Reuters US Business

By Svea Herbst-Bayliss (Reuters) -Billionaire investor Daniel Loeb on Thursday told investors in his hedge fund Third Point the firm has invested in chip designer Advanced Micro Devices, a source familiar with the matter said. Third Point, which occasionally pursues an activist strategy and pushes for changes at companies, is not planning to press for …

Activist investor Dan Loeb builds passive stake in AMD Read More »

By Niket Nishant (Reuters) – Cryptocurrency heavyweights including Coinbase Global Inc and Galaxy Digital on Thursday dropped Silvergate Capital Corp as their banking partner after the lender’s latest filing raised questions about its ability to stay in business. Coinbase and Galaxy Digital also said they had minimal exposure to Silvergate, which has been plunged into …

Coinbase, Galaxy Digital abandon Silvergate after lender flags risks to business Read More »

(Reuters) – Dell Technologies Inc posted a smaller-than-expected fall in quarterly revenue on Thursday, as demand for servers and network equipment from large businesses helped cushion sluggish PC sales. Total revenue fell 11% to $25.04 billion in the fourth quarter ended Feb. 3, but came above a Refinitiv consensus estimate of $23.39 billion drawn from …

Dell revenue beats as server, network demand offsets PC weakness Read More »

By Ann Saphir (Reuters) – A string of “hot” data may force the U.S. central bank to raise rates higher than the 5.1%-5.4% range projected by the majority of Federal Reserve policymakers as recently as December, Fed Governor Christopher Waller said on Thursday Recent economic data showing an “excessively” strong labor market, robust consumer demand …

Fed’s Waller: if data stays hot, policy rate should go above 5.1%-5.4% Read More »

(Reuters) – Nevada on Thursday approved more than $330 million in tax abatement for electric vehicle maker Tesla Inc that is set to invest more than $3.6 billion in the state to expand its Gigafactory complex with two new factories. Tesla said in January that one of the two new factories will mass produce its …

Tesla to get over $330 million in tax abatement from Nevada Read More »

SANTIAGO(Reuters) – Chilean retailer Cencosud posted a 22% rise in its fourth-quarter profit last year, the company said in a statement on Thursday, boosted by stronger results in its core business such as supermarkets. The result excludes financial effects from its operations in Argentina. Cencosud’s net profit in the October-to-December period totaled 251.028 billion pesos …

Chile’s Cencosud posts uptick in profits boosted by core business Read More »

By Kanishka Singh and Susan Heavey WASHINGTON (Reuters) -The U.S. government on Thursday called on companies to ensure they comply with Russia-related sanctions imposed after Moscow’s invasion of Ukraine, warning that a failure to do so could lead to potential prosecution or enforcement actions. Businesses should be aware of tactics being used to skirt restrictions …

US urges companies to comply with Russia-related sanctions Read More »

(Reuters) – Federal Reserve Chair Jerome Powell will testify on the U.S. central bank’s semiannual monetary policy report to the House Financial Services Committee on March 8 at 10 a.m. ET, the panel said on Wednesday. Powell will testify at the Senate Banking Committee on the same topic on Tuesday. (Reporting by Melissa Bland; Editing …

Fed Chair Powell to testify at House Financial Services Committee March 8 Read More »

SAO PAULO (Reuters) – The management of troubled Brazilian retailer Americanas SA denied the existence of the financial operations that led to an accounting scandal early this year, a report by local newspaper O Globo showed on Wednesday, citing internal investigation documents. The documents, according to the report, show that the audit committee asked executives …

Brazil’s Americanas execs omitted info to audit committee, local media reports Read More »