By Lewis Krauskopf NEW YORK (Reuters) – A tough year in markets is leading some investors to seek refuge in cash, as they capitalize on higher interest rates and await chances to buy stocks and bonds at cheaper prices. The Federal Reserve has roiled markets in 2022 as it implements huge rate hikes in an…
By Jonathan Stempel NEW YORK (Reuters) – Credit Suisse Group AG reached a $32.5 million settlement to resolve a lawsuit accusing the Swiss bank of misleading shareholders about how well it managed risk, including its exposure to “high-risk” clients such as Archegos Capital Management. A preliminary settlement of the proposed class action was filed on…
By Medha Singh and Bansari Mayur Kamdar (Reuters) -FedEx Corp’s shares had their worst day ever and closed at the lowest price since early pandemic months, after the delivery heavyweight pulled its forecast, feeding into fears of a global demand slowdown while piling more pressure on its new chief executive for a quick turnaround. The…
By Fergal Smith TORONTO (Reuters) – The Canadian dollar weakened to its lowest level in nearly two years against the greenback on Friday and Canada’s stock market fell more than 1% as investors grew cautious ahead of domestic inflation data and a Federal Reserve interest rate decision next week. The Canadian dollar was trading 0.4%…
By Eric Onstad, Pratima Desai and Peter Hobson LONDON (Reuters) – JPMorgan Chase & Co has reduced lending to China’s Tsingshan, one of the world’s top nickel producers, while also paring back credit to other customers in Europe and Asia after a review of risk, sources close to the situation said. Tsingshan Holding Group was…
By Davide Barbuscia NEW YORK (Reuters) – Expectations of how aggressively the Federal Reserve will raise rates in its fight against inflation hit a fresh high this week, exacerbating pressures on stocks and bonds. As investors await another jumbo rate increase from the U.S. central bank at its Sept. 20-21 meeting, higher-than-expected inflation numbers have…
By Jonathan Stempel NEW YORK (Reuters) – Goldman Sachs Group Inc won the dismissal of a proposed class action by tens of thousands of employees over its alleged imprudent use of high-cost, underperforming in-house mutual funds as investment options in their retirement plan. U.S. District Judge Edgardo Ramos in Manhattan found no proof that Goldman’s…
By Laura Sanicola and Laila Kearney (Reuters) – Delta Air Lines Inc plans to start receiving shipments of renewable fuel feedstocks at its Trainer, Pennsylvania, refinery as part of a strategy that could reduce its environmental liabilities by hundreds of millions of dollars, according to three sources familiar with the matter. The move suggests a…
NEW YORK (AP) — Craig Newmark twists a “Batman” quote to jokingly refer to himself as “not the nerd you want, but maybe now and then I’m the nerd you need.” Newmark, the founder of Craigslist, has since retired from the pioneering website that made him ultra-rich by expanding the world of classified ads onto…
(Reuters) -Goldman Sachs Group Inc’s consumer banking unit is being reviewed by the Federal Reserve, Bloomberg Law reported on Friday, citing people familiar with the matter. Goldman’s management has been subjected to questions and follow-ups from the central bank’s officials for several weeks, the report said, adding that the process was still ongoing. (https://bit.ly/3BJcc1i) Goldman…
