By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) -The Federal Reserve will move forward with plans to raise interest rates this month to try to tame high inflation, but the outbreak of war in Ukraine has made the outlook “highly uncertain” for U.S. central bank policymakers as they plan their next steps, Fed Chair Jerome…
By Tom Wilson LONDON (Reuters) – Some of the world’s biggest cryptocurrency exchanges are staying put in Russia, breaking ranks with mainstream finance in a decision that experts say weakens Western attempts to isolate Moscow following the invasion of Ukraine. Western sanctions, which aim to squeeze Russia’s economy and sever it from the global financial…
By Karin Strohecker LONDON (Reuters) – With much of Moscow’s $640 billion reserves under lock and key in the West and sanctions crippling cross-border capital flows, investors fear Russia may be heading for its first ever default on sovereign hard currency debt. On Wednesday, foreign investors were effectively stuck with their holdings of rouble-denominated bonds…
By Noah Browning LONDON (Reuters) -Oil prices surged on Wednesday as supply disruptions mounted following sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by nearly $9, touching a peak of $113.94 a barrel, the highest since June…
WASHINGTON (AP) — Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed. But Powell did open the door to a bigger hike in the event…
By David Henry and Noor Zainab Hussain NEW YORK (Reuters) -Citigroup Inc set new profitability targets on Wednesday at its first “investor day” in five years, aiming for a medium-term return on equity of 11% to 12%, an improvement from its recent performance. Analysts had been looking for a medium-term return on tangible capital equity…
(Reuters) – Shares of Nordstrom Inc soared more than 32% on a faster-than-expected recovery at the company’s off-price Rack outlets that raised hopes about the department store’s ability to stanch further marketshare losses to bigger rivals. The company wrestled with severe shortages of women’s apparel and shoes at Rack stores for most of last year,…
By Devik Jain (Reuters) – U.S. stock index futures notched cautious gains on Wednesday, ahead of Federal Reserve Chair Jerome Powell’s testimony for clues on interest rates as the Ukraine crisis exacerbates concerns about inflation and growth. The mood remained dour across global stock markets as Brent crude jumped to near eight-year highs and metal…
Ford will split its electric vehicle and internal combustion operations into two individual businesses to accelerate its adaptation of new technology and the Detroit automaker said Wednesday that its transformation into an EV company is accelerating. Ford plans a major restructuring with two distinct but strategically interdependent auto businesses – Ford Blue focusing on traditional…
By Noah Browning LONDON (Reuters) – Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel,…
