By Laura Sanicola (Reuters) -Oil prices settled down 2% on Wednesday despite a historic drop in U.S. crude stocks, as traders derisk following the downgrade of the U.S. government’s top credit by a major ratings agency. U.S. crude stocks fell in the week by 17 million barrels, the largest drop in U.S. crude inventories according…
By Dawit Endeshaw ADDIS ABABA (Reuters) -Ethiopia’s military has clashed with fighters from a militia in the Amhara region, residents said on Wednesday, in an escalation of a simmering feud between the two former allies that a doctor said had caused more than a dozen injuries. Fano, a part-time militia with no formal command structure,…
By Herbert Lash and Harry Robertson NEW YORK/LONDON (Reuters) -The dollar rose on Wednesday as investors shrugged off Fitch’s U.S. credit rating downgrade while data showing a larger-than-expected increase in private payrolls in July bolstered the greenback as it points to labor market resilience. Private payrolls rose by 324,000 jobs last month, the ADP National…
(Reuters) – Advanced Micro Devices’s shares fell about 6% on Wednesday as analysts raised concerns that the chip designer’s targets for an artificial intelligence (AI) ramp-up may be too ambitious. The fall came amid a broader sell-off in the tech sector that saw megacap stocks fall 1.5% to 5% and the Philadelphia SE Semiconductor Index…
By Nate Raymond (Reuters) – A group founded by the conservative activist instrumental in the U.S. Supreme Court’s June decision rejecting affirmative action in collegiate admissions on Wednesday sued an Atlanta-based venture capital fund that supports Black women who own small businesses, accusing it of unlawful racial discrimination. The nonprofit American Alliance for Equal Rights,…
DUBAI (Reuters) -Iran’s Revolutionary Guards’ navy has unveiled new vessels equipped with 600-km range missiles at a time of rising tensions with the U.S. in the Gulf, the semi-official Tasnim news agency reported on Wednesday. The announcement was made during a military exercise off the coast of Abu Musa island, one of three Gulf islands…
By Huw Jones LONDON (Reuters) – A global body on Wednesday proposed its first set of comprehensive rules for auditing climate-related company disclosures in an anticipated move regulators have said is crucial for giving investors information free of greenwashing. Stricter European Union, U.S. and global rules are being introduced over coming months to replace a…
By Tatiana Bautzer and Shankar Ramakrishnan NEW YORK (Reuters) – UBS Group is laying off employees from Credit Suisse’s investment bank this week in New York, a source familiar with the situation said. The source declined to specify the scale of layoffs and the specific businesses affected. On top of the layoffs in New York,…
NEW YORK (Reuters) – The U.S. Securities and Exchange Commission (SEC) has warned some broker dealers to strengthen policies and controls that guard against money laundering, including by taking more care to conduct customer due diligence when opening accounts. SEC examiners said some broker dealers have not devoted enough resources, including staff, to their anti-money…
By Elissa Welle (Reuters) -Eye care firm Bausch + Lomb does not expect to do another big deal for around a year after it completes its $1.75 billion deal for dry eye drug Xiidra, recently rehired chief executive Brent Saunders said on Wednesday. Noted dealmaker Saunders has already announced two acquisitions since joining the company…
