Reuters US Business

By Dietrich Knauth New York (Reuters) – Revlon Inc’s bankruptcy attorneys said in court on Thursday that the cosmetics company is engaging with possible purchasers as a way to exit from Chapter 11 as quickly as possible. Revlon attorney Paul Basta told U.S. Bankruptcy Judge David Jones in Manhattan that the company is ready to …

Bankrupt Revlon says it is entertaining sale offers Read More »

By Dawn Chmielewski and Nivedita Balu (Reuters) – Apple Inc on Thursday reported revenue and profit that topped Wall Street targets, one of the few bright spots in a tech sector battered by spending cutbacks due to inflation. Apple was saved by its oldest technology, its laptop computers, while its star, the iPhone, stumbled. Although …

Apple earnings a bright spot as inflation hits tech companies Read More »

SYRACUSE, N.Y. (Reuters) – U.S. President Joe Biden blasted Shell plc on Thursday for funneling profits to shareholders rather than lowering gas prices, after the British oil giant said it would boost its dividend and buy back shares. Shell earlier on Thursday said its third-quarter profit was a near-record $9.45 billion, as it sharply boosted …

Biden says Shell is misusing its profits by not cutting gas prices Read More »

By Brendan Pierson (Reuters) -Leading consulting firm McKinsey & Co has agreed to settle claims by hundreds of U.S. local governments and school districts around the country that it fueled an epidemic of opioid addiction through its work for bankrupt OxyContin maker Purdue Pharma LP and other drug companies. The deal was disclosed in a …

McKinsey reaches deal with U.S. local governments over opioids Read More »

By Chavi Mehta and Jane Lanhee Lee (Reuters) -Chipmaker Intel Corp on Thursday cut its 2022 revenue forecast for the second time this year and Chief Executive Pat Gelsinger, asked about potential layoffs, told Reuters “people actions” would indeed be part of a cost reduction plan. Intel shares jumped 6% in after-hours trade. They had …

Intel looks to cut workers to reduce costs, adjusts down forecast Read More »

By Andres Gonzalez, David French and Saeed Azhar (Reuters) – Mexican corporate titans Carlos Slim and German Larrea are squaring off to acquire Citigroup Inc’s local retail arm after the latest round of bidding left the duo as frontrunners, sources familiar with the matter said. New proposals were submitted last week for Citibanamex, which is …

Billionaires Slim, Larrea face off for Citi’s Mexico business – sources Read More »

By Liz Hampton (Reuters) – Oilfield firm Baker Hughes on Thursday said it would increase its quarterly dividend by 5.5% to 19 cents per share and that its board had authorized an additional $2 billion in share repurchases. The increases underscore an ongoing focus by oil and gas companies to focus on returning cash to …

Baker Hughes increases dividend, authorizes share buyback Read More »

(Reuters) -Pinterest Inc beat estimates for quarterly revenue on Thursday, making it a rare bright spot in an otherwise downbeat social media sector and sending the image-sharing platform’s shares 15% higher in after-hours trading. The company returned to user growth in the third quarter, with its global monthly active users rising 2.8% sequentially to 445 …

Pinterest shares surge as return to user growth drives revenue beat Read More »

By Deena Beasley (Reuters) -Gilead Sciences Inc on Thursday posted a higher-than-expected third-quarter profit despite lower sales of its COVID-19 antiviral drug and acquisition expenses, as demand for HIV and cancer drugs remained strong. The U.S. biotech company also increased its forecast for full-year revenue and earnings. Quarterly revenue fell 5% to $7 billion, but …

Gilead profit tops expectations despite lower COVID drug sales, shares rise Read More »