Reuters US Business Archives - Page 1311 of 2312

CFPB sues Comerica Bank over allegations of failing disabled and older Americans

6 Dec 2024 6 Dec 2024

(Reuters) -Regional lender Comerica Bank faces allegations it systematically mistreated millions of mostly disabled and older customers and could pay penalties under new civil enforcement action, the U.S. watchdog agency for consumer finance announced on Friday. The Consumer Financial Protection Bureau said it was suing Comerica for failing 3.4 million “Direct Express” card holders — …

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Mexico’s labor reform for app drivers looks poised to pass via fast-track

6 Dec 2024 6 Dec 2024

MEXICO CITY (Reuters) – A Mexican labor reform for drivers and delivery workers using applications like Uber, Didi and Rappi appears to be ready to be pushed through both chambers of the legislature next week. The proposal, sent to legislators by President Claudia Sheinbaum this week, could make its way out of the lower house …

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Yellen warns against weakening financial risk watchdog

6 Dec 2024 6 Dec 2024

By Pete Schroeder WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Friday warned it was “crucial” that a panel charged with monitoring financial risks be able to continue its work as worries grow President-elect Donald Trump’s administration will again weaken the body. Speaking at Friday’s Financial Stability Oversight Council (FSOC) meeting, the last of …

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Apple plans three-year modem rollout to compete with Qualcomm, Bloomberg News reports

6 Dec 2024 6 Dec 2024

(Reuters) – Apple is preparing to launch its long-awaited series of cellular modem chips next year, which will replace components from longtime partner Qualcomm, Bloomberg News reported on Friday. The iPhone maker is looking to ultimately overtake Qualcomm’s technology by 2027, the report said, citing people familiar with the matter. Qualcomm, a leading designer of …

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Fed’s Hammack says time to slow rate cuts may have arrived

6 Dec 2024 6 Dec 2024

By Michael S. Derby (Reuters) – In her first major policy speech, Federal Reserve Bank of Cleveland President Beth Hammack said on Friday she’s keeping her options open when it comes to the central bank’s next policy meeting, as broader economic conditions continue to argue for a slowdown in the pace of rate cuts. “I …

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Lilly invests $3 billion to expand Wisconsin plant as obesity drug demand soars

6 Dec 2024 6 Dec 2024

By Patrick Wingrove (Reuters) – Eli Lilly said on Thursday it will invest $3 billion to expand the manufacturing plant it bought in Pleasant Prairie, Wisconsin earlier this year, as it scrambles to meet soaring demand for its weight-loss and diabetes drugs. The new investment in the factory, which it acquired from Nexus Pharmaceuticals, will …

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Walmart, Amazon holiday spending rise as Target, Best Buy stumble, data shows

6 Dec 2024 6 Dec 2024

By Siddharth Cavale NEW YORK (Reuters) -Walmart Inc, Amazon.com and fast-growing e-commerce sites Shein and PDD Holding’s Temu saw record-breaking sales on Black Friday and Cyber Monday, according to spending data, suggesting that they may finish the holiday season on a much stronger note than Target and Best Buy, which struggled. Holiday shoppers largely browsed …

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Key quotes in US appeals court’s blockbuster TikTok ruling

6 Dec 2024 6 Dec 2024

(Reuters) – A U.S. federal appeals court on Friday upheld a law that could force China-based ByteDance to sell its short video app TikTok in the United States. Here is a look at some of the key passages from the blockbuster ruling, which rejected claims that the law will infringe the U.S. Constitution’s First Amendment …

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Fed’s Bowman, worried by inflation, calls for caution on rate cuts

6 Dec 2024 6 Dec 2024

By Michael S. Derby (Reuters) – Federal Reserve Governor Michelle Bowman said on Friday that inflation risks to the economy remain real and labor market data hard to interpret, and that augurs caution with further decisions on central bank rate cuts. “I continue to see greater risks to the price stability side of our mandate, …

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Musk spent over a quarter of a billion dollars to help elect Trump

6 Dec 2024 6 Dec 2024

By Tim Reid and Jason Lange WASHINGTON (Reuters) – Elon Musk spent over a quarter of a billion dollars to help Donald Trump win November’s presidential election, according to new filings, underscoring the influence one of the world’s wealthiest people had on this year’s White House race. The billionaire owner of electric car maker Tesla …

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Reuters US Business