Reuters US Business

By Jonathan Stempel (Reuters) -A federal judge on Tuesday threw out a U.S. Consumer Financial Protection Bureau rule capping credit card late fees at $8, after the agency agreed with opponents that the rule adopted during President Joe Biden’s administration was illegal. U.S. District Judge Mark Pittman in Fort Worth, Texas granted a joint request …

Judge scraps US rule capping credit card late fees at $8 Read More »

By Tatiana Bautzer and Arasu Kannagi Basil NEW YORK (Reuters) -Citigroup beat Wall Street estimates for first-quarter profit on Tuesday and moved closer to its profitability target as its traders reaped a windfall from volatile markets that fueled client activity. The third-largest U.S. lender’s earnings echoed those of Wall Street rivals, including JPMorgan Chase, Bank …

Citigroup profit beats estimates, moves toward target as trading revenue jumps Read More »

By Daina Beth Solomon SANTIAGO (Reuters) -Chile, Canada and Peru – three of the largest copper suppliers to the United States – have told President Donald Trump’s administration that imports of the metal from their countries do not threaten U.S. security interests and should not face potential tariffs. The comments by the three countries come …

Chile, Canada and Peru push back against Trump’s copper tariff probe Read More »

By Shivansh Tiwary and Aishwarya Jain (Reuters) -Caterpillar said on Tuesday that Chief Operating Officer Joe Creed would succeed Jim Umpleby as CEO, tapping an insider to help the construction equipment maker navigate the fallout of President Donald Trump’s sweeping tariffs. Umpleby, a veteran who has been with the company for more than four decades, …

Caterpillar names insider Joe Creed as successor to CEO Umpleby Read More »

(Reuters) -OpenAI is working on its own X-like social media network, the Verge reported on Tuesday, citing multiple sources familiar with the matter. There is an internal prototype focused on ChatGPT’s image generation that has a social feed, the report said. OpenAI CEO Sam Altman has been privately asking outsiders for feedback about the project, …

OpenAI is working on X-like social media network, the Verge reports Read More »

By Niket Nishant (Reuters) -U.S. consumer spending has benefited from strong wage growth and low unemployment so far, but it faces huge risks if the upheaval sparked by President Donald Trump’s trade policy persists, bank executives warned. While the steep tariffs on the trading partners of the U.S. have raised fears of price hikes, a …

US banks flag risks to consumer spending from tariff uncertainty Read More »

By Lucia Mutikani WASHINGTON (Reuters) – U.S. import prices unexpectedly fell in March, pulled down by decreasing costs for energy products, the latest indication that inflation was subsiding before President Donald Trump’s sweeping tariffs came into effect. The report from the Labor Department on Tuesday added to March’s benign consumer and producer prices data. Economists …

US import prices muted, but tariffs loom over inflation Read More »

By Valerie Volcovici WASHINGTON (Reuters) -Microsoft said on Tuesday it signed a contract for a project in Louisiana that would remove 6.75 million metric tons of carbon dioxide over 15 years, which it says is the world’s biggest permanent carbon removal project to date.  The technology giant’s greenhouse gas emissions were 29.1% higher than 2020 …

Microsoft signs large carbon removal deal backing AtmosClear’s Louisiana project Read More »