By Chris Taylor NEW YORK (Reuters) – As TikTok accounts focused on money gain huge followings, stodgy financial firms are wedging themselves into youth-oriented social media platforms for a piece of the action. Independent “FinTok” influencers like Mark Tilbury (@marktilbury, 7 million followers), Humphrey Yang (@humphreytalks, 3.3 million), Tori Dunlap (@herfirst100k, 2.1 million) and Erika…
By David Morgan and Ann Saphir WASHINGTON (Reuters) -The U.S. Senate on Thursday confirmed Jerome Powell to a second four-year term as head of the Federal Reserve, paving the way for the former investment banker to continue leading the central bank as it confronts the highest inflation in 40 years. Powell, who was renominated by…
SACRAMENTO, Calif. (AP) — The California Legislature on Thursday agreed to increase how much money people can win in medical malpractice lawsuits, resolving one of the thorniest disputes in state politics by raising a cap on damages for the first time in 47 years. California is one of 33 states that limits how much money…
By Rajesh Kumar Singh CHICAGO (Reuters) -General Electric Co on Thursday said it expects an improvement across its businesses in the second half of the year despite persistent inflationary and supply chain pressures. But Chief Financial Officer Carolina Dybeck Happe said the company expects to burn cash in the current quarter despite an improvement in…
WASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp…
By Julie Gordon and David Ljunggren OTTAWA (Reuters) -The Bank of Canada’s policy rate, at 1%, is “too stimulative” given soaring inflation and needs to return to more neutral levels “quickly,” an official said on Thursday, while downplaying the likelihood of a supersized increase. Deputy Governor Toni Gravelle, speaking to economists in Montreal, also said…
By Ashitha Shivaprasad (Reuters) – Gold and other precious metals dropped on Thursday, with palladium shedding more than 8%, as investors flocked to the dollar driven by bets the U.S. Federal Reserve will stick to aggressive rate hikes. Spot gold fell 1.6% to $1,823.14 per ounce by 01:51 p.m. EDT (1751 GMT). U.S. gold futures…
WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said that she believes the Federal Reserve can bring down inflation without causing a recession because of a strong U.S. job market and household balance sheets, low debt costs and a strong banking sector Yellen told a U.S. House of Representatives Financial Services Committee hearing on Thursday that…
By Richa Naidu LONDON (Reuters) -Some Swedish Match investors are divided about whether Philip Morris’ $16 billion offer for the Stockholm-based company is good value for one of the world’s biggest makers of oral nicotine products. The Marlboro maker agreed on Wednesday to buy Swedish Match in a bet on the growing market for cigarette…
By Daria Sito-Sucic SARAJEVO (Reuters) – As supply chain disruptions caused by the COVID-19 pandemic, war in Ukraine and lockdowns in China hit Western European markets, Balkan companies are hoping to benefit from their close proximity and low labour costs. Some businesses at a Sarajevo business forum devoted to “near-shoring” – partnerships closer to home…
