WASHINGTON (AP) — Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March…
HONG KONG (Reuters) – Citigroup Inc said on Tuesday it appointed Angel Ng to lead its Asia Pacific global wealth management business. Ng, currently Citigroup’s Hong Kong chief executive, will oversee Citi’s wealth management business — centred around hubs in Singapore and Hong Kong — and lead the personal banking units in both cities. She…
By Leika Kihara TOKYO (Reuters) -Japan’s wholesale inflation remained near record-high levels in March as the Ukraine crisis and a weak yen pushed up fuel and raw material costs, data showed on Tuesday, adding strains to the resource-poor economy heavily reliant on imports. While rising wholesale prices will help accelerate consumer inflation toward the central…
TOKYO (Reuters) -Japan’s Honda Motor Co Ltd plans to spend 8 trillion yen ($64 billion) on research and development over the next 10 years as it aims to roll out more than 30 electric vehicle models globally by 2030. The targets, laid out at a company presentation on Tuesday, mark a push by the automaker…
By Erwin Seba HOUSTON (Reuters) – Chevron Corp and the United Steelworkers union (USW) met on Monday to seek an end to a three-week-old strike by 500 workers at the company’s Richmond, California, refinery, a union official said. B.K. White, first vice president of USW Local 12-5, said the union had received a proposal from…
By Abinaya V and Nivedita Balu (Reuters) -Tesla Inc Chief Executive Elon Musk disclosed on Monday he had abandoned a plan to join Twitter Inc’s board just as his tenure was about to start, the latest move by the world’s richest man that defied corporate America’s norms. Musk revealed last week he had accepted a…
By Jonathan Stempel NEW YORK (Reuters) – Warren Buffett needed just two weeks to put together Berkshire Hathaway Inc’s $11.6 billion takeover of Alleghany Corp, its largest acquisition in six years, even as he balked at paying the insurer’s banking fee, a regulatory filing on Monday shows. Alleghany said its Chief Executive Officer Joseph Brandon…
NEW YORK (AP) — Some vendors on Etsy say they are halting sales of their items on the site for a week to protest a hike in the fees the crafts e-commerce marketplace charges them. Starting Monday, Etsy sellers must pay a 6.5% commission on each transaction, up from the 5% in place since 2018….
By Indradip Ghosh and Prerana Bhat BENGALURU (Reuters) – The Federal Reserve is expected to deliver two back-to-back half-point interest rate hikes in May and June to tackle runaway inflation, according to economists polled by Reuters who also say the probability of a recession next year is 40%. With the unemployment rate near a record…
By Ross Kerber (Reuters) -New York pension officials on Monday said they will support shareholder resolutions filed at major banks seeking quick cuts to financing of new fossil fuel development, pushing climate issues to the fore of another springtime shareholder meeting season. Shareholders should support resolutions filed at Bank of America Corp, Goldman Sachs Group…
