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Caterpillar profit slides as costs and forex squeeze margins, shares down

Reuters | January 31, 2023

By Bianca Flowers and Aishwarya Nair (Reuters) – Caterpillar Inc’s fourth-quarter earnings slid by 29%, the company reported on Tuesday, citing higher manufacturing costs and foreign currency effects that weighed on the industrial bellwether’s margins. The machinery maker has a robust $30 billion order backlog, but like other manufacturers it continues to grapple with supply […]

TikTok CEO to testify before U.S. Congress over security concerns

Reuters | January 30, 2023

By David Shepardson WASHINGTON (Reuters) -TikTok Chief Executive Shou Zi Chew will appear before the U.S. Energy and Commerce Committee in March, as lawmakers scrutinize the Chinese-owned video-sharing app. Chew will testify before the committee on March 23, which will be his first appearance before a congressional committee, said Representative Cathy McMorris Rodgers, the Republican […]

Ford recalls 462,000 vehicles for rear camera display failure

Reuters | January 27, 2023

By David Shepardson WASHINGTON (Reuters) -Ford Motor Co said Friday it is recalling 462,000 vehicles worldwide because video output may fail, preventing the rearview camera image from displaying. The U.S. automaker said the recall covers some 2020-2023 model year Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair vehicles equipped with 360-degree cameras and includes 382,000 in […]

Gold hovers near nine-month high, focus turns to U.S. data

Reuters | January 25, 2023

By Seher Dareen (Reuters) – Gold reversed course to edge up on Wednesday as the dollar weakened and investors kept a close eye on a slew of upcoming U.S. economic data that could influence the Federal Reserve monetary policy meeting next week. Spot gold rose 0.2% to $1,940.49 per ounce by 1:40 p.m. ET (1840 […]

Amazon’s AWS to invest $35 billion in Virginia

Reuters | January 21, 2023

By David Shepardson WASHINGTON (Reuters) -Amazon.com Inc’s cloud services division said Friday it plans to invest another $35 billion by 2040 to expand data centers in Virginia. Amazon Web Services (AWS) said the new investment will create 1,000 jobs. Virginia Republican Governor Glenn Youngkin said AWS will establish multiple data center campuses across Virginia. In […]

Davos 2023: CEOs buzz about ChatGPT-style AI at World Economic Forum

Reuters | January 20, 2023

By Jeffrey Dastin DAVOS, Switzerland (Reuters) -Business titans trudging through Alpine snow can’t stop talking about a chatbot from San Francisco. Generative artificial intelligence, tech that can invent virtually any content someone can think up and type into a text box, is garnering not just venture investment in Silicon Valley but interest in Davos at […]

Crypto news site CoinDesk hires banker to explore potential sale

Reuters | January 19, 2023

(Reuters) – Crypto outlet CoinDesk Inc is exploring a full or partial sale of its business and has hired investment bank Lazard Ltd to lead the process, the media company’s chief executive said on Wednesday. The crypto industry is going through one of its worst phases, with prices of major tokens at two-year lows and […]

Fund manager allocation to U.S. stocks in January collapses – BofA survey

Reuters | January 17, 2023

By Samuel Indyk LONDON (Reuters) – Fund managers’ allocation to U.S. equities collapsed in January, with 39% saying they had an underweight position, the most since October 2005, a BofA survey of global investor views on Tuesday showed. Global growth optimism hit a one-year high, while inflation expectations have peaked, according to the global Fund […]

Stocks rise, dollar stumbles after U.S. inflation data

Reuters | January 12, 2023

By Chuck Mikolajczak NEW YORK (Reuters) – A gauge of global stocks climbed on Thursday while longer-dated U.S. Treasury yields and the dollar fell after a reading of consumer prices fed expectations the Federal Reserve may have leeway to scale back the size of future interest rate hikes. U.S consumer prices fell in December for […]

RBC’s City National Bank settles U.S. redlining claims in Los Angeles