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By Arsheeya Bajwa (Reuters) -IBM beat analysts’ estimates for second-quarter revenue on Wednesday, riding on strong demand for its software and higher AI-linked spending by clients looking to tap the booming technology, sending its shares up 4% in extended trading. The company has focused on expanding its Watsonx platform that allows users to deploy chatbots …

IBM beats quarterly revenue estimates on software strength, AI demand Read More »

By Timothy Gardner WASHINGTON (Reuters) – Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices. The bill, introduced by Senator Edward Markey and Representative Nanette Barragan, says that if …

US Democrats launch bill holding oil firms accountable for any work with OPEC Read More »

By Saqib Iqbal Ahmed NEW YORK (Reuters) -A hefty U.S. stocks sell-off sent Wall Street’s most watched gauge of market volatility to a three-month high and boosted options trading volume on Wednesday, though strategists saw little evidence of panic. The S&P 500 slipped 2.3%, on pace for its worst daily loss since late 2022, after …

‘Fear gauge’ hits three-month high as US stocks sell off Read More »

MOSCOW (Reuters) – The Russian government is considering a ban on exports of diesel due to rising domestic prices, the Kommersant daily reported on Wednesday, citing several unnamed sources. Russia is the world’s top seaborne exporter of diesel just ahead of the United States. Diesel is its top oil product export, at about 35 million …

Russia considering ban on diesel exports, Kommersant reports Read More »

By Doyinsola Oladipo NEW YORK (Reuters) – About 13,500 unionized hotel workers in four U.S. cities plan strike authorization votes next month as contract talks with Marriott International, Hilton Worldwide Holdings and Hyatt Hotels Corp stall, the union said. UNITE HERE, a union representing workers in hotels, casinos and airports across the U.S. and Canada, …

Hotel workers in four US cities to hold strike authorization votes Read More »

(Reuters) -Electric car maker Rivian Automotive will go on trial over allegations that it encouraged its employees who defected from Elon Musk’s Tesla to steal trade secrets, according to a tentative ruling issued by a California judge. Judge Theodore C. Zayner of the Santa Clara County Superior Court tentatively denied Rivian’s motion to dismiss the …

Rivian to face trial in Tesla trade secrets theft case, judge says Read More »

By Carolina Mandl and Michelle Price NEW YORK (Reuters) – The U.S. Securities and Exchange Commission (SEC) has decided not to ask a U.S. appeals court to review a June ruling that said the agency did not have the power to oversee investment advisers, according to a source familiar with the matter and court filings. …

US SEC does not seek 5th Circuit review of private funds decision, throwing other rules into doubt Read More »

By Gertrude Chavez-Dreyfuss (Reuters) – It may take a little more time for ether to edge out of bitcoin’s shadow. Investors are more cautious and divided ahead of the U.S. launch of exchange-traded funds tied to ether’s spot price on Tuesday, presenting a contrast to the general euphoria that preceded the arrival of ETFs linked …

Cryptoverse: Like a bond with no yield? Investors split on ether ETFs Read More »

By Granth Vanaik (Reuters) -Mattel topped Wall Street estimates for second-quarter profit on Tuesday, aided by the toymaker’s tight control on costs while posting a surprise drop in sales. The Barbie maker has set a target of saving $200 million in costs by 2026 through initiatives including streamlining its supply chain and plans to exit …

Toymaker Mattel beats quarterly profit estimates on cost controls Read More »

By David Shepardson and Rajesh Kumar Singh (Reuters) -The U.S. Transportation Department said on Tuesday it is opening an investigation into Delta Air Lines after the carrier canceled more than 5,000 flights since Friday as it struggles to recover from a global cyber outage that snarled airlines worldwide. While other carriers have been able to …

US opens probe into Delta following widespread flight cancellations Read More »