Reuters US Business

By Jonathan Stempel NEW YORK (Reuters) -Netspend, a provider of reloadable debit and payroll cards, will pay about $1.1 million to settle New York state accusations it illegally charged low-income customers exorbitant interest rates on paycheck advances and let debt collectors seize their funds. New York Attorney Genera Letitia James said on Thursday that her …

Netspend to compensate overcharged customers in New York settlement Read More »

By Lucia Mutikani WASHINGTON (Reuters) -U.S. economic growth slowed in the fourth quarter as a strike at Boeing depressed business investment in equipment, but consumer spending increased at its fastest pace in nearly two years, underscoring strong domestic demand that probably keeps the Federal Reserve on a slow interest rate cut path this year. The …

US economy resilient despite moderation in growth in fourth quarter Read More »

By Arasu Kannagi Basil (Reuters) – Mastercard reported a fourth-quarter profit that beat Wall Street estimates as a resilient economy encouraged consumers to ramp up spending during the holiday season, sending the payments processor’s shares up 3.8% on Thursday. Consumer spending continues to be underpinned by a solid labor market and continued wage growth, while …

Mastercard’s quarterly profit beats on robust holiday spending Read More »

By Shivansh Tiwary (Reuters) -Caterpillar warned of a slight sales drop in 2025, as dealers scale back purchase of equipment due to weak demand driven by high borrowing costs and persistent inflation, sending its shares down 3.2% on Thursday. The company, which is viewed as a bellwether for global economic growth, also said it expects …

Caterpillar warns of sales drop in 2025 on weak equipment demand Read More »

By Jonathan Stempel (Reuters) – A federal judge ordered an end to the U.S. Securities and Exchange Commission’s 16-year-old lawsuit over Allen Stanford’s $7.2 billion Ponzi scheme, directing the financier and two former colleagues to pay sums that will go largely uncollected. In a decision on Wednesday, Chief Judge David Godbey of the Dallas federal …

US SEC case over massive Allen Stanford fraud ends, judge orders fines Read More »

(Reuters) – Paint maker Sherwin-Williams on Thursday forecast current-year adjusted profit below analysts’ expectations, hurt by continued demand choppiness. “We expect demand softness to persist in several end markets well into the second half of the year, if not into 2026,” said CEO Heidi Petz. Factory activity in the U.S. ended 2024 on a soft …

Sherwin-Williams forecasts annual profit below estimates on soft demand Read More »

By Manya Saini (Reuters) -Blackstone beat estimates for fourth-quarter profit on Thursday, driven by a pickup in dealmaking, while executives at the world’s largest alternative asset manager signaled that the troubled commercial real estate sector was stabilizing. A revival in CRE, which had suffered a sharp decline due to high interest rates and low post-pandemic …

Blackstone’s profit surges as dealmaking rebounds, execs signal CRE recovery Read More »

By Valerie Volcovici WASHINGTON (Reuters) -The International Energy Agency’s former oil industry and market chief criticized the agency’s focus on the global energy transition in a report released on Wednesday, and said the IEA should concentrate on oil and gas supplies. The IEA is under fire from the administration of President Donald Trump for a …

IEA comes under pressure from former oil market chief to cut energy transition focus Read More »

(Reuters) – Wells Fargo’s co-CEO of corporate and investment banking (CIB), Jon Weiss, has informed the bank of his intention to retire and will step down from his position effective immediately, the company said on Thursday. Weiss, who has had a two-decade-long career at Wells Fargo, served in a number of roles. He will formally …

Wells Fargo’s co-CEO of investment banking Jon Weiss to step down Read More »

(Reuters) -Thermo Fisher Scientific on Thursday forecast annual profit above Wall Street estimates, banking on improved demand for its products and services used in developing therapies, sending its shares up 6.5% in morning trading. The company also beat estimates for fourth-quarter profit and revenue, boosted by strong demand for its analytical instruments segment. Contract drug …

Thermo Fisher sees robust 2025 profit on improved demand for its tools and services Read More »