Reuters US Business

By Gayatri Suroyo and Stefanno Sulaiman JAKARTA (Reuters) – Bank Indonesia unexpectedly raised interest rates on Thursday to arrest the rupiah’s decline amid U.S. monetary tightening and rising geopolitical risks, with economists seeing possible further hikes should the currency’s weakness persist. The central bank hiked the benchmark 7-day reverse repurchase rate by 25 basis points …

Indonesia central bank unexpectedly raises rates amid falling rupiah Read More »

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Foreign holdings of U.S. Treasuries in August rose to their largest level since December 2021, data from the Treasury Department showed on Wednesday, rising for a third straight month. Total holdings of U.S. Treasuries climbed to $7.707 trillion in August from $7.655 trillion the previous month. Compared with …

Foreign holdings of US Treasuries in August hit highest since December 2021 -data Read More »

(Reuters) – Chip-making tools supplier Lam Research forecast second-quarter revenue slightly below Wall Street estimates on Wednesday, as demand from chipmakers remained under pressure due to sluggish consumer spending on electronics. The company’s shares fell about 3% in after-market trading. The Fremont, California-based company’s outlook followed a warning of flat sales from rival and Europe’s …

Lam forecasts revenue below estimate as chip industry faces weak demand Read More »

(Note language in paragraph 5 that readers may find offensive) By Luc Cohen NEW YORK (Reuters) – A U.S. judge on Wednesday overruled objections by Sam Bankman-Fried’s lawyers and allowed jurors in the FTX founder’s fraud trial to see a profane message he sent to a reporter days after the cryptocurrency exchange collapsed complaining that …

Sam Bankman-Fried trial jury sees his profane message about regulators Read More »

(Reuters) – Costco Wholesale said on Wednesday CEO Craig Jelinek would step down from his role by the end of the year and be succeeded by operations head Ron Vachris. The membership-only retailer said company veteran Vachris, who has been with the firm for over 40 years, will take on the role from Jan. 1. …

Costco taps operation chief Vachris as next CEO Read More »

(Reuters) – PPG Industries on Wednesday beat Wall Street estimates for third-quarter profit and raised its full-year earnings outlook, as high sales volumes in the automotive and aerospace sector helped boost coatings sales at the company. The company’s shares were up 1.5% at $129.60 in after market trade. New vehicle sales in the United States …

PPG Industries beats quarterly profit estimates, raises FY earnings forecast Read More »

By Jody Godoy (Reuters) – A shareholders’ proposed class action accusing Meta Platforms Inc of concealing sweeping misuse of Facebook users’ data in 2017 and 2018 was revived by a U.S. appeals court on Wednesday. Ruling 2-1, the 9th U.S. Circuit Court of Appeals in San Francisco restored shareholders’ claim that the company, then known …

Meta shareholder lawsuit over user privacy revived by appeals court Read More »

By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended sharply lower on Wednesday, with the S&P 500 and Nasdaq falling more than 1% each, as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts. Mounting tensions in the Middle East stoked risk aversion. Safe-haven gold hit its …

Wall St falls more than 1%; yields rise, investors assess earnings Read More »

(Reuters) -Pipeline and terminal operator Kinder Morgan on Wednesday posted lower-than-expected profit for the third quarter as higher interest expenses offset strength in its natural gas and products pipeline segment. The company posted an adjusted profit of 25 cents per share for the quarter ended Sept. 30, compared with analysts’ average estimate of 26 cents …

Kinder Morgan misses profit estimates as interest costs rise Read More »