(Reuters) -Bank of America Corp reported a better-than-expected 30% jump in quarterly profit on Wednesday, as it benefited from loan growth as well as record-breaking M&A volumes that helped drive its investment banking business. Flush with cash and emboldened by soaring stock market valuations, large buyout funds, corporates and financiers struck billions of dollars worth…
(Reuters) – Bank of America Corp reported a jump in fourth-quarter profit on Wednesday, benefiting from loan growth and a frenetic pace of global dealmaking activity that helped drive its investment banking business. Bank of America, along with other Main Street lenders like JPMorgan Chase & Co and Wells Fargo & Co, is expected to…
By Hannah Lang (Reuters) – Britain-based digital banking app Revolut launched commission-free stock trading in the United States on Wednesday, a move that will see it compete with online brokerages such as Robinhood Markets Inc and Charles Schwab Corp. The launch by Revolut comes amid a broader surge in retail trading, which escalated last year…
HONG KONG/BEIJING (Reuters) – China’s cyberspace regulator has drafted new guidelines that will require the country’s large internet companies to obtain its approval before they undertake any investments or fundraisings, sources familiar with the matter said on Wednesday. The proposed requirements from the Cyberspace Administration of China (CAC) will apply to any platform company with…
By Silke Koltrowitz ZURICH (Reuters) -Strong demand for its jewellery and watches in the Americas and Europe in a post-pandemic rebound helped quarterly sales at Cartier owner Richemont rise by nearly a third, the world’s second-largest luxury group said on Wednesday. Sales at Richemont rose to 5.658 billion euros ($6.41 billion) in the company’s third…
By Sam Nussey TOKYO (Reuters) – Sony Group, perched atop the gaming sector, is facing a fresh challenge from cash-rich rivals betting on a next-generation online video game boom as the Japanese conglomerate eyes expansion on multiple fronts, including electric cars. Microsoft Corp, a laggard in the generational console battle with Sony, took a major…
By Patturaja Murugaboopathy and Andrew Galbraith (Reuters) – Chinese real estate developers are staring at enormous amounts of debt maturing this year, at a time when property sales have slowed and traditional borrowing markets remain closed off following Beijing’s campaign to rein in borrowing in the sector. According to Refinitiv data, Chinese real estate developers…
LONDON (Reuters) – British consumer price inflation rose more than expected to 5.4% in December, up from November’s 5.1% reading and its highest since March 1992, the Office for National Statistics said on Wednesday. Economists polled by Reuters had forecast that the annual CPI rate would edge up to 5.2% in December. (Reporting by David…
By Shivam Patel (Reuters) – New York Attorney General Letitia James said late on Tuesday that former U.S. President Donald J. Trump’s family organization used “fraudulent or misleading” asset valuations to obtain economic benefits, including loans, insurance coverage, and tax deductions. James also took legal action to compel Trump and his adult children Donald Trump…
AMSTERDAM (Reuters) – ASML Holding NV, a key supplier to computer chip makers, on Wednesday reported better-than-expected fourth-quarter earnings of 1.77 billion euros ($2.01 billion) and said it sees sales growth of 20% in 2022. Analysts had expected net profit of 1.51 billion euros ($1.72 billion), up from 1.35 billion euros a year earlier, according…
