Reuters US Business

Wall St Week Ahead: Last Fed hike tends to aid stocks, but some have doubts this time

16 Sep 2023

By Lewis Krauskopf NEW YORK (Reuters) – The end of the Federal Reserve’s rate hiking cycle has generally been a good time to own U.S. stocks, but an uncertain economic outlook and stretched valuations could dampen upside this time around. After raising borrowing costs by 525 basis points since March 2022, the U.S. central bank …

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Wall Street ends sharply lower as chipmakers and megacaps slide

16 Sep 2023

By Noel Randewich and Ankika Biswas (Reuters) – U.S. stocks ended sharply lower on Friday as chipmakers dropped on concerns about weak consumer demand, while rising Treasury yields pressured Amazon and other megacap growth companies. Chip equipment makers Applied Materials, Lam Research and KLA Corp all dropped more than 4%after Reuters reported TSMC had asked …

Wall Street ends sharply lower as chipmakers and megacaps slide Read More »

US FAA cuts minimum flight requirements at New York airports through late 2024

16 Sep 2023

By David Shepardson WASHINGTON (Reuters) – Citing air traffic controller staffing issues, U.S. regulators announced on Friday they will again extend cuts to minimum flight requirements at congested New York City-area airports through October 2024, giving relief to airlines who faced delays because of government staffing issues. Under minimum flight requirements, airlines can lose their …

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SVB Financial nears deal to sell VC arm, Scaramucci leading bidder – WSJ

16 Sep 2023

(Reuters) – SVB Financial Group is closing in on an agreement to sell its venture-capital and credit investment business SVB Capital in order to avoid bankruptcy, the Wall Street Journal reported on Friday, citing people familiar with the matter. A duo of Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital, as well as San Francisco …

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US Senator Warren presses Pentagon on L3 Harris deal to buy Aerojet

15 Sep 2023

By Diane Bartz WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren, a Democrat who wants more mergers scrutinized, questioned Defense Secretary Lloyd Austin about the Pentagon’s role in the approval in July of L3 Harris Technologies’ purchase of Aerojet Rocketdyne at a time when the number of defense contractors is at a historic low. L3 Harris …

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Valero Energy authorizes share repurchase of up to $2.5 billion

15 Sep 2023

(Reuters) – Refiner Valero Energy on Friday authorized a share repurchase of up to $2.5 billion, with no expiration date. The buyback would be in addition to the amount remaining available for purchase under the $2.5 billion authorization that was approved in February, Valero said in a filing. (Reporting by Seher Dareen in Bengaluru; Editing …

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Exclusive-US retailer holiday hiring to drop to levels last seen in 2008

15 Sep 2023

By Siddharth Cavale NEW YORK (Reuters) -U.S. retailers will hire the lowest number of seasonal workers for this holiday season since 2008, due to increased labor costs and shaky consumer confidence, according to a report by Challenger, Gray & Christmas provided exclusively to Reuters. Retailers are expected to add just 410,000 seasonal jobs this season, …

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California pensions investment chief steps down less than 2 years into job

15 Sep 2023

By Isla Binnie NEW YORK (Reuters) -The Chief Investment Officer of the largest U.S. state pension manager, the California Public Employees Retirement System (CalPERS), will step down on Sept. 29, CalPERS said in a statement on Friday. Nicole Musicco, who was the second woman in its history to have led the investment operations of the …

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Delta Air assessing hit from RTX engine issues but sees little near-term pain

15 Sep 2023

By Mehr Bedi (Reuters) – Delta Air Lines said on Thursday in the near term it is expecting a minimal hit from recently disclosed quality issues with RTX’s Pratt & Whitney engines but added it was yet to fully assess the impact. The airline expects a more detailed assessment from Pratt & Whitney at the …

Delta Air assessing hit from RTX engine issues but sees little near-term pain Read More »

Mercedes-Benz threatened with recalls of Euro 6 cars over defeat devices

15 Sep 2023

BERLIN (Reuters) – Mercedes-Benz could face another wave of recalls after German transport authority KBA deemed inadmissible defeat devices installed in some of its vehicles, in a letter leaked by a whistleblower to environmental NGO Deutsche Umwelthilfe (DUH). In the letter published on DUH’s website, the KBA referred to three devices found in cars produced …

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