Reuters US Business

By Akash Sriram and Tina Bellon (Reuters) -Rivian Automotive Inc on Wednesday reaffirmed its annual production forecast of 25,000 units, saying ongoing supply chain disruptions and material costs prevented the electric vehicle maker from reaching its original target of 50,000 vehicles. The Irvine, California-based company’s shares rose 5% in extended trading after closing the day …

EV maker Rivian stands by production target despite supply-chain snarls Read More »

By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer price growth slowed sharply in April as gasoline eased off record highs, suggesting inflation has probably peaked, though it is likely to stay hot for a while and keep the Federal Reserve’s foot on the brakes to cool demand. That aspect was reinforced by the report from …

U.S. inflation simmers, worst of price gains likely behind Read More »

By Lisa Richwine and Eva Mathews (Reuters) -Walt Disney Co eased concerns on Wednesday about the future of streaming video by picking up 7.9 million new Disney+ customers from January through March, although it missed estimates for quarterly revenue and earnings. Wall Street had been expecting 5.3 million new Disney+ customers. Disney still has a …

Disney’s streaming growth counters Netflix gloom Read More »

By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended sharply lower on Wednesday, with the Nasdaq dropping more than 3% and the Dow falling for a fifth straight day after U.S. inflation data did little to ease investor worries over the outlook for interest rates and the economy. The benchmark S&P 500 lost 1.7% …

Nasdaq falls more than 3% as U.S. inflation data gives little relief to investors Read More »

By Ann Saphir (Reuters) -The Dallas Federal Reserve on Wednesday named Lorie Logan as its next president, filling the vacancy left by Robert Kaplan’s departure last fall after an outcry over the ethics of his active stocks trading during the coronavirus pandemic. Logan, an executive vice president at the New York Fed and the manager …

Dallas Fed hires U.S. central bank markets expert as new chief Read More »

(Reuters) – U.S. April inflation at 8.3% remained “hot” but does not yet require the Federal Reserve to switch to three-quarter point rate increases, St. Louis Fed President James Bullard said on Wednesday. The Fed’s current plan for half point increases is “a good benchmark for now,” Bullard said on Yahoo Finance. Large increases are …

Bullard: April inflation ‘hot’ but does not see 75 bp Fed rate increase ‘for now’ Read More »

(Reuters) -Bumble Inc beat market estimates for first-quarter revenue on Wednesday, helped by a rise in paying members crowding its dating apps to seek connection, sending the company’s shares up 14% after market. The resurgence in COVID-19 cases has helped dating apps to keep users picked up during the pandemic, as people stuck at home …

Bumble beats revenue estimates on strong user growth Read More »

By Daina Beth Solomon MEXICO CITY (Reuters) -General Motors and a new independent union at the U.S. automaker’s biggest Mexico plant have struck a deal for a new workers’ contract that includes raises and benefits above inflation, the union said on Wednesday. The union, SINTTIA, did not provide further details about the wage deal. Mexican …

GM, new union reach deal for raises at major Mexico plant Read More »

By Svea Herbst-Bayliss and Uday Sampath Kumar BOSTON (Reuters) – Kohl’s Corp investors on Wednesday rejected activist investment firm Macellum Advisors’ efforts to replace 10 board directors at a time the retailer began trying to sell itself. The U.S. department store chain said all 13 Kohl’s directors have been re-elected according to a preliminary vote …

Kohl’s wins proxy battle against activist investor Macellum, stock falls Read More »

By David Morgan (Reuters) -Jerome Powell, nominated for a second term as chair of the U.S. Federal Reserve, could win Senate confirmation as soon as late Wednesday, according to a timeline outlined by Senate Banking Committee Chair Sherrod Brown. Lawmakers are also expected to vote on President Joe Biden’s other Fed nominee, Davidson College dean …

Fed’s Powell, Jefferson to get Senate nod this week Read More »