By Sinéad Carew, Sruthi Shankar and Johann M Cherian (Reuters) – The Nasdaq managed a small gain on Wednesday with support from megacap stocks while the S&P 500 and the Dow closed lower after U.S. Federal Reserve Chair Jerome Powell signaled more rate hikes and said he did not see inflation falling to the central …
Nasdaq edges up, S&P 500, Dow decline slightly; more Fed rate hikes in focus Read More »
By Medha Singh (Reuters) – Shares of U.S. chipmakers fell on Wednesday following reports that the Biden administration was planning new curbs on export of computing chips for artificial intelligence to China as early as July. Companies such as Advanced Micro Devices, Nvidia and Intel, which rely on the world’s second-largest economy for at least …
Chip stocks drop as U.S. mulls fresh curbs on AI access to China Read More »
(Reuters) -United Parcel Service said on Wednesday it is working with law officials and outside experts following reports of phishing messages that were sent via text messages to certain shippers and their customers in Canada. The package delivery company did not disclose the number of customers and shippers impacted. “Law enforcement has indicated that there …
UPS working with experts after phishing attack on some shippers, customers Read More »
(Reuters) – The Biden administration said on Wednesday it raised $105 million from solar power developers at a lease auction covering 23,675 acres of Nevada desert this week, making it the highest-yielding federal onshore renewable energy auction to date. NV Energy Inc led the Tuesday auction with more than $80 million in high bids for …
Biden administration raises record $105 million in Nevada solar energy auction Read More »
By Timothy Gardner and Joseph White WASHINGTON/DETROIT (Reuters) -President Joe Biden’s administration on Wednesday said it intends to invest $2 billion from last year’s Inflation Reduction Act to accelerate domestic manufacturing of electric vehicles and resuscitate plants that are struggling. Speeding grants and other subsidies to fund conversion of existing auto plants to build electric …
Biden administration aims $2 billion in grants at US electric vehicle transition Read More »
SHANGHAI (Reuters) – Tesla is set to hit another record quarter with its China sales while it faces mounting pressure from local competitors such as BYD eating into its share in the world’s largest auto market, analysts say. The U.S. automaker could sell 155,000 cars in China during April to June, an increase of 13% …
Tesla to hit record quarterly sales in China even as market share shrinks – analysts Read More »
A look at the day ahead in European and global markets from Wayne Cole. The People’s Bank of China seems to like being enigmatic, throwing the market a curve ball as it fixed the yuan weaker against the dollar than many expected. Dealers had thought the firmer fix on Tuesday meant Beijing was signalling it …
Marketmind: Beijing leaves market guessing on yuan Read More »
By Nupur Anand and Lananh Nguyen NEW YORK (Reuters) – Wall Street banks and brokerages are in a last-minute scramble to meet a July 3 deadline to charge investors for research reports, bankers and others in the industry said, a requirement that threatens their European business if they fail to comply. Bank of America Corp …
US banks scramble on research fees as reprieve on European rules runs out Read More »
(Reuters) – Small pickups fell short of the standards expected in protecting the passengers on the rear seat of the vehicle, tests conducted by Insurance Institute for Highway Safety (IIHS) showed. In the crash test conducted, the passenger dummy on the rear seat came dangerously close to the front seat back, recording a risk of …
Small pickups fall short in rear seat safety, study shows Read More »
By Valerie Insinna WASHINGTON (Reuters) -Spirit AeroSystems and its machinists union reached a tentative contract agreement on Tuesday, with about 6,000 workers set to vote Thursday on whether to end a strike at the company’s plant in Wichita, Kansas. The four-year contract includes wage increases of at least 23.5% over the life of the deal, …
Spirit AeroSystems and union reach tentative deal, creating path to end US strike Read More »
