Reuters US Business

Canada’s steel producers tell government its tariff protection measures aren’t enough

28 Jun 2025

By Divya Rajagopal and Promit Mukherjee TORONTO (Reuters) -Canadian steel industry representatives told government officials in a meeting this week that their measures to protect the industry from the consequences of U.S. tariffs are insufficient, two of the representatives who attended the meeting told Reuters. On Thursday, steel producers met with Patrick Haley, assistant deputy …

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GM wins victory as appeals court decertifies transmission lawsuits

28 Jun 2025

By Jonathan Stempel (Reuters) -General Motors persuaded a federal appeals court on Friday to decertify a class action seeking to hold the automaker liable for knowingly selling about 800,000 cars, trucks and SUVs with faulty transmissions. In a 9-7 vote, the 6th U.S. Circuit Court of Appeals in Cincinnati found too many differences among vehicle …

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GE Vernova explores sale of Proficy software unit, Bloomberg News reports

27 Jun 2025

(Reuters) -U.S. power equipment maker GE Vernova is exploring the sale of its industrial software business, Proficy, in a deal that could fetch as much as $1 billion, Bloomberg News reported on Friday, citing people familiar with the matter. Following its independence last year after a three-way split of General Electric, GE Vernova is benefiting …

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Wall Street closes at record highs after turbulent months

27 Jun 2025

(Reuters) -The S&P 500 and Nasdaq Composite closed at all-time highs on Friday, bouncing back from a turbulent period sparked by U.S. President Donald Trump’s trade policies based on tariffs. The benchmark index rose 0.5% to about 6,173.07 points, surpassing the previous peak of 6,144.15 on February 19. The tech-heavy Nasdaq also gained 0.5% to …

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Fed says banks can withstand economic downturn, clears way for dividend hikes

27 Jun 2025

By Pete Schroeder and Nupur Anand WASHINGTON (Reuters) -Twenty-two of the largest banks in the U.S. are well-positioned to weather a hypothetical severe economic downturn and continue lending, with firms maintaining robust capital levels even after suffering hundreds of billions of dollars in losses, the Federal Reserve reported on Friday. The results of the U.S. …

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Advent-backed NIQ enters US IPO lineup as listings pick up pace

27 Jun 2025

(Reuters) -Consumer insights company NIQ Global filed for an initial public offering in the United States on Friday, more than four years after it was spun out of media analytics giant Nielsen Holdings. NIQ, which is backed by investment giants Advent International and KKR, joins a growing number of companies preparing to list their shares …

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Trump says he wants interest rate cut to 1%, would ‘love’ if Powell resigned

27 Jun 2025

By Trevor Hunnicutt and Kanishka Singh WASHINGTON (Reuters) -U.S. President Donald Trump said on Friday he would “love” if Federal Reserve Chair Jerome Powell were to resign, and the president also said he wanted interest rates cut to 1%. KEY QUOTES “I’d love him to resign if he wanted to, he’s done a lousy job,” …

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California legislature acts to keep film and TV production at home

27 Jun 2025

By Lisa Richwine (Reuters) -Hollywood’s home state of California will more than double annual tax incentives for film and television production to $750 million under a measure passed by the Democratic-led legislature on Friday. The increase from the current $330 million was approved as part of a broader tax bill that is expected to be …

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Meta seeks $29 billion from private capital firms for AI data centers, FT reports

27 Jun 2025

(Reuters) -Meta Platforms is seeking to raise $29 billion from private capital firms to build artificial intelligence data centers in the U.S., the Financial Times reported on Friday. The Facebook-parent has advanced discussions with private credit investors including Apollo Global Management, KKR, Brookfield, Carlyle and PIMCO, the report said, citing people familiar with the matter. …

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