Business

Sterling rallies for 3rd day after BoE bond buys; U.S. dollar down

Reuters | September 29, 2022

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Sterling rose sharply in volatile trading on Thursday, rallying from record lows hit on Monday, after the Bank of England conducted a second day of bond buying to stabilize financial markets. The pound posted its largest one-day percentage gain since March 2020 and last traded at $1.1076, up […]

Bed Bath & Beyond says turnaround gaining traction as it posts Q2 loss

Reuters | September 29, 2022

By Arriana McLymore (Reuters) -Bed Bath & Beyond Inc on Thursday said it is seeing early signs that efforts to clear excess inventory are working and it expects its cash flow to break even in the fourth quarter, even as it reported a bigger-than-expected second-quarter loss. “Of the owned brand inventory that we targeted and […]

Senator Warren, other lawmakers ask FTC to block Amazon’s iRobot deal -Axios

Reuters | September 29, 2022

(Reuters) – A group of lawmakers led by Democratic U.S. Senator Elizabeth Warren is asking the Federal Trade Commission (FTC) to reject Amazon.com Inc’s $1.7 billion deal to buy Roomba vacuum maker iRobot Corp, Axios reported on Thursday, citing a letter. The FTC last week had asked Amazon and iRobot for more information on the […]

Fed to take rates higher than previously expected; more pain ahead

Reuters | September 28, 2022

By Indradip Ghosh BENGALURU (Reuters) -The Federal Reserve will hike its key interest rate to a much higher peak than predicted two weeks ago and the risks are skewed towards an even higher terminal rate, according to economists polled by Reuters. That change in expectations came after the Fed raised rates by 75 basis points […]

Just Eat Takeaway shares leap 10% on forecast of underlying profit

Reuters | September 27, 2022

AMSTERDAM (Reuters) -Just Eat Takeaway.com NV, Europe’s largest online food ordering and delivery company, said on Tuesday it expected to make an underlying profit in the second half of 2022, sooner than previously forecast. The company’s shares jumped by 10% to 15.74 euros in Amsterdam shortly after the announcement. Just Eat said in a statement […]

Wall St slumps as investors fret on rate hikes and recession

Reuters | September 23, 2022

By David French (Reuters) – Wall Street’s main indexes slumped to close well down on Friday, as rattled investors continued repositioning themselves to reflect fears the U.S. Federal Reserve’s hawkish rate policy to curb inflation will push the American economy into recession. The Dow narrowly avoided ending more than 20% lower than its Jan. 4 […]

Hedge fund Ancora seeks ouster of Kohl’s CEO, chairman

Reuters | September 22, 2022

By Svea Herbst-Bayliss (Reuters) -Ancora Holdings, one of the hedge funds that spearheaded a board shake-up last year at Kohl’s Corp, is now pushing for the removal of the U.S. retailer’s chief executive and board chairman, according to a letter sent to the company on Thursday. The move marks the beginning of a new round […]

TikTok to verify political accounts in U.S., ban campaign fundraising

Reuters | September 21, 2022

By Sheila Dang (Reuters) – TikTok will begin requiring accounts belonging to U.S. government departments, politicians and political parties to be verified and will ban videos aimed at campaign fundraising, the short-form video app said on Wednesday. The move comes as TikTok, owned by China’s ByteDance, and other social media platforms are working to clamp […]

Oil prices down, investors expect big Fed rate hike

Reuters | September 20, 2022

By David Gaffen NEW YORK (Reuters) -Oil prices dipped on Tuesday, following other risk assets lower, as the dollar stayed strong and investors anticipated more central bank interest-rate hikes designed to quell inflation. The U.S. Federal Reserve is likely to raise interest rates by another 75 basis points on Wednesday to rein in inflation. Those […]

As markets churn, investors hide in cash despite surging inflation

Reuters | September 18, 2022

By Lewis Krauskopf NEW YORK (Reuters) -A tough year in markets is leading some investors to seek refuge in cash, as they capitalize on higher interest rates and await chances to buy stocks and bonds at cheaper prices. The Federal Reserve has roiled markets in 2022 as it implements huge rate hikes in an effort […]

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