Chevron Corp (CVX.N) is planning to relocate its global headquarters to a newly leased space in California and sell its existing head office in the state. The U.S oil company will also cover moving costs for employees who opt to shift to its Texas campus. Chevron is expected to shift its headquarters to the new … Read more
Crypto firm Harmony says thieves stole $100 million worth of digital coins from one of its key products. Latest in a string of cyber heists on a sector long targeted by hackers. U.S.-based company is working with national authorities and forensic specialists to retrieve funds. U.S. crypto firm Harmony said on Friday that criminals took … Read more
Shares in the biggest U.S. banks rallied on Friday after they passed the Federal Reserve’s annual health check. Results implied a big variation in the size of banks’ stress capital buffers. Bank of America underperformed with test results implying it needs a larger-than-expected buffer. Shares in the greatest U.S. banks revitalized on Friday after they … Read more
The U.S. Supreme Court on Friday overturned the landmark 1973 ruling that recognized a woman’s constitutional right to an abortion. Many states are expected to further restrict or ban abortions following the ruling, making it difficult for female employees to terminate pregnancies unless they travel. Ride-hailing company Lyft said it would shield drivers in abortion … Read more
Rogers, Shaw, and Canada’s competition bureau agree to start the mediation process. Rogers’ C$20 billion ($15.5 billion) acquisition of Shaw was blocked by the competition agency. Mediation could pave the way for a settlement, and avoid a protracted legal battle. Rogers’ proposed acquisition of Shaw comes as high mobile prices remain a hot-button issue in … Read more
New home sales jumped 10.7% to a seasonally adjusted annual rate of 696,000 units last month. April’s sales pace was revised higher to 629,00 units from the previously reported 591,900 units. Sales surged in the West and densely populated South but declined in the Midwest and Northeast. Confidence among U.S. consumers fell to a record … Read more
Spirit Airlines board renews support for a merger deal with Frontier Group Holdings (ULCC.O). JetBlue Airways said it will “more thoroughly” review the revised terms of Frontier’s proposal. The carriers have been involved in a tussle to create the fifth-largest U.S. airline. Spirit Airlines Inc (SAVE.N) said on Friday it has reestablished its help for … Read more
The approval allows for the disbursement of about $4 billion. Argentina’s economy minister says the country will continue to implement macroeconomic policies. The IMF announced on June 8 that it had reached a staff-level agreement on an updated macroeconomic framework with Argentina. The chief leading group of the International Monetary Fund on Friday finished the … Read more
A U.S. judge refuses to dismiss a $6.4 billion lawsuit against Bristol Myers Squibb. Trustee says drugmaker delayed cancer drug approval to avoid payments to shareholders. Former Celgene Corp was bought by Bristol Myers in 2019 for $80.3 billion. A U.S. judge on Friday would not excuse a $6.4 billion claim blaming Bristol Myers Squibb … Read more
Oil prices rise as nations seek to address global crude oil and fuel supply tightness. OPEC+ agrees to boost output by 648,000 barrels a day in July and August. Official weekly estimates for U.S. oil inventories due on Thursday were delayed due to technical problems. Oil prices rose somewhat in early Asian exchange on Friday … Read more
The largest U.S. banks pass the Federal Reserve’s annual stress test. Results pave the way for them to issue share buybacks and dividends. 34 lenders with more than $100 billion in assets would suffer a combined $612 billion in losses under this year’s scenario. The average capital ratio for the 34 banks was 9. That … Read more
Demand for electric vehicles and connected-car technologies boosted sales of BlackBerry’s auto software. Overall revenue fell 3.4% to $168 million but topped analysts’ average estimate of $160.7 million. Net loss widened to $181 million, or 35 cents per share, from $62 million a year earlier. Canada’s BlackBerry Ltd (BB.TO), bested Wall Street gauges for first-quarter … Read more
Chipotle workers in Maine have petitioned a federal labor board for a union election. It is the first Chipotle location to seek to unionize in the United States. The chain owns its own stores, making unionization easier than at franchised chains like McDonald’s. Workers at a Chipotle Mexican Grill eatery in Augusta, Maine, have requested … Read more
Britain could offer insurance to ships to move millions of tonnes of grain stuck in Ukraine. Russia’s invasion of Ukraine and blockade of its Black Sea ports have led to the food crisis. Boris Johnson says Britain is willing to assist with demining operations off Ukraine’s southern coast. Britain pledges $456 million in aid to … Read more
