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(Reuters) -Britain’s Co-operative Group reported a sharp drop in its interim profit on Thursday, as the supermarkets-to-funerals provider continued to face supply chain snags, and higher wage and energy costs, amid rising inflation. “We know that the current testing conditions will not ease in the second half, and we will continue to face into the …

UK’s Co-op profit tanks 84% on supply chain snags, inflationary costs Read More »

By John McCrank NEW YORK (Reuters) -Trade groups representing the U.S. financial industry sued the Consumer Financial Protection Bureau (CFPB) on Wednesday for what they said was the agency’s overstepping of its authority in its efforts to tackle discriminatory banking practices. The lawsuit marks a major escalation of tensions between the industry and the consumer …

Corporate groups sue U.S. consumer watchdog alleging legal overreach Read More »

(Reuters) -Tesla Inc said on Wednesday that Airbnb Inc co-founder Joseph Gebbia has joined the electric vehicle maker’s board, months after stepping back from his full-time role at the vacation rental company. The appointment raises the board strength at the world’s most valuable automaker to eight. Oracle Inc co-founder Larry Ellison did not stand for …

Tesla adds Airbnb co-founder Gebbia to board Read More »

By Carolina Mandl and Davide Barbuscia NEW YORK (Reuters) – Recent increases in U.S. Treasury yields are likely to improve the attractiveness of investment strategies such as the 60/40 portfolio, said Ken Griffin, the billionaire founder of Citadel Securities, one of the world’s biggest market-making firms. “The 60/40 portfolio is much better today than at …

Citadel CEO says 60/40 portfolio more attractive after yields spike Read More »

WASHINGTON (Reuters) – JetBlue Chief Executive Robin Hayes staunchly defended his company’s alliance with larger rival American Airlines on Wednesday, denying the U.S. government’s allegations that the agreement would defang the low-cost carrier. The U.S. Justice Department, six states and the District of Columbia are urging a federal judge in Boston to force the two …

JetBlue CEO defends American alliance in U.S. antitrust trial Read More »

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever Investors might not often pay much heed to Vladimir Lenin, but they would surely agree with the Soviet revolutionary’s 1917 observation that: “There are decades where nothing happens; and there are weeks where decades happen.” Take Britain, where a government budget …

Marketmind: U-turn sparks huge turn Read More »

By Brendan Pierson (Reuters) – Survivors of a mass shooting in July that killed six people and injured dozens in a Chicago suburb sued gunmaker Smith & Wesson Brands Inc on Wednesday, accusing it of deliberately marketing its weapons to violence-prone young men through social media and advertisements reminiscent of video games. In a series …

Smith & Wesson marketed to ‘would-be mass shooters,’ Highland Park victims claim Read More »

(Reuters) – Amazon.com Inc is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter. The shift to remote working across most industries was accelerated by the COVID-19 pandemic with cloud call center companies such as Five9 Inc …

Amazon plans to close several U.S. call centers – Bloomberg News Read More »

LONDON (Reuters) – Shares in Biogen and Eisai soared on Wednesday reflecting the surprise trial success of their experimental Alzheimer’s drug, which also lifted the stocks of rival drugmakers Roche and Eli Lilly. Nearly all drugs tested to treat Alzheimer’s – a fatal brain disease that affects an estimated 55 million globally – have stumbled …

Biogen, Eisai stocks soar on Alzheimer’s success, lifting rival shares Read More »

By Arriana McLymore NEW YORK, NY (Reuters) – Grocery delivery services Instacart and Target Corp’s Shipt said on Wednesday they will expand their payment methods for low-income shoppers in line with the White House’s efforts to ramp up healthy eating and curtail diet-related diseases. U.S. President Joe Biden on Tuesday announced plans to end hunger …

Instacart, Shipt plan new payment methods for low-income shoppers Read More »