(Reuters) – Millions of Americans in southeast Texas were facing brutally hot conditions on Tuesday without the relief of air conditioning after Tropical Storm Beryl knocked out power to a large portion of the region. Some 2.3 million homes and businesses were without electricity, according to Poweroutage.us, as temperatures were…
US economy no longer overheated, Fed’s Powell tells Congress
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…
Columbia University cancels main graduation ceremony in wake of protests
By Julia Harte NEW YORK (Reuters) -Columbia University on Monday canceled its main graduation ceremony after weeks of pro-Palestinian protests roiled the Ivy League college’s campus, but it will still hold smaller, school-based events. “Holding a large commencement ceremony on our campus presented security concerns that unfortunately proved insurmountable,” said…
US banks report weaker loan demand, Fed survey says
(Reuters) – U.S. banks reported renewed weakening in demand for industrial loans and a decline in household demand for credit in the first quarter of the year, according to a Federal Reserve survey of senior loan officers published on Monday. Fed officials had the survey results in hand last week…
Wozniak’s space firm, Privateer, buys Orbital Insight, raises $56.5 million
(This May 6 story has been corrected to fix the spelling of BOKA Group and Lux Capital in paragraph 2) By Joey Roulette WASHINGTON (Reuters) – Apple cofounder Steve Wozniak’s space data startup, Privateer, has raised $56.5 million and also acquired the analytics firm Orbital Insight, a merger that will…
US Social Security, Medicare get slight boost from strong economy
By David Lawder WASHINGTON (Reuters) – Trust funds supporting Social Security and Medicare benefits for U.S. seniors showed slight improvement as stronger-than-forecast economic growth and productivity has boosted revenue collections, according to trustees’ reports released by the U.S. Treasury on Monday. The Medicare Hospital Insurance Trust Fund’s reserves are now…
Gaza ceasefire uncertain, Israel vows to continue Rafah operation
By Mohammed Salem, Nidal al-Mughrabi and Ari Rabinovitch RAFAH, Gaza Strip/CAIRO/JERUSALEM (Reuters) – Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel said the terms did not meet its demands and pressed ahead with strikes in Rafah while planning to continue negotiations on…
US FAA opens probe into Boeing 787 inspections
By David Shepardson and Allison Lampert WASHINGTON (Reuters) -The Federal Aviation Administration said on Monday it has opened an investigation into the Boeing 787 Dreamliner after the planemaker said some employees had committed “misconduct” by claiming some tests had been completed. The FAA said it is investigating whether Boeing completed…
Vertex tops Q1 profit estimates on robust demand for cystic fibrosis treatments
By Pratik Jain (Reuters) -Vertex Pharmaceuticals beat Wall Street estimates for first-quarter profit on Monday, driven by robust uptake for its blockbuster cystic fibrosis treatments. Cystic fibrosis (CF) – an inherited disorder that causes severe damage to the lungs, digestive system and other organs – affects an estimated 105,000 people…
Wall Street closes higher for third session on rate cut optimism
By David French (Reuters) -U.S. stock indexes closed higher on Monday, their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year. Expectations for rate cuts by the U.S. central bank have been tempered…