Category: Business
-
US consumers worry inflation will pick up again, UMich survey finds
(Reuters) -U.S. consumers’ inflation expectations rose for a second straight month in November despite growing signs that price increases are in fact slowing, according to a survey released Wednesday that may create some worry for Federal Reserve policymakers. American households see inflation accelerating to 4.5% over the next year, up from 4.2% in October and…
-
Big investors say US markets rally could prove short-lived
By Carolina Mandl, Svea Herbst-Bayliss and David Randall NEW YORK (Reuters) -The recent rally that has lifted U.S. stocks and bonds is more of a year-end rebound than a turning point, according to big money managers, who see fiscal and monetary policies, next year’s presidential election and recession fears as likely to start weighing on…
-
Citi shuffles bosses in ‘difficult’ management overhaul
By Tatiana Bautzer, Andres Gonzalez and Lananh Nguyen NEW YORK (Reuters) -Citigroup CEO Jane Fraser and top executives announced the next layer of leadership changes as part of a sweeping reorganization on Monday, according to memos to staff seen by Reuters and sources familiar with the situation. “The actions we’re taking to reorganize the firm…
-
US seeks more than $4 billion from Binance to end criminal case -Bloomberg News
(Reuters) -The U.S. Justice Department is seeking more than $4 billion from Binance Holdings as part of a proposed resolution of a years-long investigation, Bloomberg News reported on Monday, citing people familiar with the discussions. Negotiations between the Justice Department and Binance include the possibility that the cryptocurrency exchange’s founder, Changpeng Zhao, would face criminal…
-
Investors pump over $600 million into defense funds as geopolitical tensions rise
By Bansari Mayur Kamdar (Reuters) – Investors piled into exchange-traded funds tracking defense companies since October in anticipation of increased military budgets in the U.S. and Europe due to rising incidents of geopolitical conflicts. The Invesco Aerospace & Defense ETF has seen net inflows of more than $100 million so far this month, according to…
-
Explainer-GM-owned Cruise’s wrong turn could slow robotaxi push
(Reuters) – U.S. robotaxi operators could face increased regulatory scrutiny after an accident involving Cruise, the self-driving cab business of General Motors, forced the company to pause service. In October, one of Cruise’s driverless cabs was not able to stop in time from hitting a pedestrian who had been struck by a hit-and-run driver, raising…
-
Anne Richards steps down as Fidelity International CEO
(Reuters) – Asset manager Fidelity International announced on Monday that Anne Richards has stepped down as chief executive officer after five years and will become vice chair at the company. Richards, who has more than 30 years of experience in asset management, led M&G Investments before joining Fidelity as chief executive officer in 2018, replacing…
-
Factbox-What are the highlights of UAW’s deals with Detroit Three automakers?
(Reuters) -The United Auto Workers (UAW) union said Monday that 64% of workers at the Detroit Three automakers voted to ratify new record contracts. Support from workers at some parts and components operations who stand to get substantial raises as they move to higher pay classifications outweighed votes against the contract from some veteran workers.…
-
Crypto firm Tether says it has frozen $225 million linked to human trafficking
By Elizabeth Howcroft LONDON (Reuters) – Crypto firm Tether said on Monday that it had frozen $225 million worth of its cryptocurrency which it said had been linked to a human trafficking group in Southeast Asia. The U.S. Secret Service asked Tether to freeze the tokens during a “months-long investigative effort” by Tether and the…
-
Amazon.com to cut ‘several hundred’ Alexa jobs
By Greg Bensinger (Reuters) -Amazon.com on Friday announced it is trimming jobs at its Alexa voice assistant unit, citing shifting business priorities and a greater focus on generative artificial intelligence. The cuts affect several hundred employees working on Alexa, according to the email. A spokeswoman declined to elaborate on exactly how many were affected. “We’re…