BERLIN (Reuters) -The Swiss government on Friday announced new rules for the nation’s five major banks, requiring that they boost their liquidity in order to better weather events such as the COVID-19 pandemic in future. “The revision is intended to ensure that systemically important banks (SIBs) hold sufficient liquidity to absorb liquidity shocks and cover…
(Reuters) – Russian internet giant Yandex said on Friday Arkady Volozh has stepped down as CEO and left the board of directors after the European Union had included him on its latest list of sanctions against Russian entities. Volozh has transferred his voting power to the board, Yandex said, adding that it believes that “the…
LONDON (Reuters) – Euro zone business growth was robust in May but is at risk of a slowdown from soaring living costs, supply chain disruptions and uncertainty surrounding Russia’s invasion of Ukraine, a survey showed. S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good gauge of economic health, fell to 54.8 in…
(Reuters) -Bristol Myers Squibb said on Friday it would acquire drug developer Turning Point Therapeutics Inc for $4.1 billion in cash to gain access to promising targeted treatments for cancer. Turning Point’s lead drug, repotrectinib, targets mutations in certain proteins in the body that lead to unchecked cell growth, a hallmark of cancer. Bristol Myers…
Walmart is adding four new fulfillment centers to its existing capacity, a move that will bring more than 4,000 jobs and make next- or two-day shipping available to more Americans. The announcement comes at a time when consumers are relying on packages being shipped to their homes more than ever before. While online ordering has…
DETROIT (AP) — More than 750 Tesla owners have complained to U.S. safety regulators that cars operating on the automaker’s partially automated driving systems have suddenly stopped on roadways for no apparent reason. The National Highway Traffic Safety Administration revealed the number in a detailed information request letter to Tesla that was posted Friday on…
WASHINGTON (AP) — U.S. employers added 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and rising interest rates. Last month’s gain reflects a resilient job market that has so far shrugged off concerns that the economy will weaken in the coming months as…
By Svea Herbst-Bayliss BOSTON (Reuters) -Shareholder advisory firm Glass Lewis on Friday recommended Spirit Airlines investors approve Frontier Group Holdings Inc’s $2.9 billion takeover bid, saying it was the “best available” at this time. The report, which helps guide investors on how to vote on the proposed merger, comes only hours after Frontier said it…
(Reuters) – U.S. bond funds attracted net inflows in the week to June 1, after five months of outflows, as fears eased over the Federal Reserve’s aggressive monetary tightening measures and signs emerged that inflation may have peaked. According to Refinitiv Lipper data, investors purchased U.S. bond funds worth a net $7.09 billion in their…
ANKARA, Turkey (AP) — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens. The Turkish Statistical Institute said the rate represented an increase of almost 70% from the month before. Consumer prices were up nearly 3% from…
