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☆ Pacific Islands leaders confirm former Nauru president as next top official
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

Nauru President Baron Divavesi Waqa addresses the 73rd session of the United Nations General Assembly at U.N. headquarters in New York, U.S., September 26, 2018. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsSYDNEY, Nov 10 (Reuters) - The Pacific Islands Forum confirmed the selection of former Nauru President Baron Waqa as the 18-member bloc's next top official at a meeting on Friday in the Cook Islands. Current Nauru President David Adeang had abruptly left the annual leaders meeting a day earlier after objections were raised by at least one Pacific Islands leader over Waqa's nomination. Adeang did not travel with the other leaders to the island of Aitutaki, where meetings resumed on Friday. "I inherited a fractured Pacific forum.

Persons: Baron Divavesi Waqa, Eduardo Munoz, Baron Waqa, bloc's, David Adeang, Adeang, Waqa, Sitiveni Rabuka, Henry Puna, Kirsty Needham, Tom Hogue Organizations: United Nations General Assembly, REUTERS, Rights, Pacific Islands Forum, Nauru, Fiji, Thomson Locations: Nauru, U.N, New York, U.S, Cook, Aitutaki, Taiwan, China, Micronesia, Polynesia, Melanesia

Former U.S. President Donald Trump attends the Trump Organization civil fraud trial, in New York State Supreme Court in the Manhattan borough of New York City, U.S., November 6, 2023. Trump's testimony wrapped up in midafternoon. Over roughly four hours on the witness stand, Trump often avoided direct answers, instead bragging about his properties and his wealth. New York state lawyers said in their lawsuit that the estimates misled lenders and insurers, earning him more than $100 million and exaggerating his wealth by $2 billion. At one point when Trump was on the stand, Engoron asked Kise to take Trump to the back of the courtroom and "explain the rules."

Persons: Donald Trump, Eduardo Munoz, Arthur Engoron, Trump, Engoron, Christopher Kise, Ivanka, Letitia James, Alina Habba, I've, James, Kise, Eric, Donald Jr, Michael Cohen, Trump's, Jack Queen, Luc Cohen, Andy Sullivan, Scott Malone, Lisa Shumaker, Grant McCool Organizations: U.S, Trump Organization, Court, REUTERS Acquire, Companies Trump Organization, Trump, Republican, New, Deutsche Bank, Mar, Thomson Locations: New York, Manhattan, New York City, U.S, midafternoon, Doral, Florida, Springs, United States

☆ Sam Bankman-Fried tried to pin his fraud scheme on his closest friends. Then they turned on him for it.
▼ + stars: | 2023-11-03 | by ( Katie Balevic | ) www.businessinsider.com time to read: +12 min

A jury found Sam Bankman-Fried guilty in his fraud trial over the collapse of FTX. One by one, his friends flipped to work with the prosecution and threw Bankman-Fried under a much bigger bus. That's how a jury found him guilty of seven counts in his federal fraud trial in downtown Manhattan on Thursday evening. AdvertisementAdvertisementSingh, for example, testified he was "blindsided and horrified" when he found out in November that Alameda had used FTX customer money. The sentencing schedule may depend on a second criminal trial Bankman-Fried faces for alleged illegal campaign contributions.

Persons: Sam Bankman, Fried, SBF, —, FTX, –, Nicolas Roos, Jim Angel, Angel, Caroline Ellison, Gary Wang, Nishad Singh, Bankman, Singh, blindsided, Ellison, Sam, Eduardo Munoz Alvarez, Wang, Singh —, Mark Cohen, Cohen, who'd, Adam Yedidia, Sun, deflating, they're, Chelsea Jia Feng, Danielle Sassoon, Roos Organizations: Service, Prosecutors, MIT, Georgetown, Financial Markets, Alameda, Bankman Locations: FTX, Alameda, Manhattan, Bankman

☆ A slower holiday sales season won't be a problem for these 4 consumer companies
▼ + stars: | 2023-11-02 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Holiday sales growth is expected to be sluggish this year as shoppers continue to get squeezed by sticky inflation. "Shoppers are setting strict budgets for their holiday shopping," BofA said in a recent note. And, on Wednesday evening, the company said October net sales rose 4.5% year-over-year to $18.53 billion, continuing a streak of monthly sales growth. TJX YTD mountain TJX Companies YTD TAG expects holiday sales at off-pricers to grow 6% year over year, which would be faster than last year's 4.3% increase. Black Friday and Cyber Monday will remain popular holiday shopping events, the analysts anticipate, as more shoppers spread out their holiday purchases.

