By Howard Schneider WASHINGTON (Reuters) – Federal Reserve officials saw “little evidence” late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down as much as needed to control the surge in prices, according to the minutes of their July 26-27 policy meeting. While not explicitly hinting…
NEW YORK (AP) — Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks. The nation’s largest banks are moving away from the practice of charging exorbitant fees on what are mostly…
WASHINGTON (AP) — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high’’ before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices. In minutes from their July 26-27 meeting released Wednesday, the policymakers…
By Niket Nishant and Divya Rajagopal (Reuters) -Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ) is exploring legal options over bankrupt crypto lending firm Celsius and will no longer invest in crypto firms, it said on Wednesday. CDPQ’s statement came as the fund recovers from its failed investment in New Jersey-based…
OMAHA, Neb. (AP) — The major freight railroads signaled they’re ready to negotiate a new deal with their workers based on a presidential report that calls for 24% raises, but the 12 unions involved in the stalled talks covering 115,000 workers still haven’t commented on the recommendations. The group that represents BNSF, Union Pacific, Norfolk…
By Lisa Baertlein and David Shepardson LOS ANGELES (Reuters) -The committee representing U.S. freight railroads in labor talks with their union workers on Wednesday said the settlement recommendations from President Joe Biden’s emergency board represent “the most substantial wage increases in decades,” but that they are ready to reach agreements based on the findings. The…
CAIRO (AP) — Egypt’s central bank governor resigned Wednesday as the Middle East’s most populous nation struggles to curb inflation triggered by Russia’s war in Ukraine, high oil prices and a drop in tourism. President Abdel Fattah el-Sissi accepted the resignation of Tarek Amer and named him a presidential adviser, the Egyptian leader’s office said…
By Chibuike Oguh (Reuters) -Global equities fell while U.S. Treasury yields rose on Wednesday ahead of the release of the Federal Reserve’s meeting minutes that are expected to reveal the extent of officials’ aggressive stance on interest rates and inflation. The July meeting minutes, due to be published later on Wednesday, could signal whether the…
(Reuters) – Air Canada said on Wednesday it plans to operate flights at 79% of its pre-pandemic capacity this summer, amid a shortage of workers and strong demand for air travel. Canada’s largest carrier also said it had recalled employees laid off during the pandemic and would hire additional workers. The company has struggled with…
BERLIN (Reuters) -Norse Atlantic Airways, which seeks to break into the long-haul market between Europe and the United States, has seen strong bookings for the upcoming autumn season, its chief executive said on Wednesday. The Norway-based carrier, which began operations in mid-June, on Aug 5 announced it had filled 86% of transatlantic capacity in July,…
