Reuters US Business

OTTAWA (Reuters) -Meta Platforms has begun the process to end access to news on Facebook and Instagram for all users in Canada, it said on Tuesday, in response to law requiring internet giants to pay news publishers. The Canadian government quickly denounced the move as “irresponsible,” and said the world is watching the process play …

Meta starts blocking news in Canada over law on paying publishers Read More »

(Reuters) -Image-sharing platform Pinterest beat second-quarter revenue estimates on Tuesday as monthly active users surged and digital advertising rebounded from a downturn triggered by an uncertain economy. Tech giants Meta Platforms and Alphabet’s quarterly results had also signaled a nascent recovery in ad spending by businesses, driven by signs of cooling inflation and improving consumer …

Pinterest delivers revenue beat on digital ad market rebound Read More »

-Videogame publisher Electronic Arts forecast quarterly net bookings below expectations and missed estimates for the first quarter on Tuesday, hurt by high competition and muted spending by gamers, sending its shares down 3% after the bell. Videogame publishers such as EA are not only struggling with slowing spending, but also fighting for top spots with …

Electronic Arts forecasts weak bookings as competition, lower spending weigh Read More »

(Reuters) – Memory chipmaker Western Digital Corp forecast first-quarter revenue below Wall Street targets and a bigger-than-expected loss on Monday as weak demand, particularly for its cloud business, forces it to cut production. The company said it expects its current-quarter loss to include a charge of about $200 million to $220 million for underutilization of …

Western Digital’s first-quarter forecast disappoints as weak cloud demand weighs Read More »

By Echo Wang (Reuters) – U.S. stocks closed little changed on Monday, ending a strong July on upbeat company earnings and hopes of a soft landing for a resilient U.S. economy. All three major stock indexes ended with gains for the month, ahead of a busy week of earnings reports from companies including Amazon.com and …

Wall St finishes strong month on upbeat company earnings Read More »

By Ann Saphir (Reuters) -U.S. banks reported tighter credit standards and weaker loan demand from both businesses and consumers during the second quarter, Federal Reserve survey data released on Monday showed, evidence that the central bank’s interest-rate hike campaign is slowing the nation’s financial gears as intended. The Fed’s quarterly Senior Loan Officer Opinion Survey, …

US banks report tighter credit, weaker loan demand -Fed survey Read More »

By Lisa Baertlein LOS ANGELES (Reuters) – The operational shutdown of Yellow Corp, a major U.S. trucking firm, should help prop up industry rates that tumbled after the cargo bubble of the early coronavirus pandemic deflated last year, transportation analysts said. The company, formerly known as YRC, is one of the nation’s largest so-called “less-than-truck …

Yellow Corp demise seen boosting rates for rival US truckers Read More »

By Carolina Mandl NEW YORK (Reuters) -Global long/short hedge funds, those that bet stocks will fall or rise, were forced to unwind bearish bets that were dragging down performance in July, a Goldman Sachs report showed on Monday. Long/short funds are on track to post the worst monthly so-called alpha performance since May 2022, which …

Equity hedge funds get crushed by bearish bets in July Read More »

By David Shepardson WASHINGTON (Reuters) -A California state agency on Monday said it is reviewing the privacy practices of automakers and vehicle technology companies amid concerns about the growing volume of data collected by cars. The California Privacy Protection Agency (CPPA) said its Enforcement Division is making inquiries about vehicles embedded with features like location …

California agency probes automakers’ data privacy practices Read More »