By Arathy Somasekhar HOUSTON (Reuters) -Oil prices fell over 2% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower. Brent crude was down $2.68, or 2.4%, at $109.5 a barrel at 1:30 p.m….
(Reuters) – Wall Street’s stock indexes tumbled as much as 3% on Wednesday as a growth share rally reversed amid concerns about economic growth highlighted by a 26% plunge in Target Corp shares after the retailer became the latest victim of surging prices. Target’s first-quarter profit halved and the company warned of a bigger margin…
By Lucia Mutikani WASHINGTON (Reuters) – Permits for future U.S. homebuilding tumbled to a five-month low in April, suggesting the housing market was slowing as rising mortgage rates contribute to reduced affordability for entry-level and first-time buyers. But the report from the Commerce Department on Wednesday also showed a record backlog of houses still to…
(Reuters) – Online used-car retailer Carvana Co’s license to sell vehicles in Illinois was suspended on May 10 over the mishandling of paperwork related to its vehicle sales, a state official said on Wednesday. Shares of Carvana fell 9.2% to $37.8 in morning trade. The license was suspended due to the misuse of issuing out-of-state…
By Josh Ye HONG KONG (Reuters) – China’s Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. The operator of the WeChat messaging platform and the world’s largest…
VERONA, Italy (Reuters) – Stellantis will start a reshuffle of its European dealers’ network next year from Austria, Belgium and the Netherlands, and its van and premium brands in all markets, its regional sales chief said on Wednesday. Speaking at an ‘Automotive Dealer Day’ event in Verona, Enlarged Europe sales chief Maria Grazia Davino said…
By Katanga Johnson and Michelle Price (Reuters) – Elon Musk may find a way to prove his claim that spam accounts on Twitter Inc’s platform are significantly higher than the social media company has estimated, but showing that he and investors were misled will be difficult, legal experts say. Musk tweeted on Tuesday that his…
BONN, Germany (Reuters) -U.S. Treasury Secretary Janet Yellen said on Wednesday that COVID-19 lockdowns in China appear to be impeding the flow of goods and hampering global supply chains and a broader slowdown in growth in the world’s No. 2 economy could have global spillover effects that warrant close attention. “Certainly the lockdowns look like…
(Refiles to fix syntax in headline) (Reuters) -Chevron Corp said on Wednesday it was launching a carbon capture and storage (CCS) project aimed at reducing the carbon intensity of its operations in San Joaquin Valley, California. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli)
By Stephanie Kelly NEW YORK (Reuters) – The government of Panama and energy companies, including SGP BioEnergy, plan to develop a major, advanced biorefinery to increase supply of lower-carbon aviation fuel, the companies said Wednesday. The move comes as the airline industry seeks to achieve a goal of zero net carbon emissions by 2050 and…
