Business

U.S. audit report cites ‘weaknesses’ in FAA certification of Boeing 737 MAX

The U.S. Transportation Department’s inspector general faulted “weaknesses” in U.S. government certification of the Boeing 737 MAX aircraft that was grounded for 20 months after two crashes killed 346 people, according to a report released Wednesday. The 63-page report said the Federal Aviation Administration (FAA) did not have a complete understanding of a Boeing Co […]

Business

S&P 500 to gain 6% in rest of 2021

A surprisingly sharp rebound in the economy and earnings will drive further gains in U.S. stocks this year, though the S&P 500 is likely to end 2021 less than 6% up from its current level, according to a Reuters poll of strategists. The index, which is up about 3% so far this year, will finish […]

Business

ViacomCBS touts ‘Paramount+’ to investors after mixed earnings

ViacomCBS Inc said on Wednesday it expects to reach as many as 75 million global streaming subscribers by the end of 2024, with global streaming revenue to rise to more than $7 billion by that time. “This is a ViacomCBS that is being reimagined for a new kind of marketplace and a new kind of […]

Business

GameStop rallies again; some puzzle over ice cream cone tweet

GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer’s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January. The shares soared nearly 104% during the session in which trading was halted several times, then jumped another 85% […]

Business

Biden to press for $37 billion to boost chip manufacturing amid shortfall

President Joe Biden said on Wednesday he would seek $37 billion in funding for legislation to supercharge chip manufacturing in the United States as a shortfall of semiconductors has forced U.S. automakers and other manufacturers to cut production. Biden also signed an executive order on Wednesday aimed at addressing the global semiconductor chip shortage that […]

Business

Boeing working with regulators, customers on return of 737 MAX in Asia

Boeing Co is working with regulators and customers to return the 737 MAX to the skies in Asia, a senior executive said on Thursday, where it remains grounded nearly two years after two deadly crashes even though it has returned in other markets. “We’re continuing to work with global regulators and our customers to return […]

Business

PIMCO appoints insider Kersman to head APAC business

Bond giant Pacific Investment Management Co (PIMCO) said on Thursday it has named insider Alec Kersman as the new head of its Asia-Pacific business. Kersman, currently the head of strategic accounts for PIMCO’s U.S. Global Wealth Management business, will be based in Hong Kong. He will replace Kimberley Stafford, who will return to the firm’s […]