By Pete Schroeder WASHINGTON (Reuters) – U.S. bank profits dropped 6.5% in the first quarter of 2022 to $59.7 billion, as larger firms grew their loan loss provisions in response to heightened economic and geopolitical uncertainty, the Federal Deposit Insurance Corporation reported Tuesday. Bank profits were down 22.2% compared to the first quarter of 2021,…
Social media has had a rough 2022 with lingering questions about advertising spending, political ads and a $44 billion takeover of Twitter that may or may not be happening, depending on which Elon Musk tweet you read. Then late Monday Snap, which runs the Snapchat app that features vanishing messages and video special effects, issued…
By Francesco Guarascio and Jan Strupczewski BRUSSELS (Reuters) – The European Commission wants to make it easier to confiscate assets linked to serious illegal activities and suspected criminals, including those evading European Union sanctions against the Kremlin, according to a draft document seen by Reuters. The legislative proposal, due to be published on Wednesday and…
NEW YORK (AP) — Best Buy Co. posted first-quarter results that showed shoppers pulled back on spending, while higher costs ate into profits. The nation’s largest consumer electronics chain also cut its annual outlook, noting a deteriorating macro economic environment. Best Buy was among a handful of big winners in the pandemic, as shoppers splurged…
DAVOS, Switzerland (AP) — Kremlin critic Bill Browder wants governments to step up efforts to get to the riches squirreled away by Russian oligarchs and linked to President Vladimir Putin by forcing the accountants, lawyers and others who set up murky legal and financial structures to become whistleblowers. Browder, author of the nonfiction best-seller “Freezing…
By Devik Jain and Anisha Sircar (Reuters) -U.S. stock indexes were set to fall on Tuesday following a strong relief rally in the previous session as weak forecasts from firms including Snapchat owner Snap Inc added to nerves about an inflation-struck economy. Snap Inc plummeted 33% in premarket trading, dragging down several social media and…
DOHA (Reuters) – The Qatar Investment Authority cannot exit the Russian market and is waiting to assess its position there because of the Ukraine crisis, the sovereign wealth fund’s chief investment officer for Europe, Russia and Turkey said Tuesday. “We can’t do much in Russia … We have to really assess where to stand on…
Americans on the cusp of retiring are facing a tough choice as they watch their nest eggs shrink: Stay the course or keep working. A stock market slump this year has taken a big bite out of investors’ portfolios, including retirement plans like 401(k)s. The S&P 500, the benchmark for many index funds, is down…
By Francesco Canepa and Tom Wilson FRANKFURT (Reuters) -Cryptocurrencies will pose a risk to financial stability if the emerging sector maintains its rapid growth of the last two years and financial firms deepen their involvement, the European Central Bank (ECB) said on Tuesday. The crypto market slumped sharply this month after the downfall of major…
(Reuters) -Electronics retailer Best Buy Co Inc lowered its full-year sales and profit forecasts on Tuesday, as red-hot inflation saps consumers’ spending power. However, Best Buy shares jumped 8% in premarket trading after the company beat estimates for first-quarter revenue. Its stock fell over 16% last week as retail behemoths Walmart Inc and Target Corp…
