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(Reuters) -Roku Inc forecast second-quarter revenue above Wall Street estimates on Wednesday on optimism that increased cord-cutting and a broader shift to ad-based streaming will boost business, sending its shares up about 4% in extended trading. The company’s ad-supported streaming platform has gained popularity with users trying to cut down on their discretionary spending. Moreover, …

Roku forecasts robust second-quarter revenue as some ad spending improves Read More »

By Davide Barbuscia CHICAGO (Reuters) -A U.S. default is highly unlikely, but negotiations around the debt ceiling are expected to be protracted, Daniel Ivascyn, chief investment officer at U.S. bond giant Pacific Investment Management Co (PIMCO), said on Wednesday. Speaking at a Morningstar investment conference in Chicago, Ivascyn said prolonged uncertainty around the U.S. debt …

No near-term solution for US debt ceiling adds economic headwind -PIMCO Read More »

LONDON (Reuters) – The cost of insuring exposure to United States sovereign debt rose to its highest since 2011 on Wednesday, driven up by unease that the government could hit its debt ceiling sooner than expected. Spreads on U.S. five-year credit default swaps widened to 62 basis points, data from S&P Global Market Intelligence showed, …

U.S. five-year credit default swaps hit new 2011 high Read More »

By Selena Li and Lawrence White HONG KONG/London (Reuters) -Standard Chartered PLC (StanChart) on Wednesday said first-quarter profit jumped 21%, beating expectations, as rising interest rates buoyed income from its cash management and retail banking businesses. Chief Executive Bill Winters said he now expects income for the emerging markets-focused lender to grow around 10% this …

StanChart profit tops forecasts on rising rates Read More »

(Reuters) – Citigroup senior executive Paul Barrett has left the bank, it said on Tuesday, days after media reports that he met with disgraced financier Jeffrey Epstein while he was employed at rival JPMorgan Chase became public. “Until recently, Citi was unaware of Paul Barrett’s association with Jeffrey Epstein, which predated his employment at our …

Senior Citi banker departs shortly after report of Epstein meetings Read More »

By Sinéad Carew, Sruthi Shankar and Ankika Biswas (Reuters) – Wall Street’s major averages suffered their deepest declines so far this month as a downbeat UPS forecast exacerbated investor concerns about a slowing U.S. economy on Tuesday while plunging deposits at regional First Republic Bank added to jitters about the bank sector’s health. Shares in …

Wall Street sinks as weak earnings fan fears of economic slowdown Read More »

(Reuters) – Building heating and cooling systems provider Carrier Global Corp said on Tuesday it would buy German industrial firm Viessmann’s air conditioning division in a 12 billion euros cash-and-stock ($13.17 billion) deal. The deal is part of a broader overhaul at the Florida-based company, which has been working with advisors to spin off its …

Carrier to buy German firm Viessmann’s unit in $13.17 billion deal Read More »

By Granth Vanaik and Hilary Russ (Reuters) -Chipotle Mexican Grill Inc topped Wall Street expectations for first-quarter sales and revenues on Tuesday, helped by steady demand for its burritos and rice bowls, higher menu prices and 41 new restaurant openings. The company said it expects second quarter and full year comparable sales growth in the …

Chipotle Mexican Grill earnings beat on prices, new stores Read More »

(Reuters) – NetJets, the luxury plane unit of billionaire Warren Buffett’s Berkshire Hathaway Inc, has been sued by its 3,000-member pilots union for allegedly interfering with its communications with aircraft owners and customers about contract negotiations. In a lawsuit filed on Monday, the NetJets Association of Shared Aircraft Pilots objected to a March 8 email …

Berkshire Hathaway’s NetJets is sued by its pilots’ union Read More »

SEOUL (Reuters) – Samsung SDI Co Ltd said on Tuesday it will invest $3 billion or more to build a joint venture electric vehicle (EV) plant with General Motors Co in the United States. Targeted to start in 2026, the plan aims to have an annual production capacity of 30 gigawatt hours (GWh), Samsung SDI …

Samsung SDI, GM to build $3 billion joint EV battery plant in US Read More »