Reuters US Business

By David Shepardson WASHINGTON (Reuters) – The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the 12 months ending Sept. 30 with revenue down 0.4% to $78.2 billion as first-class mail fell to the lowest volume since 1968. The Postal Service said results were significantly affected by the impact of inflation …

US Postal Service reports $6.5 billion net loss for 2023 fiscal year Read More »

By Prerana Bhat BENGALURU (Reuters) – The European Central Bank will hold interest rates steady well into next year, with a majority of economists polled by Reuters sticking to forecasts the first cut will have to wait until at least July despite expectations of a euro zone recession. Last month, the ECB left its deposit …

ECB to hold rates through mid-2024 despite stalling economy – Reuters poll Read More »

By Catarina Demony LISBON (Reuters) – Shared mobility, from ride-hailing services to electric scooters, will make up 7% of all urban transport journeys globally by 2030, up from 3% currently, according to a report published on Tuesday. The report by consultancy Oliver Wyman, published during Europe’s largest tech conference, Lisbon’s Web Summit, said the market …

Shared mobility to make up 7% of all urban journeys by 2030 – report Read More »

By Ana Mano SAO PAULO (Reuters) – JBS SA, the world’s biggest meatpacker, reported an 86% drop in third-quarter net income compared to a year ago on Monday, sliding to around 573 million reais ($116.63 million). Net income was under the LSEG consensus forecast of 724 million reais, and far below the whopping 4 billion …

JBS’ Q3 profit plunges on low U.S. pork prices, beef margins and global chicken glut Read More »

By Diane Bartz WASHINGTON (Reuters) – The multi-billion dollar payments that Alphabet’s Google makes to Apple, wireless carriers and others are normal competitive behavior and not an abuse of monopoly, an expert called by Google testified on Monday in a blockbuster antitrust trial. In what is expected to be the last week of trial, Kevin …

Google’s expert in US antitrust trial defends billions paid to device makers Read More »

(Reuters) – Shares of Boeing rose on Monday after a report said China was considering ending its freeze on purchases of the planemaker’s best-selling 737 MAX aircraft after more than four years. This, coupled with bumper jet orders from Middle Eastern airlines at the Dubai Airshow, sent Boeing shares up 4%. Supplier Spirit Aerosystems also …

Boeing shares take off on report that China may lift 737 freeze, bumper Dubai orders Read More »

By David Shepardson (Reuters) -Chrysler-parent Stellantis said Monday it is offering 6,400 U.S. salaried employees voluntary buyouts as it works to cut costs amid the transition to electric vehicles and agreeing to a new United Auto Workers contract. The buyouts would be about half the company’s salaried U.S. employees not represented by a union, which …

Stellantis offering buyouts to about half its US salaried employees Read More »

By Lewis Krauskopf NEW YORK (Reuters) – The U.S. Federal Reserve will hold off cutting rates until the fourth-quarter of next year, according to Goldman Sachs economists who cited stronger-than-expected economic growth that is helping forestall a recession. So far this year, the U.S. economy has defied recession fears and “made substantial progress toward a …

US rate cut not seen until Q4 2024 due to strong GDP growth -Goldman economists Read More »

(Reuters) – Commonwealth Bank of Australia’s first-quarter cash earnings remained largely unchanged on Tuesday, and it said higher interest rates were resulting in slowing growth and consumer spending. A string of rate hikes since last year have boosted interest incomes and margins at Australian banks as they charged more on customer loans. But rising cost …

Commonwealth Bank of Australia posts flat first-quarter profit Read More »