Reuters USA

By Ananya Mariam Rajesh (Reuters) – Estee Lauder Cos Inc forecast a bigger drop in full-year profit than it had initially estimated, citing uncertainity around recovery in major market China. Analysts, meanwhile, expect China’s recent move to relax its toughest COVID-related curbs and lift travel restrictions to improve sales for U.S. luxury and beauty companies, …

Estee fears bigger drop in profit on uncertain China recovery Read More »

NEW YORK (Reuters) – Investment bank Lazard Ltd reported an 80% decline in fourth-quarter profit on Thursday as dealmaking slumped, but its chief executive predicted improving market sentiment could revive mergers and acquisitions (M&A). Revenue from Lazard’s advisory business slid 34% to $404 million versus a year earlier as transactions dried up, even though the …

Lazard profit slides 80% as M&A slowdown bites, but outlook improving Read More »

By Steve Holland and Jarrett Renshaw WASHINGTON (Reuters) – President Joe Biden used the National Prayer Breakfast on Thursday to call on Americans – and especially Republicans and Democrats in Congress – to start treating each other as humans again, and work together to better the nation. “I think we see each other as enemies, …

Biden appeals to lawmakers’ humanity at U.S. Congress prayer breakfast Read More »

(Reuters) – U.S. stocks jumped on Thursday, with the Nasdaq adding 2% as Meta Platforms surged on rigorous cost controls, while a dovish message from Federal Reserve Chair Jerome Powell boosted bets of a softer landing for the U.S. economy. The Nasdaq Composite gained 248.83 points, or 2.11%, to 12,065.15 at the opening bell. The …

Wall St opens higher on Meta surge, Fed relief Read More »

By Amruta Khandekar and Ankika Biswas (Reuters) -Euro zone shares extended gains on Thursday to touch their strongest level in almost a year, as investors shrugged off hawkish messages from the European Central Bank and pinned their hopes on the global rate hike cycle ending soon. A widely watched gauge of euro zone stocks jumped …

Euro zone shares near one-year high as investors take hawkish ECB in stride Read More »

WASHINGTON (Reuters) – U.S. worker productivity increased faster than expected in the fourth quarter, resulting in a moderation in labor costs growth. Nonfarm productivity, which measures hourly output per worker, rose at a 3.0% annualized rate last quarter, the Labor Department said on Thursday. Data for the third quarter was revised higher to show productivity …

U.S. productivity accelerates in fourth quarter Read More »

By Samrhitha A (Reuters) – Layoffs in the United States hit a more than two-year high in January as technology firms cut jobs at the second-highest pace on record to brace for a possible recession, a report showed on Thursday. The layoffs impacted 102,943 workers, a more than two-fold jump from December and an over …

U.S. layoffs surged in January as tech slashed thousands of jobs – report Read More »

By Gram Slattery WASHINGTON (Reuters) – A group of U.S. Senate Democrats will introduce legislation on Thursday directing the Federal Trade Commission to create rules banning the marketing of firearms to children, including the JR-15, which has become a target of gun control advocates. The planned legislation comes roughly a week after Democrats publicly called …

U.S. Senate Democrats to push FTC to restrict marketing of guns to children Read More »

(Refiles to remove extraneous words in paragraph 17) By Jarrett Renshaw PHILADELPHIA (Reuters) -President Joe Biden’s plan to reshape the Democratic Party’s presidential nominating contest faces its final test this week in a Democratic National Committee vote where officials from two key states staunchly oppose the effort. Biden wants the DNC to oust Iowa as …

Biden revamp of Democratic primary faces final vote at DNC convention Read More »

WASHINGTON (Reuters) – TikTok, owned by China’s ByteDance, should be removed from app stores run by Apple Inc and Alphabet’s Google because the short video social media app poses a risk to national security, Senator Michael Bennet, a Democrat on the intelligence committee, said in a letter dated Thursday. The app, which Congress has already …

Democratic senator urges Apple, Google to kick TikTok out of app stores Read More »