By Michael S. Derby (Reuters) – Contrary to how many Federal Reserve officials have tended to focus on longer-run inflation expectations data as a tool to divine real world price pressures, a Cleveland Fed report released on Monday said shorter-run expectations may be the more important factor to watch right now. In the present environment…
By Herbert Lash and Harry Robertson NEW YORK/LONDON (Reuters) – The dollar rose on Monday after New York state factory activity in April increased for the first time in five months, helping bolster expectations the Federal Reserve will raise interest rates in May. Also bolstering the dollar was a report showing confidence among U.S. single-family…
By Andrew Chung WASHINGTON (Reuters) – U.S. Supreme Court justices on Monday weighed a bid by Salesforce Inc’s Slack Technologies to avoid a lawsuit over its 2019 direct listing in a case that could undermine the ability of shareholders to sue companies for alleged misstatements when they go public. The justices heard arguments in an…
By Michael Erman (Reuters) -Merck & Co said on Sunday it will buy Prometheus Biosciences Inc for about $10.8 billion, picking up a promising experimental treatment for ulcerative colitis and Crohn’s disease and building up its presence in immunology. Merck will pay $200 per share for the California-based biotechnology company that specializes in treatments for…
By Rajesh Kumar Singh and Valerie Insinna CHICAGO/WASHINGTON (Reuters) – A manufacturing problem with Boeing Co’s 737 MAX jets that led to a pause in some deliveries threatens to disrupt plans by U.S. carriers to boost capacity to capitalize on a busy summer travel season. It is expected to result not just in lost revenue,…
By David Shepardson (Reuters) – The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo Cars electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing. The Treasury said the new requirements effective on Tuesday will also cut by half credits for the Tesla Inc…
By Clark Mindock NEW YORK (Reuters) -Berkeley, California, cannot ban natural gas hookups in new buildings because a U.S. federal law preempts its rule, a federal appeals court said Monday, siding with a challenge the state’s restaurant industry made. The 9th U.S. Circuit Court of Appeals in San Francisco said Berkeley’s 2019 ban on new…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. Brent crude futures fell $1.55, or 1.8%, to settle at $84.76 a barrel, while U.S. West…
By Andy Sullivan WASHINGTON (Reuters) – The spending-cut proposals unveiled by U.S. House of Representatives Speaker Kevin McCarthy on Monday could fall hardest on people in Republican-leaning states, a Reuters analysis of federal spending data found. McCarthy’s plan, which he presented as a condition for raising the United States’s $31.4 trillion debt ceiling, calls for…
(Reuters) – Ernst & Young’s U.S. arm said on Monday it was shedding 5% of its workforce, less than a week after the unit’s objection torpedoed the global accounting giant’s plan to break up its audit and consulting units. The layoffs will affect around 3,000 of the company’s U.S. employees. The decision was taken after…
