Business News
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Amazon faces more than slowing sales growth: it needs more warehouses
(Reuters) - Amazon.com Inc needs to spend billions of dollars to expand its warehouse and delivery system, adding pressure to its shares which dropped 7% on Friday after it forecast lower sales growth.
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U.S. House advances bills to address Archegos, GameStop turmoil
WASHINGTON (Reuters) - Wealthy families that set up investment funds known as "family offices" to manage their personal wealth would face stricter oversight from U.S. regulators under a bill advanced by a U.S. congressional panel late on Thursday.
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Exxon profit tops estimates on boost from chemicals, oil prices
(Reuters) -Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also sailed past analysts' estimates, boosted by higher oil prices and record earnings at its chemicals business.
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Chevron tops profit estimates, joins share buyback stampede
(Reuters) -Chevron Corp on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels. Oil and gas are trading near multi-year highs as fuel consumption has thrown off pandemic losses and natural gas has soared on weather demand. OPEC's decision to carry production curbs into next year has kept oil above $70 per barrel.
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Robinhood turns higher on day after weak debut; Cathie Wood's Ark buys 1.3 million shares
(Reuters) -Shares of Robinhood Markets Inc shuffled between gains and losses on Friday, a day after star stock picker Cathie Wood picked up 1.3 million shares of the company for the ARK Invest fund during the online brokerageâs grim market debut.
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Airbus production plans expose strategy rift with engine makers
PARIS (Reuters) -A rift between Airbus and engine makers over plans for higher jet output blotted strong aerospace earnings this week, with worries over the supply chain's industrial capacity masking a deeper tug of war over contrasting business strategies.
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Wall Street declines with Amazon; S&P 500 on track for monthly gain
NEW YORK (Reuters) - U.S. stocks were lower in afternoon trading on Friday with Amazon.com falling after it forecast lower sales growth, but the S&P 500 was still on track to post a sixth straight month of gains.
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Walmart to require masks for some U.S. retail workers, vaccinations for corporate staff
(Reuters) -Walmart Inc has made it mandatory for its retail workers in U.S. COVID-19 hotspots to wear masks and said it required its corporate staff to be vaccinated against the virus.
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U.S. SEC says Chinese IPO hopefuls must provide additional risk disclosures
(Reuters) -The U.S. securities regulator will not allow Chinese companies to raise money in the United States unless they fully explain their legal structures and disclose the risk of Beijing interfering in their businesses, the agency said on Friday, confirming an exclusive report by Reuters.
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Services buoy U.S. consumer spending; inflation pushes higher
WASHINGTON (Reuters) - U.S. consumer spending surged in June as vaccinations against COVID-19 boosted demand for travel-related services, but part of the increase reflected higher prices, with annual inflation accelerating further above the Federal Reserve's 2% target.
