Reuters US Business

By David Lawder WASHINGTON (Reuters) -The U.S. budget deficit grew to $1.833 trillion for fiscal 2024, the highest outside of the COVID era, as interest on the federal debt exceeded $1 trillion for the first time and spending grew for the Social Security retirement program, health care and the military, the Treasury Department said on …

US budget deficit tops $1.8 trillion in fiscal 2024, third-largest on record Read More »

By Waylon Cunningham (Reuters) – Starbucks on Friday announced it hired food marketing veteran Tressie Lieberman to take its top marketing job, the latest in a spate of executive reshuffling by new CEO Brian Niccol. Lieberman and Niccol overlapped at Chipotle, where Niccol served as CEO until August, when he was poached by Starbucks. Lieberman …

Starbucks new CEO taps fellow Chipotle alum for top marketing role Read More »

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) -The U.S. dollar fell on Friday, taking a breather after five straight days of gains, as risk appetite increased following yet another round of stimulus measures from China that bolstered global equities led by Chinese stocks. Investors cheered the Chinese government’s launch of two funding schemes to help boost …

US dollar rally pauses, but uptrend intact; set for 3rd weekly gain Read More »

By Nate Raymond BOSTON (Reuters) -Meta Platforms must face a lawsuit by Massachusetts alleging the social media company purposely deployed features on its Instagram platform to addict young users and deceived the public about the dangers it posed to the mental health of teenagers, a judge ruled. Suffolk County Superior Court Judge Peter Krupp in …

Meta must face Massachusetts social media addiction lawsuit Read More »

By Ann Saphir (Reuters) -Atlanta Federal Reserve Bank President Raphael Bostic on Friday made the case for patient reductions in the central bank’s policy rate to somewhere between 3% and 3.5% by the end of next year, a pace that would get inflation down to its 2% target by then and keep the U.S. economy …

Fed’s Bostic sees no need to rush on rate cuts Read More »

(Reuters) – CVS Health CEO Karen Lynch is stepping down after nearly four years at the helm, as the healthcare conglomerate faces shareholder pressure to improve its business performance. Lynch, who was the head of its Aetna insurance unit before taking over as CEO, will be replaced by company veteran David Joyner. CVS stock has …

Events leading up to CVS Health CEO Lynch’s departure Read More »

By Sriparna Roy and Leroy Leo (Reuters) -CVS Health on Friday replaced CEO Karen Lynch with David Joyner, a CVS veteran who retired before returning to the company last year, after investors including activist Glenview Capital pressured the company to improve its stagnant share price. It also withdrew its 2024 forecast and gave an outlook …

CVS names Joyner as CEO under investor pressure, withdraws profit forecast Read More »

By Andy Home LONDON (Reuters) -Alumina prices have soared to record highs this week, compressing margins at the world’s aluminium smelters which convert the intermediate product into metal.  The London Metal Exchange (LME) cash price, indexed to Platts benchmark Australian alumina assessment, closed Wednesday at $633.35 per metric ton, lifting the ratio to the aluminium …

Shanghai frenzy fuels alumina’s record-breaking rally: Andy Home Read More »

By Niket Nishant and Pritam Biswas (Reuters) -American Express reported third-quarter profit above Wall Street estimates on Friday, benefiting from disciplined expense management that helped cushion a blow from softer spending. Affluent customers have allowed the company to maintain relatively smaller provisions for credit losses compared with peers that serve a broader spectrum of customers, …

AmEx profit beats as expense discipline offsets spending slowdown Read More »