Explainer-New creditors’ battle emerges in Citgo auction reboot
HOUSTON – A U.S. federal judge trying to move ahead with an auction of shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum is dealing with a fresh dispute between creditors after a lowball starting bid was recommended in…
US beef sales to China skid after Beijing lets export registrations lapse
CHICAGO – U.S. beef sales to China have taken a dive, U.S. government data showed on Thursday, after Beijing allowed the expiration of registrations that had permitted exports from hundreds of American meat facilities. A tit-for-tat tariff dispute has also…
Reddit down for thousands of US users, X outage eases, Downdetector shows
Reddit was down for thousands of users in the U.S. on Thursday, as X’s services appeared to stabilize, according to outage tracking website Downdetector.com. There were more than 28,000 incidents of people reporting issues with Reddit as of 3:40 p.m….
CBO sees US deficits rising over 30 years, economic growth slowing
WASHINGTON – The U.S. Congressional Budget Office on Thursday projected significant increases in federal budget deficits and debt over the next 30 years, in part due to rapidly rising interest costs, as it sketched out sluggish economic growth and a…
DOGE team is not involved in FAA decision on Starlink terminals, acting chief says
WASHINGTON – The acting head of the Federal Aviation Administration said on Thursday that members of Elon Musk’s DOGE government reform team did not make the agency’s decision to test Starlink terminals. Acting FAA Administrator Chris Rocheleau also said at…
SiCarrier says its tools can help China make advanced chips
BEIJING – China can use domestically developed tools to make advanced semiconductors, countering U.S. curbs on Beijing’s access to high-end chipmaking technology, an executive at a major Chinese supplier said on Thursday. Du Lijun, president of chip equipment maker Shenzhen…
Germany’s Scholz says Trump’s tariffs are wrong, everyone will lose
BERLIN – German Chancellor Olaf Scholz said on Thursday Donald Trump’s decision to impose tariffs on cars is wrong and the U.S. president had chosen a path that would produce only losers. “U.S. President Trump’s decision is wrong,” Scholz said…
Walgreen to pay more than $2.85 million to settle US overbilling charges
Walgreen will pay more than $2.85 million to settle whistleblower allegations that the pharmacy overbilled Medicaid programs in Georgia and Massachusetts for generic medications, the U.S. Department of Justice said on Thursday. The settlement partially resolves claims against the Walgreens…
TikTok Shop steps up Europe expansion with US future unclear
LONDON – E-commerce platform TikTok Shop said it will launch to users in France, Germany, and Italy on Monday, expanding its reach further into Europe even as TikTok faces being shut down in the U.S. if Chinese owner ByteDance does…
Coca-Cola to invest over $1.4 billion in Argentina
BUENOS AIRES – Coca-Cola Argentina and bottlers will invest more than $1.4 billion in the South American country to boost production, improve logistics, and optimize infrastructure, the company said in a statement on Thursday.
Nvidia-backed CoreWeave downsizes US IPO
CoreWeave reduced the size of its U.S. initial public offering and priced its shares below the indicated range, the company said on Thursday, dampening expectations that the listing would boost investor appetite for IPOs. The Nvidia-backed company is now looking…
Novo shares on track for biggest monthly fall since 2002, investor worries grow
LONDON -Novo Nordisk shares have fallen 25% so far in March and are on track for their biggest monthly drop since July 2002, as investor worries intensify that the obesity drug market pioneer has lost its edge over U.S. rival…
Turkish competition board opens probe into Apple, other companies
ISTANBUL – The Turkish Competition Board said on Thursday it had decided to open an investigation into Apple, Destek Bilisim, Easycep Bilisim, Getmobil Technology and HB Bilisim regarding whether they intervened in the sales prices of resellers.
US oil producers face new challenges as top oilfield flags
NEW YORK/HOUSTON – U.S. oil producers are grappling with geological limits to production growth as the country’s top oilfield ages and produces more water and gas and less oil – and may be nearing peak output. The Permian basin was…
Three Intel board members to retire in latest shakeup amid turnaround
Three Intel board members will not stand for reelection at its 2025 annual meeting, the chipmaker said in a regulatory filing on Thursday, amid a historic transition under newly appointed CEO Lip-Bu Tan. Since late last year, the company has…
GameStop shares tumble as investors question bitcoin pivot
Shares of GameStop fell more than 15% on Thursday after the company’s plan to finance its bitcoin pivot raised questions about the timing of its move and its strategy to turn around its struggling retail business. The video game retailer’s…
Mexico working for preferential treatment in face of US auto tariffs
MEXICO CITY – Mexico is working to carve out an exemption for its critical autos industry after Washington announced tariffs on imported vehicles, the economy minister said on Thursday. U.S. President Donald Trump on Wednesday announced 25% tariffs on auto…
European auto suppliers body calls for solutions, not tariffs
PARIS – The European association of automotive suppliers (CLEPA) on Thursday called on policymakers in Europe to prioritise finding solutions over trade barriers after U.S. President Donald Trump announced 25% tariffs on foreign-made vehicles. “Tariffs of this scale will disrupt…
UK in talks over US car tariffs, could look at Tesla subsidies, Reeves says
LONDON -Britain is working intensely with Washington to secure an exemption from U.S. auto tariffs and could review subsidies enjoyed by Elon Musk’s Tesla to better support its industry, finance minister Rachel Reeves said on Thursday. Reeves said Britain should…
Philip Morris’ heated tobacco device IQOS goes on sale in Texas
LONDON -Philip Morris International began selling its IQOS heated tobacco device in Austin, Texas on Thursday for $60 a piece, an executive told Reuters, kicking off efforts by the world’s largest cigarette maker to build a market for its flagship…