Browsing: Business

MISSOURI: Bayer said its Monsanto unit has agreed to a proposed settlement valued at up to $7.25 billion to resolve thousands of U.S. lawsuits alleging that the Roundup weedkiller caused cancer. The proposed nationwide agreement was filed in the Circuit Court of the City of St. Louis and is intended to cover current claims and certain future claims tied to diagnoses made before the filing date. The deal requires court approval and claimant participation. Under the proposal, Monsanto would make declining, capped annual payments for up to 21 years. Compensation would be determined through a tiered matrix that considers factors including the claimant’s…

WASHINGTON: U.S. beef prices rose 15.0% over the past year, outpacing many grocery staples as cattle supplies tightened across the supply chain. The Bureau of Labor Statistics reported the year over year increase in its January Consumer Price Index data released Feb. 13, while the U.S. Department of Agriculture has documented a smaller national cattle herd heading into 2026. The BLS report showed broad increases across common cuts, with uncooked ground beef up 17.2% from a year earlier, uncooked beef roasts up 15.0%, and uncooked beef steaks up 12.9%. BLS retail price series also reflected higher supermarket prices for ground products, including 100% ground…

NEW YORK: Silver prices fell sharply on Thursday, extending a volatile run for the metal as fresh U.S. labor data pushed the U.S. dollar higher and pressured precious metals. Spot silver was down 8.9% at $76.54 per ounce by early afternoon in New York trading, after rising about 4% a day earlier. At the session low, silver traded around $74.4 per ounce, a drop of more than 10% on the day. The selloff followed new U.S. employment figures showing the job market began 2026 on firmer footing than expected. Total nonfarm payrolls rose by 130,000 in January and the unemployment rate was 4.3%, according…

WASHINGTON: The U.S. national debt is projected to climb to about $64 trillion within the next decade as federal deficits remain elevated, according to a new 10 year outlook from the Congressional Budget Office. The nonpartisan budget office said annual shortfalls are expected to widen in coming years, with debt rising even as the economy is projected to keep expanding, reflecting higher interest costs and growing spending tied to an aging population. The CBO forecast shows the federal budget deficit at about $1.9 trillion in fiscal 2026, rising to about $3.1 trillion by 2036. As a share of the economy, the deficit is projected at…

NEW YORK: Wall Street ended sharply lower on Thursday as declines in technology stocks pulled major U.S. indexes down and losses broadened across the market. The Nasdaq Composite slid 469.32 points, or 2.03%, to 22,597.15. The S&P 500 fell 108.71 points, or 1.57%, to 6,832.76, and the Dow Jones Industrial Average dropped 669.42 points, or 1.34%, to 49,451.98. Technology losses were led by Cisco Systems, which sank 12.3% for its biggest one-day drop since May 2022 after reporting a quarterly adjusted gross margin that missed expectations. Weakness in large technology and chip-related stocks weighed on broader benchmarks, and the Philadelphia Semiconductor Index finished…

NEW YORK: Gold prices edged lower on Thursday as the U.S. dollar firmed after stronger than expected U.S. jobs data, cooling expectations for near term interest rate cuts. Spot gold was down 0.5% at $5,055.24 an ounce by 0642 GMT, after closing Wednesday up more than 1%. U.S. gold futures for April delivery fell 0.4% to $5,077.30. Investors turned to fresh U.S. economic readings due later this week for additional signals on interest rates. The dollar gained after data showed U.S. nonfarm payrolls rose by 130,000 in January, exceeding expectations for a 70,000 increase, while the unemployment rate slipped to 4.3% from…

INDIANA: Meta Platforms has begun construction on a more than $10 billion data center campus in Lebanon, Indiana, a project the company says will be capable of delivering up to 1 gigawatt of computing capacity once operational. The parent company of Facebook, Instagram and WhatsApp said the site is designed to support both artificial intelligence workloads and its core online services. The campus is planned for the LEAP Research and Innovation District in Boone County, about 30 miles northwest of Indianapolis. State and local officials said the development will be built across several phases on a 1,500 acre site and is expected to…

WASHINGTON: A new Tax Foundation estimate says tariffs imposed under President Donald Trump increased costs for U.S.  households by an average of about $1,000 in 2025, describing the impact as similar to a broad-based tax increase. The group also estimated the tariffs in place entering 2026 were equivalent to about $1,300 per household for the year, based on the prices Americans pay for imported goods and products tied to global supply chains. The Tax Foundation said the average effective U.S. tariff rate jumped from around 2% in 2024 to roughly 10% in 2025, the highest level since 1946. The estimate has amplified scrutiny of…

NEW YORK: Gold traded back above the $5,000 an ounce level this week, with spot prices around $5,078 as a softer U.S. dollar coincided with renewed demand for the metal. The move followed sharp swings since late January, when gold reached record territory before pulling back in early February. On Tuesday, spot gold eased to about $5,030.80, still holding above $5,000. The latest rebound came after gold briefly slid to roughly $4,400 in early February, according to market pricing cited in the latest updates. Gold’s recent high-water mark was $5,594.82 on January 29, when prices touched an all-time peak before reversing lower in the…

NEW YORK: Amazon shares slid sharply this week as a pullback in large technology and software stocks erased about $1 trillion in market value from the S&P 500 software and services group since Jan. 28, according to index calculations. The sell-off followed a series of earnings updates in which major companies outlined steep increases in spending for artificial intelligence data centers, chips and related infrastructure. Amazon outlined capital expenditures of about $200 billion for 2026, up from $131 billion in 2025, as it expands computing capacity for Amazon Web Services and other operations. The stock fell 5.6% on Friday, underperforming broader indexes…