Tesla cuts 9 percent of workforce in search for profit

Tesla cuts 9 percent of workforce in search for profit

(Reuters) - Tesla Inc is cutting several thousand jobs across the company as it seeks to reduce costs and become sustainably profitable without endangering the critical ramp up of production of its Model 3 sedan.

S&P 500 hovers near unchanged as focus turns to Fed

NEW YORK (Reuters) - U.S. stocks were near flat on Tuesday as investors became cautious ahead of the Federal Reserve's policy decision, while a historic U.S.-North Korea summit failed to impress investors.

Global stocks, dollar steady after U.S.-North Korea summit

NEW YORK (Reuters) - World stock markets were little changed on Tuesday while the U.S. dollar rose slightly against a basket of major currencies, with only muted impact from the long-awaited U.S.-North Korea summit aimed at denuclearizing the Korean peninsula.

New York top court narrows Martin Act in $11 billion Credit Suisse case

NEW YORK (Reuters) - New York's highest court on Tuesday curbed the state attorney general's ability to fight fraud on Wall Street, awarding a victory to Credit Suisse Group AG as it tries to end an $11 billion lawsuit over risky mortgage securities.

JPMorgan sued over Mexican property transfer

NEW YORK (Reuters) - A Mexican real estate developer has filed a $1.2 billion lawsuit accusing JPMorgan Chase & Co of fraudulently inducing it to transfer properties based on a false promise it would sell them.

Oil mixed as OPEC cites uncertain market outlook for 2018

NEW YORK (Reuters) - Oil prices were mixed on Tuesday, with U.S. crude edging higher and Brent crude slipping, as investors prepared for a key meeting of the OPEC producer group next week.

Morgan Stanley's 'most attractive business' is fixed income: CEO

NEW YORK (Reuters) - Morgan Stanley Chief Executive Officer James Gorman called the bank's fixed-income group its "most attractive business" on Tuesday at a conference the Wall Street firm held in New York.

U.S. government posts $147 billion deficit in May

WASHINGTON (Reuters) - The U.S. government had a $147 billion budget deficit in May, an increase of 66 percent from the same month last year as the ledger took a hit from declining revenue and higher spending, according to Treasury Department data released on Tuesday.

Union leaders to meet General Electric in bid to save Virginia jobs

NEW YORK (Reuters) - Union leaders plan to meet with General Electric Co on Wednesday in a bid to avert closure of a Virginia factory that makes controls for GE's power plants, the company and the union said on Tuesday.

Farewell package for WPP's Sorrell faces investor backlash

LONDON (Reuters) - WPP's decision to allow founder Martin Sorrell to quit with share awards worth millions of pounds faced fresh opposition on Tuesday as Hermes EOS advised shareholders to vote against the advertising giant's remuneration report.

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