Category: Business

By Kanishka Singh WASHINGTON (Reuters) – Twitter violated contracts by failing to pay millions of dollars in bonuses that the social media company, now called X Corp, had promised its employees, a federal judge ruled on Friday. Mark Schobinger, who was Twitter’s senior director of compensation before leaving Elon Musk’s company in May, sued Twitter…

By Tom Sims and Gus Trompiz FRANKFURT/PARIS (Reuters) -France’s CMA CGM is increasing the number of vessels travelling through the Suez Canal, it said on Tuesday, joining Maersk in returning to the area after U.S.-led efforts to prevent attacks. The world’s top shipping companies, including Maersk and Hapag-Lloyd, stopped using Red Sea routes after Yemen’s…

(Reuters) -U.S. retail sales rose 3.1% between Nov. 1 and Dec. 24, as shoppers looked for last-minute Christmas deals amid big promotions, a Mastercard report showed on Tuesday. The increase is lower than the 3.7% growth Mastercard forecast in September and last year’s 7.6% rise as higher interest rates and inflation pressured consumer spending. Amazon.com…

(Reuters) -U.S. oil giant ConocoPhillips on Friday gave the financial greenlight to its $8 billion Willow oil and gas drilling project in Alaska. “With this project authorization, we’ve begun winter construction,” CEO Ryan Lance said. Environmental and indigenous groups in November asked a federal court in Alaska to temporarily bar ConocoPhillips from going forward with…

By Gary McWilliams HOUSTON (Reuters) – The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies’ high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation. A surge in oil demand as world economies shook off…

By Lucia Mutikani WASHINGTON (Reuters) – U.S. prices fell in November for the first in more than 3-1/2 years, pushing the annual increase in inflation further below 3%, and boosting financial market expectations of an interest rate cut from the Federal Reserve next March. The report from the Commerce Department on Friday also showed underlying…

By Caroline Valetkevitch NEW YORK (Reuters) -Global stock indexes mostly rose while the U.S. dollar dipped to a near five-month low on Friday ahead of the long holiday weekend, with cooler-than-expected U.S. inflation data supporting the view that the Federal Reserve could cut borrowing costs in the new year. The Commerce Department report showed U.S.…

ROME (Reuters) – Meta Platforms, the parent company of Facebook, has become the latest tech company to be fined in Italy for breaches of a ban on the advertising of gambling. Meta has been fined 5.85 million euros ($6.45 million) in connection with profiles and accounts on Facebook and Instagram, as well as sponsored content…

By David Shepardson WASHINGTON (Reuters) -Truck engine maker Cummins Inc has agreed in principle to pay a $1.675 billion fine for installing devices on hundreds of thousands of engines to allow them to emit excess pollution, the largest-ever civil penalty for a Clean Air Act violation, the U.S. Justice Department said on Friday. The Department…

By Savyata Mishra and Aishwarya Venugopal (Reuters) – Nike is starting to lose share to upstart sneaker brands such as On and Hoka and will need to invest in fresher styles, analysts said on Friday, after the sportswear giant trimmed its annual sales forecast and sent shares tumbling 11%. The Air Jordan 1 shoe maker…