By Daniel Wiessner (Reuters) – New York’s top state court on Thursday threw out claims by yellow cab operators that New York City diminished the value of their taxi licenses by failing to rein in app-based competitors like Uber Technologies Inc and Lyft Inc. The New York Court of Appeals in a unanimous ruling said…
By Arunima Kumar (Reuters) -Refiner Valero Energy Corp zoomed past quarterly profit estimates on Thursday, as margins received a boost from sustained fuel demand and tight crude supplies. Refiners have been riding a wave of favorable pricing and demand as pandemic-era closings boosted margins. Valero said its refining margins for the January-March quarter soared 84%…
By Kanishka Singh and Moira Warburton WASHINGTON (Reuters) – West Virginia Governor Jim Justice launched his campaign on Thursday for the Republican nomination to challenge Democratic U.S. Senator Joe Manchin, a moderate who has been a constant thorn in his party’s side. Justice, 72, has repeatedly changed parties, most recently in 2017 when he switched…
By Mica Rosenberg, Joshua Schneyer and Kristina Cooke MONTGOMERY, Alabama (Reuters) – On Nov 22, a team of state and federal labor officials conducted a surprise inspection and noticed a young-looking worker at a warehouse operated here by the logistics unit of Korean automaking giant Hyundai Motor Group. The inspectors, according to an Alabama Department…
(This April 26 story has been corrected to fix revenue description in paragraph 3) By David French and Anirban Sen NEW YORK (Reuters) – The private equity owners of Millennium Trust Company are exploring options for the U.S. retirement account custodian, including a sale that could value it at as much as $8 billion, including…
By Bianca Flowers and Aishwarya Nair (Reuters) -Heavy machinery maker Caterpillar Inc topped Wall Street expectations with a 31% rise in profit on Thursday but a flat order backlog left analysts thinking demand may have peaked and the shares tumbled. Profit in the first quarter was lifted by a boost in U.S. infrastructure spending which…
(Reuters) – Cloud storage provider Dropbox Inc said on Thursday it would reduce its global workforce by 16% to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. San Francisco, California-based Dropbox is the latest tech company to tap AI as Big Tech players from Microsoft Corp to…
PARIS (Reuters) – Car maker Stellantis has no intention of starting a price war with Tesla, its CEO Carlos Tavares said on Thursday. If the entire electric vehicle market were to experience lower prices, Stellantis would adapt and adjust its costs, Tavares said during a plant visit in Metz. (Reporting by Gilles Guillaume, writing by…
(Reuters) – Contracts to buy U.S. previously owned homes tumbled unexpectedly in March to snap a three-month rebound, raising a caution flag about what had appeared to be a nascent recovery in a housing market that has been clobbered by rising interest rates. The National Association of Realtors (NAR) said on Thursday its Pending Home…
(Reuters) – Altria Group Inc missed sales expectations for the first quarter on Thursday, as price-sensitive consumers switched to cheaper brands of cigarettes and smokeless tobacco products. Hit by inflation, consumers have been trading down to affordable alternatives to the pricey traditional tobacco products that Altria sells, like the Marlboro brand family, which includes Special…
