Business

Stock gains power higher Berkshire profit, Buffett presses on with stock buybacks

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday said stock market gains fueled a record quarterly profit, while the billionaire signaled investors are undervaluing his company by repurchasing another $9 billion of its stock.FILE PHOTO: Warren Buffett, chairman and CEO of Berkshire Hathaway, takes his seat to speak at the Fortune’s Most Powerful Women’s […]

Business

Nasdaq moves higher as tech stocks retrace some losses

NEW YORK (Reuters) – The tech-heavy Nasdaq index partly rebounded on Friday from its worst day in four months in choppy trading, even as sentiment remained fragile, with fears of a rise in inflation keeping U.S. bond yields near a one-year high.FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange […]

Business

U.S. consumer spending rebounds in January

FILE PHOTO: People count money at Macy’s Herald Square store during the early opening of the Black Friday sales in the Manhattan borough of New York, November 26, 2015. REUTERS/Andrew Kelly/File PhotoWASHINGTON (Reuters) – U.S. consumer spending rebounded strongly in January as the government doled out additional pandemic relief money to low-income households and new […]

Business

U.S. Senate referee says Democrats cannot include $15 minimum wage in COVID bill

WASHINGTON (Reuters) – In a blow to Democrats, the Senate parliamentarian ruled the chamber cannot include President Joe Biden’s proposed $15-an-hour minimum wage in a $1.9 trillion coronavirus bill the party aims to pass without Republican votes, lawmakers said on Thursday.FILE PHOTO: The sun rises on the U.S. Capitol dome before Joe Biden’s presidential inauguration […]

Business

AMP shares surge on Ares bid to buy 60% of unit's private markets business

(Reuters) – U.S.-based Ares Management plans to buy 60% of the private markets business of AMP Ltd’s asset management arm for A$1.35 billion ($1.06 billion), the pair said on Friday, weeks after scrapping a bid for all of the Australian company.FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head […]

Business

Wall Street advances as Fed's Powell soothes inflation worries

NEW YORK (Reuters) – Shares on Wall Street rallied on Wednesday, with the Dow hitting a record high, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell’s comments calmed inflation worries.FILE PHOTO: FILE PHOTO: A view of the exterior of the Nasdaq market site […]

Business

Nasdaq futures subdued as tech sell-off deepens

(Reuters) – Futures tracking the tech-heavy Nasdaq were muted on Wednesday after sliding for six straight sessions as investors swapped growth-oriented technology shares with stocks that stand to gain the most from an economic rebound.FILE PHOTO: FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York […]

Business

Top Toshiba shareholder renews call for probe over pressure on AGM vote

FILE PHOTO: The logo of Toshiba Corp. is seen at the company’s facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei KatoTOKYO (Reuters) – Toshiba Corp’s top investor has renewed its call for an independent investigation into the company’s annual shareholder meeting (AGM) last year, according to a letter dated Wednesday sent to other shareholders. Singapore-based […]

Business

U.S. bank profits fell 36.5% in 2020 on pandemic concerns – FDIC

WASHINGTON (Reuters) – U.S. bank profits fell 36.5% in 2020 from the prior year as banks set aside massive amounts to guard against potential losses, but the industry showed signs of strengthening in the fourth quarter as the economy begins to recover from the pandemic, a regulator reported on Tuesday.FILE PHOTO: The Federal Deposit Insurance […]

Business

Wall Street pulls back, weighed down by tech

NEW YORK (Reuters) – Wall Street retreated on Tuesday as investors shifted away from mega-cap growth stocks, but the sell-off eased following reassurances from U.S. Federal Reserve Chairman Jerome Powell.FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., February 16, 2021. REUTERS/Brendan McDermidAll three major U.S. […]