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U.S. House advances bills to address Archegos, GameStop turmoil

WASHINGTON (Reuters) - Wealthy families that set up investment funds known as "family offices" to manage their personal wealth would face stricter oversight from U.S. regulators under a bill advanced by a U.S. congressional panel late on Thursday. Read More

 

Business News

  • Exxon profit tops estimates on boost from chemicals, oil prices

    (Reuters) -Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also sailed past analysts' estimates, boosted by higher oil prices and record earnings at its chemicals business.

  • Chevron tops profit estimates, joins share buyback stampede

    (Reuters) -Chevron Corp on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels. Oil and gas are trading near multi-year highs as fuel consumption has thrown off pandemic losses and natural gas has soared on weather demand. OPEC's decision to carry production curbs into next year has kept oil above $70 per barrel.

  • Airbus production plans expose strategy rift with engine makers

    PARIS (Reuters) -A rift between Airbus and engine makers over plans for higher jet output blotted strong aerospace earnings this week, with worries over the supply chain's industrial capacity masking a deeper tug of war over contrasting business strategies.

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Economic News

  • Services buoy U.S. consumer spending; inflation pushes higher

    WASHINGTON (Reuters) - U.S. consumer spending surged in June as vaccinations against COVID-19 boosted demand for travel-related services, but part of the increase reflected higher prices, with annual inflation accelerating further above the Federal Reserve's 2% target.

  • U.S. labor costs increase solidly in second quarter

    WASHINGTON(Reuters) - U.S. labor costs increased solidly in the second quarter as companies raised wages and benefits to attract workers, supporting views that high inflation could persist beyond this year amid supply constraints.

  • Fed's Powell bets economy will navigate new coronavirus surge

    WASHINGTON (Reuters) - Federal Reserve Chair Jerome Powell's belief that the U.S. economy has "learned to handle" the coronavirus and won't be swamped in a fresh wave of infections or by rising inflation may get tested in coming weeks as schools reopen, supply chains remain clogged, and federal unemployment benefits wane.

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