The Trump years: Tax cuts and trade wars overshadowed in the end by a virus
WASHINGTON (Reuters) - From trade wars to tax cuts, from ultra-low unemployment to record highs on stock markets and a high-volume feud with his own Federal Reserve chief, President Donald Trump took the U.S. economy on a wild ride even before the coronavirus drove it off a cliff.
Goldman Sachs profit more than doubles on underwriting, trading boost
(Reuters) - Goldman Sachs Group Inc dwarfed Wall Street estimates as its fourth-quarter profit more than doubled, powered by another blowout performance at its trading business and a surge in fees from underwriting a series of blockbuster IPOs.
Bank of America points to economic recovery as profit beats estimates
(Reuters) - Bank of America Corp posted a drop in fourth-quarter profit on Tuesday that still topped Wall Street expectations and pointed to signs of an economic recovery as the pace of consumer spending gathers steam. Underscoring its confidence in the economy, the bank joined peers JPMorgan Chase & Co and Citigroup Inc in releasing some of the cash it had set aside to cover coronavirus-driven loan losses.
Halliburton profit beats estimates on cost cuts, demand recovery
(Reuters) - Halliburton Co posted a better-than-expected fourth-quarter profit on Tuesday, buoyed by cost cuts and a recovery in demand for oilfield equipment and services after last year's industry slump.
Wall Street set to open higher ahead of Yellen speech; spotlight on earnings
(Reuters) - Wall Street was set to open higher on Tuesday after upbeat earnings from big U.S. banks and Halliburton, while investors awaited a speech from U.S. Treasury Secretary nominee Janet Yellen that is expected to advocate hefty fiscal spending.
Cruise, GM partner with Microsoft to commercialize self-driving vehicles
(Reuters) - Self-driving car maker Cruise and majority shareholder General Motors Co said on Tuesday they would partner with Microsoft Corp to commercialize driverless autonomous vehicles.
FedEx Express unveils plan to lay off up to 6,300 employees in Europe
(Reuters) - FedEx Corp's express unit on Tuesday announced a plan to lay off between 5,500 and 6,300 employees in Europe across operational teams and back-office functions, as it nears the completion of the network integration of its TNT Express unit.
Outlook darkens for Wall Street as Biden's regulators take shape
WASHINGTON (Reuters) - Wall Street may be facing an uncomfortable four years after President-elect Joe Biden's team confirmed on Monday it planned to nominate two consumer champions to lead top financial agencies, signaling a tougher stance on the industry than many had anticipated.
How offshoring rolled along under Trump, who vowed to stop it
PERU, Indiana (Reuters) - Donald Trump won the U.S. presidency four years ago, in part, by a promise to Midwest factory workers that he would stop companies like Schneider Electric SE from moving jobs out of the country.
Chinese regulator approves Cisco's $4.5 billion Acacia deal
SHANGHAI (Reuters) - Cisco Systems Inc's purchase of Acacia Communications Inc has been approved by China's antitrust regulator on condition that the companies ensure fair competition, the watchdog said on Tuesday.