Groton Selected as Navy awards $642M contract boost for Virginia class submarine work
Groton, CT – General Dynamics Electric Boat Corp. has secured a $642.3 million contract modification to continue design and support work for the Navy’s Virginia class submarine program, the Pentagon announced. Contract…
U.S. retail investors kept buying stocks on Fed day -analysts
NEW YORK/MILAN – Retail investors bought a net of $1.66 billion in equities on Wednesday when a hawkish U.S. Federal Reserve outcome triggered wild gyrations on Wall Street, data from Vanda Research…
Tesla sinks after supply chain warning, hitting other EV makers
By Noel Randewich and Hyunjoo Jin -Shares of Tesla Inc slid on Thursday, dragging down rivals after the leading electric car maker delayed releasing new vehicles until next year because of supply…
Textron sees higher corporate jet production, shares drop on 2022 guidance
-Textron Inc expects to continue ramping up business jet production in 2022 on demand from wealthy travelers, but broader industry supply-chain hiccups, labor shortages and recent surges in COVID-19 cases remain challenges.…
Dollar jumps as markets brace for larger, faster rate hikes
By Herbert Lash and Dhara Ranasinghe NEW YORK/LONDON – The dollar soared to highs last seen in July 2020 against other major currencies on Thursday, a day after the Federal Reserve said…
Court dismisses claims Robinhood wrongly restricted ‘meme stock’ trades
By Jody Godoy -A U.S. federal court on Thursday dismissed a lawsuit accusing Robinhood Markets Inc of violating state laws by restricting trades on so-called meme stocks during a January 2021 rally,…
U.S. appeals court throws out Deutsche Bank traders’ Libor-rigging convictions
By Jonathan Stempel NEW YORK -A U.S. appeals court on Thursday threw out the convictions of two former Deutsche Bank AG traders for rigging Libor, once among the world’s most important financial…
Google bumps up vacation days and parental leaves
By Paresh Dave – Alphabet Inc’s Google on Thursday increased the amount of time employees around the world can take off for vacation or caring for newborns and seriously ill loved ones.…
LVMH rides luxury spending boom as Louis Vuitton, Dior tempt big spenders
By Mimosa Spencer and Silvia Aloisi PARIS -The world’s largest luxury goods conglomerate LVMH sees soaring demand for its fashion, handbags and jewellery continuing in 2022 after shoppers snapped up high-end wares…
Veolia to own 95% of former rival Suez
– French waste and water management company Veolia said on Thursday that it would own 95.95% of rival Suez’ share capital as a result of the cash tender offer, according to Euronext…
Exxon, union swap proposals to end lockout at Texas refinery
By Erwin Seba HOUSTON – Exxon Mobil Corp and the United Steelworkers union (USW) have swapped proposals as they work toward possibly ending a nearly 10-month lockout by the company of Beaumont,…
Renault-Nissan to do more together in $26 billion electric bet
By Tim Kelly and Gilles Guillaume TOKYO/PARIS -Renault and Nissan will work more closely together to make electric cars, they said on Thursday, as they detailed a $26 billion investment plan over…
Mexicans chafe over struggling economy and surging inflation
By Ana Isabel Martinez MEXICO CITY – Miguel Alejo does not know how inflation is measured or what makes a recession. But at the Mexico City food market where he has worked…
Ferragamo’s sales grow 31.4% in 2021
MILAN – Sales at Italian luxury group Salvatore Ferragamo rose by 31.4% last year, in line with market expectations, although they are still far below pre-pandemic levels. The leather goods maker said…
Blackstone reports record fourth-quarter earnings
By Chibuike Oguh -Blackstone Inc on Thursday said distributable earnings rose by 55% to a record high, as the world’s largest manager of alternative assets took advantage of rising markets to sell…
U.S. SEC proposes asking companies to say why CEO pay and performance often don’t match up
By Katanga Johnson WASHINGTON – Public companies in the United States would be required to disclose how the pay of their top executives squares with their overall performance under a Securities and…
Chocolate Easter bunnies under threat due to supply woes warn German makers
HAMBURG – Tight supplies of commodities including sugar and cocoa plus global logistics problems could hit production of chocolate Easter bunnies, Germany’s confectioners warned on Thursday. “The market for important raw materials…
Dow expects strong first-quarter sales on higher prices
By Arathy Somasekhar and Ruhi Soni -Dow Inc on Thursday forecast better-than-expected sales for the current quarter after fourth-quarter results beat estimates, helped by higher prices for its products as supplies remained…
McDonald’s profit hit by rising costs, pandemic curbs
By Praveen Paramasivam and Hilary Russ -McDonald’s Corp missed revenue and profit expectations on Thursday, as higher costs and tepid sales in its over 4,500 restaurants in Australia and China due to…
Apple to turn iPhones into payment terminals, rival Square – Bloomberg
-Apple Inc is planning a new service that will allow small businesses to accept payments directly on their iPhones without connecting any extra hardware such as Block Inc’s Square terminals, Bloomberg News…
U.S. banks look forward to ‘bread-and-butter’ growth as economy rebounds
By David Henry NEW YORK – U.S. banks will enjoy stronger growth this year from their “bread-and-butter” business of taking deposits and lending money as the U.S. economy expands and the Federal…
Stellantis ready to repay 6.3 billion euro Italy state-backed loan in advance- sources
MILAN – Stellantis is preparing to early repay a 6.3 billion euros ($7 billion) loan backed by Italian government its predecessor Fiat Chrysler obtained at the peak of a COVID-19 outbreak, two…
Judge rules Amazon, Whole Foods can be sued by murderer who was denied job
NEW YORK – A federal judge said Amazon.com Inc and its Whole Foods unit can be sued over the refusal to hire a convicted murderer who claimed to be rehabilitated after nearly…
Banks scramble to change Fed rate calls after hawkish shift
By Saikat Chatterjee SINGAPORE -Strategists at the world’s top investment banks scrambled to change their Federal Reserve rate calls on Thursday after policymakers emphasised at a policy meeting that it would tighten…
Swiss banks criticise steps to cool runaway property market
By John Revill ZURICH -Swiss banks have criticised planned new measures designed to cool the country’s red hot property market, saying the steps were unnecessary and would do nothing to slow rising…
U.S. crop insurance payouts rise sharply as climate change worsens droughts, floods
By Leah Douglas – Insurance payments to U.S. farmers for crops lost to droughts and flooding have risen more than threefold over the past 25 years, according to an analysis of federal…
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