Persons: BofA, discounters, Andy Jassy, Jim Cramer's, Jim Cramer, Jim, Eduardo Munoz Organizations: Club, Bank of America, Shoppers, Starbucks, Costco, TJX Companies, BofA, China comps, comps, TJX, Marshalls, TAG, Amazon, Deal, CNBC, People Locations: China, China comps ., Maxx, HomeGoods, U.S, Canada, New York City

☆ Calls mount for federal investigation of Mississippi police in Dexter Wade's death
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +2 min

Al Sharpton are asking the U.S. Department of Justice to investigate Wade's death and the Jackson police's handling of it, saying the police failed to notify the family. The last time Wade's mother saw her son was on March 5, when he left her home in the evening, NBC News reported last week. NBC cited interviews with Wade's family members and documents obtained via public records requests, including a crash report, incident reports and coroner’s office records. The investigator said he called Wade's mother and could not get through, and then passed the information to the Jackson Police Department so it could notify Wade's next of kin of his death, NBC reported. Wade's mother filed a missing person report on March 14 and said she nagged the department and begged for help finding her son on Facebook for months, NBC reported.

Persons: Ben Crump, Eduardo Munoz, Dexter Wade, Benjamin Crump, Al Sharpton, Jackson, Wade's, Wade, Jackson Mayor Chokwe Antar Lumumba, Rev, Gabriella Borter, Aurora Ellis Organizations: REUTERS, U.S . Department of Justice, NBC News, NBC, Jackson Police Department, The Jackson Police Department, Jackson Mayor, Department, National Action Network, Thomson Locations: New York, U.S, Mississippi, Jackson, Hinds County, Hinds, Wade

☆ For days Sam Bankman-Fried, the MIT grad who founded FTX, repeatedly told a jury he couldn't remember actions from his time as CEO
▼ + stars: | 2023-10-31 | by ( Katie Balevic | ) www.businessinsider.com time to read: +9 min

It was during those hours of questioning that Bankman-Fried repeatedly said he couldn't recall specific details from his time as CEO of FTX, his now-defunct cryptocurrency exchange. Asked whether his support for regulation in the crypto industry was contingent upon protecting customers, Bankman-Fried testified Monday: "I don't recall that specifically, no." He similarly struggled to recall whether he ever mentioned to the public that while trading on FTX, Alameda didn't play by the same rules as other customers. AdvertisementAdvertisementBankman-Fried's instructions as CEO were just 'suggestions'Chelsea Jia Feng/InsiderBankman-Fried insisted on the stand that he didn't recall making various instructions to his employees, especially those like Ellison, Gary Wang, and Nishad Singh. Asked if he instructed Ellison to purchase cryptocurrencies in her capacity as co-CEO of Alameda, Bankman-Fried was vague, saying, "I don't recall an instance.

Persons: Sam Bankman, Lewis Kaplan, —, Fried, Danielle Sassoon, FTX, SBF, FTX's, Judge Lewis Kaplan, Caroline Ellison, Eduardo Munoz Alvarez, Sam Trabucco, beholden, Sassoon, Chelsea Jia Feng, Ellison, Gary Wang, Nishad Singh, I'm, Jane Rosenberg, Gary, Nishad, Ryan Salame, it's, Mark Cohen, Judge Kaplan Organizations: Service, Alameda Research, Alameda, REUTERS Locations: Bankman, Manhattan, Alameda, FTX

Panama's President Laurentino Cortizo Cohen addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. "I've respectfully listened to those who oppose the contract with Minera Panama," Cortizo said, using the name of First Quantum's local unit. Neither First Quantum nor Minera Panama immediately responded to requests for comment. On Saturday, Minera Panama voiced concern after protesters on boats approached the international Punta Rincon port where it operates. After Cortizo's announcement, Panama's main workers' union said its members will keep protesting in the streets until the contract is annulled.

