Business News
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Nasdaq tumbles to correction territory after Powell comments
(Reuters) - Wall Street slumped on Thursday, leaving the Nasdaq down 10% from its February record high, after remarks from Federal Reserve Chair Jerome Powell disappointed investors worried about rising longer-term U.S. bond yields.
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U.S. Senate mulls $30 billion in funding to boost chipmaking sector, source says
WASHINGTON (Reuters) - The U.S. Senate is considering including in a new bill to boost competitiveness against China $30 billion in funding for previously-approved measures to supercharge the country's chipmaking industry, a congressional source said on Thursday.
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Exclusive: Amid shortage, U.S. suppliers to Chinese chip giant SMIC struggle to get export licenses
(Reuters) - The U.S. government has been slow to approve licenses for American companies like Lam Research Corp and Applied Materials Inc to sell chipmaking equipment to China semiconductor giant SMIC, sources said, as the impact of a global chip shortage spreads.
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Exclusive: Apple faces EU charges over Spotify complaint - sources
BRUSSELS (Reuters) - Apple could face an EU antitrust charge sheet in the coming weeks after a complaint by rival Spotify that it unfairly pushed its own music streaming service, two people familiar with the matter said on Thursday.
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U.S. Senate votes to begin debate on Biden COVID-19 relief bill
WASHINGTON (Reuters) - The U.S. Senate voted on Thursday to take up President Joe Biden's $1.9 trillion coronavirus aid bill, setting up what is likely to be a contentious, days-long debate over the merits of the sweeping package.
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U.S. travel demand remains low; 12% of Americans plan spring break travel: industry
WASHINGTON (Reuters) - U.S. travel demand remains low even as tens of millions of Americans get vaccinated for COVID-19, with just 12% planning a spring break trip this year, the industry said Thursday.
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GameStop, AMC both spike before paring gains
(Reuters) - Shares in Reddit-darling GameStop climbed to a session high of $147.87 as volume spiked on Thursday afternoon and the video game retailer's stock was last up 4.5% after paring some gains.
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Investors seeking action from Powell on yields disappointed
NEW YORK (Reuters) - Investors hoping for action from Federal Reserve Chair Jerome Powell to address recent turmoil in the Treasury market were left disappointed.
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U.S. markets regulator deploys team to target climate, ESG misconduct
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission has formed an enforcement task force to examine misconduct related to environmental, social and governance issues as the regulator ramps up a focus on climate and other hot-button topics.
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Airlines urge relaxation on refunds as EU probes passenger rights
BRUSSELS (Reuters) - European airlines on Thursday renewed a push to relax refund rules as EU auditors and the European Commission started separate probes into air passenger rights and whether they were being respected.
