Reuters US Business

By David Shepardson WASHINGTON (Reuters) – The U.S. Federal Trade Commission said on Tuesday it had referred a complaint against the social media platform TikTok and its parent company ByteDance over potential violations children’s privacy to the Justice Department. In March, a source told Reuters the FTC could resolve a probe into TikTok over allegedly …

Child privacy complaint against TikTok referred to US Justice Dept Read More »

(Corrects to $22.083 trillion from $22.083 billion in sixth paragraph) By David Lawder WASHINGTON (Reuters) -The U.S. budget deficit will jump to $1.915 trillion for fiscal 2024, topping last year’s $1.695 trillion gap as the largest outside the COVID-19 era, the Congressional Budget Office said on Tuesday, citing increased spending for a 27% increase over …

Increased spending pushes 2024 US budget deficit estimate to $1.9 trillion Read More »

By Kylie Madry MEXICO CITY (Reuters) -Ford shipped its first batch of cars on Tuesday from the once-neglected Guaymas port near its plant in the northern Mexican state of Sonora in a project that, if fully launched, could cut the U.S. automaker’s logistics costs, according to the state governor, by 30%. The initial shipment of …

Ford tests shipping cars from Mexico’s Guaymas port to cut logistics costs Read More »

By Echo Wang (Reuters) -The S&P 500 and Nasdaq closed at record highs on Tuesday, buoyed by Nvidia’s continued surge to new peaks, while the Dow ended barely higher in subdued pre-holiday trading following softer-than-expected U.S. retail sales data. Nvidia overtook Microsoft to become the world’s most valuable company, ending the day with a market …

S&P 500, Nasdaq hit record highs on AI momentum, Dow edges up after weak retail sales Read More »

(Reuters) – Amazon.com’s pharmacy unit said on Tuesday it is expanding eligibility for its monthly subscription service, which covers a range of generic drugs, to those enrolled in government-backed Medicare insurance plans. Amazon has worked to lure customers away from more established pharmacies like CVS and Walgreens since launching its pharmacy unit in 2020. With …

Amazon Pharmacy expands $5 monthly subscription to Medicare patients Read More »

By Jonathan Stempel (Reuters) – Qualcomm agreed to pay $75 million to resolve a lawsuit in which shareholders accused the chipmaker of defrauding them by hiding its anticompetitive sales and licensing practices. A preliminary all-cash settlement was filed on Tuesday with the federal court in San Diego. It requires approval by U.S. District Judge Jinsook …

Qualcomm reaches $75 million settlement over sales and licensing practices Read More »

By Daniel Wiessner (Reuters) – Amazon.com has been fined $5.9 million by a California labor regulator who says the online retail giant failed to properly inform workers of productivity quotas at two warehouses, including one where some workers are trying to unionize. The office of California Labor Commissioner Lilia Garcia-Brower announced the fines, which were …

Amazon fined $5.9 million over warehouse worker quotas in California Read More »

(Reuters) – The top U.S. oil and corn industry lobby groups said on Tuesday they were suing the administration of President Joe Biden over its plan to slash planet-warming emissions from heavy-duty vehicles, arguing the regulations will cause economic harm. The U.S. Environmental Protection Agency this spring finalized new rules for models of semi-trucks, buses …

Oil and corn groups team up in lawsuit to halt Biden truck emissions rules Read More »

(Reuters) -U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday, looking to sell its assets and restructure its debt, after succumbing to rapid cash burn to deliver its “Ocean” SUVs in the United States and Europe. EV makers such as Proterra, Lordstown and Electric Last Mile Solutions have also gone bankrupt …

EV startup Fisker files for bankruptcy, aims to sell assets Read More »

By Wayne Cole and Stella Qiu SYDNEY (Reuters) -Australia’s central bank debated whether to raise interest rates at a policy meeting on Tuesday given there were upside risks to inflation, but decided to stay the course in a sign the hurdles to a hike remained high. Wrapping up its June policy meeting, the Reserve Bank …

Australia’s central bank stays the course on rates, alert to inflation risks Read More »