Reuters US Business

(Reuters) -Peloton Interactive Inc will recall 2.2 million exercise bikes due to the risk of injuries from a seat-related issue, the company said on Thursday, sending its shares down 7%. The voluntary recall piles on more pressure on Peloton as it works to tackle waning demand for its fitness equipment amid an uncertain economy. “We …

Peloton recalls 2.2 million exercise bikes over seat issue Read More »

(Reuters) – Canada’s Sun Life Financial Inc reported a rise in first-quarter profit on Thursday as strong insurance sales in the United States market outweighed weakness in its asset management unit. The company posted underlying net income of C$895 million ($669.31 million), or C$1.52 per share, for the three months ended March 31, compared with …

Canadian insurer Sun Life reports higher first-quarter profit Read More »

By Aditya Soni (Reuters) -Walt Disney Co shares ended down more than 8% on Thursday as a surprise drop in streaming subscribers fanned worries that the media and entertainment company could be sacrificing growth in its bid to stem losses. The decline erased about $16 billion from the company’s market value and marked the stock’s …

Disney shares fall most since Iger’s return after streaming subscriber losses Read More »

(Reuters) -News Corp on Thursday beat Wall Street estimates for third-quarter revenue on cost-cut measures and strong digital subscriptions across its professional data and news platforms, sending the media conglomerate’s shares up 5% after the bell.  The company’s acquisition of U.S. oil pricing agency Oil Price Information Service in 2021 to bolster its business data …

News Corp beats revenue estimates on subscriptions growth, cost cuts Read More »

By Niket Nishant and Chibuike Oguh (Reuters) -Shares of PacWest Bancorp plunged 23% on Thursday after the Los-Angeles-based lender said its deposits declined and that it had posted more collateral to the U.S. Federal Reserve to boost its liquidity. PacWest deposits fell 9.5% or $1.5 billion last week, with the majority of those outflows occurring …

PacWest shares plunge after it reports drop in deposits Read More »

By Andrea Shalal NIIGATA, Japan (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday said many members of the Group of Seven advanced economies shared U.S. concerns about China’s use of “economic coercion” against other countries, and were considering how to counter such behavior. Yellen told a press conference that Washington had also long considered …

Yellen says G7 members looking at how to counter China’s ‘economic coercion’ Read More »

LONDON (Reuters) – The cost of insuring against a U.S. default rose to its highest since early 2009 on Thursday, in the latest sign of investor nerves over the debt ceiling standoff. U.S. 5-year sovereign credit default swaps rose to 74 basis points, according to data from S&P Global Market Intelligence, up from 73 basis …

Cost of insuring against U.S. default rises to highest since 2009 Read More »

DUBAI (Reuters) – Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday. ADNOC will offer about 1.1 billion shares in its maritime logistics services unit, which is expected …

UAE’s ADNOC to offer 15% stake in logistics unit IPO Read More »