By Pete Schroeder (Reuters) – U.S. Democratic Senator Joe Manchin, who on occasions votes against his party in the evenly split Senate, said on Tuesday he intends to support Michael Barr for Federal Reserve vice chair for supervision. In a statement, Manchin said he met with Barr last week and believes Barr would be a…
By Noel Randewich and Amruta Khandekar (Reuters) – Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth. Ten of the 11 major S&P sector indexes advanced, with financials, materials, consumer discretionary and technology all gaining more…
By Tom Sims, Alexander Hübner and Jonathan Stempel NEW YORK/MUNICH (Reuters) -Germany’s Allianz SE agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. Department of Justice…
WASHINGTON (AP) — Chair Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until there is clear evidence inflation is steadily falling — a high-stakes effort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead, in turn, to higher borrowing…
By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) – European Central Bank President Christine Lagarde has given national central bank chiefs a bigger say in policy meetings, asking her own board to speak less and set aside more time for debate, sources familiar with the process said. Lagarde has told chief economist Philip Lane and…
Two of the World’s largest retailers, Home Depot (HD) and Wal-Mart (WMT) posted first-quarter results. The earnings and price action reflect a divergence. HD shares rallied after a nice top and bottom-line beat. WMT is under pressure after it missed bottom-line expectations. The results will raise questions about consumer habits. A closer look suggests the…
(This May 16 story corrects headline and paragraph 1 to clarify contract was awarded to the JV, not Lockheed.) (Reuters) – A joint venture between Lockheed Martin Corp and Raytheon Technologies Corp has been awarded two contracts worth $309 million by the U.S. army for its Javelin missiles, the antitank weapon that has helped Ukraine…
WASHINGTON (Reuters) – The Federal Reserve will “keep pushing” to tighten U.S. monetary policy until it is clear inflation is declining, Fed chair Jerome Powell said on Tuesday. “What we need to see is inflation coming down in a clear and convincing way and we’re going to keep pushing until we see that,” Powell said…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales rose strongly in April as consumers bought more motor vehicles amid an improvement in supply and increased spending at restaurants, providing a powerful boost to the economy at the start of the second quarter. The broad rise in retail sales reported by the Commerce Department on…
KYIV, Ukraine — Seven civilians have been killed in Ukraine’s eastern Donetsk region as a result of Russian attacks, the Ukrainian regional governor says. Pavlo Kyrylenko wrote in a Telegram post that Tuesday’s Russian attacks killed seven civilians of the Donbas: two in Bakhmutsky, two in Bakhmut, and one each in Avdiivka, Drobyshev and Soledar….
