Reuters US Business

U.S. sanctions on Russian banks are the West’s most potent economic threat

17 Feb 2022

By Catherine Belton LONDON (Reuters) -For NATO members, the most powerful measure against Russia were it to invade Ukraine would be U.S. sanctions cutting off Russian state banks from the dollar according to Russian executives, bankers, and former senior U.S. sanctions officials. The United States has warned that Russia could invade as early as this …

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Amazon agrees to NYC union election terms, setting stage for two votes in March

17 Feb 2022

By Jeffrey Dastin and Julia Love (Reuters) – The U.S. National Labor Relations Board said Wednesday that Amazon.com Inc and a group of New York workers have agreed tentatively on terms for a union election, and an organizer said the vote would take place late next month. The agreement lays out the election’s timing and …

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The S&P 500 rebounds, closes slightly higher after Fed minutes

16 Feb 2022

By Stephen Culp NEW YORK (Reuters) – Wall Street bounced off session lows Wednesday with the S&P 500 crossing into positive territory by the closing bell after the U.S. Federal Reserve released meeting minutes, which said that while the central bank intends to begin raising interest rates to combat inflation, its decisions would be made …

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AIG profit beats estimates on general insurance strength

16 Feb 2022

(Reuters) – U.S. insurer American International Group Inc topped fourth-quarter profit expectations on Wednesday as it benefited from strong underwriting and lower catastrophe losses at its general insurance business. Catastrophe losses came in at just $189 million in the quarter to Dec. 31 and mainly stemmed from tornadoes in southern U.S. states and wildfires. The …

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Paramount shares slump as investments to beef up streaming spook investors

16 Feb 2022

By Eva Mathews and Tiyashi Datta (Reuters) – Shares of ViacomCBS Inc, rebranded as Paramount Global, plunged 21% on Wednesday to their lowest in over a year, after the media company’s earnings miss and its move to ramp up investments in streaming raised questions over its ability to stay profitable. The company was a late …

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DoorDash beats revenue estimates on sustained demand for food delivery

16 Feb 2022

(Reuters) – DoorDash Inc reported quarterly revenue on Wednesday that beat analysts’ estimates, as people continued to order in after using the food delivery company’s services frequently during the peak of the pandemic. Wall Street analysts have said food ordering habits have likely changed permanently, with delivery services providers including DoorDash, Uber Eats and Grubhub …

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Spotify acquires Podsights and Chartable to advance its podcasting business

16 Feb 2022

By Supantha Mukherjee and Dawn Chmielewski (Reuters) – Spotify Inc. deepened its investment in podcasting with the acquisitions of Podsights and Chartable, two services that provide greater insights for advertisers and podcasting publishers, the company said on Wednesday. Podsights helps marketers gauge the effectiveness of their ads, one area that Spotify said has been a …

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Readout of January meeting shows Fed not wed to particular pace of rate hikes

16 Feb 2022

By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -Federal Reserve officials last month agreed that, with inflation tightening its grip on the economy and employment strong, it was time to raise interest rates, but also that any decisions would depend on a meeting-by-meeting analysis of inflation and other data, according to the minutes of the …

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Morgan Stanley’s role in Archegos collapse sped up block trade probes -Bloomberg News

16 Feb 2022

(Reuters) -Morgan Stanley’s role in the collapse of Archegos Capital Management deepened a probe by U.S. authorities into Wall Street’s lucrative market for block trades, Bloomberg News reported, citing people with knowledge of the matter. The investment bank lost nearly $1 billion last year when Bill Hwang’s Archegos failed to meet margin calls, forcing several …

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