By Jonathan Stempel NEW YORK (Reuters) – An exiled Chinese businessman charged by U.S. prosecutors with leading a more than $1 billion fraud will remain in jail after a federal judge in Manhattan on Thursday rejected a proposed $25 million bail package. U.S. District Judge Analisa Torres said prosecutors had shown it more likely than…
(Reuters) – Clorox Co on Thursday said it would cut about 200 positions, or 4% of its non-production workforce, as it looks to keep a lid on costs amid worries of an economic slowdown. The Pine-Sol manufacturer joins a list of companies – from tech firms to retailers such as Bed Bath & Beyond Inc…
By Jeff Mason and Julia Symmes Cobb WASHINGTON (Reuters) – U.S. President Joe Biden praised Colombian President Gustavo Petro on Thursday for his country’s treatment of refugees from Venezuela and for his commitment to democracy and human rights. During a meeting at the White House, Biden said the United States and Colombia could deepen their…
By Hyunjoo Jin and Akash Sriram (Reuters) – Elon Musk is counting on full-self driving and other new technologies and vehicles at Tesla Inc to provide the “wow factor” that will continue to drive the electric carmaker’s value far beyond its automotive rivals. Some analysts and investors worry that Tesla’s industry-leading market valuation is threatened…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Japanese inflation figures for March and the first insights into economic activity around the world this month from flash PMI reports grab the spotlight on Friday, as investors reflect on mounting evidence of slowing U.S. economic and earnings…
By Dietrich Knauth (Reuters) – The U.S. Supreme Court on Wednesday ruled that the Mall of America outside Minneapolis – the nation’s largest shopping complex – can challenge an extremely cheap lease it made decades ago with Sears Holdings Corp, which was subsequently sold to a new owner during the department store chain’s bankruptcy. In…
By John McCrank (Reuters) – The U.S. Securities and Exchange Commission (SEC) published a staff bulletin on Thursday giving guidance on how broker dealers and investment advisers must put their clients’ interests ahead of their own when providing advice and recommendations to retail investors. The guidance, which is the third in a series of such…
By Luc Cohen (Reuters) -Mark Pomerantz, the former prosecutor who once led the Manhattan district attorney’s criminal inquiry into former U.S. President Donald Trump, on Thursday won a delay to his deposition before a Republican-led congressional committee, court records showed. U.S. District Judge Mary Kay Vyskocil on Wednesday denied Manhattan District Attorney Alvin Bragg’s request…
(Reuters) – U.S. railroad operator CSX Corp posted better-than-expected quarterly profit and revenue on Thursday, as higher shipment rates had helped offset the impact of a 1% drop in volumes. Shares of the Jacksonville, Florida-based company were up about 3% in extended trading. Railroad operators had been struggling to move cargo on time due to…
By Aditya Soni and Noel Randewich (Reuters) – Tesla Inc’s stock tumbled nearly 10% on Thursday after CEO Elon Musk signaled the electric vehicle maker will keep cutting prices to drive up demand, even after taking a painful hit to margins. The leading electric car manufacturer lost over $50 billion of its stock market value,…
