Reuters US Business

By Sinéad Carew and Shashwat Chauhan (Reuters) -Wall Street’s main indexes closed higher on Thursday after the latest inflation data reinforced expectations for a 25-basis point rate cut by the Federal Reserve, while Moderna’s weak revenue forecast made it the S&P 500’s biggest percentage loser. The producer price index (PPI) for final demand rose 0.2% …

Wall Street indexes close up; data keeps smaller Fed rate cut in view Read More »

WASHINGTON (Reuters) – The U.S. Treasury on Thursday announced new proposed rules for a new corporate alternative minimum tax that is expected to generate $250 billion in U.S. revenues over 10 years from about 100 large companies now paying an average rate of just 2.6%. The Treasury said in a statement that the tax would …

US Treasury sets rules for 15% minimum tax on biggest, most profitable companies Read More »

By Katie Paul and Anna Tong (Reuters) -Microsoft-backed OpenAI said on Thursday it was launching its “Strawberry” series of AI models designed to spend more time processing answers to queries in order to solve hard problems. The models, first reported by Reuters, are capable of reasoning through complex tasks and can solve more challenging problems …

OpenAI launches new series of AI models with ‘reasoning’ abilities Read More »

FRANKFURT (Reuters) – Shares in Roche fell on Thursday after an early-stage obesity pill candidate that carries high market hopes was linked to a high rate of temporary side effects in its initial test phase on humans. Roche shares were down 4% at the open at 0700 GMT after the company presented late on Wednesday …

Roche shares drop on side effects result in early-stage obesity pill trial Read More »

By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) -The European Central Bank is almost certain to cut interest rates again on Thursday, but with inflation risks simmering despite anaemic growth, investors will be combing its message for clues on further easing. The ECB lowered its deposit rate to 3.75% in June and an array of …

ECB to cut interest rates as growth dwindles but focus already on October Read More »

By Federico Maccioni DUBAI (Reuters) – PGIM, the investment management arm of U.S. insurer Prudential Financial, has opened an office in Abu Dhabi, it said on Thursday, joining a slew of money managers coming to the United Arab Emirates capital to tap a growing pool of wealthy clients. PGIM, which had $1.33 trillion in assets …

PGIM opens Abu Dhabi office, joining money managers’ rush to UAE capital Read More »

By David Lawder WASHINGTON (Reuters) – A majority of Democratic U.S. House of Representatives members on Wednesday urged President Joe Biden to use his executive powers to end a tariff “loophole” for low-value packages that they say are being exploited by Chinese e-commerce firms and fentanyl traffickers. The lawmakers in a letter asked Biden to …

US lawmakers urge Biden to close tariff ‘loophole’ for Chinese small package imports Read More »

By Svea Herbst-Bayliss NEW YORK (Reuters) – Norfolk Southern is negotiating CEO Alan Shaw’s exit, and the board is considering interim replacements, including the current chief financial officer, after finding the executive had a relationship with a subordinate, three sources familiar with the matter said on Wednesday. The railway’s board, with the help of a …

Norfolk Southern negotiating CEO’s exit, looks for interim chief, sources say Read More »

By Michael S. Derby (Reuters) -Federal Reserve Bank of Atlanta President Raphael Bostic’s trading and investing broke central bank rules, the Fed’s in-house watchdog said on Wednesday. Bostic created the appearance he acted on confidential information and the appearance of a conflict of interest, in violation of the Atlanta Fed’s code of conduct, according to …

Atlanta Fed’s Bostic violated trading rules, US central bank watchdog says Read More »

By Marianna Parraga, Erwin Seba and Tom Polansek HOUSTON/CHICAGO (Reuters) -Energy production and agricultural exports out of the U.S. Gulf of Mexico were partially disrupted on Wednesday, and some oil refineries in Louisiana slowed operations ahead of Hurricane Francine’s landfall later in the day, according to official and operator reports. Port Fourchon, Louisiana, home to …

Hurricane Francine disrupts Louisiana energy hubs, crop exports Read More »