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GM’s profit tumble in second quarter comes a day after Jeep maker Stellantis says it expected a $2.7bn loss in the first six months of the year. Auto giant General Motors has reported a 35 percent drop in second-quarter profits, including a $1.1bn hit from United States-imposed tariffs but confirmed its full-year forecast. GM’s results…
United States President Donald Trump has spent months attacking US Federal Reserve chairman Jerome Powell for not moving faster to lower interest rates. While Trump is not the first president to clash with the head of the US central bank on monetary policy, he has gone further than his predecessor by threatening to fire Powell and…
Indian tax authorities and market regulator are considering widening their probe of United States trading giant Jane Street Group to investigate it for tax evasion in addition to an earlier charge of price rigging in the Bombay Stock Exchange’s benchmark Sensex, according to media reports. The tax evasion charge comes on the heels of market…
An $8bn trial, pitting Meta Platforms shareholders against Mark Zuckerberg and other current and former company leaders, over claims they illegally harvested the data of Facebook users in violation of a 2012 agreement with the United States Federal Trade Commission, is under way. The trial kicked off on Wednesday with a privacy expert for the…
Nvidia bypassed Apple and Microsoft, the only other US firms with a market value of more than $3 trillion. Nvidia has notched a market capitalisation of $4 trillion, making it the first public company in the world to reach the milestone and solidifying its position as one of Wall Street’s most-favoured stocks. On Wednesday, shares…
The US imports roughly half of its copper needs each year, which is used in construction, transportation and electronics. United States President Donald Trump has said he will announce a 50 percent tariff on copper, hoping to boost domestic production of a metal critical to electric vehicles, military hardware, the power grid and many consumer…
The United States will place a lower-than-promised 20 percent tariff on many Vietnamese exports, President Donald Trump has said, cooling tensions with its 10th-biggest trading partner days before he could raise levies on most imports. Vietnamese goods will now face a 20 percent tariff, and any transshipments from third countries through Vietnam will face a…
Oil prices hit a five-month high over the weekend after the United States struck Iran’s nuclear facilities. Tehran retaliated with an attack on the US Al Udeid Air Base in Qatar, keeping global energy markets on edge. But oil prices dropped sharply on Tuesday after it appeared that Iran was holding off further attacks for…
Russia’s economy must not slide into recession, President Vladimir Putin said, after economists warned for months of a slowdown in growth. Putin told attendees, including government ministers and central bankers, at the St Petersburg International Economic Forum on Friday that some specialists and experts were “pointing to the risks of stagnation and even a recession”….
The United States Federal Reserve has left its benchmark rate unchanged despite mounting pressure from President Donald Trump to cut rates. On Wednesday, the Fed said it will leave its short-term rate unchanged at 4.25 percent to 4.5 percent. The central bank’s decision was largely in line with expectations, and it has not cut interest…
