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FRANKFURT (Reuters) – Mercedes-Benz Group on Thursday said it had sold its stake in Russian truckmaker Kamaz in a transaction that was completed this month after securing all necessary regulatory approvals. Mercedes-Benz did not disclose the price of the transaction or the buyer. (Reporting by Ilona Wissenbach and Alexander Marrow; editing by Jason Neely)

By Giulio Piovaccari MILAN (Reuters) -Stellantis warned on Thursday of a turbulent year ahead after its operating profit fell 10% in the second half of 2023 when strikes caused long stoppages at its operations in North America, its profit powerhouse. Union strikes in North America, which ended with record salary increases for workers at the …

Stellantis warns of turbulent 2024 after operating profit drop Read More »

MEXICO CITY (Reuters) – Walmart’s Mexico unit on Wednesday posted a 1.18% year-on-year rise in its fourth-quarter net profit, fueled by solid same-store sales growth in Mexico and Central America, the region where the global company operates. Walmart de Mexico, Mexico’s biggest retailer, reported a net profit of 14.99 billion pesos ($883 million), according to …

Mexican retailer Walmex posts slight bump in fourth quarter profits Read More »

By Noel Randewich and Johann M Cherian (Reuters) -Wall Street ended sharply higher on Wednesday as ride-hailing platforms Lyft and Uber rallied, while Nvidia displaced Alphabet as the U.S. stock market’s third most valuable company. Nvidia overtook Alphabet’s market capitalization ahead of the dominant AI chipmaker’s quarterly results next week, now with a with a …

Wall Street ends higher, lifted by Uber, Lyft and Nvidia Read More »

(Reuters) -U.S. oil and gas producer Occidental Petroleum beat estimates for fourth-quarter profit on Wednesday, aided by higher production in the Permian basin. U.S. crude oil production has been on the rise, with companies looking to boost efficiency by focusing on the most prospective sites and boring longer horizontal well sections to maximize contact with …

Occidental Petroleum beats profit estimates as production rises Read More »

By Howard Schneider WASHINGTON (Reuters) – Hotter-than-expected inflation in January shows that the U.S.’s path back to 2% inflation “may be a bumpy one,” Fed Vice Chair for Supervision Michael Barr said on Wednesday. The Fed is “confident we are on a path to 2% inflation,” Barr said in remarks prepared for delivery at a …

Fed’s Barr: January data shows path to 2% inflation will be “bumpy” Read More »

By Andrea Shalal DETROIT (Reuters) -U.S. Treasury Secretary Janet Yellen said on Wednesday that recent consumer price inflation data was “a tad higher” than expectations, but Americans should focus on longer-term declines in inflation trends and a strong economy and rising wages. “I think it is a tremendous mistake to focus on minor fluctuations and …

Yellen says inflation moving down, market reaction a ‘tremendous mistake’ Read More »

(Reuters) -Wall Street’s top watchdog on Wednesday proposed new rules that would raise the dollar threshold for venture capital funds to be covered by a principal statute regulating investment companies. The U.S. Securities and Exchange Commission said this was called for under a 2018 congressional mandate, which called for adjustments for inflation every five years. …

US SEC proposes to update definition of ‘qualifying’ VC funds Read More »

By Mehnaz Yasmin (Reuters) -Investment banking giant Morgan Stanley is planning to cut hundreds of jobs in its wealth management unit, according to a person familiar with the matter, the latest in a string of layoffs that Wall Street firms have undertaken since last year. The cuts will impact less than 1% of the division’s …

Morgan Stanley laying off hundreds in wealth management unit, source says Read More »