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By Carolina Mandl NEW YORK (Reuters) – Six private equity and hedge fund trade groups on Friday sued the U.S. Securities and Exchange Commission (SEC), arguing the agency overstepped its statutory authority when adopting sweeping new expense and disclosure rules last week. SEC Chair Gary Gensler said the rules will increase transparency and competition in …

US private funds industry sues securities regulator over new rules Read More »

By Howard Schneider WASHINGTON (Reuters) – Data since the Federal Reserve’s last policy meeting has added to the impression the U.S. economy is cooling without cracking, likely bolstering the case against further rate increases even if central bank policymakers are reluctant to call off their fight against inflation any time soon. Since adjourning their July …

US summer lull yields a ‘soft-landing’ data trove for Fed Read More »

By Jonathan Stempel NEW YORK (Reuters) – A federal judge on Friday authorized the payout of $41.53 million to investors who lost money when Elon Musk tweeted about taking his electric car company Tesla private. Payouts will come from a “fair fund” created under a settlement between Musk and the U.S. Securities and Exchange Commission, …

U.S. Judge approves payouts from Elon Musk’s SEC settlement Read More »

SYDNEY (Reuters) – Australia’s competition regulator said on Friday it would ask the court to fine Qantas Airways “hundreds of millions” of dollars, a day after suing the carrier for allegedly selling tickets to thousands of flights after they were cancelled. The Australian Competition and Consumer Commission (ACCC) said in court filings on Thursday that …

Australian regulator seeks ‘hundreds of millions’ in fines for Qantas Read More »

(Reuters) – An Amazon shareholder has filed a lawsuit against founder Jeff Bezos and the Amazon board alleging directors failed to fully vet a decision to award launch contracts for the company’s Project Kuiper satellite project to Blue Origin, Bezos’s space company. The lawsuit filed by Cleveland Bakers and Teamsters Pension Fund earlier this week …

Amazon shareholder sues board, Bezos over Blue Origin launch contracts Read More »

LONDON (Reuters) – The dollar is unlikely to lose its status as the global reserve currency anytime soon, even as the expansion of the BRICS group of developing nations signals another challenge to the dollar’s dominance in the world economy, BNY Mellon said in a note. Leaders of the BRICS – Brazil, Russia, India, China …

Dollar unlikely to lose global dominance soon even as BRICS expand – note Read More »

By Tom Sims and John O’Donnell MUNICH (Reuters) – It has been a tumultuous year for one prominent German property developer: his efforts to sell his penthouse atop a Nazi-era air raid shelter have stalled, and just weeks ago his firm filed for insolvency. The one-two punch for the developer, Stefan Hoeglmaier, and his company, …

Analysis-From war bunker to penthouse to market flop: how Germany’s property boom ended Read More »

LOS ANGELES (Reuters) -United Parcel Service on Thursday said it has offered early retirement to some pilots as the world’s biggest package delivery firm grapples with a weak air freight market and rising labor costs. Atlanta-based UPS said it hopes 167 pilots will accept its voluntary separation offer, which includes cash and healthcare benefits. The …

UPS offers pilot buyout as demand falters Read More »

By Timothy Aeppel (Reuters) – Even a robot invasion can’t beat a slowing economy. Companies in North America sharply cut orders for the high-tech machines in the second quarter, according to data compiled by the Association for Advancing Automation, an industry group. The slowdown in orders began at the end of last year, as rising …

Robot invasion slows in the face of weaker US economy, high interest rates Read More »

By Timothy Gardner WASHINGTON (Reuters) -The Biden administration is offering $12 billion in grants and loans for auto makers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday. “While we transition to EVs, we want to ensure that workers can transition in place, that …

US offers $12 billion to auto makers, suppliers for advanced vehicles Read More »