Reuters US Business

SINGAPORE (Reuters) – The business model that crypto firm Celsius Network had advertised and sold to its customers was not the business it actually operated, a U.S. court-ordered examiner report released on Tuesday showed. From its inception, Celsius and its founder Alex Mashinsky, who is currently facing fraud allegations in the United States, did not …

Celsius’ business model different from that advertised -U.S. bankruptcy examiner Read More »

BERLIN (Reuters) -Volkswagen is looking at setting up a battery cell factory in Ontario, the Handelsblatt business daily reported on Tuesday, adding that the Canadian province had offered investments and other incentives. Five entries from this month are listed in a lobby register of the province for Volkswagen, including one that mentions Chief Executive Oliver …

Volkswagen considering battery cell factory in Ontario -Handelsblatt Read More »

OSLO (Reuters) -Norway’s sovereign wealth fund, one of the world’s largest investors, on Tuesday reported a record loss of 1.64 trillion crowns ($164.4 billion) for 2022, bringing to an end a three-year run of soaring profits. The previous largest loss was 633 billion crowns in 2008. “The market was impacted by war in Europe, high …

Norway wealth fund posts record $164 billion loss Read More »

JOHANNESBURG (Reuters) -South Africa’s biggest supermarket group Shoprite reported a 16.8% jump in half year sales on Tuesday, supported by a record Black Friday and festive season as both cash-strapped shoppers and upmarket consumers went after deals. Shoprite’s duel discount and upmarket grocery model tends to shield it better than rivals against high inflationary pressures …

Black Friday, holiday sales spur demand at South Africa’s Shoprite Read More »

By Lewis Krauskopf, Shreyashi Sanyal and Johann M Cherian NEW YORK (Reuters) – Major U.S. stock indexes sank on Monday, weighed down by declines in technology and other megacap shares, as investors looked toward a major week of events including central bank meetings and a slew of earnings reports. The heavyweight tech sector dropped 1.9% …

Tech, megacaps drag Wall St to lower close as big market week kicks off Read More »

By Jonathan Stempel NEW YORK (Reuters) – The U.S. government on Monday urged a judge to reject Sam Bankman-Fried’s claim it went too far by insisting that the indicted founder of the now-bankrupt FTX cryptocurrency exchange be banned from contacting his former colleagues. In a letter to U.S. District Judge Lewis Kaplan in Manhattan, prosecutors …

U.S. says FTX founder Bankman-Fried needs limits on communications, asset access Read More »

(Reuters) -United Airlines Holdings Inc technicians ratified a two-year contract with the carrier that includes 16% to 23% wage increases, their union said on Monday. International Brotherhood of Teamsters, representing around 8,200 United Airlines technicians said the two-year contract would provide for improved job security by adding five heavy maintenance lines in-house. The agreement, which …

United Airlines technicians vote to ratify new contract Read More »

By Brendan Pierson (Reuters) -Drug manufacturers can limit healthcare providers’ use of outside pharmacies for dispensing drugs under a federal drug discount program, a federal appeals court ruled Monday. The ruling from a three-judge panel of the 3rd U.S. Circuit Court of Appeals based in Philadelphia is a victory for Sanofi SA, Novo Nordisk AS …

Drugmakers prevail in dispute over U.S. discount drug program Read More »

By Valerie Insinna and David Shepardson SEATTLE/WASHINGTON (Reuters) -Boeing Co told employees on Monday that it will add a new 737 MAX production line in Everett, Washington, in mid-2024 as it plans to ramp up deliveries of its best-selling plane. Boeing Commercial Airplanes Chief Executive Stan Deal said in an email seen by Reuters that …

Boeing to add 737 MAX line as it plans production boost Read More »