Reuters US Business

By Lucia Mutikani WASHINGTON (Reuters) -The U.S. economy grew faster than initially thought in the second quarter, in part driven by business investment in intellectual property such as artificial intelligence, but tariffs on imports continued to cloud the picture. The upgrade to gross domestic product reported by the Commerce Department on Thursday also reflected upward …

US second-quarter GDP revised higher as businesses boost investment in AI Read More »

(Reuters) -Nike said on Thursday it is planning to cut less than 1% of its corporate workforce as part of the sportswear maker’s plans to turn around its business under CEO Elliott Hill. Under Hill, the company has been investing in its running shoe and sneaker lines to reclaim lost ground in the segments, while …

Nike to cut corporate jobs amid turnaround effort Read More »

(Reuters) -Ford Motor is recalling nearly 500,000 vehicles in the U.S over a brake fluid leak issue, the National Highway Traffic Safety Administration said on Thursday. A ruptured hose in the brake system might cause fluid to leak, lengthening stopping distances, which increases the risk of a crash, the report said. Ford said it has …

Ford recalls nearly 500,000 vehicles over brake fluid leak Read More »

By Summer Zhen HONG KONG (Reuters) -American Bitcoin, the bitcoin miner backed by two of U.S. President Donald Trump’s sons, has locked in crypto and traditional investors to back an all-stock merger that will allow the firm to soon start trading on the Nasdaq, the company’s largest investor said. The unlisted firm’s merger with Gryphon …

American Bitcoin, backed by Trump sons, aims to start trading in September Read More »

By Nicole Jao NEW YORK (Reuters) -Phillips 66 will begin shuttering its 139,000-barrel-per-day Los Angeles-area refinery in September, people familiar with the matter said. The Los Angeles-area refinery will start winding down operations for permanent closure as early as next week, two sources said. Phillips 66 announced last year that it would close the facility …

Phillips 66 to begin winding down Los Angeles-area refinery next week, sources say Read More »

By Savyata Mishra (Reuters) -Best Buy stuck to its annual sales and profit forecasts on Thursday despite posting quarterly results that topped estimates, as it expects tariff-induced uncertainty in the second half of the year. Shares of the top U.S. electronics retailer fell 5.7% in morning trading, as investors focused on a likely hit to …

Best Buy maintains annual forecast on tariff worries; shares fall Read More »