By Chibuike Oguh NEW YORK (Reuters) -Wall Street stocks ended slightly lower on Friday in choppy trading after stronger-than-expected U.S. jobs data pointed to a robust economy but prompted worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped. The U.S. economy generated about 272,000 jobs in May, far…
By Luc Cohen and Jonathan Stempel NEW YORK (Reuters) – A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic, and which according to prosecutors caused $7 billion of investor losses. Gregoire Tournant admitted to two counts of investment adviser fraud,…
By Tom Hals WILMINGTON, Delaware (Reuters) – The legal team that voided Elon Musk’s record Tesla pay package deserves a tiny fraction of the $5.6 billion legal fee they requested because their lawsuit provided almost no benefit for the company, the electric automaker argued in court papers on Friday. Tesla said the legal team for…
(Reuters) – The U.S. International Trade Commission (ITC) voted on Friday to proceed with an investigation into whether solar panels from Southeast Asia are stifling domestic manufacturing, a step that could result in tariffs on the majority of panel imports. The four-member panel voted unanimously to pursue the probe into imports from Malaysia, Thailand, Cambodia…
By Marc Jones and Koh Gui Qing NEW YORK/LONDON (Reuters) -World stocks hit an all-time high and the euro rose on Thursday after the European Central Bank cut interest rates for the first time in nearly five years, but also signalled that further moves could take a while. ECB policymakers duly delivered their widely-flagged quarter-point…
(Reuters) -The National Basketball Association is closing in on media rights deals with Comcast-owned NBC, Disney’s ESPN, and Amazon.com that would generate about $76 billion in media revenue over 11 years, the Wall Street Journal reported on Wednesday. Rights to the widely watched professional basketball league are a prized possession for media companies. Sports content…
By Joey Roulette CAPE CANAVERAL, Florida (Reuters) -Boeing’s new Starliner capsule flew its first crew of astronauts to space on Wednesday from Florida in a much-delayed test mission to the International Space Station, a milestone in the aerospace giant’s ambitions to step up its competition with Elon Musk’s SpaceX. The CST-100 Starliner, with astronauts Barry…
By David Randall NEW YORK (Reuters) – Some of Tesla’s institutional shareholders are getting out, convinced that the electric carmaker’s days of dizzying growth are in the rear-view mirror. The company’s shares are down nearly 30% this year and have fallen by more than 50% since their 2021 high, wiping out some $600 billion in…
By Arasu Kannagi Basil and Sinéad Carew (Reuters) -A glitch at the New York Stock Exchange triggered massive swings in the shares of Berkshire Hathaway and Barrick Gold, and trading halts in dozens of other companies on Monday, before the bourse fixed the problem. NYSE, owned by Intercontinental Exchange, by late morning said on its…
By Carolina Mandl NEW YORK (Reuters) – Global hedge funds dumped equities last week, in a painful week for their portfolios as the U.S. main indexes fell and hit their long bets, Morgan Stanley said in a note. The bank described last week as “ultimately one of the more challenging we have seen in recent…
