Reuters US Business

Epic Treasury rally may be running out of fuel as Fed pivot priced in

17 Dec 2023

By David Randall NEW YORK (Reuters) -A surge in U.S. government bonds has helped lift stocks and heightened investors’ appetite for risk. Now some are betting that further gains may be harder to come by unless the economy severely weakens, potentially upsetting the narrative of resilient growth that has propelled markets. An unexpected dovish pivot …

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Exclusive-Abu Dhabi nears deal to buy stake in Turkish port -sources

17 Dec 2023

By Ebru Tuncay and Alexander Cornwell ISTANBUL (Reuters) – Abu Dhabi is set to buy a stake in a key Turkish port, according to four sources aware of the deal, in a further sign of a rapprochement between the once bitter geopolitical rivals. Under the potential agreement, state-controlled group AD Ports Group would invest in …

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UBS CEO tells paper he’s not convinced inflation is under control

17 Dec 2023

VIENNA (Reuters) – The chief executive of Swiss banking giant UBS, Sergio Ermotti, is not convinced central banks have got inflation under control, he said in a newspaper interview published on Sunday. Federal Reserve Chair Jerome Powell said last week that interest-rate increases were likely over in the United States and lower rates were coming …

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US court orders new FTC review of Illumina’s Grail deal

17 Dec 2023

By Diane Bartz and Mike Scarcella (Reuters) -A U.S. appeals court on Friday struck down a Federal Trade Commission order against Illumina’s purchase of cancer diagnostic test maker Grail, a former subsidiary, saying the agency had applied a wrong legal standard. The New Orleans-based panel of the 5th U.S. Circuit Court of Appeals issued a …

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Teamsters authorize strike at Anheuser-Busch’s US breweries

16 Dec 2023

(Reuters) – The Teamsters union said on Saturday that 99% of its members had voted to authorize a strike at brewer Anheuser-Busch’s U.S. breweries. The union is seeking an agreement that would improve wages, protect jobs and secure healthcare and retirement benefits for 5,000 of its members at Anheuser-Busch’s 12 U.S. breweries. The current agreement …

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Robinhood woos wealthier clients from bigger brokerages- WSJ

16 Dec 2023

(Reuters) – Robinhood Markets is attracting customers from other brokerages, and is seeking to expand beyond its base of young, first-time investors, the Wall Street Journal reported on Saturday. Through Wednesday, the trading app received about $1.1 billion in account transfers since Oct. 23, when it began offering a 1% match on transferred brokerage accounts, …

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US SEC says no to new crypto rules; Coinbase asks court to review

16 Dec 2023

By Chris Prentice, Michelle Price and Mike Scarcella WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission on Friday denied a petition by Coinbase Global seeking new rules from the agency for the digital asset sector, which the country’s largest crypto exchange then sought to challenge in court. The five-member commission, in a 3-2 vote, said …

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Activision to pay $50 million to settle workplace discrimination lawsuit

16 Dec 2023

(Reuters) -Activision Blizzard will pay roughly $50 million to settle a 2021 lawsuit by a California regulator that alleged the videogame maker discriminated against women employees, including denying them promotion opportunities and underpaying them. California’s Civil Rights Department (CRD) had sued the “Call of Duty” maker after two years of investigation over allegations that it …

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Exxon’s low US tax payments ruffle Biden’s climate agenda

16 Dec 2023

By Tim McLaughlin (Reuters) -Exxon Mobil’s income tax payments to the U.S. government have dropped to 3% over the past five years – several times below the company’s 20-year average – on massive deductions passed under former President Donald Trump. Corporate tax experts say Exxon could enjoy low taxes for several more years, at a …

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S&P 500 posts longest weekly winning streak since 2017; ends flat on day

16 Dec 2023

By Caroline Valetkevitch NEW YORK (Reuters) – The S&P 500 ended little changed on Friday but registered a seventh straight week of gains in its longest weekly winning streak since 2017 after this week’s dovish pivot by the Federal Reserve. Some optimism among investors dampened after Fed Bank of New York President John Williams said …

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