Reuters US Business

By Kylie Madry and Brendan O’Boyle MEXICO CITY (Reuters) – Mexico’s financial system is resilient and solid despite international economic and geopolitical volatility, the central bank chief said on Wednesday during the introduction of the monetary authority’s financial stability report. “The Mexican financial system maintains a solid and resilient position,” the central bank said in …

Mexican financial system stable but global risks weigh -central bank Read More »

By Paul Lienert (Reuters) – General Motors will invest $81 million to build its future Cadillac Celestiq electric flagship sedan at GM’s Warren Technical Center, the company said on Wednesday. The Celestiq, which will share battery cells, motors and other components with the Cadillac Lyriq, is slated to begin production in the Detroit suburb in …

GM invests $81 million to build Cadillac Celestiq EV flagship in Michigan Read More »

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve raised its target interest rate by three-quarters of a percentage point on Wednesday to stem a disruptive surge in inflation, and projected a slowing economy and rising unemployment in the months to come. The rate hike was the biggest announced by the U.S. central …

Fed unveils biggest rate hike since 1994, flags slowing economy Read More »

By Foo Yun Chee LUXEMBOURG (Reuters) – U.S. chipmaker Qualcomm on Wednesday won its fight against a 997-million-euro ($1.05 billion) fine imposed by EU antitrust regulators four years ago for paying Apple to use only its chips and blocking out rivals such as Intel Corp. The European Commission in its 2018 decision said the anti-competitive …

Qualcomm wins court fight against $1 billion EU antitrust fine Read More »

By Jane Lanhee Lee, Moira Warburton and Stephen Nellis SAN FRANCISCO/WASHINGTON (Reuters) – Chief executives from Alphabet Inc, Amazon.com Inc and Microsoft Corp on Wednesday called on Congress to pass legislation aimed at boosting U.S. economic competitiveness against China, including in chip manufacturing. Those executives and more than 100 others signed a letter urging the …

More than 100 CEOs urge U.S. Congress to pass China competition bill Read More »

(Refiles to add dropped words in paragraph 27) By Hadeel Al Sayegh and Saeed Azhar DUBAI (Reuters) – The prince who’s the international face of Saudi business may no longer be able to call all the shots. For years, Prince Alwaleed bin Talal, Saudi Arabia’s self-styled Warren Buffett, has made hundreds of millions of dollars …

The Saudi investment king who no longer rules alone Read More »

By David Shepardson WASHINGTON (Reuters) – U.S. Senate Finance Committee chair Ron Wyden is planning to introduce legislation setting a 21% surtax on oil company profits considered excessive, an aide for the senator told Reuters. The bill applies a 21% additional tax on the excess profits of oil and gas companies with more than $1 …

U.S. Senate finance chair to propose tax on excess oil profits Read More »

WASHINGTON (Reuters) – The United States will allow certain energy-related transactions with Sberbank, VTB Bank, Alfa-Bank and several other Russian entities to continue through Dec. 5, the U.S. Department of Treasury said on Tuesday. Treasury’s Office of Foreign Asset Control said it was extending the general license authorizing the transactions with entities including Russia’s Central …

U.S. allows some Russian energy-related transactions until Dec. 5 Read More »