By Svea Herbst-Bayliss NEW YORK, Aug 5 (Reuters) – Senior Bank of America technology executive Ed Liu has resigned and plans to join a competitor, the bank said in an internal memo on Wednesday. Liu served as vice chairman of technology and global head of software, according to his LinkedIn profile,
By Jody Godoy Aug 5 (Reuters) – The U.S. Department of Justice on Wednesday rescinded decades-old guidance to a shareholder proxy advisory business, citing significant antitrust concerns over consolidation in the industry. U.S. President Donald Trump has called for an antitrust probe of proxy advise
By Georgina McCartney HOUSTON, Aug 5 (Reuters) – Dealmaking in the U.S. upstream oil and gas sector shrank fourfold to $9 billion in the second quarter of this year as volatile oil prices tempered investor confidence, analytics firm Enverus said on Wednesday. “Crude volatility tied to the Iran confl
Aug 5 (Reuters) – Activist investor Starboard Value has built a new stake in Shake Shack, a source familiar with the matter told Reuters on Wednesday, sending the company’s shares up about 9%. Earlier in the day, the burger chain had reported second-quarter sales and profit above Wall Street estimat
Aug 5 (Reuters) – The Dallas and New York Federal Reserve banks plan to launch a pilot survey into the estimated $1.3 trillion private credit market after the end of the third quarter, the New York Fed said in a statement on Wednesday. Private credit’s expansion began as a means of funding private e
By Lewis Krauskopf NEW YORK, Aug 5 (Reuters) – As the U.S. stock market soars to fresh record highs this week, investors say a powerful corporate profit engine, a reset in high-flying AI shares and still-reasonable valuations can further fuel the rally. The benchmark S&P 500 on Tuesday posted its fi
By Kenrick Cai SAN FRANCISCO, Aug 5 (Reuters) – Google parent company Alphabet on Wednesday announced a leadership overhaul of its AI division, with AI chief Demis Hassabis leaving his main managerial role and several leaders of its Gemini model, including veteran engineer Jeff Dean, departing the c
Aug 5 (Reuters) – Chipotle Mexican Grill said on Wednesday its annual targets shared last week did not include the financial impact from the salmonella outbreak in Minnesota, which resulted in the burrito chain pulling jalepenos at some of its restaurants. Here are some details: • The Minnesota Depa
By Clara Denina and Melanie Burton LONDON/MELBOURNE, Aug 5 (Reuters) – Glencore’s planned secondary listing in Australia signals a push to tap one of the world’s fastest-growing pools of institutional capital to fund its copper growth ambitions and potentially pave the way for transformational M&A.
By Isla Binnie and Utkarsh Shetti NEW YORK, Aug 5 (Reuters) – Global investment firm Carlyle topped Wall Street estimates for second-quarter profit on Wednesday, as fee-related earnings climbed and the group booked proceeds from deals in Japan and the U.S. Distributable earnings, which represent the
Choosing the best new SUV for your needs can be difficult, especially if you plan on using it for towing. A vehicle’s maximum tow rating is an important consideration, but it only tells part of the story. The best towing SUVs combine stable handling, strong braking, and enough power to keep you movi
By Dan Burns Aug 5 (Reuters) – Clearly communicating what the Federal Reserve’s “reaction function” will be to various scenarios is helpful for the public and markets and should be continued, Minneapolis Fed President Neel Kashkari said on Wednesday in a jab at the communications stance adopted by n
WASHINGTON, Aug 5 (Reuters) – U.S. private payrolls growth slowed in July, the ADP national employment report showed on Wednesday. Private employment increased by 44,000 jobs last month after a downwardly revised 95,000 gain in June. Economists polled by Reuters had forecast private employment incre
Disney’s solid third quarter was driven by a $1 billion box office haul from “Toy Story 5” and the strong draw of U.S. theme parks that helped to offset continued weakness from international tourism. Disney also announced a global short-form content sharing deal with TikTok on Wednesday. The agreeme
LAS VEGAS (AP) — Airline passengers know to expect possible flight delays when weather forecasts call for thunderstorms, heavy snow or strong wind. The omens are less obvious on a hot summer day with clear skies. Yet extreme heat also disrupts flights and travel plans. On the hottest days, thinner a
