WASHINGTON (AP) — Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed. But Powell did open the door to a bigger hike in the event…
By David Henry and Noor Zainab Hussain NEW YORK (Reuters) -Citigroup Inc set new profitability targets on Wednesday at its first “investor day” in five years, aiming for a medium-term return on equity of 11% to 12%, an improvement from its recent performance. Analysts had been looking for a medium-term return on tangible capital equity…
(Reuters) – Shares of Nordstrom Inc soared more than 32% on a faster-than-expected recovery at the company’s off-price Rack outlets that raised hopes about the department store’s ability to stanch further marketshare losses to bigger rivals. The company wrestled with severe shortages of women’s apparel and shoes at Rack stores for most of last year,…
By Devik Jain (Reuters) – U.S. stock index futures notched cautious gains on Wednesday, ahead of Federal Reserve Chair Jerome Powell’s testimony for clues on interest rates as the Ukraine crisis exacerbates concerns about inflation and growth. The mood remained dour across global stock markets as Brent crude jumped to near eight-year highs and metal…
Ford will split its electric vehicle and internal combustion operations into two individual businesses to accelerate its adaptation of new technology and the Detroit automaker said Wednesday that its transformation into an EV company is accelerating. Ford plans a major restructuring with two distinct but strategically interdependent auto businesses – Ford Blue focusing on traditional…
By Noah Browning LONDON (Reuters) – Oil prices surged on Wednesday as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict, while traders scrambled to seek alternative oil sources in an already tight market. Brent crude futures rose by more than $8, touching a peak of $113.02 a barrel,…
MOSCOW (Reuters) -Russia’s largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’s invasion of Ukraine and Western sanctions. The move seemed inevitable after the European Central Bank (ECB) ordered the closure of the bank’s European arm, having warned it faced failure because…
LONDON (AP) — Surging energy costs have driven inflation in Europe to another record high, raising questions about when the central bank should step in to ease the pain to people’s wallets while Russia’s invasion of Ukraine rattles the global economy. Consumer prices in the 19 countries that use the euro currency increased by an…
MOSCOW (Reuters) – Foreign investors are effectively stuck with their holdings of Russian stocks and rouble-denominated bonds after the central bank put a temporary halt on payments and major overseas’ settlement systems stopped accepting Russian assets. Moscow is blocking foreign investors, who hold tens of billions of dollars worth of Russian stocks and bonds, from…
BERLIN (AP) — The organization that handles claims on behalf of Jews who suffered under the Nazis said Wednesday that Germany has agreed to extend another $720 million (647 million euros) to provide home care and supportive services for frail and vulnerable Holocaust survivors. The New York-based Conference on Jewish Material Claims Against Germany, also…
