BEIJING (AP) — Access to an industrial zone in the central Chinese city of Zhengzhou was suspended Wednesday after the city reported 64 coronavirus cases and workers who assemble Apple Inc. iPhones left their factory in the zone following outbreaks. The announcement did not say whether the isolation of the Zhengzhou Airport Economic Zone was…
By Safiyah Riddle (Reuters) – The U.S. Black unemployment rate hit a 10-month high in June, driven in large part by Black workers leaving the labor market, a development some economists worry may be a “canary in the coal mine” that may mean a recession is approaching. The Labor Department’s closely watched monthly employment report…
Burger King plans to invest $400 million in its U.S. restaurants over the next two years to update its stores and boost flagging sales. The burger chain said Friday the investment includes $250 million to revamp stores and update technology and kitchen equipment and $120 million for heavier advertising. Burger King also plans to spend…
By Libby George LONDON (Reuters) -Saudi Arabia’s Public Investment Fund accounted for about a quarter of the almost $124 billion spent by sovereign wealth funds worldwide last year, a report published on Jan. 1 showed. PIF’s whopping $31.5 billion spend in 2023 compared with $123.8 billion for all sovereign wealth funds, based on a preliminary…
By Ron Bousso, Shadia Nasralla and Nerijus Adomaitis LONDON/OSLO (Reuters) – Energy giants Shell and Equinor reported higher-than-expected first-quarter profits on Thursday, using the heft of their trading desks to offset lower oil and gas prices. The stronger-than-expected profits from the two companies follow forecast beating results from rivals Exxon Mobil, Chevron and BP over…
By Emily Rose JERUSALEM (Reuters) -The U.S. should invite Israeli Prime Minister Benjamin Netanyahu to the White House for an official visit, U.S. House of Representatives Speaker Kevin McCarthy said on Monday, as a customary invitation has not been extended in the five months since Netanyahu’s election. “I expect the White House to invite the…
DETROIT (Reuters) – Ford Motor Co plans “dramatic reductions” in the complexity of its product lineup starting in the 2024 model year, Jim Baumbick, the automaker’s product development chief, said Wednesday at a conference hosted by Bank of America. At the same time, Ford plans to develop more variations of certain model lines, such as…
(Reuters) -JPMorgan Chase & Co is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters. The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as…
By Humeyra Pamuk, Francesco Guarascio and David Brunnstrom HANOI (Reuters) – U.S. Secretary of State Antony Blinken arrived in Vietnam on Friday hoping for progress towards upgrading relations with a key trade partner that shares U.S. worries about China’s growing might. For Hanoi, it will be a delicate test: how to show openness to the…
By Julie Gordon OTTAWA (Reuters) -Canada’s economy was not as robust as expected in the first quarter, but had momentum heading into the second, official data showed on Tuesday, reinforcing the likelihood of another oversized rate hike from the central bank this week. The Canadian economy grew at an annualized rate of 3.1% in the…
