Category: Business
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Roche joins race for obesity drugs with $2.7 billion Carmot deal
By Ludwig Burger (Reuters) -Roche agreed to take over unlisted obesity drug developer Carmot Therapeutics for $2.7 billion upfront, joining a list of contestants seeking to challenge the dominant makers of weight-loss drugs Novo Nordisk and Eli Lilly. The U.S. takeover target’s most promising drug candidate, a once-a-week injection called CT-388, is a dual GLP-1/GIP…
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More US home buyers willing to purchase despite high rates -BofA study
By Nupur Anand NEW YORK (Reuters) -U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America published on Monday. About 62% of respondents said they would wait for borrowing costs to fall before buying a house, according to 1,000 people polled…
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GM believes many of its EVs will qualify for tax credits in 2024
WASHINGTON (Reuters) – General Motors said Friday that it expects many of its electric vehicles to qualify for U.S. tax credits next year after new stricter rules limiting Chinese battery content take effect. “Due to GM’s historic investments in the U.S and efforts to build more secure and resilient supply chains we believe GM is…
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Crypto stocks set to start December on high note as bitcoin hits near 19-month high
(Reuters) -Shares of crypto miners and bitcoin-tracking companies rose on Friday as the world’s largest cryptocurrency extended a recent rally to touch a near 19-month high on improving risk appetite. Bitcoin, up 1.6% at $38,337, has been gaining since October on optimism that a potential approval of a spot exchange-traded fund is likely to unleash…
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Oil prices gain near 2% on expectations of deeper OPEC+ cuts
By Shariq Khan BENGALURU (Reuters) – Oil prices rose more than $1 a barrel on Wednesday as investors focused their attention on expectations of fresh supply cuts from OPEC+ and looked past a jump in U.S. crude, gasoline and distillate stockpiles. Brent crude futures advanced by $1.42, or 1.7%, to settle at $83.10 a barrel,…
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Retail traders reignite rally in GameStop shares
By Medha Singh and Saqib Iqbal Ahmed (Reuters) -Retail traders powered a nearly 20% jump in GameStop shares to a two-month high in regular trading on Wednesday, extending a rally ahead of the company’s quarterly results next week and underscoring a return in appetite for risk. The meme stock is up nearly 36% over the…
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Birkenstock shares extend rally, hit IPO price for first time
By Chibuike Oguh NEW YORK (Reuters) – Shares of German sandal maker Birkenstock extended their gains on Wednesday, hitting the initial public offering price for the first time, following a buoyant holiday shopping season. Strong spending by U.S. shoppers during the Thanksgiving holiday as well as Black Friday and Cyber Monday propelled retail sales to…
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Walmart shifts to India, cuts China imports
By Richa Naidu and Siddharth Cavale LONDON/NEW YORK (Reuters) – Walmart is importing more goods to the United States from India and reducing its reliance upon China as it looks to cut costs and diversify its supply chain, data seen by Reuters shows. The world’s largest retailer shipped one quarter of its U.S. imports from…
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State Street adds option to fully back corporate boards
By Ross Kerber BOSTON (Reuters) – State Street’s asset-management arm will give retail investors an option to fully back corporate boards as it brings online features to allow fund shareholders to control their proxy voting rights, executives said. The option comes as State Street and rivals move to devolve proxy voting powers to shareholders on…
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Instacart partners with Peacock to offer streaming content to US subscribers
(Reuters) – Instacart said on Wednesday it had partnered with NBCUniversal’s Peacock to provide the streaming service at no extra cost to all paying U.S. subscribers of the grocery delivery firm. In return, Instacart will be featured in a custom ad spot, which will run across NBCU’s linear TV, social media and streaming platforms, the…