Business News

  • 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.

  • 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.

  • P&G forecasts higher annual earnings despite $2 billion input costs

    (Reuters) -Procter & Gamble Co expects higher core earnings this year despite warning of a nearly $2 billion hit from rising commodity and transportation expenses, relying on price increases and cost cuts to cushion the hit to its margins.

  • 'Don't want to miss it': Robinhood IPO loyalists stay the course

    (Reuters) - Rick Ornelas got into Robinhood Markets Inc's initial public offering (IPO) every way he could.

  • U.S. SEC says Chinese IPO hopefuls must provide additional risk disclosures

    (Reuters) -The U.S. securities regulator will not allow Chinese companies to raise money in the United States unless they fully explain their legal structures and disclose the risk of Beijing interfering in their businesses, the agency said on Friday, confirming an exclusive report by Reuters.

  • 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.

  • Earnings bounce, bond-yield drop help keep party going for U.S. stocks

    NEW YORK (Reuters) - A rebound in corporate profits and the recent drop in bond yields are helping to moderate U.S. equity valuations, bolstering the case for owning stocks even as markets stand near records and economic growth is expected to slow.

  • 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 trading above $70 per barrel.

  • Monte dei Paschi capital wiped out in EU banking stress test

    LONDON (Reuters) -All of Monte dei Paschi's capital was wiped out in a European Union stress test of banks on Friday as the Italian lender headed for government-sponsored merger talks with domestic peer UniCredit, whose own score fell short of the sector's aggregate performance.

  • Wall Street falls as Amazon earnings disappoint

    (Reuters) -Wall Street's main indexes fell on Friday following a glum quarterly earnings report from Amazon.com, while data showing a strong rise in June consumer spending reinforced optimism about a steady economic rebound.

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