Business News

SYDNEY (Reuters) — Asian shares were mixed on Monday after China’s central bank trimmed key lending rates as a raft of economic data missed forecasts and underlined the need for more stimulus to support the world’s second largest economy. Retail sales and industrial output both rose by …

TOKYO (Reuters) — Japanese Prime Minister Fumio Kishida on Monday instructed his ministers to draw up additional steps to cushion the economic blow from rising living costs in a package due to be compiled next month. As part of the measures, Kishida said he has ordered the government to hold off on…

DUBAI (Reuters) — State oil giant Saudi Aramco on Sunday reported its highest quarterly profit since the company went public in 2019, boosted by higher oil prices and refining margins. Aramco joins oil majors such as Exxon Mobil Corp and BP that have reported strong or record breaking results in re…

WASHINGTON (Reuters) — Audi of America, Kia Corp and Porsche said on Friday that buyers of its electric vehicles will lose access to federal tax credits of up to $7,500 once President Joe Biden signs a $430 billion climate, health and tax measure. The Volkswagen AG unit said only the Audi plug-in h…

(Reuters) — Peloton Interactive Inc said on Friday it would cut jobs, shut stores and raise prices on its exercise equipment including treadmills and top-end bikes as it undertakes a company-wide revamp to shore up its revenue and improve cash flow. Shares of the company surged about 11% in afterno…

NEW YORK (Reuters) — Wall Street closed higher on Friday as signs that inflation may have peaked in July increased investor confidence that a bull market could be under way and spurred the S&P 500 and the Nasdaq to post their fourth straight week of gains. The S&P 500 is up 17.7% from a mid…

(Reuters) — Slowing U.S. inflation may have opened the door for the Federal Reserve to temper the pace of coming interest rate hikes, but policymakers left no doubt they will continue to tighten monetary policy until price pressures are fully broken. A U.S. Labor Department report Wednesday showing…

LIMA (Reuters) — Binance, the world’s largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers. “Now that we ar…

NEW YORK (Reuters) — Wall Street surged on Wednesday, putting the Nasdaq more than 20% above its June low, after U.S. inflation slowed more than expected in July and raised hopes the Federal Reserve will become less aggressive on interest rates hikes. A sharp drop in the cost of gasoline helped the…

(Reuters) — Tesla Inc Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform. “In the (hopefully unlikely) event that Twitte…