Reuters US Business

Justice Dept warns Musk’s super PAC over million dollar giveaways, CNN reports

23 Oct 2024

WASHINGTON (Reuters) – The U.S. Justice Department has sent a letter to Elon Musk’s super PAC warning that the billionaire Tesla CEO’s $1 million giveaways may violate federal law, CNN reported on Wednesday, citing people briefed on the matter. A letter from the department’s public integrity section, which investigates potential election-related law violations, went to …

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NY Fed says banks obscuring commercial real estate risks by extending loan terms

23 Oct 2024

By Michael S. Derby NEW YORK (Reuters) – Banks have been tweaking the terms of commercial real estate mortgages to obscure losses, and in delaying the day of reckoning, are increasing risks to the broader financial system, a paper released Wednesday by the Federal Reserve Bank of New York said. The commercial real estate sector, …

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US firms point to steady economy but see lower profit margins, Fed says

23 Oct 2024

By Lindsay Dunsmuir (Reuters) -U.S. economic activity was little changed from September through early October and firms saw a slight uptick in hiring, continuing recent trends that have reinforced expectations the Federal Reserve will opt for a smaller 25-basis-point reduction in borrowing costs in two weeks. The U.S. central bank’s latest temperature check on the …

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US existing home sales slide to 14-year low; prices stay elevated

23 Oct 2024

By Lucia Mutikani WASHINGTON (Reuters) -U.S. existing home sales dropped to a 14-year low in September, weighed down by higher mortgage rates and house prices. The second straight monthly decline in home resales reinforced economists’ views that the slump in residential investment, which includes homebuilding, deepened in the third quarter. The housing market has struggled …

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Boeing expects to burn cash next year as CEO says there’s no quick fix for ailing planemaker

23 Oct 2024

By Abhijith Ganapavaram, Allison Lampert (Reuters) -Boeing CEO Kelly Ortberg laid out a cautious path to turn the company around on Wednesday, calling for a “fundamental culture change” at the struggling planemaker as its quarterly losses surged to $6 billion due to a crippling strike. Boeing has racked up losses of nearly $8 billion for …

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Reuters Events-US automakers urged to innovate despite tariffs on Chinese rivals

23 Oct 2024

By Nora Eckert and David Shepardson DETROIT (Reuters) – Leaders from American automakers and their suppliers said at a Reuters event in Detroit this week that the industry cannot afford complacency while tariffs on Chinese competitors provide some short-term relief. China’s BYD and other rivals are building low-cost and technologically advanced battery-powered vehicles, largely outpacing …

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Telecom group sues to block FTC’s ‘click to cancel’ rule

23 Oct 2024

By Jody Godoy (Reuters) – An industry group representing cable and internet providers sued along with two others on Wednesday to block a U.S. Federal Trade Commission rule that requires companies to offer simple cancellation mechanisms for subscriptions. NCTA – The Internet & Television Association and groups representing the home security and online advertising industries …

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JPMorgan looks to resume trading physical LNG, Bloomberg News reports

23 Oct 2024

(Reuters) – JPMorgan Chase is in talks to resume trading physical liquefied natural gas (LNG) after more than a decade, Bloomberg News reported on Wednesday, citing people familiar with the matter. The bank has had talks with at least three projects under development in the Gulf Coast to get a long-term LNG supply, the report …

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Bridgewater says Fed independence is a top concern in US election

23 Oct 2024

By Carolina Mandl NEW YORK (Reuters) – Hedge fund Bridgewater Associates said the Federal Reserve independence is probably a top issue in the U.S. presidential election, according to a commentary sent to clients on Tuesday and reviewed by Reuters. The comments by one of the world’s biggest hedge funds, which had around $100 billion in …

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US watchdog orders Goldman Sachs, Apple to pay $89 million over consumer failures

23 Oct 2024

By Douglas Gillison (Reuters) -Corporate giants Goldman Sachs and Apple will pay $89 million for violations of consumer protection laws in their joint credit card business that affected hundreds of thousands of people, the U.S. Consumer Financial Protection Bureau announced Wednesday. In a partnership to finance Apple customers’ purchases through the Apple credit card that …

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