Business

U.S. retailers slash clothing prices as shoppers cut purchases

Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks. Gap was the latest retailer to report a slump in apparel shopping for the second-quarter, saying on Thursday that net sales slumped 8% from a year earlier to $3.86 billion. Earlier this month, executives at […]

Business

Shipping container suppliers abandon $987 mln deal after U.S. probe

Global shipping container suppliers China International Marine Containers and Maersk Container Industry in a joint statement on Thursday said they have abandoned a merger plan, citing significant regulatory challenges. China International Marine Containers (CIMC) (000039.SZ) in September had agreed to buy the Danish shipping company AP Moeller – Maersk’s (MAERSKb.CO) refrigerated containers maker for $987.3 […]

Business

U.S. House chair demands Twitter answer whistleblower allegations

The chair of the U.S. House of Representatives Homeland Security and a key subcommittee demanded on Thursday that Twitter (TWTR.N) Chief Executive Parag Agrawal address “disturbing whistleblower allegations regarding poor security and privacy practices.” Democratic Representatives Bennie Thompson and Yvette Clarke also asked Twitter in a letter to detail its preparations for the 2022 elections […]

Business

U.S. State Dept approves potential sale of military helicopters to Australia

The U.S. State Department approved the potential sale of military helicopters and related equipment to Australia for an estimated cost of $1.95 billion, the Pentagon said, as Australia seeks to boost its military presence in the Indo-Pacific region. Australia had requested to buy 40 UH-60M Black Hawk helicopters and the principal contractor will be Lockheed […]

Business

Cboe says Robinhood and Virtu among potential equity partners in crypto exchange

Cboe Global Markets Inc (CBOE.Z) on Thursday said it is in discussions with several market participants, including retail brokers and market makers, about taking strategic stakes in its recently acquired digital asset exchange, ErisX, which will be renamed Cboe Digital. Cboe said the potential equity partners include Robinhood Markets Inc (HOOD.O), Interactive Brokers (IBKR.O), Virtu […]

Business

No call yet on 50 vs 75 bps rate hike next month

U.S. Federal Reserve officials on Thursday were noncommittal about the size of the interest rate increase they will approve at their Sept. 20-21 meeting, but continued hammering the point they will drive rates up and keep them there until inflation has been squeezed from the economy. Those higher rates could lead to a rise in […]

Business

Dollar edges lower as investors wait on Fed’s Powell

The dollar index slipped while the euro was steady on Thursday in choppy trading as investors awaited Federal Reserve Chairman Jerome Powell’s speech on Friday for further clues about the pace of the U.S. central bank’s rate hikes. Investors are tossing up between the likelihood of a 50 or 75 basis point rate increase in […]