By Chris Prentice MIAMI (Reuters) – The U.S. Justice Department is rolling out a new policy aimed at pushing the cost of corporate crime into the pockets of executives, the latest in a series of changes at the agency under President Joe Biden. The agency’s criminal division will give discounts on fines for companies that …
US Justice Dept wants execs to foot bill for corporate misconduct Read More »
(Reuters) – General Electric said on Thursday it plans to invest more than $450 million in its existing manufacturing facilities in the United States this year and hire more than 1,700 employees, in a bid to bolster its aerospace and energy businesses. The move comes as the Boston-based conglomerate is wrestling with inflationary and supply-chain …
GE plans to invest over $450 million to upgrade U.S. manufacturing in 2023 Read More »
(Reuters) -Cryptocurrency exchange Coinbase Global Inc on Thursday cut financial ties with Silvergate Capital Corp and said it had minimal exposure to the lender, whose latest filing raised questions about its ability to stay in business. Coinbase said it would partner with other financial institutions to facilitate cash transactions for clients who had parked funds …
Crypto exchange Coinbase ditches embattled lender Silvergate Read More »
By Ananya Mariam Rajesh (Reuters) -Macy’s Inc beat estimates for holiday quarter results and forecast annual profit largely above expectations as the department store operator looks to rein in promotions to beef up its margins, sending its shares up 10% on Thursday. Like many retailers, Macy’s offered steep discounts during the holiday season to get …
Macy’s gives upbeat profit forecast amid retail gloom, shares surge Read More »
(Reuters) -U.S. grocer Kroger Co on Thursday forecast annual profit above Street estimates after topping quarterly results on higher food prices, easing cost pressures and steady demand. Shares of the supermarket chain rose 5% to $45.63Â in early trading. U.S. food inflation has continued to march higher, with Labor Department data showing that the food price …
U.S. grocer Kroger’s profit forecast crushes estimates on higher prices Read More »
By Rachna Uppal ABU DHABI (Reuters) -The United Arab Emirates’ economy expanded 7.6% last year, a senior official said on Thursday, about double the rise in gross domestic product (GDP) recorded in 2021 as the Gulf state rebounded sharply from the Covid-19 pandemic. While higher energy prices supported economic growth across the Gulf region’s oil …
By Balazs Koranyi FRANKFURT (Reuters) – A surprise surge in underlying inflation across the 20-nation euro zone bolstered bets for more oversized European Central Bank rate hikes this spring, with policymakers fretting that price growth could be even more sticky than feared. Overall inflation eased a touch to 8.5% last month from 8.6% in January, …
Sticky inflation fuels some of ECB’s worst fears Read More »
MEXICO CITY (Reuters) -Mexican President Andres Manuel Lopez Obrador said on Thursday he will launch a plan to tame inflation with other Latin American governments. Lopez Obrador said he has already spoken with the presidents of Brazil, Argentina, Cuba and Colombia to join forces in a plan that seeks to remove tariffs to reduce the …
Mexico president to launch anti-inflation plan with Latin American counterparts Read More »
WASHINGTON (Reuters) – U.S. labor costs grew faster than initially thought in the fourth quarter, though the pace has slowed from the prior quarters. Unit labor costs – the price of labor per single unit of output – accelerated at a 3.2% annualized rate last quarter, the Labor Department said on Thursday. That was revised …
US fourth-quarter labor costs revised higher; productivity growth lowered Read More »
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment fell again last week, pointing to sustained labor market strength that could keep the Federal Reserve raising interest rates. Initial claims for state unemployment benefits dropped 2,000 to a seasonally adjusted 190,000 for the week ended Feb. 25, the Labor Department said on …
