WASHINGTON (Reuters) – The Congressional Budget Office revised its 2023 U.S. economic growth forecast substantially upward on Wednesday to 0.9% from a meager 0.1% forecast in February, citing a stronger-than-expected labor market in the first half of the year. The nonpartisan budget referee agency now projects a 2023 employment rate averaging 3.7% compared with 4.7%…
By Aishwarya Nair (Reuters) – A tentative labor deal reached between United Parcel Service and the Teamsters union on Tuesday, if ratified, could pressure full-year outlook for the world’s largest parcel delivery firm, according to analysts. The five-year contract, which the head of the union claims to be worth $30 billion in new money, covers…
By Maggie Fick LONDON (Reuters) – Britain is reviewing a class of drugs used in a diabetes medicine and a weight-loss treatment sold by Novo Nordisk after some patients reported suicidal or self-harming thoughts, two weeks after similar action by the European Union. The Medicines and Healthcare products Regulatory Agency (MHRA) said in a statement…
By Douglas Gillison (Reuters) -Wall Street’s top regulator on Wednesday adopted new rules requiring publicly traded companies to disclose hacking incidents, a measure officials said was to help the investing public contend with the mounting cost and frequency of cyber attacks. On a party-line vote, the five-member U.S. Securities and Exchange Commission also voted to…
By Richa Naidu and Chandini Monnappa (Reuters) -Consumer products giants including Unilever, Coca-Cola and Reckitt have shown they can raise prices to cope with higher costs, but investors told Reuters they want to see more innovation to drive dwindling sales volumes. Major consumer goods companies – from Nestle to P&G – have managed sharp rises…
(Reuters) – Drugmaker Mallinckrodt is talking to hedge funds about filing for bankruptcy and avoiding payments intended to help people addicted to opioids, the Wall Street Journal reported on Wednesday. Shares of the company rose 53.3% to 69 cents in afternoon trade. As part of a prearranged deal, Mallinckrodt will propose to write off about…
NEW YORK (Reuters) -Six people were injured in New York on Wednesday when the top portion of a construction crane caught fire and crashed into a Manhattan street during the morning rush hour, authorities said. Firefighters and rescue personnel arrived at the scene just as the crane fell, apparently responding to the blaze that had…
(Reuters) -OpenAI, Microsoft, Alphabet’s Google and Anthropic are launching a forum to support safe and responsible development of large machine-learning models, top industry leaders in artificial intelligence said on Wednesday. The group will focus on coordinating safety research and articulating best practices of what is called “frontier AI models” that exceed the capabilities present in…
By Valerie Insinna and Abhijith Ganapavaram (Reuters) -Boeing is lifting production of its bestselling 737 narrow-body jet, but executives said Wednesday that it will take time for its facilities to stabilize production, even as they set their sights on future rate boosts. Shares of the company rose 7%, at one point hitting a 1-1/2-year high…
(Reuters) -Dish Network said on Wednesday its unit Boost Infinite had partnered with Amazon.com to sell postpaid wireless plans through the e-commerce platform in the United States. The Boost Infinite Unlimited SIM kit will be available to Amazon Prime subscribers at $25 a month for unlimited talk, text and data services. Dish and Amazon did…
