(Reuters) – Self driving trucking company TuSimple Holdings Inc plans to potentially cut half of its workforce next week, WSJ reported. The job cut would likely affect at least 700 employees, the report said citing people familiar with the matter. TuSimple did not immediately respond to a Reuters request for comment. The potential layoffs come …
TuSimple plans to layoff half its workforce next week – WSJ Read More »
(Reuters) – Tesla Inc is finalizing plans to build an electric vehicle assembly plant in an industrial area of northeastern Mexico and may announce the factory as early as next week, Bloomberg News reported late Friday. The plant will be located in Santa Catarina in Monterrey city, the capital of Nuevo Leon state in Mexico, …
Tesla plans to announce Mexico EV plant as soon as next week -Bloomberg News Read More »
(Reuters) – Citigroup Inc reached an agreement with all 10 Revlon Inc lenders it mistakenly paid about $500 million on a loan, ending litigation of more than two years, a court document showed on Friday. Citigroup, as Revlon’s loan agent, had accidentally used its own money in August 2020 to prematurely pay off an $894 …
Citi, Revlon lenders reach deal over $500 million accidental payment Read More »
By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks dropped for a third straight session and suffered a second straight week of losses on Friday as fears continued to mount that the Federal Reserve’s campaign to arrest inflation would tilt the economy into a recession. Equities have been staggered since the U.S. central bank’s decision …
Wall Street ends lower for third straight day as recession worries rise Read More »
By Michael S. Derby and Ann Saphir NEW YORK/SAN FRANCISCO (Reuters) -Federal Reserve policymakers may need to lift U.S. borrowing costs above the peak 5.1% they penciled in just this week, and keep them there perhaps into 2024 to squeeze high inflation out of the economy, three of them signaled on Friday. The hawkish messages, …
Fed may push rates higher, keep them there longer, policymakers say Read More »
By Lewis Krauskopf (Reuters) – Shares of U.S. banks are taking a beating in December, as worries over an expected recession and weakening profit margins dull the industry’s appeal. The S&P 500 banks index has slumped some 11% this month against a 5.5% drop for the broader index in the same period. Among the hardest …
U.S. bank stocks falter as recession worries take hold Read More »
By Michael S. Derby (Reuters) – Cleveland Federal Reserve bank President Loretta Mester said on Friday that she believes the U.S. central bank will have to raise interest rates higher than the level most policy makers cited in their Fed forecasts this week. Against the Fed’s projection that the current federal funds rate of between …
Fed’s Mester sees rates rising more than most policy makers have forecast Read More »
(Reuters) – The U.S. Federal Reserve and the Federal Deposit Insurance Corp identified two deficiencies in Credit Suisse’s so-called “living will” that details how the firm would be unwound in the event of bankruptcy related to the bank’s U.S. governance and cash flow forecasting. Banking regulators also identified a shortcoming, which is not as severe …
By Daniel Wiessner (Reuters) -Amazon.com Inc failed to properly record work-related injuries and illnesses at six warehouses in five states, the U.S. Department of Labor said on Friday as part of an ongoing investigation into the company’s safety policies. The U.S. Occupational Safety and Health Administration (OSHA), a part of the Labor Department, said it …
Amazon failed to record warehouse injuries, U.S. agency says Read More »
MEXICO CITY (Reuters) – Mexican aviation authorities have proposed to hold a videoconference with the United States’ Federal Aviation Administration (FAA) in early January to review progress on Mexico’s plan to recover a coveted air safety rating. Mexico, whose U.S.-issued safety rating was downgraded in 2021, proposed holding the conference between Jan. 6 and Jan. …
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