U.S. labor market tightening; inflation pressures building
WASHINGTON (Reuters) – New applications for U.S. jobless benefits unexpectedly fell last week while producer prices rebounded strongly in April, pointing to a tightening labor market and rising inflation that could spur the Federal Reserve to raise int…
Verizon trumps AT&T to buy spectrum holder Straight Path
(Reuters) – Verizon Communications Inc snapped up wireless spectrum holder Straight Path Communications Inc in a $3.1 billion deal, trumping rival AT&T’s offer and potentially gaining an advantage in a race to build 5G networks.
Less than picture perfect: Snap slumps on slowing user growth
(Reuters) – Snap Inc shares plunged as much as 23.5 percent on Thursday after the owner of the wildly popular Snapchat app’s user growth and revenue numbers failed to show that it was adequately dealing with rising competition from Facebook.
In Trump’s shadow, Fed official says trade barriers a ‘dead end’
MUMBAI/NEW YORK (Reuters) – Trade protectionism is a “dead end” that may score political points but will ultimately hurt the U.S. economy, one of the most influential Federal Reserve officials said on Thursday in the central bank’s strongest defense ye…
Wells Fargo doubles cost-cut goal in response to Wall Street pressure
(Reuters) – Wells Fargo & Co doubled its cost-cutting target after seeing expenses soar in the aftermath of a sales scandal that the third-largest U.S. bank is still trying to recover from.
Kohl’s profit beats on lower costs, leaner inventory levels
(Reuters) – Department store operator Kohl’s Corp reported a better-than-expected quarterly profit, helped by lower costs and a leaner inventory amid a tough retail environment in the United States.
Bombardier executive chairman steps down after pay controversy
(Reuters) – Canadian plane and train maker Bombardier Inc said Executive Chairman Pierre Beaudoin would step down, following shareholder outcry over controversial executive pay hikes, and reported a smaller-than-expected adjusted net loss.
Adidas CEO says top team now ‘ideal’ after shakeout
BERLIN (Reuters) – German sportswear company Adidas’ new chief executive said his top team was now complete after the departure of two executives who served for years under his predecessor and the appointment of the first woman to the executive board …
Safran executive aims to complete Boeing engine checks within weeks
VILLAROCHE, France (Reuters) – The head of Safran’s aircraft engines division said his company aimed to fix a Boeing plane engine glitch within weeks, after Boeing had to suspend test flights on a flagship new aircraft.
UK accounting watchdog fines PwC record 5 million pounds
LONDON (Reuters) – Britain’s accounting watchdog has fined PwC a record five million pounds ($6.5 million) over the way it checked the books of collapsed social housing maintenance company Connaught.
