By Hilary Russ and Deborah Mary Sophia (Reuters) -McDonald’s Corp beat Wall Street expectations for quarterly global comparable sales and profit on Tuesday, as more customers visited in every market and from all income groups amid the threat of a recession. Also helped by higher prices for burgers and fries, global comparable sales climbed 12.6%,…
By Sarah N. Lynch and Doina Chiacu WASHINGTON (Reuters) -British American Tobacco Plc has agreed to pay more than $635 million to U.S. authorities after a subsidiary pleaded guilty to charges that it conspired to violate U.S. sanctions by selling tobacco products to North Korea and commit bank fraud, a U.S. court filing and the…
By David Shepardson WASHINGTON (Reuters) -General Motors Co said on Tuesday it will end production of its Chevrolet Bolt electric vehicle later this year as its shifts zero-emission production to trucks and SUVs built on a new battery platform. “We have progressed so far that it’s now time to plan to end the Chevrolet Bolt…
By David Shepardson WASHINGTON (Reuters) – A group of nine Republican senators on Tuesday urged the Biden administration to impose sanctions on Huawei Cloud and other Chinese cloud service providers, citing national security concerns, according to a letter seen by Reuters. The previously unreported letter led by Senator Bill Hagerty to the Commerce, State and…
By Sriparna Roy and Bhanvi Satija (Reuters) – Biogen Inc said on Tuesday it will pause or discontinue at least four studies of experimental drugs to focus on more potentially lucrative options including its second Alzheimer’s treatment, Leqembi, in the latest attempt by the new CEO to trim costs. “We made good progress on the…
By Andrea Shalal WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday warned that failure by Congress to raise the government’s debt ceiling – and the resulting default – would trigger an “economic catastrophe” that would send interest rates higher for years to come. Yellen, in remarks prepared for a Washington event with business…
By Tatiana Bautzer NEW YORK (Reuters) -Citigroup Inc’s chairman John Dugan defended the company’s efforts to fix its regulatory problems and bolster its stock at the bank’s annual meeting on Tuesday. “We completely understand” shareholders’ frustration with the share price, he said, after fielding several questions from shareholders on the topic. Investor dissatisfaction is likely…
By Huw Jones LONDON (Reuters) -Anonymity is allowing crypto assets to finance illegal activities, a top U.S. regulatory official said on Tuesday, posing national security risks that must be addressed. Christy Goldsmith Romero, a commissioner at the U.S. Commodity Futures Trading Commission, said cryptocurrencies were being used to finance cybercrime with victimes including individuals, companies,…
By Helen Reid and Corina Pons BARCELONA (Reuters) -Europe’s cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Luxury is also continuing to perform well, with hopes that China’s reopening will give fresh impetus as…
By Silvia Aloisi PARIS (Reuters) – Sales at French luxury group Kering rose by just 1% in the first quarter, as star label Gucci benefited less than rivals from a rebound in China and revenues fell sharply in the United States. Kering’s sales came in at 5.08 billion euros ($5.58 billion)for the three months to…
