By Lisa Baertlein CHICAGO (Reuters) -The U.S. supply chain is healing from early pandemic shocks that sent shipping costs skyrocketing and squeezed supplies of everything from toilet paper to pasta, but more than three years later, material shortages and hiring woes linger. Rates for trucking, ocean shipping and other transportation tumbled after U.S. consumers shifted …
By Niket Nishant and Chibuike Oguh (Reuters) -Shares of U.S. regional lenders jumped on Wednesday on growing investor confidence that the worst of the banking crisis was likely over, following news of strong deposit growth at Western Alliance Bancorp. Deposits at Western Alliance grew by more than $2 billion in the three months to May …
US regional bank shares rally after Western Alliance reports deposit growth Read More »
(Reuters) -The U.S. Federal Trade Commission said it had sought information from two privately held companies that negotiate drug rebates on behalf of pharmacy benefit managers (PBMs) as part of its probe into how PBMs affect pricing of prescription drugs. The two companies, Zinc Health Services and Ascent Health Services, are group purchasing organizations, that …
US FTC expands probe into pharmacy benefit managers Read More »
By Jonathan Stempel (Reuters) -San Francisco said on Wednesday it reached a $230 million settlement with Walgreens Boots Alliance Inc over its role in the city’s opioid epidemic. The settlement came nine months after U.S. District Judge Charles Breyer in San Francisco said the drugstore chain could be held liable for having “substantially contributed” to …
Walgreens reaches $230 million opioid settlement with San Francisco Read More »
By Dietrich Knauth NEW YORK (Reuters) – A U.S. bankruptcy judge on Wednesday ordered the U.S. Federal Deposit Insurance Corporation to return $10 million in seized tax refund checks to SVB Financial, the bankrupt former parent of failed Silicon Valley Bank. Judge Martin Glenn in Manhattan handed a victory to SVB Financial in broader dispute …
SVB Financial defeats FDIC effort to seize incoming tax refunds Read More »
By Stephanie Kelly NEW YORK (Reuters) – U.S. oil producers were much more active last year in the prolific Permian Basin than the Energy Information Administration previously thought, the agency said on Wednesday, though its production forecasts for the region remain unchanged. The EIA revised the number of drilled but uncompleted (DUC) wells in the …
US sharply raises shale oil drilling count but not output forecast Read More »
By Aishwarya Venugopal and Ananya Mariam Rajesh (Reuters) -Target Corp on Wednesday forecast a grim second quarter as the retailer struggles with consumers shunning non-essentials such as electronics and home goods in the face of persistently high prices, but maintained its full-year profit expectations. U.S. retail sales have remained resilient despite higher prices but consumers …
Target sets cautious tone as consumers turn thrifty Read More »
By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks rose sharply on Wednesday, fueled by optimism over a potential deal on the $31.4 trillion federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector’s troubles. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on …
Wall St rallies on debt ceiling optimism, regional bank rise Read More »
(Reuters) -Take-Two Interactive Software Inc on Wednesday beat Wall Street estimates for fourth-quarter adjusted sales on strong demand for legacy titles “NBA 2K” and “Grand Theft Auto”, sending the video game maker’s shares up over 7% after the bell. The results follow an upbeat performance from peer Electronic Arts and “Call of Duty” maker Activision …
Take-Two beats adjusted sales estimates on higher gaming demand Read More »
By David Shepardson WASHINGTON (Reuters) -U.S. aviation regulators are forecasting nearly 313,000 flights over the seven-day Memorial Day holiday period, up 4.5% from 2022 and just below 2019 pre-pandemic levels. The Federal Aviation Administration said the traditional seven-day kickoff to the busy U.S. summer travel season will surpass the 299,500 flights flown in the same …
US expects flights to jump on Memorial Day weekend, near pre-COVID levels Read More »
