Reuters US Business

By Yadarisa Shabong (Reuters) -Britain’s Cineworld on Friday painted a bleak picture for cinema operators, forecasting admissions would remain below pre-pandemic levels in the next two years as the Regal chain owner tries to fix its finances under bankruptcy protection. The world’s second-largest movie theatre operator behind AMC Entertainment filed for U.S. bankruptcy earlier in …

Struggling Cineworld paints bleak picture for cinemas Read More »

By Nate Raymond BOSTON (Reuters) – Two former eBay Inc security executives were sentenced to prison on Thursday for carrying out a campaign to harass and intimidate a Massachusetts couple through threats and disturbing home deliveries after their online newsletter drew the ire of the company’s then-CEO. Jim Baugh and David Harville were sentenced to …

Ex-eBay execs heading to prison for harassing couple behind newsletter Read More »

(Reuters) – U.S. mortgage lender Fannie Mae on Thursday named Priscilla Almodovar, a former managing director at JPMorgan Chase & Co, as its chief executive officer effective Dec. 5. Almodovar will replace interim CEO David Benson, who took over the top job in May after former chief Hugh Frater retired. Almodovar is currently the CEO …

Fannie Mae names former JPMorgan MD Priscilla Almodovar as new CEO Read More »

(Reuters) -Nike Inc reported a 20% decline in its quarterly profit on Thursday, with the sportswear giant’s margins being pummeled by higher discounts in North America to clear excess inventory and a surge in costs. The company’s shares fell 5.2% in extended trading following a near 43% tumble so far this year that has made …

Nike margins squeezed by higher discounts, shares fall Read More »

(Reuters) – The Federal Reserve needs to slow the U.S. economy and take the heat out of the strong jobs market to bring down corrosively high inflation, San Francisco Fed chief Mary Daly said on Thursday, but it doesn’t need to trigger a recession to do so. The Fed last week delivered a third-straight 75-basis-point …

Fed’s Daly: no U.S. recession needed to defeat high inflation Read More »

By Chavi Mehta and Jane Lanhee Lee (Reuters) -Memory chipmaker Micron Technology forecast first-quarter revenue below Wall Street estimates on Thursday as demand from its key end markets including PCs and smartphones worsen amid rising worries about an economic downturn. To cope with the tougher market conditions, Micron also said it would cut its investments. …

Micron forecasts Q1 revenue below estimates as demand worsens Read More »

By Divya Rajagopal TORONTO (Reuters) – Royal Bank of Canada (RBC) has cut close to 1% of its capital market staff in the United States as part of its annual performance review, a person familiar with the matter said on Thursday. Canada’s biggest bank has let go roughly 30 junior staff from the U.S. capital …

RBC cuts 1% staff in U.S. capital markets division-source Read More »

ISTANBUL (Reuters) – Turkey’s state lender Ziraat Bank has suspended the use of the Russian Mir payment, its chief executive Alpaslan Cakar told Reuters on Thursday, as the U.S. cracks down on those accused of helping Moscow skirt sanctions. Western nations have been growing concerned over increased economic ties between Turkey and Russia, diplomats say, …

Turkey’s Ziraat Bank suspends use of Russian Mir payment system -CEO Read More »