By Savyata Mishra (Reuters) -Macy’s on Tuesday warned of weak consumer spending through the crucial holiday shopping season and signaled a faster-than-expected rise in credit card payment delays. Shares of the department store chain closed 14% down at $12.66, their worst day since June 2020. The stock has lost nearly 39% this year. The company …
Macy’s warning of weak second-half demand hits retail sector shares Read More »
By Julie Zhu HONG KONG (Reuters) – Xiaomi Corp has won the approval of China’s state planner to manufacture electric vehicles (EVs), said two people with knowledge of the matter, marking a major step towards the smartphone maker’s goal of producing cars by early next year. The National Development and Reform Commission (NDRC), which regulates …
Exclusive-China’s Xiaomi wins state planner nod to make EVs amid glut in autos Read More »
By Daniel Wiessner (Reuters) – A federal judge in Chicago on Tuesday refused to dismiss a lawsuit accusing McDonald’s Corp of pushing out a Black executive after he criticized CEO Chris Kempczinski for appearing to blame the parents of a girl shot in a McDonald’s drive-thru for her death. U.S. District Judge Linsday Jenkins said …
McDonald’s, CEO must face ex-security executive’s race bias claims Read More »
(Reuters) – Homebuilder Toll Brothers Inc beat Wall Street estimates for third-quarter profit on Tuesday, as demand for luxury homes in a tighter resale market boosted new home sales. Shares of the luxury homebuilder rose 1.2% in aftermarket trading. Homebuilders such as D.R. Horton and PulteGroup Inc have reported quarterly earnings ahead of Street estimates. …
Toll Brothers beats profit estimates on higher home sales Read More »
By Nate Raymond (Reuters) -A group founded by the conservative activist who led the successful U.S. Supreme Court challenge to the consideration of race in college admissions sued two major U.S. law firms on Tuesday over fellowships they offer to racial minorities and LGBT people, accusing them of unlawful bias against white candidates. The American …
Activist behind US affirmative action cases sues major law firms Read More »
By Jody Godoy (Reuters) -A U.S. consumer finance regulator sued a subsidiary of fintech lender Curo Group Holdings Corp on Tuesday, alleging it pushed struggling borrowers to refinance short-term loans to keep them in debt and reap fees. The U.S. Consumer Financial Protection Bureau (CFPB) said in the lawsuit filed in federal court in Greenville, …
Curo Group subsidiary sued by US regulator for ‘churning’ consumer loans Read More »
(Reuters) – The U.S. Federal Trade Commission (FTC) is expected to open an in-depth probe on Wednesday of Qualcomm’s purchase of Israeli auto-chip maker Autotalks, Politico reported on Tuesday, citing people familiar with the matter. (Reporting by Granth Vanaik in Bengaluru; Editing by Maju Samuel)
By Chibuike Oguh NEW YORK (Reuters) – Shares of Charles Schwab fell by nearly 5% to a one-month low on Tuesday after the U.S. brokerage unveiled a cost-cutting plan that came with steep one-time charges. Charles Schwab announced on Monday that it planned to layoff staff and close or downsize some corporate offices to save …
Charles Schwab shares fall after announcing cost-cutting plan Read More »
By Jody Godoy (Reuters) -A U.S. judge sentenced a former product manager at OpenSea, the world’s largest marketplace for non-fungible tokens (NFTs), to three months in prison on Tuesday for buying NFTs he knew would soon be featured on the site’s home page. Nathaniel Chastain, 33, was convicted of fraud and money laundering in federal …
Ex-OpenSea manager sentenced to 3 months in prison for NFT insider trading Read More »
By Lisa Baertlein and Priyamvada C (Reuters) – U.S. workers at United Parcel Service have ratified a new five-year contract, the Teamsters union said on Tuesday, closing the door on a potential strike that could have put timely Christmas deliveries in doubt and sent shipping costs soaring. The deal raises pay and eliminates a two-tier …
UPS Teamsters ratify contract, eliminating US strike risk Read More »
