U.S. retail sales unexpectedly rebound in boost to economic growth
WASHINGTON, July 16 (Reuters) – U.S. retail sales unexpectedly increased in June as demand for goods remained strong even as spending is shifting back to services, bolstering expectations that economic growth accelerated in the second quarter. The rebound in sales reported by the Commerce Department on Friday was despite purchases of motor vehicles declining again […]
The Warthog and the senator: The politics of retiring a warplane
WASHINGTON, July 16 (Reuters) – The U.S. Air Force is desperate to get rid of some of its fleet of expensive, slow and outdated A-10 Warthog airplanes, but politicians have blocked the move, aiming to keep the local dollars flowing. President Joe Biden wants to retire dozens of the 40-year-old warplanes to free up funding […]
Floodwaters still rising in western Europe with death toll over 110
SCHULD/ERFTSTADT, Germany, July 16 (Reuters) – More than 1,000 people were missing in flood-stricken regions of western Germany and Belgium on Friday, where waters were still rising with the death toll already well over 100 and communications in some areas cut. Entire communities lay in ruins after swollen rivers swept through towns and villages in […]
World Bank trims East Asia, Pacific GDP forecast amid COVID-19 concerns
Growth in East Asia and the Pacific this year will likely be slower than previously thought, the World Bank said on Thursday, as many countries in the region grapple with spikes in COVID-19 cases, new variantsand vaccine supply constraints.
BlackRock profit beats as assets grow to a record $9.5 trillion
BlackRock Inc (BLK.N), the world’s largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company’s funds, driving robust fee growth and boosting its assets under management to a record high.
AMC, GameStop shares fall to half of their June peaks
Shares of cinema operator AMC Entertainment (AMC.N) and video game retailer GameStop Corp (GME.N) fell sharply on Wednesday and were both trading below half their recent peak prices, testing the fortitude of the stocks’ retail shareholders.
S&P 500 ends higher after Fed Chair Powell lulls market
The S&P 500 ended with a gain after briefly hitting an intra-day record in a choppy session on Wednesday, as investors balanced worries about inflation with reassuring comments from Fed Chair Jerome Powell.
AIG to sell life and retirement unit stake to Blackstone, another with IPO
American International Group Inc (AIG.N)plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc (BX.N)agreed to buy a sizeable stake, according to a person familiar with the matter.
Daimler reports Q2 preliminary adjusted EBIT of $6.42 bln
Mercedes-Benz maker Daimler AG (DAIGn.DE) on Thursday reported preliminary adjusted group earnings before interest and tax (EBIT) of 5.42 billion euros ($6.42 billion) for the second quarter, with car and truck divisions beating analyst targets.
U.S. CEO-to-worker pay ratio rose to 299:1 last year -union
The average S&P 500 .SPX chief executive made $15.5 million last year, 299 times the pay of the median worker and a higher ratio than in 2019, the top American labor union said on Wednesday, as the COVID-19 pandemic drove layoffs while executive compensation grew.
