Category: Business
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Defense firm Lockheed forecasts dour 2024 profit on supply chain woes
By Shivansh Tiwary and Mike Stone (Reuters) – Lockheed Martin forecast its 2024 profit below Wall Street expectations on Tuesday, as the U.S. defense contractor’s largest aeronautics segment that makes the F-35 jets faces supply chain disruptions. Shares were down by about 3% in mid-day trading in New York after the company’s CEO said profits…
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S&P 500 notches first record high close in 2 years; chipmakers soar
By Noel Randewich and Johann M Cherian (Reuters) -The S&P 500 posted a record high close on Friday for the first time in two years, fueled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence. The benchmark’s close confirmed that the S&P 500 has been in a bull market…
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Oil drops slightly on China demand concerns but records weekly gain
By Nicole Jao NEW YORK (Reuters) -Oil prices settled slightly lower on Friday but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies. Brent futures settled 54 cents lower at $78.56 a barrel. U.S. West Texas Intermediate crude fell 67 cents to settle…
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EPA sends vehicle emissions reduction plan to White House for review
By David Shepardson WASHINGTON (Reuters) – The U.S. Environmental Protection Agency (EPA) sent to the White House for review its proposal to finalize sweeping emissions cuts for new cars and trucks through 2032 that could drastically boost electric vehicle sales, a document made public on Friday shows. The EPA in April proposed requiring a 56%…
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Oil prices settle higher global demand forecasts, US crude stock draw
By Laura Sanicola (Reuters) – Oil prices settled higher on Thursday after the International Energy Agency (IEA) joined producer group OPEC in forecasting strong growth in global oil demand and as cold winter weather disrupted U.S. crude output while the government reported a big weekly draw in crude inventories. Oil traders also worried about geopolitical…
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ChatGPT effect: Coursera sees signups for AI courses every minute in 2023
By Divya Chowdhury, Savio Shetty and Chavi Mehta DAVOS, Switzerland (Reuters) – U.S. edutech platform Coursera added a new user every minute on average for its artificial intelligence courses in 2023, CEO Jeff Maggioncalda said on Thursday, in a clear sign of people upskilling to tap a potential boom in generative AI. The technology behind…
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Bayer holds off on break-up to focus on management revamp for now -sources
By Ludwig Burger, Emma-Victoria Farr and Patricia Weiss (Reuters) -Bayer AG will likely hold off on presenting break-up plans at an investor update scheduled for early March as CEO Bill Anderson prefers to focus on an internal reorganisation for now, two people familiar with the matter told Reuters on Thursday. The likely delay in preparations…
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US single-family housing starts plunge in December
WASHINGTON (Reuters) – U.S. single-family homebuilding dropped sharply in December after a string of strong gains, but new construction remains underpinned by a shortage of previously owned houses for sale. Single-family housing starts, which account for the bulk of homebuilding, fell 8.6% to a seasonally adjusted annual rate of 1.027 million units last month, the…
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More junk-rated US companies to default in Q1, Moody’s forecasts
By Matt Tracy (Reuters) – Defaults by U.S. companies with low junk credit ratings are likely to rise further in the first quarter of 2024, according to a Thursday report by credit rating agency Moody’s Investors Service. Defaults among the lowest-rated U.S. companies will peak at 5.8% this quarter from 5.3% in November before leveling…
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US FAA says first 40 inspections of Boeing 737 MAX 9 planes complete
By David Shepardson and Valerie Insinna WASHINGTON (Reuters) -The Federal Aviation Administration (FAA) said on Wednesday that inspections of an initial group of 40 Boeing 737 MAX 9 jets had been completed, a key hurdle to eventually ungrounding the model after a mid-air cabin panel blowout on Jan. 5. The FAA had said last week…