(Reuters) – Wells Fargo is scrapping its goal of achieving net-zero emissions across its financed portfolio by 2050 as banks rethink their sustainable lending activities. The goals had relied on many factors “outside our control” such as public policy, consumer behavior and technological advancements that would help clients transition to greener business practices, the bank…
By Greg Bensinger (Reuters) – Amazon.com cut “a small number” of jobs at its Wondery podcast unit, known for “Dr. Death” and “Business Wars,” the company said in a statement to Reuters on Friday. Amazon purchased Wondery in 2020 for a reported $300 million and last year signed a three-year $100 million deal for rights…
(Reuters) – Meta Platforms plans to debut a standalone Meta AI app to join Facebook and Instagram during the second quarter, CNBC reported on Thursday, citing people familiar with the matter. The move marks a major step in Meta CEO Mark Zuckerberg’s plans to make Meta the leader in AI by the end of the…
(Reuters) – Beyond Meat forecast annual revenue below estimates on Wednesday, as the faux meat products maker faces persistent demand weakness amid sticky inflation. Beyond Meat has been losing steam it garnered a couple of years ago as consumers began shifting to fresh and lower-priced animal meat alternatives over its processed vegan meat. Its total…
(Reuters) – E-commerce firm eBay forecast first-quarter revenue below Wall Street estimates on Wednesday, signaling weak demand for products such as collector’s items and refurbished goods, sending its shares down 7% in extended trading. High interest rates and persistent inflation have hampered U.S. consumer spending for two years, leading to sluggish demand for non-essential items…
(Reuters) -Paramount Global fell short of Wall Street’s fourth-quarter revenue expectations on Wednesday as a continued decline in its cable TV unit clouded higher-than-expected subscriber growth for its Paramount+ streaming platform. Shares of the company fell 1.5% in extended trading. Media giants are reshaping their business strategies in response to the continued erosion of cable…
(Reuters) -Contract drug manufacturer Thermo Fisher Scientific said on Tuesday it will buy Solventum’s purification and filtration business for about $4.1 billion, sending the latter’s shares up around 9%. The deal should allow Thermo to enter the filtration category in bioprocessing, where peers Danaher and Repligen are more strongly positioned, said Leerink Partners analyst Puneet…
By Pete Schroeder WASHINGTON (Reuters) – U.S. banking sector profits rose 2.3% to $66.8 billion in the fourth quarter of 2024, a bank regulator reported on Tuesday, as it also announced moves to update how so-called problem banks are tracked. In its latest quarterly report, the Federal Deposit Insurance Corporation said it is revising its…
By Noel Randewich (Reuters) – Tesla’s stock tumbled 8% on Tuesday, pushing its market value below $1 trillion for the first time since November after data showed the electric car maker’s sales slumped in Europe in January. The European Automobile Manufacturers Association reported that Tesla sales dropped 45% in Europe, compared with a 37% jump…
By Lananh Nguyen and Nupur Anand NEW YORK (Reuters) – A JPMorgan Chase executive told thousands of employees he wanted “more hustle” days after the bank’s CEO Jamie Dimon scorned staff pushback against its five-day return-to-office policy. The memo illustrates the tension between JPMorgan’s emphasis on in-office culture and employees who cite its strong performance…
