By Eric M. Johnson SEATTLE (Reuters) -Boeing Co executive Michael Teal, a top engineer on its 777X program who also oversaw technical development of the 737 MAX program, is set to retire, according to a company memo seen by Reuters on Friday. Teal, a 35-year Boeing veteran, was a vice president and chief project engineer…
By Jonathan Stempel NEW YORK (Reuters) – A U.S. appeals court put the federal government’s prosecution of Turkish state-owned lender Halkbank for allegedly helping Iran evade American sanctions on hold while the bank appeals to the U.S. Supreme Court. Friday’s order from the 2nd U.S. Circuit Court of Appeals in Manhattan allows Halkbank to appeal…
By Anirban Sen and Matt Scuffham (Reuters) -JPMorgan Chase & Co posted fourth-quarter profit ahead of market expectations on Friday, but its shares fell as much as 6% as analysts expressed disappointment over its forecasts for future profitability. The country’s largest bank warned that its return on tangible capital equity (ROTCE), a key metric which…
By Elizabeth Howcroft and Koh Gui Qing LONDON/NEW YORK (Reuters) – Global stock markets stumbled again on Friday and U.S. Treasury yields climbed as cautious investors considered imminent U.S. interest rate hikes and the uncertainty of their impact on the economy. Even a spate of solid earnings reports from Wall Street banks — JPMorgan Chase…
By Jesús Aguado MADRID (Reuters) -A Madrid court has cut a compensation payout awarded to banker Andrea Orcel over Santander’s withdrawal of a CEO job offer by about 16 million euros ($18.30 million) to 51.4 million euros, a court document seen by Reuters on Friday showed. Orcel and Santander ended up in court after Spain’s…
(Reuters) – U.S. consumer sentiment soured in early January, falling to the second lowest level in a decade as Americans fretted about soaring inflation, a survey showed on Friday. The University of Michigan said its preliminary consumer sentiment index fell to 68.8 in the first half of this month from a final reading of 70.6…
By Shadia Nasralla and Noah Browning LONDON (Reuters) -Oil futures rose on Friday on course for a fourth weekly gain boosted by supply constraints and a weaker dollar and despite sources saying China is set to release crude reserves around the Lunar New Year. Brent crude futures rose 71 cents, or 0.8%, to near a…
WASHINGTON (Reuters) – U.S. President Joe Biden on Friday nominated former Federal Reserve Governor Sarah Bloom Raskin to be the central bank’s vice chair for supervision and two Black economists, Lisa Cook and Philip Jefferson, to serve on its board of governors, the White House said on Friday. The nominations, if confirmed by the Senate,…
By Anirban Sen and Matt Scuffham (Reuters) -JPMorgan Chase & Co reported a 14% fall in fourth-quarter profit on Friday due to a slowdown in its trading arm, but a stellar performance at its investment banking unit helped the lender sail past analysts’ estimates. The country’s largest bank, whose fortunes are often seen as a…
By Ernest Scheyder (Reuters) – A bipartisan piece of legislation to be introduced in the U.S. Senate on Friday would force defense contractors to stop buying rare earths from China by 2026 and use the Pentagon to create a permanent stockpile of the strategic minerals. The bill, sponsored by Senators Tom Cotton, an Arkansas…