Persons: Laurentino Cortizo Cohen, Eduardo Munoz, Laurentino Cortizo, Cortizo, I've, Minera, Valentine Hilaire, Elida Moreno, Daina Beth Solomon, Christian Schmollinger, Simon Cameron, Moore Organizations: General Assembly, REUTERS, PANAMA CITY, Sunday Panama, Minera, Central, Protesters, Critics, Punta Rincon, Thomson Locations: New York City, U.S, PANAMA, Panama, Central American, Minera Panama

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court in New York, U.S., August 11, 2023. Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. Prosecutors have said he looted billions of dollars in FTX customer funds to prop up his hedge fund, Alameda Research, make speculative venture investments, and contribute to U.S. political campaigns. His decision to testify in his own defense is risky, as it opens him up to probing cross-examination by prosecutors. Reporting by Luc Cohen in New York; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Mark Cohen, FTX, Fried, District Judge Lewis Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, Prosecutors, Alameda Research, Reuters, U.S, District, Thomson Locations: New York, U.S

☆ US congressman Santos pleads not guilty to new felony charges
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. Representative George Santos (R-NY) walks outside the Central Islip Federal Courthouse on the day of his hearing, in Central Islip, New York, U.S., October 27, 2023. REUTERS/Eduardo Munoz Acquire Licensing RightsNEW YORK, Oct 27 (Reuters) - U.S. Representative George Santos pleaded not guilty on Friday to a 23-count indictment accusing him of an array of corruption, including 10 felony counts that federal prosecutors added this month. Santos, 35, entered his plea before U.S. District Judge Joanna Seybert in Central Islip, New York, on Long Island. The plea came one day after fellow Long Island Republican congressman Anthony D'Esposito called on the House to expel Santos, saying Santos was "not fit to serve his constituents." Republicans hold a 221-212 majority in the House, and at least several dozen would have to vote against Santos for him to be expelled.

Persons: Representative George Santos, Eduardo Munoz, Santos, Joanna Seybert, Anthony D'Esposito, Jonathan Stempel, Jonathan Oatis Organizations: U.S, Representative, Central, Central Islip Federal, REUTERS, Republican, Long, Thomson Locations: Central Islip, Central Islip , New York, U.S, Long, New York

☆ Sam Bankman-Fried could take stand at fraud trial over FTX collapse
▼ + stars: | 2023-10-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Bankman-Fried has pleaded not guilty and maintained that while he made mistakes running FTX, he never intended to steal funds. They say Alameda looted FTX funds through special trading privileges on the exchange. Cohen said the defense plans to call three brief witnesses before Bankman-Fried takes the stand. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Mark Cohen, Bankman, Mark Troiano, Cohen, FTX, Luc Cohen, Noeleen Walder, Jonathan Oatis Organizations: REUTERS, Alameda Research, Thomson Locations: New York, U.S, Alameda, Manhattan

☆ Judge Engoron comes thisclose to accusing Trump of perjury in a written order
▼ + stars: | 2023-10-26 | by ( Laura Italiano | ) www.businessinsider.com time to read: +7 min

Trump's testimony in a gag order hearing at his NY fraud trial "rings hollow and untrue," the judge writes. In the order, Engoron says Trump gave testimony that "rings hollow and untrue" after being suddenly called to the witness stand on Wednesday. NY Courts/Insider"On October 3, on the record, I imposed on all parties to this action a very limited gag order," Engoron begins the order. This resulted in "a $5,000 nominal sanction against Donald Trump for the first-time violation of the gag order." Former attorney for former U.S. President Donald Trump, Michael Cohen, arrives to be deposed by Trump lawyers in New York, U.S. April 28, 2023.

