LOS ANGELES (Reuters) – United Parcel Service (UPS) and the Teamsters union representing 340,000 employees at the package delivery firm plan to meet on Tuesday in an effort to avert a threatened strike on Aug. 1. The scheduled meeting, which both sides have confirmed, would be the first since UPS labor contract negotiators deadlocked on…
By Paul Lienert and Joseph White (Reuters) – General Motors CEO Mary Barra has staked billions on a broad lineup of electric vehicles such as the Chevrolet Silverado EV designed from the wheels-up to be electric, software-defined vehicles that can match or beat any Tesla. On Tuesday, Barra made a significant exception, reversing a decision…
DUBAI (Reuters) -The International Monetary Fund cut its 2023 GDP growth projection for Saudi Arabia to 1.9% in its latest World Economic Outlook update released on Tuesday, to reflect the impact of prolonged oil production cuts. The IMF revised its growth forecast for the world’s top oil exporter from 3.1% projected in its May regional…
(Reuters) – Jaylen Brown has agreed to a five-year $304 million supermax contract extension with the Boston Celtics that will make the forward the highest paid player in the NBA, according to multiple media reports on Tuesday. The third overall pick in the 2016 draft Brown averaged a career-high 26.6 points, 6.9 rebounds and 3.5…
By Sourasis Bose (Reuters) – Chemicals maker Dow on Tuesday beat profit and sales estimates for the second quarter as it kept a tight lid on costs amid worries of a global economic slowdown. The Midland, Michigan-based company reported an operating income of 75 cents per share, compared with analysts’ estimates of 70 cents, according…
By Manas Mishra and Mariam Sunny (Reuters) -Biogen Inc said on Tuesday it expects to slash about 1,000 jobs, or 11% of its workforce, in a fresh round of cost-cutting as it looks to the launch of a new Alzheimer’s drug to help it return to growth. The company said its costs are elevated compared…
LONDON (Reuters) – The Bank of England is expected to raise interest rates for the 14th consecutive meeting next week as it continues to battle the highest inflation rate among the Group of Seven big, rich nations. Financial markets think it is a near-certainty that the BoE will announce a rate increase of at least…
By Kanishka Singh WASHINGTON (Reuters) – The U.S. Senate’s Finance Committee on Tuesday revealed an ongoing probe into private equity billionaire Leon Black’s financial ties with disgraced late financier Jeffrey Epstein, and said the investigation “uncovered serious tax issues.” “The investigation has uncovered serious tax issues and other concerns with trusts and structures Black executed…
(Reuters) – Global diamond giant De Beers on Tuesday reported its first production from its new $2.3 billion underground operations at Venetia mine in South Africa. De Beers, a unit of Anglo American Plc, stopped its 30-year open pit mining operations at Venetia in December 2022 to transition to the underground mining project it started…
By Nate Raymond (Reuters) – Florida’s top court has publicly reprimanded the judge who presided over the trial of Nikolas Cruz, who killed 17 people at Marjory Stoneman Douglas High School in Parkland in 2018, for appearing partial to the prosecution. Monday’s decision by the Florida Supreme Court came after the 15-member Judicial Qualifications Commission…
