By Arsheeya Bajwa (Reuters) – Wall Street is betting on a blowout quarterly report from Nvidia on Wednesday, with its stock near record highs as investors look for evidence that the AI chipmaker can maintain its explosive growth and stay ahead of rivals. The results will be the latest test for Wall Street’s picks-and-shovels trade […]
KKR remedies on Telecom Italia deal expected next week, source says
By Elvira Pollina ROME (Reuters) – U.S. investment firm KKR will likely offer remedies next week in an attempt to secure EU antitrust approval to buy Telecom Italia’s (TIM) fixed-line access network, a person familiar with the matter said on Wednesday. KKR wants to acquire TIM’s domestic network for up to 22 billion euros ($23.87 […]
Fed’s Kashkari: rates should stay on hold ‘for a while longer’
(Reuters) – Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday reiterated his view that he is unsure how restrictive monetary policy is right now, and that borrowing costs should stay where they are as U.S. central bankers take stock of inflation. “The biggest uncertainty in my mind is how much downward pressure is […]
Fed gets some good news on inflation progress
By Ann Saphir (Reuters) – Federal Reserve policymakers waiting to see renewed progress on inflation before reducing borrowing costs got some encouraging data on Wednesday with a government report showing inflation eased a bit in April. The 3.4% rise in the consumer price index from a year earlier, and the 0.3% increase from March, […]
Israel in spotlight at Eurovision semi-final as pro-Palestinian protests LOOM
By Jacob Gronholt-Pedersen MALMO, Sweden (Reuters) –The second semi-final of this year’s Eurovision Song Contest will take place in Sweden on Thursday, with Israel’s performance expected to draw attention due to large pro-Palestinian protests planned in host city Malmo. Some 100,000 visitors have gathered in the southern Swedish city for the annual kitsch-fest, which is […]
China’s Zeekr prices US IPO at top of range to raise $441 million
By Echo Wang and Scott Murdoch NEW YORK (Reuters) -Chinese electric vehicle maker Zeekr Intelligent Technology priced its U.S. initial public offering (IPO) at the top of its indicated range, raising $441 million, it said on Friday. Zeekr, which is the premium brand of Chinese automaker Geely, upsized its IPO to sell 21 million American […]
Chinese companies hit with US trade restrictions over spy balloon incident
By Alexandra Alper and Karen Freifeld WASHINGTON (Reuters) -The Biden administration added 37 Chinese entities to a trade restriction list on Thursday, including some for allegedly supporting the spy balloon that flew over the United States last year, heightening tensions between Beijing and Washington. The Commerce Department also said it was adding some units of […]
US Post Office chief defends restructuring plan as net loss narrows
By David Shepardson WASHINGTON (Reuters) -U.S. Postmaster General Louis DeJoy defended the Postal Service’s 10-year restructuring plan in the face of harsh criticism from lawmakers as the agency reported a second quarter net loss of $1.5 billion. The loss for the three months ending March 31 was down from a net loss of $2.5 billion […]
Tesla interfered with union organizing at New York plant, US agency claims
By Daniel Wiessner (Reuters) -Tesla has been accused by a U.S. labor agency of discouraging workers at a Buffalo, New York, assembly plant from union organizing by barring them from using phones and other devices, an agency spokeswoman said on Thursday. A National Labor Relations Board (NLRB) official issued a complaint late Wednesday claiming Tesla’s […]
Exclusive-Tesla retreats from next-generation ‘gigacasting’ manufacturing process
By Norihiko Shirouzu and Giulio Piovaccari AUSTIN, Texas (Reuters) – Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Tesla has been a leader in […]