Category: Business
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Oil prices settle lower to start 2024 as supply concerns ease
By Georgina McCartney HOUSTON (Reuters) -Oil prices closed the first trading session of 2024 lower as expectations for interest rate cuts waned and on easing concerns that tensions in the Red Sea will disrupt supplies. Brent crude settled at $75.89, down by $1.15 or 1.5%. U.S. West Texas Intermediate crude settled at $70.38 a barrel,…
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US FDA approvals bounce back in 2023, sparking hopes of a biotech recovery
By Manas Mishra and Pratik Jain (Reuters) – The U.S. Food and Drug Administration approved nearly 50% more novel drugs in 2023 than in 2022, putting it back on pace with historical levels, an improvement analysts and investors said could lead to increased investment in biotech firms. FDA nods for innovative therapies containing an active…
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Airlines urge US to do more to address flight delays
By David Shepardson WASHINGTON (Reuters) -A group representing major passenger airlines on Friday urged U.S. transportation officials to do more to address the impact of private planes and air traffic controller staffing shortages on holiday flight delays and cancellations. Airlines for America, a group representing American Airlines, Delta Air Lines, United Airlines, Southwest Airlines and…
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History shows strong 2023 could keep US stocks on path for 2024 gains
By Lewis Krauskopf NEW YORK (Reuters) -The U.S. stock market’s hefty gains in 2023 could provide a lift for equities next year, if history is any guide. The S&P 500 ended the year on Friday with an annual gain of just over 24%. The benchmark index also stood near its first record closing high in…
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Oil prices shed 10% in 2023 as supply, demand concerns weigh
By Nicole Jao NEW YORK (Reuters) -Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world. Brent crude on Friday, the last trading day of the year, settled at $77.04 a barrel, down 11 cents…
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Judge certifies Johnson & Johnson shareholder class action over talc disclosures
By Jonathan Stempel NEW YORK (Reuters) -A federal judge said Johnson & Johnson shareholders may pursue as a class action their lawsuit accusing the company of fraudulently concealing how its talc products were contaminated by cancer-causing asbestos. U.S. District Judge Zahid Quraishi in Trenton, New Jersey, on Friday allowed shareholders from Feb. 22, 2013, to…
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U.S. drivers hope for lower pump prices in 2024 as gasoline stocks climb
By Shariq Khan (Reuters) – American drivers can expect lower motor fuel costs for a second-straight year in 2024 as a jump in global refining capacity and a surplus in U.S. gasoline stocks drive down retail prices, according to analysts’ forecasts. The U.S. national average retail gasoline price could drop by 13 cents next year…
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STOXX 600 ends 2023 up 12.6% on rate cut optimism, Italy best performer
By Shashwat Chauhan and Bansari Mayur Kamdar (Reuters) -European shares ended 2023 with an annual gain of almost 13% on hopes of softer monetary policy from major central banks next year. The pan-European STOXX 600 edged up 0.1% on Friday, posting its seventh straight weekly gain and its best December performance since 2021. It closed…
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Gold to enter 2024 with sights set on record highs
By Deep Kaushik Vakil (Reuters) – Gold investors anticipate record high prices next year, when the fundamentals of a dovish pivot in U.S. interest rates, continued geopolitical risk, and central bank buying are expected to support the market after a volatile 2023. Spot gold is on track to post a 13% annual rise in 2023,…
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Boeing says Chinese airlines resumed operating all 737 MAXs in 2023
BEIJING/SEOUL (Reuters) -All Boeing 737 MAX jets operated by Chinese carriers are back in service at the end of 2023, the U.S. planemaker’s China head said on Friday, nearly a year after they started flying following a global grounding in 2019. The best-selling Boeing model was grounded after fatal crashes in Indonesia and Ethiopia. The…