Reuters US Business

Citi stays bullish on gold, hikes price 3-month outlook to $2,800 per ounce

21 Oct 2024

(Reuters) – Citi Research raised its three-month forecast for gold prices, citing possible further U.S. labor market deterioration, interest rate cuts by the Federal Reserve, and physical and ETF buying, it said in a note on Monday. The bank upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its …

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Colombian conglomerates Argos, SURA begin to study possible ownership split

21 Oct 2024

By Nelson Bocanegra BOGOTA (Reuters) -Shareholders of Grupo Argos and Grupo SURA, two of Colombia’s largest conglomerates, on Monday gave their boards the green light to begin studying alternative corporate structures in order to split the currently tightly-knit firms. Argos and SURA are part of an alliance of firms known informally as Grupo Empresarial Antioqueno …

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Fed’s Schmid wants cautious, gradual, deliberate rate cuts

21 Oct 2024

(Reuters) – Kansas City Federal Reserve Bank President Jeffrey Schmid said on Monday he supports a “cautious and deliberate” approach to interest rate cuts now that inflation is heading back to the Fed’s 2% target and the labor market is normalizing. “While I support dialing back the restrictiveness of policy, my preference would be to …

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Lilly sues online vendors, medical spa over copycat weight-loss drugs

21 Oct 2024

By Patrick Wingrove (Reuters) – Eli Lilly said on Monday it sued three medical spas and online vendors for selling products claiming to contain tirzepatide, the main ingredient in its popular weight-loss medicine Zepbound, including in the form of dissolvable tablets. The new lawsuits, which name Pivotal Peptides, MangoRx and Genesis Lifestyle Medicine of Nevada, …

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Lucid says stock sale will provide ‘cash runway’ well into 2026

21 Oct 2024

By David Shepardson DETROIT (Reuters) -Lucid CEO Peter Rawlinson said on Monday that a stock sale announced last week will provide the electric luxury sedan maker with a “cash runway well into 2026.” Rawlinson said in an interview on the sidelines of a Reuters Next event that the stock sale, which raised about $1.75 billion, …

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Fintech giant Stripe to buy crypto startup Bridge

21 Oct 2024

(Reuters) – Stripe will buy stablecoin infrastructure provider startup Bridge, the fintech said in a tweet on Monday without disclosing the deal value. The deal is valued at $1.1 billion, Forbes reported last week, citing people familiar with the matter. Stripe declined to comment on the transaction’s value when contacted by Reuters. Stripe, founded by …

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Factbox-Most banks expect gold’s bull run to persist into 2025

21 Oct 2024

(Reuters) – Major banks expect gold to extend its record-breaking price rally into 2025 because of a revival in large inflows to exchange-traded funds (ETFs) and expectations of additional interest rate cuts from prominent central banks around the world, including the U.S. Federal Reserve. “Gold is expected to remain strong, as the US economy is …

Factbox-Most banks expect gold’s bull run to persist into 2025 Read More »

US lawmakers question oil service company’s SLB’s exception to Russian sanctions

21 Oct 2024

By Timothy Gardner WASHINGTON (Reuters) -Dozens of U.S. Representatives from both political parties urged the Biden administration to toughen sanctions on Russian oil shipments and questioned an exception issued to the world’s largest oilfield company SLB to operate in the country. Since Russia’s 2022 invasion of Ukraine, the U.S. and European countries have sought to …

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US removes Sandvine from trade restriction list after corporate reforms

21 Oct 2024

By Karen Freifeld and David Shepardson NEW YORK/WASHINGTON (Reuters) -The United States removed Canada-based Sandvine from a trade restriction list after the networking equipment company made changes to its corporate governance and business practices to protect human rights, the U.S. Commerce Department said on Monday. The U.S. had placed Sandvine on the list in February …

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Cambodian solar firms no longer cooperating with US tariff probe

21 Oct 2024

(Reuters) – Two Cambodian solar companies will no longer cooperate with a U.S. trade investigation into allegations they are flooding the market with panels priced below their cost of production, according to documents filed with the Department of Commerce. Solar Long and Hounen Solar, in separate letters dated Oct. 15, said through a U.S. attorney …

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