Business

Stocks fall as risk appetite sours; oil rally stalls

A gauge of global equity markets fell for a third straight session on Thursday, dragged lower by weakness on Wall Street on views the market has climbed too high to soon, while a rise in weekly jobless claims pointed to a fragile recovery in the U.S. labor market. Investors took profits on technology shares and […]

Business

Internet groups, U.S. Chamber sue Maryland over digital advertising tax

A group representing Amazon.com Inc, Facebook Inc and Alphabet Inc joined the U.S. Chamber of Commerce and others in filing suit on Thursday to challenge Maryland’s first-in-the nation new digital advertising tax. The Chamber, the largest U.S. business group; the Internet Association, which represents dozens of tech companies; the Computer & Communications Industry Association; and […]

Business

Roku adds more streaming audience to beat revenue expectations

Video-streaming device maker Roku Inc reported quarterly revenue above market expectations on Thursday, thanks to an influx of cord-cutting subscribers dropping their cable packages for streaming services. A pandemic winner, Roku’s aggressive push into original releases on its own app, Roku Channel, and subscriber boosts to the streaming platforms it hosts including Netflix, Prime Video […]

Business

U.S. insurers brace for hefty claims from Texas storm once thaw sets in

U.S. property insurers are bracing for claims for damage from collapsing roofs, bursting pipes and lost business as Texas takes stock of its losses from a winter storm that has crippled its electrical grid. Insurers’ losses could stretch into billions of dollars, said Moody’s analyst Jasper Cooper. Insurers in Texas, the second-largest property insurance market […]

Business

Texas energy crisis extends to sixth day, spills over to Mexico

Texas’s energy outages caused by a deep freeze extended to a sixth day on Thursday, with the impact of reduced supplies from the biggest energy-producing state in the United States spilling over to Mexico. The cold snap, which has killed at least 21 people and knocked out power to more than 4 million people in […]

Business

Yellen says SEC will prepare report on retail trading volatility

U.S. Treasury Secretary Janet Yellen said on Thursday that an increased prevalence of zero-commission trading has spurred retail investors to get more involved in stocks, and the Securities and Exchange Commission will prepare a report on trading practices amid recent volatility. “Our broad conclusion was that markets worked reasonably well,” with core infrastructure resilient despite […]

Business

Facebook, Google, Twitter CEOs will testify about misinformation before U.S. Congress

The chief executives of Facebook Inc, Alphabet Inc and Twitter will testify before a U.S. House panel on March 25 on “misinformation and disinformation plaguing online platforms.” A pair of House Energy and Commerce subcommittees will hold a fully remote joint hearing including Facebook CEO Mark Zuckerberg, Google CEO Sundar Pichai and Twitter CEO Jack […]