By Andrea Shalal and Pete Schroeder WASHINGTON (Reuters) – JPMorgan Chase & Co’s deal to buy First Republic Bank pushed the Biden administration into a corner, leaving officials scrambling to explain how their stance against mergers squared with allowing the largest U.S. bank to get even bigger. At a White House event on small business…
By Nupur Anand, Anirban Sen, David French and Isla Binnie NEW YORK (Reuters) -On March 12, as several U.S. banks reeled from a crisis in confidence, JPMorgan Chase & Co put its might behind First Republic Bank, giving the troubled lender what two sources said was a $10 billion financing. The JPMorgan facility did not…
By Joseph White LOUISVILLE, Kentucky (Reuters) – Shutting down the assembly lines that build Super Duty pickup trucks at Ford Motor Co’s Kentucky Truck Plant is a multimillion-dollar action company managers try hard to avoid. As part of a new approach to stamping out quality demons, Kentucky Truck Plant manager Joseph Closurdo said he stopped…
By Liz Hampton DENVER (Reuters) – U.S. shale producer Diamondback Energy on Tuesday said rig prices are falling and steel costs are set to decline by about $20-$25 per foot, a sign the inflationary pressures that plagued the oilfield in the past year are easing. Diamondback’s second-quarter average rig dayrate is down from the first…
By Medha Singh (Reuters) -What’s the cost of students using ChatGPT for homework? For U.S. education services provider Chegg Inc, it could be nearly $1 billion in market valuation. Chegg signaled the rising popularity of viral chatbot ChatGPT was pressuring its subscriber growth and prompted it to suspend its full-year outlook, sending shares of the…
(Reuters) – U.S. food distributor Sysco Corp missed Wall Street expectations for third-quarter profit on Tuesday, hurt by higher raw material costs and a stronger dollar. Shares of the Texas-based company fell about 2% in premarket trading. While supply chain constraints have started to gradually ease, this is having little impact on Sysco as it…
(Reuters) – Electric vehicle maker Fisker Inc said on Tuesday it would start delivering its sports utility vehicle Ocean with swappable batteries made by Ample by the start of next year. The partnership with the battery startup will help Fisker increase scale and adoption of its EVs in the United States and Europe, the electric…
(Reuters) – U.S. companies from Amazon.com Inc and Walt Disney Co to Wall Street heavyweights Goldman Sachs Group and Morgan Stanley are slashing thousands of jobs as they look to rein in costs in anticipation of an economic downturn. Some companies such as Amazon and Meta Platforms have announced a second round of layoffs as…
By Ben Kellerman NEW YORK (Reuters) – An enormous fluffy, white, blue-eyed Burmese cat mascot ascended the Metropolitan Museum of Art steps on Monday in homage to Karl Lagerfeld’s beloved pet “Choupette,” who later revealed himself as actor Jared Leto, bringing a whole new meaning to this year’s Met Gala dress code “in honor of…
By Andrew Hay ACEQUIA DE LA SIERRA, New Mexico (Reuters) – Rivers are roaring in northern New Mexico after a big snowpack. But sacred pastures Jimmy Sanchez’s family has irrigated for seven generations are dry. Sanchez has labored in snow, mud and ice to clear centuries-old irrigation ditches of fallen trees and debris left in…
