By Daina Beth Solomon WASHINGTON (Reuters) – U.S. Trade Representative Katherine Tai said Friday the vote by General Motors workers at a pickup truck plant in Mexico to approve a new contract “demonstrates the significant benefits of true collective bargaining.” Reuters reported earlier this month GM agreed to a 8.5% wage hike with a new,…
By Ann Saphir and Howard Schneider (Reuters) – Evidence U.S. inflation is cooling will not budge Federal Reserve policymakers from half-point interest rate hikes planned for upcoming meetings in June and July, but may prompt a shift to smaller rate hikes come September if the trend continues. A U.S. Commerce Department report on Friday showed…
By Trevor Hunnicutt and Jarrett Renshaw WASHINGTON (Reuters) – Key Senate Democrats are working to revive U.S. President Joe Biden’s legislative agenda with a current focus on energy, environment, climate and tax reform rather than the social safety net, according to three people familiar with the matter. Plans to revive the “Build Back Better” legislation…
(Reuters) – Rivian Automotive said on Friday Charly Mwangi, who helped kick-start the electric-vehicle maker’s manufacturing process, will leave the company. Mwangi, a former Tesla Inc executive, served as Executive Vice President from May 2020 at Rivian. He brought the R1T pickup truck and R1S SUV to production in late 2021. His departure comes amid…
WASHINGTON (Reuters) -The U.S. House of Representatives’ oversight panel called on five gunmakers to hand over details on the manufacturing, marketing and sales of firearms used in mass shootings, the committee’s chairwoman said on Friday following recent attacks. House Oversight Committee Chairwoman Carolyn Maloney requested the data in letters sent Thursday to Daniel Defense, Bushmaster,…
By Elizabeth Dilts Marshall NEW YORK (Reuters) – World shares rose and the dollar weakened on Friday after data showed that U.S. consumer spending rose in April and the uptick in inflation slowed, two signs the world’s largest economy could be on track to grow this quarter. Consumer spending, which accounts for more than two-thirds…
By Karin Strohecker and Sujata Rao LONDON (Reuters) – The lapse of a key U.S. license allowing Russia to make payments on its sovereign debt to U.S. holders has put the prospect of the country defaulting on its sovereign debt back into focus. Russia is due to pay $100 million in interest on two sovereign…
By Sujata Rao and Saikat Chatterjee LONDON (Reuters) – Worsening economic data may force central banks to blink and take a less aggressive rate-rise stance, money markets are betting, having steadily dialled back expectations of where U.S. and British interest rates might peak. The equivalent of a half-point rate hike from the Federal Reserve has…
By Bozorgmehr Sharafedin LONDON (Reuters) -Oil prices edged higher on Friday and were on track for weekly gains, supported by the prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil. Brent crude was up 64 cents, or…
(Reuters) – Russia’s central bank on Friday authorised Russian residents to buy shares in companies from “friendly” countries, provided the transactions were denominated in roubles or the currency of the foreign country. In a statement, the central bank said it was lifting some of the restrictions on overseas investments, which were imposed after Russia began…
