By Naomi Rovnick and Harry Robertson LONDON (Reuters) – Soaring interest rates, slowing economic growth and a banking sector still recovering from a March rout might suggest a note of market caution, yet world stocks are at 14-month highs, the S&P 500 stock index has entered a bull market and gauges of volatility are eerily […]
United Air expects new pilot offer to add over $8 billion in costs
Reuters | June 13, 2023
(Reuters) – United Airlines Holdings Inc is offering its pilots a contract in excess of $8 billion in cumulative increases in pay and benefits over four years, in possibly the richest labor deal by a major American carrier, if ratified by the union. The move comes at a time when pilots in North America are […]
JPMorgan settles with Jeffrey Epstein victims for $290 million
Reuters | June 12, 2023
By Nupur Anand, Lananh Nguyen, Luc Cohen and Jonathan Stempel NEW YORK (Reuters) -JPMorgan Chase agreed to pay about $290 million to settle a class action lawsuit by Jeffrey Epstein’s victims, resolving a large part of litigation over the bank’s relationship with the disgraced financier. Monday’s settlement follows months of embarrassing disclosures that JPMorgan ignored […]
Swiss government says it has reached agreement with UBS on loss guarantees
Reuters | June 9, 2023
ZURICH (Reuters) – The Swiss government has signed an agreement with UBS to cover up to 9 billion Swiss francs ($10.01 billion) in losses from its emergency takeover of Credit Suisse, the finance ministry said on Friday. “To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation […]
EU’s Breton demands Meta act against online content targeting children
Reuters | June 8, 2023
By Foo Yun Chee BRUSSELS (Reuters) -EU industry chief Thierry Breton will meet Meta Platforms Chief Executive Mark Zuckerberg on June 23 and demand that he act immediately to tackle content targeting children, as Meta’s voluntary child protection code seemed not to be working. Social media platforms such as Meta’s Instagram, ByteDance’s TikTok, Snap’s Snapchat […]
Campbell Soup sticks to full-year forecast, shares fall
Reuters | June 7, 2023
By Ananya Mariam Rajesh (Reuters) -Campbell Soup shares dropped as much as 9% on Wednesday, after the company disappointed investors by maintaining its full-year forecasts for sales and profit despite beating quarterly earnings. Packaged food companies such as Campbell, Kraft Heinz and Kellogg Co have been raising prices to counter the impact of higher input […]
Retailers battle for uncertain back-to-school demand after ‘volatile’ quarter
Reuters | June 6, 2023
By Katherine Masters NEW YORK (Reuters) – Stocking shelves with low-priced notebooks and slashing prices on sneakers and uniforms, major retailers including Walmart, Foot Locker and Marks & Spencer are preparing for a challenging back-to-school shopping season this year. U.S. shoppers’ spending in the summer ahead of the college and K-12 school year has grown […]
Surging US megacap stocks leave some wondering when to cash out
Reuters | June 4, 2023
By Lewis Krauskopf NEW YORK (Reuters) -As the U.S. stock market continues its climb, investors holding shares of the massive tech and growth companies leading the charge are debating whether to cash out or stay on for the ride. A record $8.5 billion flowed into tech stocks in the latest week, data from BofA Global […]
Chemical makers settle PFAS-related claims for $1.19 billion
Reuters | June 2, 2023
By Clark Mindock (Reuters) – Chemours Co, DuPont de Nemours Inc and Corteva Inc on Friday said they had reached an agreement in principle to settle claims that they contaminated U.S. public water systems with toxic “forever chemicals” for $1.19 billion. The three chemical companies and several others are facing thousands of lawsuits in the […]
Southwest Airlines forecasts strong full-year profit
Reuters | June 1, 2023
(Reuters) -Southwest Airlines Co said on Thursday it continues to expect a strong adjusted profit for the full year as travelers fly more for leisure, leading to more ticket sales. The carrier also reiterated its profit forecast for the second quarter, as summer bookings were boosted by the Memorial Day weekend. The forecast comes a […]