Carnival Corp (CCL.N) is expected to report a smaller quarterly loss and a spike in revenue. Bargain-basement prices for some cruises may squeeze the cruise operator’s margins. Analysts forecast the company’s gross profit margin of around 11% for the quarter. Carnival Corp (CCL.N) is supposed to report a more modest quarterly misfortune and a spike … Read more
Toyota Motor Corp (7203.T) will recall 2,700 of its first mass-produced electric vehicles for the global market. Japan’s safety regulator said sharp turns and sudden braking could cause a hub bolt to loosen. Toyota Motor Corp (7203.T) said on Thursday it would review 2,700 of its most memorable efficiently manufactured electric vehicles (EVs) for the … Read more
Canada’s Senate passes Prime Minister Justin Trudeau’s budget with no changes. Bill C-19 includes a two-year ban on foreign home buyers and the power to confiscate assets seized from Russia. Budget spending remains expansive, though less so than in the previous two years. Canadian Senate on Thursday passed Prime Minister Justin Trudeau’s budget plan, taking … Read more
Verisign and Las Vegas Sands are among five more U.S.-based companies to disclose political spending. The agreements were reached with the New York State Common Retirement Fund. A record 370 S&P 500 companies in 2021 will have disclosed political spending or prohibited it, a study says. Five extra U.S.- based organizations have consented to reveal … Read more
Juul e-cigarettes were blocked by the U.S. Food and Drug Administration on Thursday. The agency said the applications “lacked sufficient evidence” to show that the sale of the products would be appropriate for public health. Juul had to meet a September 2020 deadline to file applications to the FDA. Shares of tobacco giant Altria Group … Read more
Sumitomo Mitsui Financial Group (SMFG) is in talks to acquire 10% of SBI Holdings Inc. Deal likely worth over 60 billion yen ($443 million), Nikkei reports. SBI says it is exploring opportunities to partner with SMFG, including through a capital tie-up. Japan’s Sumitomo Mitsui Financial Group (SMFG) Inc (8316.T) is in conclusive discussions to procure … Read more
Gasoline prices have been surging around the world due to a combination of rebounding demand, sanctions on oil producer Russia after its invasion of Ukraine, and a squeeze on refining capacity. The price of U.S. gasoline averaged more than $5 a gallon for the first time on June 11. U.s. President Joe Biden is supposed … Read more
Tesla (TSLA.O) workers have recorded a claim against the U.S. electric vehicle organization. The claim was documented late on Sunday in Texas by two laborers who said they were ended from Tesla’s gigafactory plant in Sparks, Nevada, in June. Tesla CEO Elon Musk, the world’s most extravagant individual, said recently he had a “terrible inclination” … Read more
McDonald’s replacement cafés in Russia sell 120,000 burgers on first day of the season. The new firm has aggressive development focuses after it sold a record number of burgers on its first day – 1,000,000 burger-flavoured meals per day. McDonald’s Corp (MCD.N) has completely left Russia, selling every one of the eateries it claimed to … Read more
Energy is at the heart of a financial fight between Russia and the West over Ukraine. “This is another aspect,” Habeck said. “This methodology can’t be permitted to succeed.” Germany Economy Minister Habeck said diminished supplies added to monetary assault and part of Russian President Putin’s arrangement. The EU depended on Russia for as much … Read more
The Metaverse Standards Forum will foster the development of industry standards for the emerging concept. Apple is conspicuously missing from the group, which includes many of the biggest players in the field. Analysts expect Apple to become a dominant player in the metaverse race once it introduces a mixed reality headset. Meta (META.O), Microsoft (MSFT.O), … Read more
E-commerce giant Alibaba Group Holding (9988. HK) created what would become Ant and spun it off in 2011. Ant emphasizes its independence from Alibaba, especially as it expands overseas. Alibaba is building a cross-border transaction tool that could compete with Ant. Ant, which is in the midst of a regulatory-driven transformation, appears to be making … Read more
The preferred bidder to acquire Kohl’s is in discussions to keep the retailer’s top management team. Franchise Group owns brands including Vitamin Shoppe and Buddy’s Home Furnishings. The company has signaled confidence in CEO Michelle Gass and her management team, sources said. Franchise Group (FRG.O), the favored bidder to get Kohl’s (KSS.N), is in conversations … Read more
Alicia Boler Davis is leaving as senior vice president of global customer fulfillment. Last year, a manager sued Amazon for discrimination and harassment. The company saw a 70% increase in Black directors and vice presidents in the United States in 2021. Amazon.com Inc (AMZN.O) on Tuesday named long-lasting chief Doug Herrington to head its buyer … Read more
