By Niket Nishant and Manya Saini (Reuters) – Traders shorting New York Community Bancorp’s stock were sitting on more than $42 million of losses on Wednesday after the lender’s better-than-expected profit forecast for the next two years sent shares surging, data from Ortex show. The rally marked a rare bright spot for NYCB, which has…
(Reuters) -U.S. prosecutors are examining financial transactions at Block, NBC News reported on Wednesday, citing two people with direct knowledge of the matter. NBC reported that federal prosecutors were discussing with a former employee alleged widespread compliance lapses at Square and Cash App, the company’s two main units. Areas under investigation include whether the company…
BOGOTA (Reuters) -U.S. car maker General Motors will close its manufacturing operations in Colombia and Ecuador, the company said in a statement on Friday, as part of its shift towards producing next-generation vehicles. Manufacturing will cease at company’s Colmotores plant in Colombia from Friday, it said, while operations will halt at its factory in Ecuador…
By Jonathan Stempel (Reuters) – A real estate brokerage owned by Warren Buffett’s Berkshire Hathaway said on Friday it reached a $250 million settlement of nationwide antitrust litigation that is expected to change how real estate agents are paid. HomeServices of America, the largest U.S. real estate brokerage, was the last remaining defendant in a…
FRANKFURT (Reuters) -Porsche on Friday reported a 30% drop in first-quarter operating profit, citing higher investments in what the German luxury carmaker has called its biggest year of product launches in history. Operating profit in the first three months of 2024 came in at 1.28 billion euros ($1.37 billion), in line with an LSEG estimate,…
By Arsheeya Bajwa (Reuters) -International Business Machines is nearing a deal to buy cloud software provider HashiCorp, according to a person familiar with the matter. Hashicorp’s stock surged 24%, giving it a market value of $6.1 billion, after the Wall Street Journal first reported the talks. Under CEO Arvind Krishna, IBM has focused on acquisitions…
(Reuters) – Tesla is set to cut 3,332 jobs in California, the electric-vehicle maker said in multiple Worker Adjustment and Retraining Notification (WARN) notices on Monday. (Reporting by Akash Sriram in Bengaluru and Hyunjoo Jin in San Francisco; Editing by Shilpi Majumdar)
(Reuters) – A spike in power usage from artificial intelligence (AI) data centers could significantly boost natural gas demand in the second half of the decade, analysts at investment banker Tudor Pickering Holt & Co said in a report on Tuesday. As much as 8.5 billion cubic feet per day of natural gas could be…
By David Shepardson and Allison Lampert WASHINGTON (Reuters) -The U.S. Federal Aviation Administration (FAA) is investigating a Boeing whistleblower’s claims that the company dismissed safety and quality concerns in the production of the planemaker’s 787 and 777 jets, an agency spokesperson said on Tuesday. The planemaker has been grappling with a full-blown safety crisis that…
TORONTO (Reuters) -Bank of Nova Scotia said on Tuesday that upcoming elections in the U.S. and Mexico are creating political uncertainty but Canada’s third-biggest lender was well equipped to navigate the region’s shifting environments. Scotiabank’s presence in the United States, Canada and Mexico makes it unique among Canadian banks, giving it among the biggest exposure…
