By Doyinsola Oladipo NEW YORK (Reuters) -BMW Chief Executive Officer Oliver Zipse said companies must be careful not to become too dependent on a select few countries by focusing only on electric vehicles, adding that there was still a market for combustion engine cars. “When you look at the technology coming out, the EV push,…
NEW YORK (Reuters) – Wall Street’s major banks and asset managers were cautious about the economy as they detailed how both consumers and institutional clients were struggling to deal with sky-high inflation and looming rate hikes. The big U.S. banks are reporting results at a time of surging inflation, which could lead the Fed to…
WASHINGTON (AP) — Long-term U.S. mortgage rates continued to climb this week as the key 30-year loan rate reached 5% for the first time in more than a decade amid persistent high inflation. The average 5% rate on the 30-year mortgage was up from 4.72% last week, mortgage buyer Freddie Mac reported Thursday. The average…
UnitedHealth Group delivered a better-than-expected first quarter and raised its 2022 forecast, as Medicare Advantage grow and care delivery once again helped the health care giant. The nation’s largest health insurance provider said Thursday that enrollment in its Medicare Advantage plans grew nearly 9% to about 6.9 million people, and the company also booked growth…
(Reuters) – Russia’s central bank sees room for an interest rate cut as weekly inflation is slowing, Deputy Governor Alexei Zabotkin said on Thursday, Interfax new agency reported. It will present new economic forecasts to coincide with its next rate-setting meeting on April 29, TASS news agency quoted him as saying. The bank raised the…
In his first letter to Amazon shareholders, CEO Andy Jassy offered a defense of the wages and benefits the company gives its warehouse workers while also vowing to improve injury rates inside the facilities. Jassy, who took over from Amazon founder Jeff Bezos as CEO last July, wrote the company has researched and created a…
NEW YORK (AP) — Four big banks reported noticeable declines in their first-quarter profits Thursday, as the volatile markets and war in Ukraine caused deal-making to dry up while a slowdown in the housing market meant fewer people sought to get a new mortgage or refinance. The results from Citigroup, Goldman Sachs, Morgan Stanley and…
By Nichola Saminather TORONTO (Reuters) – Toronto-Dominion Bank’s Chief Executive Bharat Masrani on Thursday criticized the Canadian Liberal government’s planned tax on banks and called for policymakers to ensure Canada plays a “meaningful role” in supporting energy security. Canada plans to raise corporate taxes for the most profitable banks and insurers to 16.5% from 15%…
By Francesca Landini and Valentina Za MILAN (Reuters) -Italy’s Benetton family and U.S. investment fund Blackstone have proposed a 58 billion euro ($63 billion) buyout offer for Atlantia, to take it private and stave off rival interest for the airport and motorway operator. Highlighting the appeal of the infrastructure sector, the deal would be this…
NEW YORK (AP) — Retail sales rose modestly in March, but higher prices for food, gasoline and other basics took a big share of consumers’ wallets. Retail sales increased 0.5% after registering a revised 0.8% increase from January to February, reported the U.S. Commerce Department Thursday. Spending has been fueled by wage gains, solid hiring…
