Economy

U.S. new vehicle sales to increase on strong demand – report

Reuters | September 28, 2022

(Corrects grammatical error in paragraph 8) (Reuters) -U.S. new vehicle sales are set to rise in September as consumers spent more money on new vehicles than any previous September on record, an industry report from consultants J.D. Power-LMC Automotive showed on Wednesday. Customers have been unaffected by higher vehicle prices and lack of incentives or […]

Wells Fargo expects steeper U.S. rate hikes to quell rampant inflation

Reuters | September 27, 2022

(Refiles to add media packaging code) (Reuters) – Wells Fargo expects steeper rate hikes by the Federal Reserve due to resiliency of the U.S. economy and the central bank’s increased resolve to wring out inflation, the Wall Street bank’s economists said in a note on Tuesday. They had earlier forecast a 100-basis-point hike between now […]

Accenture warns of forex hit amid strong IT services’ demand

Reuters | September 22, 2022

By Chavi Mehta (Reuters) -Accenture Plc on Thursday warned this year’s dollar surge would hurt its fiscal 2023 results, even as robust demand for digital offerings helped the IT services major top quarterly earnings estimates. U.S. firms with large overseas operations such as Microsoft and Salesforce have in recent months flagged the toll from the […]

Walmart plans cautious holiday hiring amid slowing U.S. economy

Reuters | September 21, 2022

By Siddharth Cavale NEW YORK (Reuters) -Walmart Inc sounded a cautious note about holiday retail sales on Wednesday, planning to hire fewer workers than last year as it prepares for the critical season in the middle of a slowing economy. The largest U.S. retailer announced plans to add 40,000 workers in seasonal and full-time roles […]

China’s August gasoline exports nearly double from a year ago

Reuters | September 18, 2022

BEIJING (Reuters) – China’s August gasoline exports rose 97.4% from a year earlier, customs data showed on Sunday, as refiners took advantage of fresh export quotas amid faltering domestic demand. Gasoline shipments were at 1.12 million tonnes last month, while volumes for the January to August period were 30.4% lower than the corresponding period last […]

Germany takes control of Russian-owned refinery amid energy crisis

Reuters | September 16, 2022

By Markus Wacket and Paul Carrel BERLIN (Reuters) -Germany took control of a major Russian-owned oil refinery on Friday, risking retaliation from Moscow as Berlin strives to shore up energy supplies and meet its European Union commitment to eliminate Russian oil imports by the end of the year. The economy ministry said it was putting […]

Amtrak to resume normal operations Friday after labor deal

Reuters | September 15, 2022

By David Shepardson WASHINGTON (Reuters) -U.S. passenger railroad Amtrak said it will resume normal operations Friday as it works to quickly restore canceled trains after a freight rail labor deal was announced, averting a rail shutdown. Amtrak had announced on Wednesday that it would temporarily cancel all of its long-distance trains starting on Thursday – […]

Amazon, Google slam Microsoft’s cloud computing changes

Reuters | August 30, 2022

By Foo Yun Chee BRUSSELS (Reuters) – Amazon and Alphabet unit Google criticised Microsoft’s cloud computing changes on Tuesday, saying they limit competition and discourage customers from switching to rival cloud service providers. The U.S. software giant on Monday announced amended licensing deals and other changes that will take effect on Oct. 1 and which […]

Analysis-BlackRock too green for Texas; rest of Wall Street okay – for now

Reuters | August 30, 2022

By Ross Kerber and Pete Schroeder (Reuters) – Most big Wall Street firms passed a test for business as usual in Texas last week when state Comptroller Glenn Hegar kept all but BlackRock Inc. off a list of companies whose stance on boycotting oil and gas stocks could trigger divestment by public agencies. But top […]

Morgan Stanley orders internal lawyer to supervise block trading desk- FT

Reuters | August 30, 2022

(Reuters) – Morgan Stanley has appointed an internal lawyer to shadow a unit of the bank subject to a federal probe into block trading, the Financial Times reported on Tuesday, citing people briefed on the arrangement. The bank has ordered the lawyer to sit on its U.S. equity syndicate desk to supervise bankers and answer […]