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(Reuters) -Norfolk Southern, in partnership with BNSF Railway, said on Friday it has reached tentative, five-year collective bargaining agreements with four labor unions. The agreements provide a 3.5% average wage increase per year over the next five years, more vacation and some enhancements to healthcare benefits. Subject to ratification, the agreements cover about 30% of …

Norfolk Southern reaches agreements with four labor unions Read More »

By Howard Schneider JACKSON HOLE, Wyoming (Reuters) – Federal Reserve Chair Jerome Powell made it clear on Friday the U.S. central bank would not shy away from pivoting to interest rate cuts in the final weeks of a presidential election campaign and that protecting the job market was now its top priority. “The time has …

Analysis-Powell’s Fed not shy about election-year cuts, ready to defend job market Read More »

By Fergal Smith (Reuters) -Canada’s main stock index rose to a record high on Friday, with energy and financials contributing to broad-based gains as Federal Reserve Chair Jerome Powell endorsed the start of rate cuts, raising hopes the economy could avoid recession. The S&P/TSX composite index ended up 248.61 points, or 1.1%, at 23,286.08, eclipsing …

TSX hits record high as Fed chief signs off on rate cuts Read More »

By David Randall NEW YORK (Reuters) – The rally in U.S. stocks faces an important test next week with earnings from chipmaking giant Nvidia, whose blistering run has powered markets throughout 2024. The S&P 500 has pared a sharp drop it suffered after U.S. economic worries contributed to a sell-off at the beginning of the …

‘Super Bowl’ Nvidia earnings stand to test searing AI trade Read More »

(Reuters) – The benefits of California’s revised bill that seeks to regulate how artificial intelligence is developed and deployed in the state likely outweigh the costs, Anthropic said on Thursday. San Francisco-based Anthropic is a rival to ChatGPT-maker OpenAI and is backed by Amazon and Alphabet. California’s proposed bill on AI regulation, SB 1047, advanced …

Anthropic says California AI bill’s benefits likely outweigh costs Read More »

By Harry Robertson LONDON (Reuters) – Investors poured $37 billion into cash-like money market funds (MMFs) in the week to Wednesday, Bank of America said on Friday, as they braced for the U.S. Federal Reserve to cut interest rates in September. It put MMFs on track for their biggest three-week cumulative inflow since January at …

Investors rush to money market funds before Fed rate cut, BofA says Read More »

By Rishav Chatterjee (Reuters) – Australian wagering business Tabcorp has been fined A$4.3 million ($2.89 million) for repeated breaches of gambling harm prevention laws between 2020 and 2023, the Victorian Gambling and Casino Control Commission said on Friday. Shares of Tabcorp dropped as much as 3.5% to A$0.55, their lowest since August 8. The penalty …

Australia’s Tabcorp fined over gambling regulation breaches in Victoria Read More »

By Rishav Chatterjee (Reuters) – Commonwealth Bank of Australia, the country’s biggest lender, cut interest rates for some of its home loan products for new customers on Friday, stoking fears of spurring intense competition in the local mortgage market. CBA shares, which fell as much as 0.5% earlier in the day, reversed losses and ended …

CBA cuts rates for new borrowers re-igniting mortgage war fears Read More »

By Savyata Mishra (Reuters) – Ross Stores raised its fiscal 2024 profit forecast and posted second-quarter results above Wall Street estimates on Thursday, benefiting from demand for its discounted apparel and easing freight costs. Its shares rose nearly 6% in extended trading as the company’s strategy to cut prices on branded clothing and footwear helped …

Ross Stores lifts profit view on firm demand for discounted apparel Read More »