Reuters US Business

By David Lawder WASHINGTON (Reuters) -The International Monetary Fund on Thursday said the U.S. Federal Reserve should not cut interest rates until “late 2024” and the government needs to raise taxes to slow the growing federal debt – including on households earning less than President Joe Biden’s $400,000-a-year threshold. The prescriptions came in the detailed …

IMF says U.S. should raise taxes, wait until late 2024 to cut rates Read More »

By Milana Vinn and Anirban Sen (Reuters) -Smartsheet, a U.S. maker of workplace collaboration software with a market value of $6.6 billion, has tapped investment bankers after attracting acquisition interest from buyout firms, according to people familiar with the matter. The Bellevue, Washington-based company is working with Qatalyst Partners to review approaches from private equity …

Exclusive-Collaboration software maker Smartsheet fields buyout interest, sources say Read More »

By Stephen Culp NEW YORK (Reuters) -U.S. stocks tumbled on Thursday, reversing early gains as investors continued to rotate away from high-priced megacap growth stocks and second-quarter earnings season gathered steam. All three major U.S. stock indexes suffered losses, and the blue-chip Dow fell the most, halting a series of consecutive record closing highs. The …

Wall Street ends sharply lower as anxiety rises, earnings heat up Read More »

(Reuters) – Citigroup reached an agreement with the Bourse de Montreal to resolve allegations that it failed to report positions on options contracts exceeding a certain threshold, the exchange said on Thursday. The bank failed to establish and maintain a system to supervise employees to comply with reporting rules, the exchange said, adding that Citi …

Citi reaches settlement with Montreal Exchange on options reporting Read More »

(Reuters) – Foreign holdings of U.S. Treasuries rose to a record high in May, exceeding the previous record in March, data from the Treasury Department showed on Thursday. Holdings of U.S. Treasuries rose to $8.129 trillion in May from a revised $8.04 trillion in April. Japan’s stash of Treasuries shrank to $1.128 trillion from $1.15 …

Foreign holdings of US Treasuries rise to a record in May Read More »

By Amy-Jo Crowley and Oliver Hirt LONDON (Reuters) -Apax Partners, Bain Capital and CVC are each exploring potential bids for SoftwareOne, two people with knowledge of the situation said, three months after the ouster of the Swiss software company’s board. Talks with interested funds are ongoing, one of the people said. Four sources mentioned Bain …

Apax, Bain and CVC exploring potential bids for SoftwareOne, sources say Read More »

(Reuters) – Darden Restaurants, owner of the Olive Garden chain, has agreed to buy full-service restaurant operator Chuy’s Holdings in an all-cash deal which has an enterprise value of $605 million, the companies said on Wednesday. The move would add 101 restaurants operated by Chuy’s across 15 states in the U.S. to the iconic portfolio …

Olive Garden parent Darden to buy Chuy’s in $605 million deal Read More »

By Carolina Mandl NEW YORK (Reuters) – Global hedge funds have been reducing their exposure to U.S. stocks for five days in a row amid a market-wide pullback in megacap tech-related stocks, Goldman Sachs said in a note on Wednesday. The value of stocks hedge funds ditched over the last five trading sessions was the …

Hedge funds shed risk in tech megacap sell-off, Goldman says Read More »

By Shivansh Tiwary and Rajesh Kumar Singh (Reuters) – Alaska Air Group forecast third-quarter profit below estimates on Wednesday, citing a financial hit from its new flight attendant contract deal, while it topped market expectations for second-quarter earnings. The Seattle, Washington-based carrier’s flight attendants are set for an average pay hike of 32% after it …

Alaska Air third-quarter profit view lags estimates on hit from cabin crew deal Read More »

(Reuters) -Beyond Meat has engaged with a group of bondholders to initiate discussions about a balance-sheet restructuring, the Wall Street Journal reported on Wednesday, sending its shares down 13% in extended trading. The group of bondholders, which has interests in Beyond Meat’s $1.1 billion of convertible notes, is working with law firm Akin Gump Strauss …

Beyond Meat engages with bondholders to discuss balance-sheet restructuring, WSJ reports Read More »