By Lindsay Dunsmuir (Reuters) – The world is moving rapidly toward increasing use of digital payments and an official digital version of the U.S. dollar could help safeguard its global dominance as other countries issue their own, Federal Reserve Vice Chair Lael Brainard said on Thursday. “I don’t think we should be taking the global…
NEW YORK (Reuters) – The Federal Reserve could pause its monetary policy tightening in September if there is an economic deterioration and inflation subsides, BofA strategists said on Thursday, a day after the U.S. central bank released the minutes from its May policy meeting. All of the Fed’s policymakers agreed to hike interest rates by…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister said Thursday that he will quickly prepare an economic reform program and seek approval from the International Monetary Fund — because global inflation and the financial impact of Russia’s invasion of Ukraine on other countries could limit their ability to help the island nation. Prime Minister…
(Reuters) – Accounting firm Ernst & Young is planning to split its audit and advisory operations worldwide, the Financial Times reported on Thursday, citing three people with knowledge of the plans. EY did not immediately respond to a Reuters request for comment. Senior partners at the company have been discussing their options for a restructuring…
By Uday Sampath Kumar (Reuters) -Macy’s Inc raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events, even as red-hot inflation saps consumer spending power. The department store chain’s shares rose 13.8% to $21.86 in premarket trading as the company joined rival…
By Yuka Obayashi and Ritsuko Shimizu TOKYO (Reuters) – Nippon Steel Corp, the world’s No.5 steelmaker, expects its seamless pipe business will return to a profit this year from a loss last year as gas drilling activity is on the rise to meet higher demand for non-Russian fuel. “We are getting an increasing number of…
BERLIN (AP) — Western allies are considering whether to allow Russian oligarchs to buy their way out of sanctions and using the money to rebuild Ukraine, according to government officials familiar with the matter. Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland proposed the idea at a G-7 finance ministers’ meeting in Germany last…
LONDON (Reuters) -Low-cost carrier easyJet said an IT problem that caused it to cancel around 200 flights on Thursday had been resolved, but its programme could be disrupted for the rest of the day. “EasyJet can confirm that the earlier IT systems issues have now been rectified,” the British airline said. “Unfortunately, they resulted in…
WASHINGTON (AP) — Stagflation. It was the dreaded “S word” of the 1970s. For Americans of a certain age, it conjures memories of painfully long lines at gas stations, shuttered factories and President Gerald Ford’s much-ridiculed “Whip Inflation Now” buttons. Stagflation is the bitterest of economic pills: High inflation mixes with a weak job market…
WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week for the second week in a row, though interest rates on the key 30-year home loan remain at decade-high levels. Economic uncertainty and weakened homebuyer demand continue to loom over mortgage rates. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate declined to…
