MELBOURNE (Reuters) – Rio Tinto plans to raise output by 16% at its newest iron ore mine in Western Australia as it sets out step by step changes that will bring it back to record production levels as soon as 2025. The world’s biggest iron ore producer will increase production capacity at its Gudai-Darri mine …
Rio Tinto flags return to record iron ore production Read More »
(Reuters) -Citadel Securities and the American Securities Association, a trade group, announced on Tuesday that they are suing Wall Street’s top regulator over new rules on the funding of a comprehensive market data surveillance system. The litigation, brought before the U.S. Court of Appeals for the 11th Circuit in Atlanta, escalates the investment industry’s battle …
Citadel Securities, trade body sue US SEC over ‘consolidated audit trail’ Read More »
By Luc Cohen NEW YORK (Reuters) -FTX founder Sam Bankman-Fried’s lawyer on Tuesday said the now-bankrupt cryptocurrency exchange’s investments were not “reckless and frivolous,” pushing back against testimony by former executive Nishad Singh portraying its spending on marketing and celebrity endorsements as excessive. Singh, FTX’s former engineering chief, testified for a second straight day at …
Sam Bankman-Fried’s lawyer says FTX investments were not ‘reckless’ Read More »
By Rajesh Kumar Singh CHICAGO (Reuters) -United Airlines Holdings on Tuesday forecast weaker fourth-quarter earnings due to higher costs, sending its shares down more than 4%. The Chicago-based carrier estimated an adjusted profit of $1.50-$1.80 per share in the quarter through December, below the $2.06 expected by analysts in a LSEG survey and lower than …
United Airlines forecasts weaker quarterly profit on higher costs Read More »
By Dietrich Knauth NEW YORK (Reuters) – Pharmacy chain Rite Aid has settled a critical dispute with drug supplier McKesson Corp to ensure that customers’ prescriptions will continue to be filled during Rite Aid’s bankruptcy, attorneys said on Tuesday. Rite Aid, which filed for Chapter 11 bankruptcy on Sunday night in New Jersey, sued McKesson …
Bankrupt Rite Aid resolves drug supply dispute with McKesson Read More »
(Reuters) -Microsoft is preparing to bring Amazon.com as a customer for its 365 cloud productivity tools in a deal worth over $1 billion, news site Insider reported on Tuesday, citing an internal document and a person familiar with the matter. The e-commerce giant has committed the amount for over five years and to secure more …
By Abhirup Roy SAN FRANCISCO (Reuters) -Rivian’s earlier-than-expected bond issuance this month was meant to strengthen the EV maker’s balance sheet before geopolitical risks tighten capital markets and does not reflect any concerns around its cash and operations, its CEO told Reuters on Tuesday. After a $1.3 billion convertible green bond in March, Rivian had …
Rivian’s bond issue does not reflect concerns around EV maker’s financial health -CEO Read More »
By Saeed Azhar and Nupur Anand NEW YORK (Reuters) -Bank of America reported unrealized losses of $131.6 billion on securities in the third quarter, growing from the second quarter, but the bank does not expect the portfolio will generate actual losses in the long-term. Unrealized losses have come under closer scrutiny by investors since March. …
Bank of America’s unrealized losses on securities rose to $131.6 billion Read More »
By Zeba Siddiqui SAN FRANCISCO (Reuters) – U.S. Senator Michael Bennet on Tuesday sought information on how tech giants Meta, X, TikTok and Google were trying to stop the spread of false and misleading content about the Israel-Hamas conflict on their platforms. “Deceptive content has ricocheted across social media sites since the conflict began, sometimes …
U.S. lawmaker seeks answers from Meta, X, Google, TikTok over Israel-Hamas false content Read More »
By Poonam Behura (Reuters) – Bain Capital-owned Virgin Australia’s Chief Development Officer David Marr, who was assigned to lead the airline’s plans for an eventual initial public offering (IPO), has stepped down from his role, a spokesperson said on Tuesday. The company’s Chief Financial Officer Race Strauss will now assume management of the IPO, the …
Virgin Australia’s executive leading IPO plans resigns Read More »