Persons: Trump, —, Donald Trump's, It's what's, Arthur Engoron, Engoron, Letitia James, — Trump, Wednesday's, Arthur Engron's, Donald Trump, Allison Greenfield, Arthur Engoron's, Michael Cohen, who'd, Michael Cohen –, Eduardo Munoz Organizations: Service, New York, Trump, NY, Oxford, REUTERS, New York Lawyers, Fund, Client Protection Locations: York, trier, New York, U.S

U.S. Representative Jamaal Bowman (D-NY) speaks during the National Action Network National Convention in New York City, U.S., April 7, 2022. Bowman, 47, had previously admitted to pulling the fire alarm, mistakenly thinking it would open a door to the Cannon House Building. The bill ultimately passed with near-unanimous Democratic support but, at the moment, Democrats were scrambling to buy time to read the bill, which Republican then-House Speaker Kevin McCarthy had just unveiled. The Cannon House Building was ultimately evacuated for about 90 minutes. Some House Republicans had called for Bowman to resign following the incident.

Persons: Jamaal Bowman, Eduardo Munoz, Bowman, Kevin McCarthy, Kanishka Singh, Tomasz Janowski Organizations: National Action Network, REUTERS, Rights, Democratic U.S, Columbia, DC, Washington, U.S . Capitol Police, Cannon, Democratic, Republican, Republicans, Thomson Locations: New York City, U.S, Westchester County, District, DC, Washington

☆ Mozambique's Nyusi to blame over 'tuna bond' scandal, shipbuilder's owner says
▼ + stars: | 2023-10-25 | by ( Sam Tobin | ) www.reuters.com time to read: +3 min

Mozambique President Filipe Jacinto Nyusi addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Mozambican President Filipe Nyusi was ultimately responsible for the failure of the projects at the centre of the "tuna bond" scandal, the owner of Emirati-Lebanese shipbuilder Privinvest told London's High Court on Wednesday. "When President Nyusi replaced former President Guebuza a power struggle ensued between them," Safa said. "President Nyusi made deliberate decisions to undermine the projects and as a result the republic failed to take the necessary steps to monetize the projects as intended." The trial began in earnest last week after a delay caused by Mozambique's 11th-hour settlement with Credit Suisse's new owner, UBS (UBSG.S).

Persons: Filipe Jacinto Nyusi, Eduardo Munoz, Filipe Nyusi, Privinvest, Iskandar Safa, Safa, videolink, Armando Guebuza's, Nyusi, Guebuza, Mozambique's, Sam Tobin, Rod Nickel Organizations: General Assembly, REUTERS, London's, Credit Suisse, party's, UBS, International Monetary Fund, Thomson Locations: Mozambique, New York City, U.S, Mozambican, Privinvest, Nyusi, Paris

People walk outside of Jefferies Financial Group offices in Manhattan, New York, U.S., December 8, 2021. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Investment bank and capital markets firm Jefferies (JEF.N) has hired industrial banker Francis Tucci from Citigroup (C.N) for a senior role, according to sources familiar with the move. Tucci will join Jefferies as chairman, industrials, and will report to Peter Bowden, global head of industrial, energy and infrastructure investment banking. Tucci, who will be based in New York, will start early next year, the sources said. Also in September, Wells Fargo (WFC.N) hired former Citi executive Clayton Hale as co-head of equity capital markets.

