Reuters US Business

By Vallari Srivastava and Nicole Jao (Reuters) -Phillips 66 reported a bigger-than-expected loss for the first quarter on Friday, hurt by lower refining margins amid heavy turnaround activities across the U.S. refining sector. U.S. refineries typically undergo seasonal maintenance and turnaround activities in preparation for the summer driving season, when fuel demand significantly increases. The …

US refiner Phillips 66 posts bigger-than-expected quarterly loss as margins bite Read More »

By Mike Stone WASHINGTON (Reuters) -Republicans in the U.S. Congress plan to introduce a sweeping $150 billion defense package that will give an initial $27 billion boost to President Donald Trump’s controversial Golden Dome missile defense shield, according to a document and a congressional aide. The measure, which will be in addition to the approved …

Exclusive-US Congress Republicans seek $27 billion for Golden Dome in Trump tax bill Read More »

By Timothy Gardner WASHINGTON (Reuters) – U.S. President Donald Trump’s energy security council plans to host a summit in Alaska in early June, when it hopes Japan and South Korea will announce commitments to the Alaska LNG project, a source familiar with the matter said on Thursday. Trump has touted the $44 billion Alaska liquefied …

US plans Alaska LNG summit, will urge Japan, South Korea to support project Read More »

By Christy Santhosh and Puyaan Singh (Reuters) -AbbVie raised its full-year profit forecast on Friday while downplaying the potential hit some analysts expect it to take from sector-specific import duties that could be imposed by the Trump administration. Drugmaker shares, including AbbVie’s, have fallen over the past month due to investor concerns around a probe …

AbbVie lifts profit forecast, downplays tariff threat Read More »

By Maggie Fick LONDON (Reuters) -A 25% U.S. tariff on pharmaceutical imports would increase U.S. drug costs by nearly $51 billion annually, boosting U.S. prices by as much as 12.9% if passed on, a report commissioned by the industry’s U.S. trade group and reviewed by Reuters shows. The analysis, conducted by Ernst & Young, found …

Exclusive-US pharma tariffs would raise US drug costs by $51 billion annually, report finds Read More »

By Andrew Silver and Brenda Goh SHANGHAI (Reuters) -Pharmaceutical companies in China are reporting that they have been able to import some drugs over the past week with tariff exemptions, the Beijing-based American Chamber of Commerce said on Friday. The move, if confirmed, could be a sign that Chinese authorities are prepared to be flexible …

US business lobby in China: Some pharma firms reporting tariff exemptions Read More »

By Marianna Parraga HOUSTON (Reuters) -A U.S. court organizing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum has approved a 30-day competition period starting on April 28 to receive bids, with the final winner of the sale process to be selected on June 11, according to court filings. The calendar, approved …

US court launches 30-day competition for Citgo parent’s shares Read More »

WASHINGTON (Reuters) -U.S. consumer sentiment ebbed for a fourth straight month in April amid concerns about the economic impact of tariffs. The University of Michigan Surveys of Consumers said on Friday its Consumer Sentiment Index came in at 52.2 this month. While that was an improvement from a reading of 50.8 two weeks ago, the …

US consumer sentiment remains weak in April on tariffs concerns Read More »