Reuters US Business

By Ross Kerber and Noor Zainab Hussain (Reuters) -Vanguard Group Inc is pulling out of a major investment-industry initiative on tackling climate change, the world’s biggest mutual fund manager said on Wednesday, explaining it wants to demonstrate independence and clarify its views for investors. Top investors including Pennsylvania-based Vanguard, face mounting pressure from Republican U.S. …

Vanguard quits net zero climate effort, citing need for independence Read More »

By David French (Reuters) – Wall Street’s main indexes ended broadly lower on Wednesday, after a choppy session where investors struggled to grasp a clear direction as they weighed how the Federal Reserve’s monetary policy tightening might feed through into corporate America. The benchmark S&P 500 fell for the fifth straight session, while the Nasdaq …

Wall St ends lower after choppy trading from rising recession worries Read More »

(Reuters) – New Zealand’s Fonterra Co-operative Group Ltd on Thursday lowered its farmgate milk price forecast range for the second time for the 2022/23 season on higher costs and softening demand for whole milk powder. The world’s biggest dairy exporter now expects to pay farmers between NZ$8.50 and NZ$9.50 per kilogram of milk solid (kgMS), …

NZ’s Fonterra cuts milk price forecast as demand weakens Read More »

By Arriana McLymore RALEIGH, N.C. (Reuters) – Clothing retailers such as Express and Gap that stashed away mountains of unsold basics during the coronavirus pandemic now are slashing prices on clearance merchandise in a last-ditch effort to clear clothing racks. But the deep discounts they’re dangling on out-of-season clothing may not appeal to inflation-weary shoppers …

Denim shorts in winter: Express, Gap stores glutted with prior seasons’ goods Read More »

By Marcelo Teixeira NEW YORK (Reuters) – Brazilian mining company Vale is in advanced talks with possible partners for its new base metals investment vehicle and looks to have a deal concluded during the first half of 2023, Chief Financial Officer Gustavo Pimenta said on Wednesday. Pimenta told investors during a meeting at the New …

Miner Vale looks to close deal with partner for base metals in H1 Read More »

By Nichola Groom (Reuters) -The Biden administration’s sale of offshore wind development rights off the coast of California drew $757.1 million in high bids, mainly from European developers seeking a foothold in the domestic industry’s expansion to the Pacific Ocean. Winners of the five leases were primarily divisions of European energy companies that are already …

European energy firms capture most leases in California offshore wind auction Read More »

MEXICO CITY (Reuters) – Bank of Mexico Governor Victoria Rodriguez on Wednesday said that the sale of Citigroup’s Mexican retail bank Citibanamex is “complicated” and the sale process should be completed next year. (Reporting by Isabel Woodford and Anthony Esposito; Editing by Mark Porterd)

LONDON (Reuters) – U.S. crypto firm Genesis is working to preserve client assets and strengthen liquidity, it said in a letter to clients on Wednesday, adding that it would take “weeks rather than days” to form a plan. Genesis’ lending arm, Genesis Global Capital, froze customer withdrawals on Nov. 16, citing “unprecedented market dislocation” following …

Crypto lender Genesis tells clients it is working to preserve their assets Read More »

By Jorgelina do Rosario LONDON (Reuters) – Latin American e-commerce retailer and fintech firm MercadoLibre is in talks with Meta to process payments for its WhatsApp messaging service starting in Brazil, the company’s chief financial officer told Reuters on Wednesday. Facebook owner Meta said last month that it will launch a payments tool in Latin …

MercadoLibre in talks with WhatsApp on business messaging payments -CFO Read More »