(Reuters) -Morgan Stanley on Thursday reported a drop in second-quarter profit, as dealmaking slumped amid soaring market volatility and dented the firm’s investment banking unit. The bank reported a profit of $2.4 billion, or $1.39 per share, for the quarter ended June 30, compared with $3.4 billion, or $1.85 per share, a year earlier. Analysts…
BERLIN (AP) — Local officials with German Chancellor Olaf Scholz’s party met Thursday to consider calls to expel former Chancellor Gerhard Schroeder, but reached no immediate decision. Schroeder’s longstanding ties to the Russian energy sector and refusal to distance himself fully from President Vladimir Putin after Russia invaded Ukraine have left his political standing in…
BEMPOSTA, Portugal (AP) — More than 3,000 firefighters battled alongside ordinary Portuguese citizens desperate to save their homes from several wildfires that raged across the European country on Thursday, fanned by extreme temperatures and drought conditions linked to climate change. The central part of the country has been particularly hard hit by a spate of…
LONDON (AP) — Amazon, seeking to resolve two European Union antitrust investigations, has promised to treat third-party merchants on its website fairly, the bloc’s competition watchdog said Thursday. The U.S. online retail giant offered to make a number of commitments to ease competition concerns, and the European Commission, the 27-nation bloc’s top antitrust enforcer, said…
BANGKOK (AP) — U.S. Treasury Secretary Janet Yellen has urged leaders of major economies to work more closely in countering the impact from Russia’s invasion of Ukraine. Yellen and other top financial officials from the Group of 20 leading rich and developing nations are gathering on the Indonesian island of Bali for meetings that begin…
By Julia Payne LONDON (Reuters) -Oil prices fell on Thursday as investors focused on the prospect of a large U.S. rate hike that could stem inflation but at the same time hit oil demand. Brent crude futures for September were down $1.86 cents to $97.71 a barrel at 1016 GMT after settling below $100 for…
By Clare Jim and Xie Yu HONG KONG (Reuters) -Chinese banks could face hefty writedowns in their mortgage businesses as growing numbers of homebuyers threaten to stop loan repayments to protest against unfinished apartments sold to them, analysts said. The mortgage bad-loan ratios for banks could rise three- to five-fold as a result of homebuyers…
BRUSSELS (AP) — Russia’s war in Ukraine is expected to wreak havoc with the European Union’s economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc’s economic forecast showed Thursday. The summer figures for the 19 nations using the euro have set inflation to reach an average of 7.6% this…
HONG KONG (Reuters) – China International Capital Corp Ltd (CICC) has appointed veteran dealmaker Wang Shuguang to lead its investment banking business, said two people with knowledge of the matter. The appointment, effective July 11, comes as Wang Sheng, the bank’s previous investment banking head, has moved to China Galaxy Securities to take over as…
By Julia Payne LONDON (Reuters) -Oil prices fell on Thursday as investors weighed tight supplies against the prospect of a large U.S. rate hike that could stem inflation and curb crude demand. Brent crude futures for September were down 18 cents to $99.39 a barrel at 0727 GMT after settling below $100 for the second…
