(Reuters) -Chipmaker Texas Instruments Inc on Tuesday forecast quarterly revenue and profit below estimates, anticipating slowing orders as consumer electronics makers and retailers grapple with bloated inventory, sending its shares down 5%. Hit by red-hot inflation, consumers have pulled back on non-discretionary spending including on personal electronics, which has left businesses, stocking up ahead of…
By John McCrank NEW YORK (Reuters) – Sterling rallied to a six-week high on Tuesday on improved risk sentiment as Rishi Sunak became Britain’s prime minister, while the dollar fell to a three-week low as weakening U.S. economic data cooled expectations on the pace of future U.S. rate hikes. The potential for foreign exchange volatility…
By Hannah Lang (Reuters) -The U.S. Consumer Financial Protection Bureau (CFPB) will move forward this week with an “open banking” rule that could dramatically boost competition in the consumer finance industry and increase Americans’ access to financial services. In a speech on Tuesday, CFPB Director Rohit Chopra said the agency expects to propose requiring financial…
By Lawrence White, Sinead Cruise and Anshuman Daga LONDON/SINGAPORE (Reuters) – Georges Elhedery’s appointment as HSBC’s chief financial officer caps a journey that’s taken him from war-torn Lebanon to frontrunner for the top job at Europe’s biggest bank. It’s also surprised investors and raised questions about HSBC’s direction. Known at HSBC for his strategic vision…
Juan Hernandez III, CEO of a nonprofit lending fund, has made about 17 loans to Latino entrepreneurs and business owners across Sonoma County, California. Hernandez was able to provide the loans averaging $33,000 each after his organization received a two-year, $100,000 grant from the Latino Community Foundation’s Latino Entrepreneurship Fund in July 2021. He says…
BERLIN (Reuters) – Uncertainty over the future of European regulation on auto emissions gives Chinese competitors already ahead of the game an additional advantage, Stellantis chief executive Carlos Tavares said at a conference in Berlin on Tuesday. The chief executive said that the so-called Euro 7 standards, which aim to tighten car emission limits for…
By Foo Yun Chee BRUSSELS (Reuters) – Companies that alerted European authorities to cartels in the last 16 years dodged 10 billion euros ($9.97 billion) in potential fines, EU antitrust regulators said on Tuesday as they announced efforts to encourage more whistleblowing. Launched in 1996 and revised several times since then, the European Commission’s leniency…
NEW YORK (AP) — The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system. A new report from the Federal Deposit Insurance Corp. issued Tuesday found that 4.5%…
By Shashwat Chauhan (Reuters) -Canadian stocks rose on Tuesday, echoing an upbeat sentiment on Wall Street as Treasury yields fell, while top cannabis producer Canopy Growth surged on plans to create a holding company to speed up its entry into the United States. Shares of Canopy Growth jumped 21.9%, among the top gainers on the…
Biogen delivered a better-than-expected third quarter and hiked its 2022 forecast, as cost cutting continued to help the drugmaker balance sliding sales. The maker of the multiple sclerosis treatment Tecfidera said Tuesday that it chopped research and development costs 22% and also booked a $504 million gain from a building sale as it reduced office…
