Reuters US Business

By Susan Mathew and Saeed Azhar (Reuters) -Even as markets on Wednesday largely brushed off Fitch’s downgrade of U.S. debt, investors said they expected long-term market unease about the country’s debt position, political polarization and the global standing of the U.S. dollar. U.S. stocks, bonds and the dollar were largely calm the day after Fitch …

Markets calm after Fitch downgrade, but investors see long-term worries Read More »

By Daniel Wiessner (Reuters) – The agency that enforces U.S. labor laws on Wednesday made it more difficult for businesses to defend workplace rules that could interfere with employees’ rights to join unions, as part of a case involving waste disposal company Stericycle. The Democrat-led National Labor Relations Board’s 3-1 decision could provide a boost …

US labor board says work rules cannot hamper unionizing Read More »

By Luc Cohen NEW YORK (Reuters) -Sam Bankman-Fried, the indicted founder of the bankrupt FTX cryptocurrency exchange, on Tuesday said he never sought to intimidate witnesses at his scheduled October fraud trial, and there is no reason to jail him. In a letter to U.S. District Judge Lewis Kaplan in Manhattan, Bankman-Fried said prosecutors mischaracterized …

FTX’s Bankman-Fried, seeking to avoid jail, denies witness tampering Read More »

VF Corp cut its annual revenue forecast on Tuesday, signaling a slowdown in demand for its apparel and sneakers from price-conscious consumers, especially in North America. With the Federal Reserve further raising interest rates to combat high inflation, already shrinking consumer wallets have resulted in shoppers moving away from pricier products and spending their dollars …

VF Corp cuts annual revenue forecast on cooling North America demand Read More »

By Max A. Cherney and Chavi Mehta (Reuters) -Advanced Micro Devices on Tuesday forecast a strong fourth quarter and expects to have artificial-intelligence hardware that can challenge Nvidia chips by then. Shares were up roughly 3.5% in after-hours trading. AMD CEO Lisa Su said AMD is set to ramp production of its MI300 artificial-intelligence chips …

AMD forecasts challenger to Nvidia AI chip to launch in 4th quarter, shares rise Read More »

By Bernardo Caram and Marcela Ayres BRASILIA (Reuters) – Delays and disappointments on revenue-boosting measures have made it harder for Brazil’s government to balance its budget and erase a primary budget deficit by 2024, as promised in a new fiscal framework. Those proposed budget rules have calmed investors nervous about an explosion of public spending, …

Brazil faces setbacks on push to erase budget deficit Read More »

(Reuters) -Starbucks missed market expectations for quarterly comparable sales on Tuesday, with demand for its coffees and cold drinks both in the North American and international markets showing some signs of tapering even as China sales rebounded. Shares of the Seattle, Washington-based company fell marginally in extended trading even as it topped Wall Street estimates …

Starbucks misses quarterly sales estimates, China sales buoy Read More »

(Reuters) – Prudential Financial on Tuesday reported a 21.5% rise in second-quarter adjusted profit as the insurer’s U.S. unit benefited from a higher net investment spread and more favorable underwriting. Its U.S. businesses reported adjusted operating income of $956 million for the second quarter, compared with $573 million a year ago. Investment returns at major …

Insurer Prudential Financial’s profit rises on strong gains in U.S. unit Read More »

(Reuters) -Pioneer Natural Resources Co and Devon Energy Corp posted a sharp drop in their second-quarter profits on Tuesday, as the shale producers were hurt by a decline in oil prices from last year’s sky-high levels. Profits for oil and gas companies have dropped from last year’s bumper levels after crude prices eased from multi-year …

Shale producers Pioneer Natural, Devon post sharp drop in second-quarter profits Read More »

(Reuters) -Chesapeake Energy on Tuesday posted a fall in second-quarter profit due to lower natural gas prices and production. The U.S. oil and gas company’s profit fell to $391 million, or $2.73 per share, in the quarter ended June 30, from $1.24 billion, or $8.27 per share, from a year earlier. U.S. natural gas prices …

Chesapeake Energy profit slides on lower natural gas prices Read More »