Category: Business
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Oil jumps 4% after week-long selloff, but falls for a fourth week
By Nicole Jao NEW YORK (Reuters) -Oil prices jumped more than 4% on Friday, rebounding from a four-month low hit in the previous session, as investors who had taken short positions took profits and while U.S. sanctions on some Russian oil shippers lent support. Brent crude futures settled up $3.19, or about 4.1%, at $80.61…
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Gap shares jump 30% to extend months-long bet on new CEO’s revival effort
By Ananya Mariam Rajesh (Reuters) -Gap shares surged more than 30% on Friday as an upbeat quarter gave a fresh jolt of optimism to investors who have bought aggressively since the company named Barbie-turnaround executive Richard Dickson as its new CEO. If current gains hold, shares will have nearly doubled since late July after the…
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Environmental groups urge funding halt for TotalEnergies’ Mozambique project
By Wendell Roelf CAPE TOWN (Reuters) -Banks and other financiers should withdraw their support of TotalEnergies’ $20 billion liquefied natural gas (LNG) terminal in Mozambique, environmental lobby groups urged in a letter sent to more than two dozen project funders on Friday. The letter, seen by Reuters, comes at a crucial juncture for the French…
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Analysis-US consumer watchdog hands Wall Street rare win with Big Tech crackdown
By Hannah Lang (Reuters) – The U.S. consumer watchdog, not usually known to side with Wall Street lenders, has handed them a rare win by cracking down on Big Tech companies that are increasingly encroaching on banking turf. The Consumer Financial Protection Bureau (CFPB) last week proposed regulating payments and smartphone wallets provided by tech…
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US housing starts rise moderately; tight supply supporting new construction
By Lucia Mutikani WASHINGTON (Reuters) – U.S. single-family homebuilding increased marginally in October and activity could remain moderate in the near term amid higher mortgage rates, which sent homebuilder confidence tumbling to an 11-month low in November. Nevertheless, new construction remains supported by an acute shortage of houses on the market, with the report from…
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Man United nears sale of 25% stake to Jim Ratcliffe for $33 a share -Sky News
(Reuters) -Manchester United’s American owners, the Glazer family, are set to finalise a $33 per share deal with Jim Ratcliffe that will see the British billionaire acquire a 25% stake in the English soccer club, Sky News reported on Friday. The deal, which could be confirmed later on Friday, will bring to an end a…
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Gang says ICBC paid ransom over hack that disrupted US Treasury market
By James Pearson LONDON (Reuters) -China’s biggest lender, the Industrial and Commercial Bank of China, paid a ransom after it was hacked last week, a Lockbit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades…
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New York sues PepsiCo over plastics it says pollute, hurt health
By Clark Mindock and Jonathan Stempel NEW YORK (Reuters) -New York state sued PepsiCo on Wednesday, accusing the beverage and snack food giant of polluting the environment and endangering public health through its single-use plastic bottles, caps and wrappers. The lawsuit filed in state court in upstate Erie County is among the first by a…
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Oil prices dive on big US crude stock build, record output
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices tumbled more than 1.5% on Wednesday on a bigger-than-expected rise in U.S. crude inventories and record production in the world’s biggest producer, along with mounting worries about demand in Asia. Brent futures settled down $1.29, or 1.6%, at $81.18 a barrel. U.S. West Texas Intermediate crude (WTI) fell…
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Target shares surge on margin improvement, inventory drawdown
By Siddharth Cavale and Ananya Mariam Rajesh (Reuters) -Target on Wednesday forecast holiday-quarter profit largely above analyst expectations as supply chain costs finally eased and its efforts to control inventory started to pay off, sending shares up 17%. The big-box retailer’s stock has lost a quarter of its value in a turbulent year marked by…