, and may…
By Lisa Richwine and Dawn Chmielewski LOS ANGELES (Reuters) – Bob Iger is returning to Walt Disney Co as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company’s attempt to boost investor confidence and profits at its streaming media unit. Iger, 71, who was chief executive…
(Reuters) -Britain’s competition regulator said on Monday it was looking into whether U.S. chipmaker Broadcom Inc’s $61 billion acquisition of cloud computing company VMware Inc may substantially lessen competition. The Broadcom-VMware deal, announced in May, is the second biggest globally so far this year and marks Broadcom’s attempt to diversify its business into enterprise software….
LONDON (Reuters) – The implosion of cryptocurrency exchange FTX shows the need to bring the crypto world within the regulatory framework, Bank of England Deputy Governor Jon Cunliffe said on Monday. FTX, which has filed for U.S. bankruptcy court protection, has said it owes its 50 biggest creditors nearly $3.1 billion. “While the crypto world,…