Aug 5 (Reuters) – Kraft Heinz raised its annual forecasts after beating quarterly sales estimates on Wednesday, as CEO Steve Cahillane’s turnaround efforts gained traction and price hikes helped counter lower volumes in North America and other markets. The better-than-expected results give credence
By Maggie Fick and Sabrina Valle Aug 5 (Reuters) – There are “no discussions” ongoing between AstraZeneca and Bristol Myers Squibb over a potential deal, a senior source close to the matter told Reuters on Wednesday, quashing the prospect of a mooted mega merger between the drugmakers. “There is no
By Svea Herbst-Bayliss and Nell Mackenzie NEW YORK/LONDON, Aug 5 (Reuters) – Hedge fund Citadel’s three large portfolios boasted gains last month even as many industry rivals suffered losses, amid a technology stock selloff fuelled by worries about artificial intelligence spending. The firm’s flagsh
By Sarupya Ganguly BENGALURU, Aug 5 (Reuters) – The U.S. dollar will hold firm in coming months before weakening later in the year, according to FX strategists surveyed by Reuters who also generated some of the weakest consensus Japanese yen forecasts since polling began in the early 1990s. Fuelled
By Robert Harvey LONDON, Aug 5 (Reuters) – Glencore earned 66 times more from energy trading in the first half of 2026 than it did a year earlier, joining other major commodity traders profiting from market turmoil created by the Iran war. Glencore booked $2.66 billion in first-half adjusted earning
By Summer Zhen HONG KONG, Aug 5 (Reuters) – Some large Asian multi-strategy funds suffered their biggest drawdown this year in July as a brutal selloff in AI stocks across Japan, South Korea and China eroded gains accumulated in the first half, sources close to the funds said on Wednesday. Positions
By Pritam Biswas and Atharva Singh Aug 5 (Reuters) – Circle reported higher second-quarter revenue on Wednesday, helped by increased adoption of its USDC stablecoin as businesses and institutions expanded its use beyond crypto trading, sending its shares up 7.7% before the bell. Demand for stablecoi
Aug 5 (Reuters) – Thomson Reuters reported a 9% rise in second-quarter revenue on Wednesday, boosted by its big three legal, corporates and tax and accounting businesses. Thomson Reuters said its second-quarter revenue rose to $1.95 billion, edging past estimates of about $1.9 billion. It said earni
TOKYO (AP) — Honda’s profit for the fiscal first quarter more than doubled from a year ago, as the Japanese automaker continues to tackle a turnaround from the first full year loss in its history. Tokyo-based Honda Motor Co. said Wednesday its April-June profit totaled 456.9 billion yen ($2.9 billio
WELLINGTON, New Zealand (AP) — For passengers on the budget Australian airline Jetstar, the days of cramming your bag into an overhead locker already full of your seatmates’ full-sized suitcases are coming to an end, but there’s a catch. The carrier will charge passengers for stowing carry-on bags i
By Tatiana Bautzer NEW YORK, Aug 5 (Reuters) – Bank executives’ compensation will rise the most among all financial sectors on Wall Street, as record revenues on trading and deals boost bonuses, according to Johnson Associates, a financial compensation consultancy. In a report published on Wednesday
By Nupur Anand NEW YORK, Aug 5 (Reuters) – JPMorgan Chase CEO Jamie Dimon is urging corporate leaders to join a U.S.-focused industry group to address risks posed by AI, as corporate America rapidly adopts the developing technology, two sources familiar with the matter said. Dimon has personally rea
By Leika Kihara TOKYO, Aug 5 (Reuters) – U.S. Treasury Secretary Scott Bessent’s public views on Japan’s monetary policy have all but locked the central bank into an interest rate hike at its September meeting and raised questions about Washington’s influence over domestic policy. Bessent has had a
Aug 5 (Reuters) – Contracts tracking the S&P 500 and the Dow edged up on Wednesday on hopes of a Middle East peace breakthrough, while Nasdaq futures lagged as upbeat forecasts from SpaceX and AMD failed to impress investors. Elon Musk-led SpaceX’s revenue nearly doubled and operating losses narrowe
BERLIN (AP) — A drone sighting and the discovery of a suspicious object at Germany’s Leipzig/Halle Airport led to flight disruption during the night, and one runway remained closed on Wednesday, authorities said. Several flights, including one passenger plane, were diverted to other airports after t
