By Swati Verma BENGALURU (Reuters) – Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight supply. The benchmark contracts are on track for their sixth straight weekly rise, the longest run of gains since October. Brent futures rose $1.25, or 1.4%,…
BUENOS AIRES, Argentina (AP) — Argentina has reached an agreement with the International Monetary Fund to refinance more than $40 billion in debt, President Alberto Fernández said Friday. “We had an unpayable debt that left us without a present or a future, and now we have a reasonable agreement that will allow us to grow…
BERLIN (Reuters) – Daimler AG will be formally renamed Mercedes-Benz Group AG on Tuesday – nearly a year after the spin-off of its truck and bus division was announced – in a move its boss hopes will unlock shareholder value for the premium carmaker. The change is the latest in a string of structural reshuffles…
WASHINGTON (Reuters) – U.S. consumer spending fell in December, suggesting the economy lost speed heading into the new year amid snarled supply chains and raging COVID-19 infections, while annual inflation increased at a pace last seen in the early 1980s. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of…
WASHINGTON (AP) — A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as brisk consumer spending collided with snarled supply chains to raise the costs of food, furniture, appliances and other goods. The report Friday from the Commerce Department also said that consumer…
HONG KONG (Reuters) – The United States should immediately stop “unreasonable suppression” of Chinese companies and treat them fairly, China’s commerce ministry said on Friday. A U.S. regulator earlier revoked China Unicom’s authorization to operate in the U.S. over national security concerns. China would resolutely safeguard legitimate rights and interests of Chinese enterprises, the ministry…
(Reuters) -Caterpillar Inc warned on Friday its first-quarter operating margins could take a hit from higher production and labor costs, taking some of the shine off the company’s surging sales. The world’s largest heavy-duty equipment maker’s shares fell 1.6% in premarket trading. Factory shutdowns, clogged ports and labor shortages triggered by the pandemic have hammered…
Caterpillar’s sales surged in the final quarter of the year despite ongoing disruptions in the global supply chain that have hit almost every sector of the economy. Executives said Friday that demand for construction equipment remains elevated, but supply issues and cooling construction in China depressed the company’s stock. Sales climbed 23% to $13.8 billion…
By Paul Sandle and Kate Holton LONDON (Reuters) -Hewlett-Packard won the majority of its civil case against British tech tycoon Mike Lynch over its acquisition of Autonomy in 2011, a London judge said on Friday, though damages will be considerably less than the $5 billion claimed. The court’s decision comes on the same day as…
By Helena Soderpalm STOCKHOLM (Reuters) -Electrolux said on Friday global supply chain issues would persist after posting a drop in quarterly profit, while expecting demand in 2022 above pre-pandemic levels. Households have been spending more on their homes, including on appliances, during the pandemic. But global logistics constraints and shortages of electronic components have hit…
