Category: Business

WASHINGTON (Reuters) – Five U.S. senators are to announce legislation on Wednesday to expand sanctions on Russia’s Nord Stream 2, a natural gas pipeline that would increase exports to Germany but is opposed by many in Washington who say it would tighten Moscow’s political and economic grip on Europe. The bill, called Protecting Europe’s Energy…

WASHINGTON/CHICAGO (Reuters) – The chief executive of Pilgrim’s Pride Corp, a major U.S. poultry company, was indicted along with three other current and former industry executives on charges of seeking to fix the price of chickens, the Justice Department said on Wednesday. Pilgrim’s Pride shares fell 14% around midday. A grand jury in Denver indicted…

WASHINGTON (Reuters) – President Donald Trump’s administration on Wednesday barred Chinese passenger carriers from flying to the United States starting on June 16 as it pressures Beijing to let U.S. air carriers resume flights amid simmering tensions between the world’s two largest economies. The move, announced by the U.S. Department of Transportation, penalizes China for…

(Reuters) – Former Enron CEO Jeffrey Skilling, released last year after a 14-year prison term stemming from the energy firm’s collapse, is raising funds to launch a digital marketplace catering to professional oil and gas investors, according to four people familiar with the matter. The venture, called Veld LLC, plans to profit by charging a…

CHICAGO (Reuters) – U.S. state tax revenue, which plunged due to the economic fallout from the coronavirus pandemic, could start to slowly recover this summer as long as the outbreak does not undergo a resurgence, analysts said. With no agreement in sight on additional federal aid, governors are scrambling to plug budget holes caused by…

(Reuters) – A federal judge said Apple Inc must face part of a lawsuit claiming it fraudulently concealed falling demand for iPhones, especially in China, leading to tens of billions of dollars in shareholder losses. While dismissing most claims, U.S. District Judge Yvonne Gonzalez Rogers ruled late Tuesday that shareholders can sue over Chief Executive…

NEW YORK (Reuters) – Wall Street jumped in a broad rally on Wednesday, closing ground on all-time highs as signs of recovery from mandated economic shutdowns helped investors look beyond ongoing social unrest and pandemic woes. Financials, industrials and tech led the three major U.S. stock indexes well into the black, with the S&P 500…

WASHINGTON/NEW YORK (Reuters) – The U.S Commerce Department said on Wednesday that new restrictions on 33 Chinese firms and institutions it announced last month will take effect Friday. The agency has added the companies and institutions to an economic blacklist, accusing them of helping China spy on its minority Muslim Uighur population in Xinjiang or…

NEW YORK (Reuters) – Oil pulled back slightly on Wednesday after briefly jumping above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies. Oil prices were also were pressured as U.S. refined…

SAN FRANCISCO (Reuters) – Snap Inc said it would no longer promote U.S. President Donald Trump’s account in Snapchat’s Discover section, saying his inflammatory comments last week made the account ineligible for the curated section where users explore new content. “We will not amplify voices who incite racial violence and injustice by giving them free…