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LONDON (Reuters) – Russia has charged up to third place in a list of countries outside mainland China using the yuan for global payments, highlighting how it is being affected by Western sanctions. Russia had not even been on the monthly list published by global financial messaging firm SWIFT before its invasion of Ukraine in …

Russia jumps to become third-largest market for yuan payments amid sanctions Read More »

(Reuters) -Bed Bath & Beyond Inc shares tumbled 35% after the bell on Thursday as billionaire investor Ryan Cohen exited the struggling home goods retailer by selling his stake following a stunning rally in the meme stock this month. Cohen’s RC Ventures was the second largest investor in the company. The venture capital firm said …

Meme stock Bed Bath & Beyond sinks after investor Cohen’s exit Read More »

By Daniel Wiessner (Reuters) – A U.S. judge ordered Starbucks Corp to reinstate seven employees at a Memphis, Tennessee, cafe on Thursday who were allegedly fired for supporting a union organizing campaign, as the company seeks to halt pending nationwide union elections. U.S. District Judge Sheryl Lipman in Memphis said the U.S. National Labor Relations …

Starbucks ordered to reinstate workers fired amid union campaign Read More »

By Nia Williams (Reuters) -A state of Michigan lawsuit that aims to force Enbridge Inc to stop operating the Line 5 oil pipeline underneath the Straits of Mackinac in the Great Lakes will be heard in federal court, a judge ruled on Thursday. The decision from Judge Janet Neff is a win for Calgary-based Enbridge. …

Judge rules oil pipeline dispute between Enbridge and Michigan belongs in federal court Read More »

By Ann Saphir and Howard Schneider (Reuters) -The Federal Reserve needs to keep raising borrowing costs to bring high inflation under control, a string of U.S. central bank officials said on Thursday, even as they debated how fast and how high to lift them. St. Louis Fed President James Bullard, who was among the central …

Fed united on need for higher rates, divided over how high Read More »

(Reuters) – Federal Reserve Chair Jerome Powell will address the annual global central banking conference in Jackson Hole, Wyoming, on Aug. 26, a highly anticipated speech that could signal how high U.S. borrowing costs may go and how long they will need to stay there to bring down soaring inflation. Powell, in what will be …

Fed’s Powell to speak on Aug. 26 at Jackson Hole conference Read More »

By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended higher Thursday as an upbeat sales forecast from Cisco Systems helped to lift the technology sector, while data showed the economy remained relatively strong. Investors were still assessing Wednesday’s minutes from the Federal Reserve’s July meeting, which they initially saw as supporting a less aggressive …

Wall St ends higher, Cisco Systems jumps after forecast Read More »

By Laura Sanicola (Reuters) – U.S. oil companies are working around a century-old shipping law to supply fuel to the U.S. East Coast, according to data from Refinitiv and oil trading sources, as high demand for gasoline and global disruptions in fuel markets sent prices higher. Traders are increasingly sending unfinished gasoline components from the …

Oil companies work around Jones Act to supply U.S. fuel markets Read More »

By Leah Douglas WASHINGTON (Reuters) – A major expansion in tax credits for companies that capture and store carbon emissions under U.S. President Joe Biden’s new climate law could be a boon to the ethanol industry as it seeks to meet its mid-century climate goals. The Inflation Reduction Act (IRA) Biden signed on Tuesday significantly …

Ethanol could get boost from carbon capture credits in Biden climate law Read More »