Reuters US Business

By Nicole Jao NEW YORK (Reuters) -U.S. refiner Phillips 66 was ordered to pay biofuel maker Propel Fuels $800 million in damages for stealing trade secrets to build up its renewable-fuel capabilities, according to a California state court document. A state court in Alameda, California, on Wednesday ordered Phillips 66 to pay $195 million in …

Phillips 66 hit with $800 million penalty in biofuel trade secrets case Read More »

By Carolina Mandl NEW YORK (Reuters) -Investor Ray Dalio sold his remaining stake in Bridgewater Associates, the hedge fund he founded 50 years ago, according to a letter sent to investors, while Brunei’s sovereign fund acquired a minority stake in the firm, a source said. “We wanted to update you that Bridgewater recently repurchased the …

Bridgewater founder Ray Dalio sells remaining stake in hedge fund, letter says Read More »

By Jaspreet Singh (Reuters) -Reddit forecast third-quarter revenue above Wall Street estimates on Thursday, betting on growing digital advertising driven by its artificial intelligence-powered marketing tools. Shares of the social media company, which went public in March last year, rose more than 16% in extended trading. The forecast follows bigger rival Meta’s upbeat second-quarter results …

Reddit forecasts strong revenue on AI-driven ad strength, shares surge Read More »

By Deborah Mary Sophia and Greg Bensinger (Reuters) -Amazon.com on Thursday forecast third-quarter sales above market estimates, but failed to live up to lofty expectations for its Amazon Web Services cloud computing unit after rivals handily beat Wall Street forecasts. Shares plunged by more than 7% after-hours. Before releasing the results, Amazon had finished regular trading …

Amazon cloud computing results fail to impress, shares dive Read More »

By Ateev Bhandari (Reuters) -Strategy reported its first profit in six quarters on Thursday, as the biggest corporate holder of bitcoin benefited from a remarkable quarter for cryptocurrencies. In a watershed moment of legitimacy for the crypto industry, U.S. President Donald Trump signed the GENIUS Act into law earlier this month.  Industry anticipation leading up …

Saylor’s Strategy swings to quarterly profit as treasury strategy gains momentum Read More »

(Reuters) -UnitedHealth Group said on Thursday it will replace its finance chief John Rex with an external hire, Wayne DeVeydt, adding to the management changes at the health insurer that has been struggling to control its medical costs. Rex, who has been the company’s CFO since 2016, will continue as a strategic adviser to the …

UnitedHealth replaces CFO Rex in another management shake-up Read More »

(Reuters) -Southwest Airlines said on Thursday it has named insider Doug Brooks as the independent chair of its board, effective August 1. The company also said the appointment follows Rakesh Gangwal’s decision to step down from his role as chair, due to additional time commitments unrelated to Southwest, but would still remain on board. He …

Southwest Airlines names Doug Brooks as board chairperson Read More »

By Juby Babu (Reuters) -Roku topped Wall Street estimates for second-quarter revenue on Thursday, helped by its expanding user base and advertising sales. Analysts expect connected TV to be one of the fastest-growing ad media outlets over the next three to five years as ad budgets shift from linear TV to streaming, with Roku being …

Roku beats second-quarter revenue estimates as platform growth accelerates Read More »

By Jeff Mason, Nandita Bose and Patrick Wingrove WASHINGTON (Reuters) -President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash U.S. prescription drug prices to match those paid overseas, the White House said on Thursday. Trump signed a sweeping executive order in May demanding drugmakers cut U.S. …

Trump pressures 17 pharma CEOs to cut US drug prices Read More »