(Reuters) – Lordstown Motors reported a steep fall in its cash reserves on Thursday and said it might have to stop making its Endurance electric pickup truck in the near future unless it finds a partner. The remarks come days after the cash-strapped EV startup said it might be forced to file for bankruptcy, citing…
By Anirban Sen and Noel Randewich (Reuters) – PacWest Bancorp said late on Wednesday it was in talks with potential partners and investors about strategic options after shares of the Los Angeles-based lender and several other U.S. regional banks tumbled amid fears of a worsening banking crisis. In a statement, PacWest said it had not…
By Rajesh Kumar Singh and Allison Lampert (Reuters) – Delta Air Lines’ industry-changing pilot contract that offers $7 billion in higher pay and benefits is putting pressure on rival carriers to hand out similar deals ahead of a busy summer travel season. Any proposal that falls short of Delta’s deal will likely have no takers…
(Reuters) -Qualcomm Inc’s shares sank 7% on Thursday after the chip designer signalled it would take longer for its crucial smartphone market to rebound from a post-pandemic slump. The company, which supplies to top handset makers Apple Inc and Samsung Electronics, was set to lose about $10 billion in market valuation, if the losses hold….
WASHINGTON (Reuters) – The U.S. trade deficit narrowed sharply in March as exports increased, which could position trade to continue contributing to economic growth in the second quarter. The trade deficit contracted 9.1% to $64.2 billion, the Commerce Department said on Thursday. Data for February was revised to show the trade gap widening to $70.6…
By Jason Lange and Nathan Layne WASHINGTON (Reuters) – A group allied with Donald Trump’s bid for the 2024 Republican nomination is setting records for outside political spending early in a U.S. presidential campaign as he looks to box out his nearest rival Ron DeSantis before the Florida governor even launches a campaign. The Trump-aligned…
By Susan Heavey and Doina Chiacu WASHINGTON (Reuters) – The United States dismissed Russia’s allegation on Thursday that Washington was behind what it said was a drone attack on the Kremlin, saying Moscow’s assertion was a lie. “Obviously it’s a ludicrous claim,” White House national security spokesman John Kirby said hours after Russia blamed the…
WASHINGTON (Reuters) – U.S. worker productivity fell more than expected in the first quarter after growing in the second half of 2022, boosting labor costs, which could see the Federal Reserve keeping interest rates higher for a while. Nonfarm productivity, which measures hourly output per worker, dropped at a 2.7% annualized rate last quarter, the…
By Stephanie Kelly NEW YORK (Reuters) – United Airlines will begin using lower-carbon aviation fuels on flights from San Francisco International Airport and London Heathrow Airport beginning this year, the U.S. carrier told Reuters on Thursday, as the travel industry pursues new efforts to cut climate warming emissions. Sustainable aviation fuel (SAF), which uses feedstocks…
(Reuters) – U.S. shale producer ConocoPhillips beat Wall Street estimates for first-quarter profit on Thursday as sustained fuel demand and tight crude supplies kept oil prices elevated. Benchmark Brent crude averaged $81.24 a barrel in the first three months of 2023, nearly 20% lower than last year but still well above levels that allow oil…
