Reuters US Business

By David Shepardson WASHINGTON (Reuters) – The U.S. Commerce Department said on Wednesday that more than 460 companies have expressed interested in winning government semiconductor subsidy funding in a bid to boost the country’s competitiveness with China’s science and technology efforts. The White House is marking the one-year anniversary on Wednesday of President Joe Biden’s …

US reports big interest in $52 billion semiconductor chips funding Read More »

(Reuters) – Private equity giant KKR said on Tuesday it had acquired a $373 million portfolio of prime auto loans from Synovus Bank. Shares of Synovus Financial, the parent company of the bank, rose 2.8% in extended trading. KKR, which made the investment through its private credit funds and accounts, said the deal aligns with …

PE firm KKR acquires $373 million portfolio of Synovus Bank’s prime auto loans Read More »

By Anne Kauranen HELSINKI (Reuters) – Finnish utility Fortum still hopes to sell its Russian assets and get compensation for their seizure by the Kremlin via arbitration, its chief executive told Reuters. Fortum is one of a handful of companies with assets placed under “temporary control” by Moscow in response to the European Union’s sanctions …

Fortum fights to sell seized Russian assets and get compensation Read More »

(Reuters) -Walt Disney’s ESPN and casino-owner Penn Entertainment have agreed to jointly launch a sports betting business under the brand ESPN Bet, the two companies said on Tuesday. Shares of Penn gained 20% on the news, while those of DraftKings – one of the top fantasy sports and betting firms – fell 9% in extended …

Disney’s ESPN inks $2 billion deal with Penn to launch sports betting business Read More »

By Yuvraj Malik (Reuters) -Lyft signaled on Tuesday it would double down on competitive pricing to catch up with larger rival Uber, taking the shine off its strong earnings forecast and sending the company’s shares down nearly 8% in extended trading. Under new CEO David Risher, Lyft has lowered ride fares and embarked on an …

Lyft falls as fears of price war with Uber overshadow strong forecast Read More »

(Reuters) -Take-Two Interactive Software forecast second-quarter net bookings below Wall Street targets on Tuesday, in a sign that spending on games was under pressure amid persistent inflationary pressures. Spending on videogame content, including new games and character skins, was flat in the first half of the year, while console sales rose 23%, according to data …

Take-Two forecasts downbeat second-quarter net bookings on muted gamer spending Read More »

By Daniel Wiessner (Reuters) -Southwest Airlines Co on Tuesday said it will appeal a Texas federal judge’s unusual order requiring three of its senior lawyers to attend “religious liberty training” by a prominent conservative Christian legal group. The airline in a statement confirmed that it would file an appeal one day after U.S. District Judge …

Southwest will appeal judge’s ruling requiring ‘religious liberty training’ Read More »

By Diane Bartz WASHINGTON (Reuters) – Google asked a U.S. appeals court in New York on Tuesday to pause a decision to return an antitrust lawsuit filed by the state of Texas back to federal court in Texas. The U.S. Judicial Panel on Multidistrict Litigation in June granted the state’s request to send the lawsuit …

Google makes emergency request to block Texas antitrust lawsuit move Read More »

By Hannah Lang (Reuters) -State banks that are a member of the U.S. Federal Reserve system should obtain a written supervisory nonobjection from the Fed before issuing, holding or transacting in dollar tokens used to facilitate payments, such as stablecoins, the central bank said in a new supervisory letter Tuesday. The Fed also said it …

US Fed clarifies process for banks to transact in stablecoins Read More »

By Lananh Nguyen and Tatiana Bautzer NEW YORK (Reuters) – Ratings agency Moody’s said the U.S. banking sector is still strong even after it downgraded some small- to mid-sized lenders and warned it might cut the ratings of several major banks as profits get squeezed. “What we’re doing here is recognizing some headwinds – we’re …

Moody’s says US banks are still strong despite downgrades Read More »