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Lyft’s Losses Continue, but Company Says They Will Abate

SAN FRANCISCO — Lyft had warned this year that it would lose record amounts of money as it expanded its business.But on Wednesday, the ride-hailing company walked that prediction back.With its number of ride-hailing passengers growing and its trip commissions also increasing, Lyft said its revenue for the year would be better than it had expected, rising to a range of $3.47 billion to $3.5 billion. That growth would also help crimp its losses, Lyft said, with its expected adjusted losses totaling around $875 million for the year instead of a previous projection of $1.17 billion.“We anticipate 2019 losses to be better than previously expected, and we…

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Trump visits mass shooting victims; protesters shout, ‘Do something!’

EL PASO, Texas (Reuters) - U.S. President Donald Trump met victims and first responders from last weekend’s deadly shootings in Texas and Ohio on Wednesday, and chanting protesters accused him of inflaming tensions with anti-immigrant and racially charged rhetoric. In El Paso, on the border with Mexico, Trump visited the University Medical Center where wounded victims were treated after a man who had posted an anti-immigrant manifesto online killed 22 people at a Walmart store on Saturday. Hundreds of protesters, some holding signs reading “Trump is racist,” “Love over hate” and “Send him back!,” gathered under a broiling sun at a nearby park to condemn Trump and…

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S&P 500 erases big losses to end up; investors buy bargains, yields off lows

NEW YORK (Reuters) - The S&P 500 recovered from steep early losses to end slightly higher on Wednesday as investors snapped up oversold shares and bond yields rebounded from significant lows that raised fears about a recession. Increasing worries over a global economic downturn and bets the Federal Reserve will have to pick up its pace of interest rate cuts pushed Treasury yields sharply lower early, with 10-year yields touching their lowest since October 2016. Ten-year yields began to cut their earlier decline in afternoon trading after a soft auction. That recovery in yields helped stocks, which have been tracking the movement in 10-year yields, said Michael…

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Vazquez sworn in as Puerto Rico’s governor after court ousts Pierluisi

SAN JUAN (Reuters) - Puerto Rico got its third governor in less than a week on Wednesday just hours after the bankrupt U.S. territory’s supreme court ruled that Pedro Pierluisi’s assumption of the office was unconstitutional and ordered him to leave. The island’s justice secretary, Wanda Vazquez, was sworn in as governor at the supreme court in San Juan. A unanimous decision by the nine-member high court nullified Pierluisi’s governorship based on the fact his earlier appointment as secretary of state and next in line for governor had not been confirmed by both chambers of the legislature. Pierluisi, who was given until 5 p.m. local time by…

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Rush into U.S. bonds curbs global stock markets; gold touches six-year high

NEW YORK (Reuters) - Investors rushed into the safety of U.S. government bonds on Wednesday, muting a broad stocks rally as fears of a global recession grew. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 6, 2019. REUTERS/Brendan McDermidYields on the benchmark 10-year Treasury note fell to their lowest levels since October 2016, and gold soared to a six-year high, while riskier assets like stocks and oil dived. On Wall Street, the Dow Jones Industrial Average opened more than 500 points lower, helping erase gains in European shares, before paring some losses. MSCI’s gauge of stocks…

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Tesla stands by safety claims despite U.S. probes, subpoenas over crashes

(Reuters) - Electric carmaker Tesla Inc (TSLA.O) stood by its Model 3 safety claims on Wednesday in the face of regulatory scrutiny, while documents showed the top U.S. automotive safety watchdog issued at least five subpoenas since last year seeking information about crashes involving the company’s vehicles. FILE PHOTO: Joe Young, a media relations associate for the Insurance Institute for Highway Safety (IIHS), demonstrates a front crash prevention test on a 2018 Tesla Model 3 at the IIHS-HLDI Vehicle Research Center in Ruckersville, Virginia, U.S., July 22, 2019. REUTERS/Amanda Voisard/File PhotoTesla, led by billionaire Elon Musk, has said the Model 3 “was engineered to be the safest…

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Radio Giant, Riding Podcast Boom, Takes ‘Stuff You Should Know’ Global

Three times a week, millions of people who crave detailed explanations of time zones, deepfakes, artificial sweeteners and other trivia listen to the latest episodes of the podcast “Stuff You Should Know.”Soon, the program — already one of the most popular in the world, with more than a billion downloads over its 11 years — will have the chance to attract an even larger and more diverse audience, thanks to a global expansion planned by its new owner, the broadcast giant iHeartMedia.As part of the plan, “Stuff You Should Know” and five other podcasts will be made available early next year in Spanish, Hindi, Portuguese, French and…

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Trump says U.S. Federal Reserve ‘too proud to admit mistake’

FILE PHOTO: U.S. President Donald Trump speaks about the shootings in El Paso and Dayton in the Diplomatic Room of the White House in Washington, U.S., August 5, 2019. REUTERS/Leah MillisWASHINGTON (Reuters) - U.S. President Donald Trump said on Wednesday the U.S. Federal Reserve must cut rates “bigger and faster” for the United States to be competitive against other countries. “Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much (and that I was right!). They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW,” Trump said in a series of…

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Rush into U.S. bonds sinks global stock markets; gold touches six-year high

NEW YORK (Reuters) - Investors rushed into the safety of U.S. government bonds on Wednesday, smothering a broad stocks rally as fears of a global recession grew. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 6, 2019. REUTERS/Brendan McDermidYields on the benchmark 10-year Treasury note fell to their lowest levels since October, 2016, and gold soared to a six-year high, while riskier assets like stocks and oil prices dived. On Wall Street, the Dow Jones Industrial Average opened more than 500 points lower, helping erase gains in European shares, before paring some losses. MSCI’s gauge of…

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Taliban bomb kills 14, wounds 145, despite hopes for Afghan pact

KABUL (Reuters) - A Taliban suicide bomber killed 14 people and wounded 145 in the Afghan capital Kabul on Wednesday, an attack the government said raised questions about the militants’ commitment to peace despite an expected deal with the United States. There has been no let-up in violence in Afghanistan even though the Taliban and the United States appear close to a historic pact for U.S. troops to withdraw in exchange for a Taliban promise that Afghanistan would not be used as a base for international terrorism. The truck bomb in the west of the capital during the morning rush hour sent a huge cloud of gray…

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