(Reuters) -WeWork Inc CFO Andre Fernandez intends to resign on June 1, the company said on Wednesday, less than a year into the role and days after top boss Sandeep Mathrani announced his exit from the workspace provider. Chief Accounting Officer Kurt Wehner, who joined WeWork in October 2020, will take over as CFO. He…
(Reuters) -American Eagle Outfitters Inc cut its full-year revenue forecast on Wednesday, as apparel demand wavers due to still-high inflation, sending shares of the company down 15% after the bell. Higher rent and product prices in the United States dented consumer spending, hurting demand for discretionary items as cash-strapped shoppers focused on essentials such as…
(Reuters) – U.S. prosecutors are reviewing stock trading by some of First Republic Bank’s employees during the lender’s recent collapse, Bloomberg Law reported on Wednesday, citing people familiar with the matter. (Reporting by Manya Saini in Bengaluru; Editing by Anil D’Silva)
By Foo Yun Chee BRUSSELS (Reuters) – Alphabet and the European Commission aim to develop an artificial intelligence (AI) pact involving European and non-European companies before rules are established to govern the technology, EU industry chief Thierry Breton said on Wednesday. Breton earlier met Sundar Pichai, CEO of Google and its parent company Alphabet, in…
By Laura Matthews NEW YORK (Reuters) – Expectations for lower returns in stocks and bonds are sending some pension funds into currency markets to diversify their portfolios and bolster performance. While both equities and fixed income have partially rebounded from last year’s steep declines, some portfolio managers worry the scope for upside in either asset…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT…
By Savyata Mishra (Reuters) -Kohl’s Corp on Wednesday reported a surprise profit as its new CEO’s efforts to turn around the company that saw its margins slump last year started showing results, sending the department store chain’s shares up as much as 19%. The company also maintained its full-year targets even as it posted a…
By Lawrence White and Koh Gui Qing LONDON/NEW YORK (Reuters) – World stocks dropped on Wednesday as U.S. debt ceiling talks dragged on without resolution, stoking a general malaise in markets that saw safe haven assets such as the dollar hold around recent highs. But crude oil prices bucked the downtrend and kept rising, after…
By Ross Kerber (Reuters) -Top fund manager BlackRock Inc won support from investors at its annual meeting on Wednesday as it seeks a middle ground in debates over its environmental, social and governance (ESG) policies. BlackRock said each of its director nominees received “well over a majority” of votes cast at the meeting, held online,…
By Foo Yun Chee BRUSSELS (Reuters) – Meta Platforms suffered a setback on Wednesday as Europe’s second-top court ruled as legitimate the EU antitrust watchdog’s requests for information related to its investigation into Facebook’s data and online marketplace. A spokesperson for the U.S. tech giant, which had compared the European Commission to a fishing super…