Persons: Eduardo Munoz, Francis Tucci, Tucci, Jefferies, Peter Bowden, Jane Fraser, Wells, Clayton Hale, Svea Herbst, Bayliss, David Carnevali, Matthew Lewis Organizations: Jefferies Financial, REUTERS, Investment, Jefferies, Citigroup, Citi, Svea, Thomson Locations: Manhattan , New York, U.S, New York, Wells Fargo

☆ Former Trump lawyer Michael Cohen set to testify at ex-president's civil fraud trial
▼ + stars: | 2023-10-24 | by ( Jack Queen | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +3 min

Former attorney for former U.S. President Donald Trump, Michael Cohen, arrives to be deposed by Trump lawyers in New York, U.S. April 28, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsOct 24 (Reuters) - Michael Cohen, Donald Trump's former lawyer and fixer, is expected to take the stand on Tuesday as a key witness against the former president in a civil fraud case that threatens to break up Trump's business empire. Cohen served as Trump’s personal lawyer and fixer for years before cutting ties amid his own legal troubles. Early in the trial, Engoron barred the parties from speaking publicly about court staff after Trump shared a social media post attacking Engoron’s clerk and identifying her by name. Trump deleted the post, but last week Engoron revealed that a screenshot had remained live on his campaign site for weeks.

Persons: Donald Trump, Michael Cohen, Eduardo Munoz, Donald Trump's, Trump, Cohen, Letitia James, James ’, ”, Donald, Justice Arthur Engoron, James, Donald Jr, Eric, Engoron, Jack Queen, Noeleen Walder, Chris Reese Organizations: Trump, REUTERS, Democratic New York, Reuters, Trump Organization ., Thomson Locations: New York, U.S, New Hampshire, Russia, Manhattan

☆ Sam Bankman-Fried's ex-friends and top lieutenants all demolished his criminal defense from the witness stand
▼ + stars: | 2023-10-21 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Sam Bankman-Fried's defense attorneys have argued that FTX's collapse is complicated and he didn't know everything. AdvertisementAdvertisementDuring opening statements at Sam Bankman-Fried's trial, it quickly became clear that prosecutors and his defense attorneys had very different approaches. But Bankman-Fried's attorneys may convince jurors that Bankman-Fried genuinely believed his actions were acceptable in the wild-west cryptocurrency industry. The challenge for Bankman-Fried's attorneys is to convince jurors that he didn't know about any wrongdoing. "Sam directed me to," Ellison testified.

Persons: Sam Bankman, They've, —, — Caroline Ellison, Gary Wang, Nishad Singh —, Thane Rehn, Rehn, Mark Cohen, Ellison, Cohen, FTX, Crypto, it's, Sam Bankman Fried, Craig Ruttle, Sarah Krissoff, Cozen O'Connor, Fried, Krissoff, Singh, Wang, Paul Tuchmann, Wiggin, Dana, Sam, Caroline Ellison, Eduardo Munoz Alvarez, Gary, Sun, He's Organizations: Service, Prosecutors, Alameda Research, Alameda Locations: Manhattan, Washington, Bankman, Alameda, New York, FTX, Bahamas

☆ US airline investors worry the travel boom may be coming in for a landing
▼ + stars: | 2023-10-18 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +4 min

Those concerns are battering airline stocks even as earnings reports point to a continuing consumer appetite for travel. While both United and Delta said travel demand is holding up, double-digit declines in airfares year-over-year suggest airline pricing power has peaked. United, which has not forecast profit for 2024, on Tuesday similarly said travel demand remains "strong and steady." New labor contracts as well as the higher fuel prices mean cost pressures aren't going away. American Airlines (AAL.O) and Alaska Air (ALK.N), who will report earnings Thursday, have cut their third-quarter profit estimates due to higher fuel costs.

Persons: Eduardo Munoz, Brian Mulberry, Delta, Ed Bastian, Mulberry, United, Michael Leskinen, Conor Cunningham, Rajesh Kumar Singh, Ben Klayman, Rod Nickel Organizations: United Airlines, Newark Liberty International Airport, REUTERS, Rights, NYSE, Zacks Investment Management, Delta Air Lines, United, Delta, New, American Airlines, Alaska Air, Melius, Thomson Locations: York, Newark , New Jersey, U.S, Chicago, United, Israel, Tel Aviv

☆ United Airlines forecasts weaker Q4 profit on higher costs
▼ + stars: | 2023-10-17 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +2 min

