Reuters US Business

By Gary McWilliams HOUSTON (Reuters) – Hedge fund Elliott Investment Management on Monday pressed a court not to hold up its bid for Citgo Petroleum, saying the Venezuela-owned oil refiner’s assets “are deteriorating in value” and creditors will not get a better offer from others. The comments came in a court filing after creditors last …

Elliott defends Citgo offer in the face of creditors’ objections Read More »

(Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Monday said she has not seen anything to suggest the U.S. central bank would stop cutting interest rates, which are “absolutely” still high enough that they are restraining the economy. Daly, in a webcast interview with the Wall Street Journal, added that the goal …

Fed needs to continue to cut rates, Daly says Read More »

(Reuters) – Ratings agency Moody’s on Monday changed its outlook on the United States’ banking system to stable from negative, saying that the change reflects expectations that interest rate cuts and sustained moderate economic growth will stabilize bank asset quality and drive profitability. (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sandra Maler)

(Reuters) – Nucor reported a nearly 78% slump in third-quarter profit on Monday as the company recorded impairment charges related to its steel products and raw materials businesses, sending its shares down 3% after the bell. U.S. steelmakers are facing a sluggish pricing environment as distributors hold back on purchases beyond immediate inventory needs because …

Steelmaker Nucor’s third-quarter profit dented by impairment charges Read More »

(Reuters) – Houston-based activist investor JCP Investment Management is urging Cheesecake Factory to explore the possibility of creating a separate public company by spinning off three of its smaller brands, according to a report by the Wall Street Journal on Monday. JCP Investment Management, which has built roughly a 2% stake in Cheesecake Factory, has …

Activist investor urges Cheesecake Factory to explore a potential split, WSJ reports Read More »

By Nupur Anand WASHINGTON (Reuters) – Higher prices are here to stay, which adds to economic pain also stemming from slow growth and high debt, the International Monetary Fund’s managing director, Kristalina Georgieva, said on Monday. “The pain we all feel because prices have gone up is here to stay, and a higher level of …

IMF chief says higher prices are here to stay Read More »