WASHINGTON (Reuters) – U.S. producer prices increased more than expected in March amid a surge in demand for services, suggesting inflation could remain high for a while. The producer price index for final demand increased 1.4% after rising 0.9% in February, the Labor Department said on Wednesday. In the 12 months through March, the PPI…
LONDON (Reuters) – U.S. private equity firm General Atlantic on Wednesday named Lance Uggla, former boss of data company IHS Markit, as chief executive of its climate-focused venture BeyondNetZero. Uggla founded Markit and helped lead a merger with IHS in 2016. He most recently served as CEO and chairman of IHS Markit, which S&P Global…
NEW YORK (AP) — JPMorgan Chase said its first quarter profits dropped by 42% from last year, partly because the bank wrote down nearly $1.5 billion in assets due to higher inflation and Russia’s war in Ukraine. The nation’s largest bank by assets said it earned a profit of $8.3 billion, or $2.63 per share,…
By Saikat Chatterjee LONDON (Reuters) – The Japanese yen weakened past the 126 yen per dollar mark on Wednesday for the first time since 2002, while the euro was pinned at a one-month low as investors bought the U.S. currency after hawkish comments by Federal Reserve officials. The prospect of fast and aggressive U.S. interest…
LONDON (Reuters) – Crypto lender Nexo said it has teamed up with global payments company Mastercard to launch on Wednesday what it calls the world’s first “crypto-backed” payment card. It signals the latest move by crypto and incumbent financial networks to join forces as digital assets become more mainstream. Nexo said the card, available in…
LONDON (AP) — British consumer prices rose at the fastest pace in 30 years last month, fueled by soaring costs for household energy and motor fuels — the latest grim figures as inflation surges around the world. Inflation in the United Kingdom accelerated to 7% in the 12 months through March, the highest annual rate…
By Rajesh Kumar Singh CHICAGO (Reuters) – Delta Air Lines Inc on Wednesday reported a quarterly loss, but forecast a return to profit in the current quarter as airline travel demand reaches record heights. The Atlanta-based company’s adjusted loss for the first quarter came in at $1.23 per share, compared with average analyst estimates of…
Delta Air Lines lost $940 million in the first quarter, hurt by a rise in fuel prices, but bookings surged in recent weeks, setting up a breakout summer as Americans try to put the pandemic behind them. Wall Street had expected the loss in a quarter marred by the omicron variant of COVID-19. Investors focused…
By Alexander Schummer TORONTO (Reuters) – Canada’s accelerated timeline to fully embrace electric vehicles (EVs) presents a threat to some auto suppliers and auto mechanics, with the latter pinning hopes on a key legislation to adapt to the changing needs of the industry. Last month, Justin Trudeau’s Liberal government set out a mandatory target for…
By Ron Bousso and Chen Aizhu LONDON/SINGAPORE (Reuters) – China’s top offshore oil and gas producer CNOOC Ltd. is preparing to exit its operations in Britain, Canada and the United States, because of concerns in Beijing the assets could become subject to Western sanctions, industry sources said. Ties between China and the West have long…
