Category: Business
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Caesars averts strike in deal with Las Vegas unions
By Doyinsola Oladipo and Ananta Agarwal NEW YORK (Reuters) -Unions representing hospitality workers in Las Vegas said they reached a “historic” tentative deal with Caesars Entertainment for a new contract for 10,000 employees on Wednesday, two days before a strike threatened to shut down the Strip. The negotiations come as unions across industries press employers…
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US Senate votes to reject ‘Buy America’ EV charging waiver
By David Shepardson WASHINGTON (Reuters) – The U.S. Senate voted 50-48 to overturn President Joe Biden’s decision to waive some “Buy America” requirements for government-funded electric vehicle charging stations but the White House said he would veto the measure. The White House argued the Republican bill would eliminate entirely the domestic manufacturing requirement for government-funded…
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Warner Bros Discovery says strike effect, lousy ad market to bleed into 2024
By Helen Coster and Samrhitha A (Reuters) – Box office smash “Barbie” helped Warner Bros Discovery top core quarterly profit estimates but the effects of two Hollywood strikes and a weak advertising market could hamper earnings into next year, company executives said on Wednesday. The dour outlook sent the company’s shares tumbling 19%, their worst…
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Oil slides over 2% on demand worries, lowest settlement in 3 months
By Stephanie Kelly NEW YORK (Reuters) -Oil prices slid over 2% on Wednesday to their lowest in more than three months on concerns over waning demand in the U.S. and China. Brent crude futures settled down $2.07, or 2.5%, to $79.54 a barrel. U.S. crude lost $2.04, or 2.6%, to $75.33. Both benchmarks hit their…
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Amazon cuts jobs in music streaming unit
By Greg Bensinger (Reuters) -Amazon.com has begun cutting jobs in its Music division, the company said on Wednesday, confirming the latest of several rounds of layoffs over the past year that have affected more than 27,000 employees of the retail giant. Employees in Latin America, North America and Europe received notices that their jobs had…
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Spirit Aero shares fall on new capital raise plans
By Chibuike Oguh NEW YORK (Reuters) -Shares of Spirit AeroSystems dropped nearly 15% on Wednesday, a day after the aerospace supplier unveiled debt and stock offerings to raise up to $400 million to bolster its dwindling balance sheet. Spirit plans to raise $200 million via the sale of Class A common stock and issue $200…
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HSBC plans custody service for non-crypto digital assets
By Elizabeth Howcroft LONDON (Reuters) – HSBC plans to launch in 2024 a custody service for storing blockchain-based assets excluding cryptocurrency, the bank said on Wednesday. The service, which is a partnership with Swiss digital asset firm Metaco, will allow institutional clients to store blockchain-based tokens representing traditional financial assets, as opposed to crypto or…
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JPMorgan, Bpifrance to invest $60M in French female-led funds
By Mathieu Rosemain PARIS (Reuters) – JPMorgan on Wednesday said it is teaming up with Bpifrance to invest around $60 million in private investment firms led by women in France, where the bank has its biggest European trading and investment banking hub after London. The partnership with France’s state-owned investment bank follows JPMorgan’s $30 million…
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Investors spurn options hedges as U.S. stock rally crushes fear
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Fear has plunged in the U.S. equity market following last week’s explosive rally, and some options mavens are urging clients to stock up on portfolio protection while it’s cheap. The S&P 500 is up 6% from its October lows after notching its biggest weekly gain in nearly…
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Adidas says demand for Samba shoes far outstrips supply
By Helen Reid LONDON (Reuters) – Adidas struck an optimistic note on Wednesday, saying retailers are “visibly” more interested in its autumn/winter 2024 range as the German sportswear giant increases production of sneakers such as the Samba to meet high demand. CEO Bjorn Gulden, in the job since Jan. 1, has been driving a turnaround…