Reuters US Business

By Hyunjoo Jin and Jyoti Narayan (Reuters) -Electric carmaker Tesla will offer U.S. customers a month’s free trial of its driver-assist technology, Full Self-Driving (FSD), CEO Elon Musk said on Monday, as softening demand and price competition pressure the company’s sales and margins. Musk has long touted the driver assistant software, priced at $12,000, as …

Tesla offers U.S. customers a month’s trial of its driver-assist technology Read More »

(Reuters) -British tonic maker Fevertree Drinks posted an annual profit in line with estimates, buoyed by a robust performance of its U.S. market and increased regional production to offset inflationary pressures due to elevated glass-making costs. The company, which was founded in 2003, had struggled with rising glass costs in Britain due to energy price …

Fevertree’s annual profit meets estimates on strong US performance Read More »

By Tatiana Bautzer, Lananh Nguyen and Manya Saini (Reuters) -Citigroup is in the last phase of a sweeping overhaul to simplify its structure and improve performance, the bank said, after shrinking its workforce by 5,000 employees since September. The largest round of staffing moves, including reassignments and departures, will be communicated to employees from Monday …

Citigroup to end sweeping overhaul this week after 5,000 layoffs Read More »

By Saqib Iqbal Ahmed NEW YORK (Reuters) -The launch of options on Reddit on Monday drew a flurry of bullish bets that some analysts said helped boost the social media platform’s stock after last week’s strong market debut. Reddit shares soared 48% on the New York Stock Exchange as the company went public on Thursday, …

Reddit options launch draws bulls, as shares soar Read More »

(Reuters) -Dell Technologies said on Monday it cut its workforce as part of a broader initiative to reduce costs. The company took measures to reduce costs, including limiting external hiring and employee reorganizations, Dell said in a filing. As of Feb. 2, 2024, it had nearly 120,000 employees, it added. (Reporting by Mehnaz Yasmin in …

Dell lays off workforce as part of broader cost cuts Read More »

By Jody Godoy (Reuters) -The U.S. Securities and Exchange Commission is seeking fines and penalties totaling $2 billion in its case against Ripple Labs over sales of the cryptocurrency XRP, the company’s chief legal officer said in a social media post on Monday. In posts on X, Ripple Chief Legal Officer Stuart Alderoty said the …

US SEC seeks $2 billion from Ripple Labs, chief legal officer says Read More »

(Reuters) – Bitcoin rose 7.15% to $70,900 at 2010 GMT on Monday. (This story has been corrected to say bitcoin rose 7.15%, not 11.63%, in the headline and story) (Reporting by Nilutpal Timsina in Bengaluru)

By Chuck Mikolajczak NEW YORK (Reuters) -The Dow and S&P 500 slipped on Monday, the first session after the biggest weekly percentage gains for the indexes this year, as investors gauged the likely path of interest rates from the Federal Reserve ahead of key inflation data due later in this holiday-shortened week. Last week, the …

Equities subdued after strong week, investors assess Fed rate path Read More »

(Reuters) -Lucid said on Monday it is raising $1 billion in capital from an affiliate of Saudi Arabia’s Public Investment Fund (PIF), sending the shares of the luxury electric carmaker up about 8%. The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV …

Luxury EV maker Lucid to raise $1 billion from Saudi’s PIF affiliate Read More »

By Jody Godoy NEW YORK (Reuters) -Terraform Labs and its founder Do Kwon built a “house of cards” and lied to investors about the stability of a cryptocurrency whose collapse rippled through markets in 2022, a lawyer for the U.S. Securities and Exchange Commission told a Manhattan jury as its civil fraud trial began on …

SEC says Terraform Labs built a ‘house of cards’ as US civil fraud trial begins Read More »