Author: Press Room

Heavy fighting broke out in Sudan as the country’s army clashed with a powerful paramilitary force which claimed to have taken control of the airport and the presidential palace in the capital Khartoum. Residents said they had heard heavy gunfire and tank shelling on Saturday after failed negotiations between the army and paramilitary and civilian groups over a long-awaited power-sharing deal following a coup in October 2021. The violence is the latest setback in a long-delayed transition to a civilian government following the ousting of dictator Omar al-Bashir in 2019 after months of street protests.A non-governmental Sudanese doctors’ committee said that residents…

Though millions of Americans are expected to be kicked off of Medicaid in coming months, they don’t all have to be left uninsured. But it could take some work to regain health coverage. “For a lot of people, this can be a very disruptive period of time,” said Sabrina Corlette, co-director of the Center on Health Insurance Reforms at Georgetown University. “There is a significant time and paperwork burden being placed on families – a lot of them very low income, a lot of them medically vulnerable.” States are now free to terminate the Medicaid coverage of residents they deem…

Electric-vehicle maker Nikola Corp. NKLA, -15.45% on Thursday said that Gerrit Marx, Lynn Forester de Rothschild and Mark Russell were retiring from its board of directors at its annual meeting on June 7. Marx has been on Nikola’s board since 2019, while Forester de Rothschild joined last year. Russell joined Nikola in 2019 as president, became CEO and then retired last year, the company said. “Nikola is focused on delivering results in our core business units of zero-emission trucking and energy infrastructure solutions,” Steve Girsky, chairman of Nikola’s board, said in a statement. “As the Company evolves, the size and composition…

A surge in mortgage rates in the middle of last year pushed the housing market into a recession. Banks saw mortgage demand drop sharply and bore losses, according to their newly-released earnings reports. JPMorgan Chase & Co. JPM, +7.55%, Wells Fargo WFC, -0.05% and Citigroup C, +4.78% were among some of the major banks that announced they had seen a significant decline in mortgage originations. A separate report from the Mortgage Bankers Association also noted that certain banks actually lost money on originating mortgages for the first time since 2008, when the industry group began tracking the data. Independent mortgage…

U.S. stocks finished sharply higher on Thursday, led by technology stocks, as traders parsed another batch of inflation data showing pressures easing in March, while the first reports from what’s expected to be a gloomy first quarter earnings season arrived, with several marquee releases due on Friday morning. The S&P 500 and the Dow Jones Industrial Average booked their highest close since mid-February, according to Dow Jones Market Data. What happened Dow Jones Industrial Average DJIA, -0.42% rose 383.19 points, or 1.1%, to finish at 34,029.69. S&P 500 SPX, -0.21% gained 54.27 points, or 1.3%, to end at 4,146.22. Nasdaq…

© Reuters. FILE PHOTO: A person walks in front of Best Buy during Black Friday sales in Chicago, Illinois, U.S.,, November 25, 2022. REUTERS/Jim Vondruska (Reuters) -Best Buy Co Inc is cutting store jobs across the United States as the electronics retailer looks to trim costs and shift its business more towards e-commerce, the Wall Street Journal reported on Friday, citing people familiar with the situation. The layoff would affect hundreds of jobs across Best Buy’s U.S. stores, the report said, adding that the laid off employees could, however, reapply for open positions within the company or receive severance. This…

By Barani Krishnan Investing.com — Natural gas futures overcame the odds on Friday to rally to a positive weekly close, after five weeks in the red. But technical charts suggested that without a steady upward trajectory, the front-month gas futures contract on the New York Mercantile Exchange’s Henry Hub could slip back under the key $2 support level. The hub’s most-active settled Friday’s trade up 10.7 cents, or 5.3%, at $2.114 per mmBtu, or metric million British thermal units. For the week, May gas was also up by about 5%, logging its first weekly gain since the week ended Feb.…

By Karen Brettell NEW YORK (Reuters) – The bounced off a one-year low against a basket of currencies on Friday after some March retail sales components were not as weak as some economists had feared, while a key Federal Reserve official warned that the U.S. central bank needs to continue hiking interest rates to bring down inflation. The dollar rebounded from an initial drop after data showed U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items. Core retail sales, which correspond most closely with the consumer spending…

By Joey Roulette WASHINGTON (Reuters) -The U.S. Federal Aviation Administration on Friday granted a long-awaited license allowing Elon Musk’s SpaceX to launch its Starship rocket to orbit for the first time, clearing the way for a test flight crucial to the company’s goals in space. “After a comprehensive license evaluation process, the FAA determined SpaceX met all safety, environmental, policy, payload, airspace integration and financial responsibility requirements,” the FAA said in a statement on Friday, adding that the license is valid for five years. The launch, from SpaceX’s Starbase rocket facilities in Boca Chica, Texas, is slated for Monday April…

Topline JPMorgan exceeded analyst expectations in its quarterly earnings report released Friday morning, as the nation’s biggest bank revealed how it navigated the tumultuous period for the banking sector. Key Facts The bank reported record revenue of $38.3 billion, compared to $36.1 billion forecasted by analysts surveyed by FactSet, and net income of $12.6 billion, or $4.10 per share, shattering the consensus estimate of $3.41 per share. Notably, JPMorgan reported nearly $2.38 trillion in total deposits, down 7% from one year prior (but up 2% from the previous quarter) and topping analysts’ projections of about $2.35 trillion. Shares of the…