Business

U.S. stocks tank as Treasury yields surge

Wall Street’s main indexes recoiled from record highs on Thursday as surging U.S. Treasury yields took the shine off stocks now that a strong economic recovery looked more certain and investors clung to concerns that inflation would rise. The S&P 500 was down more than 2% at one point, and retreating technology stocks dragged the […]

Business

From left-for-dead to the next ‘hot brand’, short seller changes view on GameStop

The battle for videogame retailer GameStop’s future took a new twist on Thursday when a prominent investor suggested that the company, which has been at the center of a recent stock trading frenzy, should buy online gambling firm Esports Entertainment Group. Short-seller Citron Research said in a tweet that such a move would be “obvious […]

Business

Costco lifts minimum wage above Amazon or Target to $16 per hour

Costco Wholesale Corp is raising the minimum wage for its hourly staff to $16 from next week, a dollar more than what its competitors Amazon.com Inc and Target Corp pay per hour. The membership-only retailer’s move comes as U.S. President Joe Biden plans to raise the minimum wage to $15 per hour by 2025, and […]

Business

Oil mixed, U.S. crude hits highest since 2019 as refineries restart

Oil prices were mixed on Thursday with U.S. crude edging up to its highest close since 2019 as Texas refineries restarted production after last week’s freeze, while Brent eased on worries that four months of gains will prompt producers to boost output. Earlier in the day, an assurance that U.S. interest rates will stay low […]

Business

ByteDance agrees to $92 million privacy settlement with U.S. TikTok users

ByteDance has agreed to a $92 million class-action settlement to settle data privacy claims from some U.S. TikTok users, according to documents filed Thursday in U.S. District Court in Illinois. ByteDance, the Chinese company that owns the short video app that has more than 100 million U.S. users, agreed to the settlement after more than […]

Business

Surging bond yields lead global equities to tumble

A jump in benchmark U.S. Treasury yields on Thursday led a gauge of global equity markets to tumble as investors sold the high-flying tech stocks that fueled Wall Street’s rally to record highs and took precautions against the threat of inflation. Fears of rising consumer prices from ongoing central bank stimulus and its impact on […]

Business

Airbnb bookings rebound as lockdown-weary Americans step out for short trips

Airbnb Inc reported better-than-expected gross bookings on Thursday in its first quarterly earnings report since going public, indicating a strong rebound in demand for vacation rentals in North America as COVID-19 pandemic curbs ease. Leisure travelers in the company’s biggest market stepped out to nearby locations that could be accessed by a car and are […]