Reuters US Business

By Divya Rajagopal TORONTO (Reuters) -Teck Resources said on Tuesday it has received several proposals for its steelmaking coal business, without revealing if one included a revised offer from Swiss trading and mining firm Glencore which launched its takeover bid for the Canadian miner over two months ago. Vancouver-based Teck said in a statement its …

Teck receives several proposals for coal unit amid Glencore takeover bid Read More »

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Tuesday requested a federal court put in place a temporary restraining order to freeze the U.S. assets of cryptocurrency exchange Binance. The motion, in a filing to the U.S. District Court for the District of Columbia, comes a day after U.S. regulators sued Binance and …

SEC files motion for restraining order to freeze Binance US assets Read More »

By Jarrett Renshaw and Stephanie Kelly NEW YORK (Reuters) – The Biden administration will abandon a proposal to include the electric vehicle industry in the U.S. biofuel blending program and withdraw potentially billions of dollars worth of tradable credits that had been attributed to the scheme, three sources familiar with the matter told Reuters. Reuters …

US EPA to remove proposed EV volumes from biofuel blending rule – sources Read More »

By Sruthi Shankar, Shristi Achar A and David Carnevali (Reuters) – U.S. stocks closed up on Tuesday, helped by some advances in economically sensitive sectors, as investors awaited inflation data and the Federal Reserve’s policy meet next week. Inflation data is expected to show consumer prices cooled slightly on a month-over-month basis in May but …

US stocks end up as Fed, CPI loom large next week Read More »

By Chibuike Oguh NEW YORK (Reuters) – Shares of GitLab Inc jumped more than 35% on Tuesday after the software development platform announced plans to launch a revenue-boosting artificial intelligence (AI)-powered product. GitLab, widely used by software developers for coding work, will add a “ModelOps” feature to its main “DevSecOps” platform with new capabilities including …

GitLab soars on plan for new AI-powered product Read More »

(Reuters) – Reddit said on Tuesday it is laying off about 5% of its workforce, or 90 employees, joining a list of technology companies that have been cutting jobs across corporate America. Tech companies including Meta Platforms have been slashing jobs after aggressively hiring during the pandemic, as the industry braces for an economic downturn. …

Reddit to lay off about 5% of its workforce Read More »

By Svea Herbst-Bayliss NEW YORK (Reuters) – Beneficient is set to go public this week with a blank-check vehicle in a deal valuing the financial services firm at about $3.3 billion, a source familiar with the matter said on Tuesday. Last year, Beneficient announced plans to go public via a merger with Avalon Acquisition Company. …

Alternative asset specialist Beneficient set to complete $3.3 billion SPAC merger Read More »

By Diane Bartz and Mrinmay Dey WASHINGTON (Reuters) -Illumina on Monday filed an appeal against a Federal Trade Commission (FTC) order, demanding that it divest cancer diagnostic test maker Grail over competition concerns in the U.S. market for cancer tests. San Diego-based Illumina is arguing that the FTC “violated due process by depriving Illumina and …

Illumina appeals FTC order to divest cancer test maker Grail Read More »

(Reuters) – Intel Corp is offering 35 million shares of Class A common stock, or about a $1.5 billion stake, in Mobileye Global Inc, according to a regulatory filing on Monday. After the offering, Intel’s voting share in the self-driving technology company will come down to about 98.7% from the 99.3% it currently holds. Shares …

Intel to sell $1.5 billion stake in Mobileye Read More »