By Ann Saphir PALO ALTO, California (Reuters) -The U.S. central bank’s 2% target for inflation is key to achieving price stability and essential for ensuring economic prosperity, New York Federal Reserve Bank President John Williams said on Friday. His defense of the inflation target comes amid persistent calls from some corners for the Fed to…
By Jonathan Landay WASHINGTON (Reuters) – Scores of lawmakers from U.S. President Joe Biden’s Democratic Party told him on Friday that they believe there is sufficient evidence to show that Israel has violated U.S. law by restricting humanitarian aid flows into war-stricken Gaza. A letter to Biden signed by 86 House of Representatives Democrats said…
By Mike Scarcella WASHINGTON (Reuters) -Google and the U.S. Justice Department wrapped up closing arguments on Friday over claims that the Alphabet unit has unlawfully dominated web search and related advertising, in a case the government contends could shape the “future of the internet.” U.S. District Judge Amit Mehta in Washington for hours grilled both…
By David Randall NEW YORK (Reuters) – The prospect of interest rates remaining elevated as the Federal Reserve battles inflation is further clouding the outlook for shares of smaller U.S. companies, which have lagged broader markets this year. Small cap stocks surged at the end of 2023, as expectations grew that the Fed was done…
By Ceyda Caglayan and Huseyin Hayatsever ISTANBUL (Reuters) – Turkey said on Friday it will not resume trade with Israel, worth $7 billion a year, until a permanent ceasefire and humanitarian aid are secured in Gaza, becoming the first of Israel’s key commercial partners to take such a step. Israel’s “uncompromising attitude” and the worsening…
By Manas Mishra and Christy Santhosh (Reuters) -Amgen shares headed for their best session since 2009 on Friday after the U.S. drugmaker hinted at encouraging interim trial data on its experimental obesity drug, denting rival stocks but leaving analysts frustrated with a lack of details. Weight-loss drugmaker Eli Lilly’s shares fell 1.6% while Novo Nordisk’s…
By Ron Bousso LONDON (Reuters) -Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas (LNG) production rose. The company said it will buy back a further $3.5 billion of its shares over the next three months, at…
(Reuters) – Qualcomm shares climbed about 10% to a more than two-year high on Thursday after the smartphone-focused chipmaker signaled an AI-fueled rebound in demand, especially in China, following a years-long slump. Sales to Chinese smartphone makers jumped 40% in the first half of its fiscal year, the company said on Wednesday, as buyers there…
By James Oliphant WASHINGTON (Reuters) – Donald Trump said he may not accept the 2024 election results in Wisconsin, a key battleground state in his matchup with President Joe Biden, leaving open the possibility of post-election turmoil. In an interview with the Milwaukee Journal Sentinel on Wednesday, Trump said that if he does not believe…
(Reuters) -Rivian Automotive said on Thursday it has received $827 million in an incentive package from the State of Illinois to expand operations at its Normal facility. The Irvine, California-based company’s shares rose nearly 10% in afternoon trade after having lost more than 60% of their value this year, as of Wednesday’s close. The Illinois…
