Reuters US Business

PARIS (Reuters) -French oil major TotalEnergies posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector’s bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine. TotalEnergies’ fourth-quarter adjusted net income was $7.6 billion, including a $4.1 billion impairment related to the deconsolidation of …

TotalEnergies net profits double to record $36.2 billion in 2022 Read More »

(Reuters) – Chipotle Mexican Grill Inc missed quarterly comparable sales expectations on Tuesday, in a sign that price hikes are taking a toll on demand for the restaurant’s burritos and rice bowls. Shares of the company fell 4.4% in extended trading. While Chipotle enjoyed steady demand for its pricier menu items from its relatively wealthier …

Chipotle misses quarterly sales estimates Read More »

By Carolina Mandl and Johann M Cherian (Reuters) – U.S. stocks closed higher after a choppy trading session on Tuesday, as investors digested comments from Federal Reserve Chair Jerome Powell about how long central bank may need to tame inflation. Powell said 2023 should be a year of “significant declines in inflation.” His comments fed …

Wall Street rises as investors digest Powell comments Read More »

(Reuters) – Hertz Global Holdings Inc’s rental fleet has less than half the number of Tesla cars it planned to order in 2022, its regulatory filing showed on Tuesday. Hertz’s fleet in the Americas peaked at 428,700 vehicles for the year ended Dec. 31, 2022, of which 11% were Tesla cars, the filing showed. The …

Hertz has fewer Teslas in its fleet than planned Read More »

By Lindsay Dunsmuir and Howard Schneider (Reuters) – Friday’s blockbuster jobs report showed why the battle against inflation will “take quite a bit of time,” Federal Reserve Chair Jerome Powell said on Tuesday, acknowledging that interest rates may need to move higher than expected if that sort of economic strength threatens the Fed’s progress in …

Fed’s Powell says job strength shows inflation fight may last ‘quite a bit of time’ Read More »

By Jody Godoy (Reuters) -Wells Fargo & Co agreed to pay $300 million to settle a shareholder lawsuit claiming the bank hid that it had pushed unnecessary insurance on auto loan customers, according to documents filed in U.S. court on Tuesday. The Construction Laborers Pension Trust for Southern California, which led the class action brought …

Wells Fargo agrees to pay $300 million to settle with shareholders over auto insurance disclosures Read More »

By P.J. Huffstutter CHICAGO (Reuters) – U.S. farm incomes this year are expected to fall for the first time since 2019 amid higher production expenses, a drop in direct government payments and as cash prices for commodity crops and livestock ease back from historic highs, the U.S. Department of Agriculture reported on Tuesday. Net farm …

U.S. farm incomes seen to fall in 2023, after hitting record highs Read More »

By Luc Cohen NEW YORK (Reuters) – A former Coinbase Global Inc product manager pleaded guilty on Tuesday in what U.S. prosecutors have called the first insider trading case involving cryptocurrency, his defense lawyer said in a court hearing. Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially …

Ex-Coinbase manager pleads guilty in insider trading case Read More »

(Reuters) – Microsoft Corp said it was investigating issues with email service Outlook as users in North America faced problems with accessing, sending or searching emails on the platform. There were more than 2,000 incidents of people reporting issues with Outlook late Tuesday at about 23:10 ET, according to Downdetector.com, which tracks outages by collating …

Microsoft investigates Outlook outage as users face issues Read More »

By John Revill and Noele Illien ZURICH (Reuters) -Holcim AG, the world’s biggest cement maker, has agreed to buy U.S. roofing systems manufacturer Duro-Last in a $1.29 billion deal, the Swiss company said on Tuesday, its latest move to bolster its presence in North America. Holcim expects the U.S. Inflation Reduction Act (IRA) to provide …

Holcim cements North America push with $1.29 billion acquisition of roofing company Read More »