Year: 2023
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Hedge funds’ bearish bets get crushed in post-Fed meeting rally
(This Dec. 15 story has been corrected to fix the name of the reporter in the signoff line at the end of story) By Carolina Mandl and Summer Zhen NEW YORK/HONG KONG (Reuters) – Global equities long/short hedge funds’ bets against U.S. stocks got squeezed in the last two days after U.S. bond yields slid,…
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Exxon’s low US tax payments ruffle Biden’s climate agenda
By Tim McLaughlin (Reuters) -Exxon Mobil’s income tax payments to the U.S. government have dropped to 3% over the past five years – several times below the company’s 20-year average – on massive deductions passed under former President Donald Trump. Corporate tax experts say Exxon could enjoy low taxes for several more years, at a…
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US bank stocks drop as Fed policymaker plays down rate-cut expectations
By Manya Saini (Reuters) -U.S. bank stocks fell on Friday after a U.S. Federal Reserve policymaker dashed market expectations of interest-rate cuts early next year but were still trading close to the level last seen before the sector’s crisis in March. Expectations that a rate cut in early 2024 would help loan growth and lower…
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Citi set to split Mexico retail bank from corporate, investment unit by late 2024
(This Dec. 14 story has been corrected to say Citi will separate its Mexican retail unit from its corporate and investment business) MEXICO CITY (Reuters) – Citigroup will split its Mexico retail unit, known as Banamex, from its corporate and investment banking business in the country by the second half of 2024, the lender’s Mexico…
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US manufacturing output increases in November, underlying trend soft
By Lucia Mutikani WASHINGTON (Reuters) – Production at U.S. factories rose in November, lifted by a rebound in motor vehicle output following the end of strikes, but activity was weaker elsewhere as manufacturing grapples with higher borrowing costs and softening demand. Despite the manufacturing sector’s mixed fortunes, the economy continued to expand as the year…
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Pemex’s failure to pay debts threatens suppliers’ survival, industry warns
By Adriana Barrera (Reuters) – Mexican state energy company Pemex’s mounting debt with oil service providers as well as private crude and gas producers threatens production, investment and in some cases even the survival of suppliers, industry groups warned. In addition to financial debt of more than $105 billion, the company disclosed that at the…
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Panama starts process for First Quantum’s mine ‘definitive’ closure
(Reuters) – Panama has started the process for Canadian miner First Quantum’s Cobre Panama mine’s “definitive” closure, a government statement said on Friday, following the official notification for the miner to end operations. The roadmap for the mine’s closure will be presented to the country in the coming days, Panama’s trade ministry said in a…
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Markets outpace central banks as rate cut bets fuel ‘everything rally’
By Naomi Rovnick and Yoruk Bahceli LONDON (Reuters) -Markets have raced ahead of the U.S., euro zone and UK central banks to price in sizeable and frenetic interest rate cuts next year, fueling a so-called everything rally that could now be vulnerable to a correction. The U.S. Federal Reserve on Wednesday signaled it would cut…
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GM’s struggling Cruise business to cut one-quarter of its workforce
By David Shepardson (Reuters) -General Motors’ self-driving vehicle business Cruise will slash 24% of its workforce as it works to restructure operations following an accident that forced it to halt U.S. testing, the company said on Thursday. GM’s money-losing robotaxi unit has been in turmoil for weeks. Cruise pulled all its U.S. vehicles from self-driving…
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S&P 500 ends higher as investors bet on lower rates
By Caroline Valetkevitch and Noel Randewich NEW YORK (Reuters) – The S&P 500 closed higher on Thursday on optimism that borrowing rates will decrease next year following a dovish pivot by the Federal Reserve. Trading was mixed for much of the session, with Apple giving up gains after hitting an intraday record high. Tesla shares…