Year: 2023

(Reuters) -Shares of crypto miners and bitcoin-tracking companies rose on Friday as the world’s largest cryptocurrency extended a recent rally to touch a near 19-month high on improving risk appetite. Bitcoin, up 1.6% at $38,337, has been gaining since October on optimism that a potential approval of a spot exchange-traded fund is likely to unleash…

(Reuters) – Ford Motor Co is intensely focused on reducing costs across the business, from commodities, labor and warranties to the design of its third-generation electric vehicles, a top executive said Thursday. “We’re focused on making meaningful changes in cost and quality” over the next year or two, Chief Financial Officer John Lawler told a…

By Nivedita Balu and Arasu Kannagi Basil (Reuters) -TD Bank Group is axing 3% of its workforce, or more than 3,000 jobs, the country’s second-largest bank said on Thursday, becoming the latest Canadian bank to cut employees, after reporting quarterly profit that missed analysts’ expectations. Shares of the bank, which set aside more-than-expected funds to…

By Paritosh Bansal (Reuters) -In recent weeks top U.S. officials have raised concerns over a hedge fund trade that profits from tiny price differences in Treasuries, worried it could present a risk to financial stability. No one knows, though, how big that trade really is. Researchers from the U.S. Federal Reserve and the Office of…

By Leroy Leo and Manas Mishra (Reuters) -AbbVie will buy ImmunoGen for $10.1 billion in cash, it said on Thursday, the latest major drugmaker to acquire a maker of promising “guided missile” cancer therapies as its top-selling treatment Humira faces newer rivals. ImmunoGen’s Elahere belongs to a new class of treatments called antibody-drug conjugates (ADC)…

By Hannah Lang (Reuters) – The U.S. government will cut off cryptocurrency companies from the broader U.S. economy if they fail to block and report illicit money flows, Deputy Treasury Secretary Wally Adeyemo warned the industry on Wednesday. Speaking at an event hosted by the Blockchain Association, Adeyemo said that crypto companies need to do…

By Deborah Mary Sophia (Reuters) -Kroger on Thursday cut its annual sales forecast, pinched by moderating food and grocery prices at a time when demand has come under pressure from consumers keeping a tight lid on spending. Grocery prices are now trending lower as fresh food items go into disinflation mode while packaged food items…

By Alex Lawler LONDON (Reuters) -Saudi Arabia, Russia and other members of OPEC are scheduled to meet online on Thursday and could make further changes to an agreement that already limits supply into 2024, according to analysts and OPEC+ sources, to support the market. The Organization of the Petroleum Exporting Countries and allies led by…

By Valentine Hilaire and Divya Rajagopal PANAMA CITY/TORONTO (Reuters) – For more than a month, a group of 16 fishing boats has been blocking a key port in Panama, choking off coal and essential supplies destined for First Quantum Minerals’ giant copper mine there, eventually forcing it to halt operations at the company’s biggest revenue…