Reuters US Business

By David Shepardson WASHINGTON (Reuters) – Congress still faces serious hurdles to winning approval for long-stalled legislation to speed the adoption of self-driving cars. “China is currently moving ahead with ambitious plans to lead the development and deployment of this technology,” said House Energy and Commerce Committee chair Cathy McMorris Rodgers at a hearing Wednesday. …

US lawmakers struggle to find deal on self-driving cars Read More »

By Shadia Nasralla, Ron Bousso and America Hernandez LONDON/PARIS (Reuters) -Shell and TotalEnergies reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia’s invasion of Ukraine but energy prices have dropped …

Shell, TotalEnergies profits slump as oil, gas prices cool after bumper 2022 Read More »

By Dominique Vidalon and Helen Reid PARIS (Reuters) -Cash-strapped retailer Casino suffered a first-half loss after falling sales and price cuts at its biggest stores dented its core French business, while investors awaited a debt rescue deal due to be clinched on Thursday. Casino is in talks with Czech billionaire Daniel Kretinsky over a plan …

France’s Casino swings to first-half loss as debt deal awaited Read More »

By Victor Goury-Laffont and Gilles Guillaume (Reuters) – French car maker Renault on Thursday posted an operating margin of 7.6% for the first half year, its highest ever and already close to its 2025 target, helped by higher prices for new cars and by cost reductions. The company, whose brands include Alpine sports-cars and Dacia, …

Renault posts record H1 operating margin helped by higher priced new cars Read More »

By Nate Raymond BOSTON (Reuters) – The U.S. Department of Justice on Wednesday urged a judge to restrict JetBlue Airways and American Airlines from entering into any partnerships with other carriers akin to their now-scrapped Northeast Alliance, which the judge deemed anticompetitive. JetBlue and American Airlines are winding down their arrangement announced in 2020, in …

U.S. urges judge to curb future American Airlines, JetBlue deals Read More »

WASHINGTON (Reuters) -U.S. Federal Reserve Chair Jerome Powell said on Wednesday the central bank’s staff no longer forecasts a U.S. recession, and “we do have a shot” for inflation to return to target without high levels of job losses. Powell told a news conference after the Fed’s latest interest-rate hike that there was “a lot …

Fed staff drop US recession forecast, Powell says Read More »

(Reuters) – Alphabet Inc’s Waymo is focusing on its ride-hailing service, Waymo One, while pushing back its efforts to develop commercial autonomous trucking technology, the self-driving unit said on Wednesday. Autonomous driving software has come under strong regulatory scrutiny at a time when investors are concerned about heavy investments in the technology amid protracted development …

Waymo to focus on ride-hailing services, pushes back autonomous trucking efforts Read More »

By Dietrich Knauth NEW YORK (Reuters) – Bankrupt drugmaker Endo International said on Wednesday the federal government’s opposition to its bankruptcy sale threatened to undo nearly $600 million in settlements reached with states and people afflicted by the U.S. opioid crisis. Endo filed for bankruptcy in August 2022, seeking to address its $8 billion debt …

Bankrupt Endo says US government objections imperil $600 million in opioid settlements Read More »

NEW YORK (Reuters) – The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The rate hike, the Fed’s 11th in its last 12 meetings, set the benchmark overnight …

Instant view: Fed raises interest rates, leaves door open to another increase Read More »