(Reuters) – Investment platform Linqto has agreed to go public through a merger with special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition in a deal valued at $700 million, the companies said on Tuesday. San Jose, California-based Linqto, which has more than 750,000 users in 110 countries, allows users to make investments in unicorns –…
(Reuters) – Volvo cars has started to shift production of Chinese-made electric vehicles to Belgium in the expectation that the European Union will drive ahead with a crackdown on Beijing-subsidised imports, the Times reported on Saturday. Volvo, which is majority-owned by China’s Geely, was considering halting sales of Chinese-built EVs bound for Europe if tariffs…
By Ananya Mariam Rajesh (Reuters) – CoverGirl parent Coty missed fourth-quarter revenue expectations on Tuesday, impacted by its divestiture of Lacoste fragrance license and controlled orders from cautious retailers, which weighed on growth in prestige and mass-market perfumes. Its decision to sell the Lacoste license back to Lacoste resulted in a 2% impact on net…
By Allison Lampert, Rajesh Kumar Singh and Svea Herbst-Bayliss CHICAGO (Reuters) – Activist investor Elliott Investment Management told one of Southwest Airlines’ top unions it still wants to replace CEO Robert Jordan, according to a union memo seen by Reuters, even after the carrier pledged to shake up its board. Elliott, which owns 10% of…
(Reuters) -Levi Strauss fell short of market expectations for second-quarter revenue on Wednesday and maintained its annual earnings forecast, taking its shares down 11% in extended trading. Apparel makers such as Levi and peer Ralph Lauren have worked to prioritize higher margin products and increase penetration through their direct-to-consumer channels. An inventory glut last year…
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The U.S. is “no longer an overheated economy” with a job market that has “cooled considerably” from its pandemic-era extremes and in many ways is back where it was before the health crisis, Fed Chair Jerome Powell said in remarks to Congress that suggested the case for…
By Jonathan Stempel (Reuters) – Walmart must face a lawsuit claiming it often charges higher prices at the register than it posts on store shelves, costing consumers hundreds of millions of dollars a year, a federal appeals court ruled on Wednesday. Reversing a lower court judge, the 7th U.S. Circuit Court of Appeals in Chicago…
(Reuters) -Cardinal Health on Friday agreed to acquire community cancer center operator Integrated Oncology Network for $1.12 billion in cash, marking its expansion into cancer care. The Dublin, Ohio-based company is the latest to join the trend of healthcare service companies diversifying beyond drug distribution. Rival McKesson recently acquired a unit of Florida Cancer Specialists…
By Jonathan Stempel NEW YORK (Reuters) – Ten large banks including Bank of America, Goldman Sachs and JPMorgan Chase will pay $46 million to settle a long-running antitrust lawsuit accusing them of conspiring to rig the now $465.9 trillion market for interest rate swaps. Lawyers for investors filed a preliminary settlement to end the eight-year-old…
By Jeff Mason PARIS (Reuters) – The White House declined to say on Sunday whether President Joe Biden will meet Benjamin Netanyahu when the Israeli prime minister visits Washington next month to address the U.S. Congress. “I don’t have anything to announce today,” Biden’s national security adviser Jake Sullivan said in an interview with CBS’s…
