Factbox-How Governments Are Trying To Ease Inflation Pain

(Reuters) – Pandemic-related disruptions to global supply chains and the knock-on effects of Russia’s war in Ukraine have driven up prices of energy, commodities and necessities. Here’s how governments are trying to help hard-hit consumers and companies: AMERICAS: * The U.S. government in early November announced $4.5 billion in measures to help Americans lower home energy bills. The administration also put forward the $430 billion Inflation Reduction Act in August. * Mexico will raise the … Read more…

U.S. Services Industry Regains Steam; Factory Orders Accelerate

By Lucia Mutikani WASHINGTON (Reuters) – U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create jobs at a solid clip in November, with wage growth accelerating. Consumer spending also … Read more…

Crypto Lender Nexo To Quit United States

By Elizabeth Howcroft LONDON (Reuters) – UK-based crypto lender Nexo said on Monday it would phase out its U.S. products and services over the coming months due to clashes with regulators. “Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end,” Nexo said in a blog post on Monday. Crypto lenders act like banks for the crypto world, offering customers interest … Read more…

GM’s BrightDrop Signs First Customer In Canada, Unveils Country’s First Large EV Factory

By Lisa Baertlein (Reuters) – The first electric delivery trucks rolled off production lines at BrightDrop’s new factory in Canada on Monday, when the upstart unit of General Motors Co also announced DHL Express Canada as its first customer outside the United States. GM spent seven months transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada’s first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. Before the switch, the site … Read more…

Slack CEO Butterfield To Depart Next Month

(Reuters) -Slack Chief Executive Officer Stewart Butterfield plans to leave the workplace messaging platform in January, parent company Salesforce Inc said on Monday. Lidiane Jones, who is the senior vice-president of product management for Salesforce Commerce Cloud, will take over as CEO of Slack, a company spokesperson said. Business Insider had first reported the news earlier in the day. Shares in Salesforce, a component of the Dow Jones Industrial Average, slumped about 4%. Salesforce had … Read more…

Slack CEO Butterfield To Depart Next Month – Business Insider

(Reuters) – Workplace messaging platform Slack’s Chief Executive Officer Stewart Butterfield plans to leave the company in January, the Business Insider reported on Monday. Lidiane Jones will take over as CEO, Insider reported, citing an internal memo. Salesforce Inc, which acquired Slack last year, did not immediately respond to a Reuters’ request for comment. (Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips)

Oil Prices Fall After Data Raises U.S. Fed Interest Rate Worries

By Stephanie Kelly NEW YORK (Reuters) – Oil prices pared gains on Monday, following U.S. stock markets lower, after U.S. service sector data raised worries that the Federal Reserve could continue its aggressive policy tightening path. Brent crude futures were down 56 cents at $85.01 a barrel by 11:23 a.m. EST (1623 GMT). West Texas Intermediate crude (WTI) fell 77 cents to $79.21. Both benchmarks had earlier risen above $2 per barrel, before posting losses. … Read more…

French Prosecutors Name Ukrainian Suspect In Lebanese Central Bank Probe

By David Gauthier-Villars (Reuters) – French prosecutors said on Monday they have put a Ukrainian woman linked to the governor of Lebanon’s central bank under formal investigation as part of a cross-border probe into alleged fraud to the detriment of the Lebanese state. Anna Kosakova, with whom central bank governor Riad Salameh has a daughter, according to a birth certificate seen by Reuters, is suspected of aggravated money laundering, a spokesperson at the Paris office … Read more…

Shares Slip, Yields Rise As U.S. Data Sparks Rate Hike Concerns

By Herbert Lash and Elizabeth Howcroft NEW YORK/LONDON (Reuters) -Global stocks slid and Treasury yields rose on Monday as investors ignored an easing of China’s pandemic restrictions that have weighed on global growth after fresh evidence of a strong U.S. economy raised fears interest rates will stay higher for longer. U.S. services industry activity unexpectedly picked up in November, with employment rebounding, in the latest sign of underlying economic momentum that likely will keep the … Read more…

U.S. Services Industry Perks Up; Factory Orders Jump

By Lucia Mutikani WASHINGTON (Reuters) -U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create jobs at a solid clip in November, with wage growth accelerating. Consumer spending also rose … Read more…