By Lucia Mutikani WASHINGTON (Reuters) -The U.S. economy shed jobs in October amid losses in the government and retail sectors, while cost-cutting and the adoption of artificial intelligence by businesses led to a surge in announced layoffs, data showed on Thursday. The reports, including an estimate from the Chicago Federal Reserve that the unemployment rate …
Private reports suggest US labor market weakened in October Read More »
By Parth Chandna (Reuters) -CarMax’s CEO Bill Nash is stepping down by the end of the month, the preowned car retailer said on Thursday, and forecast weak third-quarter profit as it strives to cut costs and better navigate lower vehicle demand. Shares of the company slid more than 15%. Including session moves, they have lost …
CarMax’s longtime CEO Bill Nash to depart; shares plunge Read More »
OTTAWA (Reuters) -Bank of Canada’s Senior Deputy Governor said on Thursday that the central bank will be reducing its workforce by around 230 people as part of a drive to reduce expenses. “We will be reducing our overall expenses by 15%, and part of that will be a reduction in workforce,” Carolyn Rogers told a …
Bank of Canada says it will be reducing its workforce by 230 jobs Read More »
By Patrick Wingrove and Christy Santhosh (Reuters) -Moderna posted a smaller-than-expected quarterly loss and reduced its annual operating expenses outlook by $700 million on Thursday, helped by lower production costs and a cutback in research and development. In the third quarter, the COVID vaccine maker saw smaller losses from unused inventory, a reduction in unutilized …
Moderna trims annual expenses outlook on lower production costs, R&D cuts Read More »
(Reuters) -Canadian oil sands producer MEG Energy shareholders on Thursday voted in favor of a buyout by Cenovus Energy, ending a months-long takeover battle. Cenovus and Strathcona had been locked in a bidding war for MEG, one of Canada’s last pure-play oil sands producers. However, Strathcona backed Cenovus after it amended its bid and raised …
MEG Energy shareholders vote in favor of Cenovus’ takeover bid Read More »
By Pooja Menon (Reuters) -Industrial materials maker DuPont reported a stronger-than-expected third quarter on Thursday, and announced a new $2 billion share buyback plan tied to its spinoff of Qnity Electronics unit and the sale of the Aramids business. Shares were little changed in morning trading as investors assessed the company’s strong quarterly performance against …
DuPont beats quarterly estimates, unveils $2 billion buyback plan Read More »
By Sriparna Roy (Reuters) -Eli Lilly said on Thursday it will start late-stage trials of its experimental drug next month after it helped patients lose as much as 20.1% of their weight in a mid-stage study, giving the company another upper-hand in the fast- growing obesity market. The first wave of obesity drugs, which dominate …
Lilly moves obesity drug to late-stage trials after it shows promise Read More »
By Juveria Tabassum (Reuters) -Tapestry raised its annual targets but forecast holiday-quarter earnings below expectations on Thursday, joining other retailers in treading carefully around tariffs and shaky spending ahead of the crucial shopping period. Shares of the Kate Spade parent dropped 11% in early trading, as investors signaled the annual forecasts were conservative coming after …
Coach parent Tapestry’s holiday forecast overshadows blowout quarter Read More »
By Allison Lampert and Aatreyee Dasgupta (Reuters) -Bombardier is weighing higher production of its private jets as orders grow, CEO Eric Martel told analysts on Thursday, after the company reported third-quarter revenue that beat analysts’ estimates. Sustained demand for private flying is swelling business jet makers’ order books, while higher sales of aircraft parts and …
Bombardier considers higher jet output after quarterly revenue beats estimates Read More »
TORONTO (Reuters) -Canadian economic activity expanded at a slower pace in October as a measure of prices edged higher, Ivey Purchasing Managers Index (PMI) data showed on Thursday. The seasonally adjusted index fell to 52.4 last month from 59.8 in September. The Ivey PMI measures the month to month variation in economic activity as indicated …
Canada’s Ivey PMI shows activity expanding at slower pace in October Read More »