[1/2] The One World trace Center and the New York skyline are seen while United Airlines planes use the tarmac at Newark Liberty International Airport in Newark, New Jersey, U.S., May 12, 2023. REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsCHICAGO, Oct 17 (Reuters) - United Airlines Holdings (UAL.O) on Tuesday reported stronger-than-expected third-quarter earnings, but forecast weaker profit in the current quarter due to higher costs. For the third quarter, it reported an adjusted profit of $3.65 per share, compared with the $3.35 estimated by Wall Street analysts. United has said its fuel costs have climbed over 20% since mid-July. United will discuss the results on a call with analysts and investors on Wednesday morning.

Persons: Eduardo Munoz, Rajesh Kumar Singh, Richard Chang Organizations: United Airlines, Newark Liberty International Airport, REUTERS, Rights, United Airlines Holdings, Wall Street, Delta Air Lines, Thomson Locations: York, Newark , New Jersey, U.S, Chicago, Israel

☆ Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'
▼ + stars: | 2023-10-17 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Eduardo Munoz//File Photo Acquire Licensing RightsNEW YORK, Oct 17 (Reuters) - FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not "reckless and frivolous," pushing back against testimony by a former executive who called its spending on marketing and celebrity endorsements excessive. This is the third week of Bankman-Fried's trial in Manhattan federal court on charges related to the looting billions of dollars in customer funds to make investments, donate to U.S. political campaigns and prop up his hedge fund, Alameda Research. Bankman-Fried, who has pleaded not guilty, has argued that while he made mistakes running FTX, he never intended to steal funds. Jurors have already heard from Gary Wang, FTX's former chief technology officer, and Caroline Ellison, Alameda's onetime chief executive officer and Bankman-Fried's former girlfriend. Reporting by Luc Cohen in New York; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Nishad Singh, Tom Brady, Mark Cohen, Singh, Fried, K5, Cohen, Kendall Jenner's, Gary Wang, FTX's, Caroline Ellison, Alameda's, Luc Cohen, Will Dunham Organizations: REUTERS, Miami Heat, NFL, Defense, Tuesday, K5, Alameda Research, Thomson Locations: New York, U.S, Bankman, Manhattan

☆ US retail sales beat expectations in September; core retail sales rise solidly
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

Retail sales rose 0.7% last month, the Commerce Department said on Tuesday. Retail sales are mostly goods and are not adjusted for inflation. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6% in September. Data for August was revised up to show these so-called core retail sales gaining 0.2% instead of 0.1% as previously reported. Core retail sales correspond most closely with the consumer spending component of GDP.

Persons: Eduardo Munoz, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Commerce Department, Reuters, Federal, Gross, Thomson Locations: New York City, U.S

☆ Strong retail sales, factory output point to robust US growth in third quarter
▼ + stars: | 2023-10-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsSummaryCompanies Retail sales increase 0.7% in SeptemberCore retail sales rise 0.6%; August sales revised upManufacturing production increases 0.4%WASHINGTON, Oct 17 (Reuters) - U.S. retail sales increased more than expected in September as households stepped up purchases of motor vehicles and spent more at restaurants and bars, cementing expectations that economic growth accelerated sharply in the third quarter. Retail sales rose 0.7% last month. Economists defended their forecast for tepid retail sales growth, which they said was based on softening consumer confidence. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6% in September. Data for August was revised up to show these so-called core retail sales gaining 0.2% instead of 0.1% as previously reported.

Persons: Eduardo Munoz, Goldman Sachs, Christopher Rupkey, James Knightley, Jay Hawkins, Veronica Clark, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Fed, Reuters, Commerce Department's, ING, BMO Capital Markets, Treasury, Financial, Amazon, Commerce Department, Citigroup, Thomson Locations: New York City, U.S, WASHINGTON, New York, Toronto

☆ United Airlines forecasts weaker quarterly profit on higher costs
▼ + stars: | 2023-10-17 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsCHICAGO, Oct 17 (Reuters) - United Airlines Holdings (UAL.O) on Tuesday forecast weaker fourth-quarter earnings due to higher costs, sending its shares down more than 4%. United has said its fuel costs have climbed over 20% since mid-July. The company's average fuel bill is projected to increase by 11% in the quarter through December from the last quarter. In the December quarter, Israel accounted for 1.9% of its planned global capacity, a Reuters analysis of Cirium data showed. Adjusted profit for the third quarter came in at $3.65 per share, higher than the $3.35 estimated by Wall Street analysts.

