NEW YORK (Reuters) – Bank of America Corp expects a “big bump” in the income it earns from rising interest rates, its chief executive officer told investors at a conference on Monday. “We’re going to get a big bump in NII,” Brian Moynihan said, referring to net interest income, a closely watched measure of how…
By Tom Westbrook SINGAPORE (Reuters) – Asian stocks rose on Tuesday as traders in Korea returned from holidays in a mood to catch up on a global bounce, while other markets held steady ahead of U.S. inflation data that will offer a crucial guide to the interest rate outlook. Wall Street indexes posted a fourth…
BEIRUT (AP) — Lebanon’s central bank lifted its remaining subsidies on fuel on Monday, gas station owners said, ending a year-long process of scaling back on the expensive program. The Central Bank over a year ago announced it would gradually lift fuel subsidies, to slow down the draining of its foreign exchange reserves. Fuel subsidies…
DUBAI, United Arab Emirates (AP) — A Dubai court ruled on Monday that a British man suspected of masterminding a $1.7 billion tax scheme cannot be extradited to Denmark to face charges. The decision in the high-profile case grants the hedge fund trader, Sanjay Shah, a victory against Danish authorities who sought him for his…
MEXICO CITY (Reuters) – Workers at Volkswagen’s main Mexico plant voted Monday to approve a deal for 9% wage raises, after snubbing the proposal twice last month. Volkswagen de Mexico last week agreed to backdate the proposed wage increase by an extra month in a bid to secure workers’ approval. The agreement between the company…
(Reuters) – Uber Technologies Inc has paid New Jersey $100 million in back taxes over misclassification of drivers as contractors, the New York Times reported on Monday. Uber, however, said it did not agree with New Jersey that drivers were “employees” and that it only paid a fraction of what the state originally demanded in…
SAN FRANCISCO (AP) — General Motors’ self-driving car company on Monday announced plans to expand a robotaxi service that recently launched in California into new markets in Arizona and Texas before the end of this year. Cruise, a San Francisco startup that General Motors bought six years ago, told an audience at an investor conference…
(Reuters) -A group led by private equity firm KKR & Co Inc has called off its cash-and-stock deal that values Australian hospital operator Ramsay Health Care at around $14.5 billion, the Australian Financial Review reported, citing sources. (https://bit.ly/3eJ6Eee) Late in August, KKR withdrew its nearly $15 billion all-cash deal for Ramsay, but continued to offer…
United Auto Workers union members who went on strike Saturday at a Stellantis casting plant in Indiana are returning to work after ratifying a deal with the company. Stellantis said that operations at the plant in Kokomo will resume late Monday after UAW Local 1166 workers voted to ratify the agreement. The two sides had…
OMAHA, Neb. (AP) — Freight railroads and their unions are facing increasing pressure from business groups and the White House to settle their contract dispute before Friday’s looming strike deadline. The pressure stems from concerns that halting railroad deliveries of raw materials and finished products that so many companies rely on would be, in the…
