Business

Stocks slip, crypto under pressure amid inflation worries

Global stocks slipped and cryptocurrencies sank on Wednesday as a threat of unwanted inflation had investors shy away from assets seen as vulnerable to any removal of monetary stimulus. Digital coins were also under pressure from new Chinese restrictions on financial institutions providing services related to cryptocurrency transactions. With bitcoin earlier hitting its lowest level […]

Business

Cisco forecasts profit below estimates, cites supply chain issues

Cisco Systems Inc (CSCO.O) on Wednesday cautioned that supply chain issues will linger through the end of 2021 and forecast its current-quarter profit below estimates, sending shares of the network gear maker down 5%. The warning comes as all tech companies are facing a global chip shortage. “Notwithstanding what’s going on in the supply chain, […]

Business

Amazon.com faces five new racial, gender bias lawsuits

Amazon.com Inc (AMZN.O) was hit on Wednesday with five new lawsuits by women who worked in corporate or warehouse management roles, and accused the online retailer of gender bias, racial bias or both. The women, ages 23 to 64, accused Amazon of favoring men over women in career growth, allowing supervisors to denigrate them, and […]

Business

Nord Stream 2 sanctions waivers could aid Russia-U.S. ties, Moscow says

Russian officials on Wednesday said Moscow’s fraught ties with Washington could benefit from the waiving of U.S. sanctions on the company in charge of the Nord Stream 2 pipeline, after a report said the Biden administration was set to lift them. Commenting on a report by U.S. news website Axios, Kremlin spokesman Dmitry Peskov said […]

Business

Oprah-backed Oatly raises $1.4 billion in IPO

Swedish vegan milk maker Oatly Group AB (OTLY.O), which counts celebrities Oprah Winfrey and Natalie Portman among its backers, raised $1.4 billion in its U.S. initial public offering on Wednesday, the company said in a statement. The company, whose investors also include rapper Jay Z and former Starbucks Corp head Howard Schultz, said it priced […]

Business

U.S. mortgage applications tick up, purchase applications at 3-month low – MBA

U.S. applications for home mortgages increased last week on a pickup in homeowners seeking to refinance their loans, but requests for loans to purchase a house fell to a three-month low amid an acute shortage of housing stock that is driving up prices. The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted Purchase […]

Business

BlackRock’s climate views put it center stage in Exxon boardroom fight

Top asset manager BlackRock (BLK.N) could determine the outcome of a proxy fight between Exxon Mobil (XOM.N) and a hedge fund seeking to reshape the oil giant’s board and future direction. Exxon’s 12 directors are up for election on May 26, in a vote that offers a high profile test of BlackRock’s approach to getting […]