Persons: Eduardo Munoz, Rajesh Kumar Singh, Richard Chang Organizations: United Airlines, Newark Liberty International Airport, REUTERS, Rights, United Airlines Holdings, U.S, Delta Air Lines, Wall Street, Thomson Locations: York, Newark , New Jersey, U.S, Chicago, Israel, Tel Aviv

After college, Sheffield worked for Amoco Corp and later joined his father-in-law's oil company and became CEO five years later. That company would become Pioneer Natural Resources. On his return, he made Permian oil its sole focus: putting natural gas processing, oilfield services and South Texas shale assets on the block. He also embraced an emerging philosophy that emphasized shareholder returns over rapid production gains, rejecting a plan to more than quadruple Pioneer's oil production by 2026. Two of Sheffield's most significant insights were the major role technology would play in reshaping U.S. oil production and the recognition that big oil companies would eventually control the Permian, he said.

Persons: Scott Sheffield, Eduardo Munoz, Texas oilman Scott Sheffield, Dan Pickering, Sheffield's, Bryan Sheffield, Scott, Boone, Daniel Yergin, Sheffield, Darren Woods, he's, Doug Sheridan, He's, Bruce Vincent, Bryan, Arathy Somasekhar, Gary McWilliams, Marguerita Choy Organizations: Natural Resources Company, REUTERS, Rights, Natural Resources, Sheffield, Exxon Mobil, Pickering Energy Partners, SCHOOL Oil, Atlantic Richfield Co, Tehran school's American, Formentera Partners, Amoco Corp, Energy, Exxon, DoublePoint Energy, EnergyPoint Research, Swift Energy, Thomson Locations: New York, Texas, U.S, TEHRAN, Atlantic Richfield, Iran, Tehran, West Texas, Boone Pickens, South Texas, Sheffield, Houston

In turn, higher rates will dampen interest-sensitive expenditure and likely lead to slower growth in oil consumption in 2024. Services are less energy-intensive but more labour-intensive than manufacturing, so the sector’s inflation rate tends to be more persistent and a better indicator of the overall amount of inflationary pressure within the economy. Most rate traders anticipate the central bank will be forced to keep overnight rates higher for longer to squeeze persistent inflation out of the economy. In the short term, the renewed expansion of the U.S. manufacturing and service sectors is supporting oil consumption and prices. In the medium term, however, the higher-for-longer rates needed to bring inflation back to target will likely depress business activity and slow oil consumption growth in 2024.

Persons: Eduardo Munoz, John Kemp, Rod Nickel Organizations: Exxon, REUTERS, Institute, Supply, Federal Reserve, Treasury, Thomson, Reuters Locations: Newport , New Jersey, U.S, United States, Europe, Ukraine

Caroline Ellison got into the wrong car as she departed from the courthouse on Tuesday. A picture from the scene shows her shocked and panicked expression as she realized her mistake. The blunder illustrates the media circus around Sam Bankman-Fried's criminal trial. AdvertisementAdvertisementCaroline Ellison has had a chaotic few days since she began testifying in the criminal trial of her ex-boyfriend Sam Bankman-Fried. A picture from the scene shows Ellison's seemingly panicked expression as she realized she'd gotten into the wrong vehicle.

Persons: Caroline Ellison, Sam Bankman, —, Ellison, she'd, Ellison's, Eduardo Munoz Alvarez, Fried Organizations: Service, InnerCity Press, Alameda Research, Prosecutors Locations: Manhattan

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