By David French (Reuters) – Wall Street slumped to a lower close on Friday, ending a whipsaw week of surprise earnings news and increased certainty around aggressive near-term interest rate rises, which also pushed them into negative territory for the week. It was the third straight week of losses for both the S&P 500 and…
NEW YORK (AP) — The Edsel. Quibi. New Coke. The Segway. DeLorean sports cars. The pantheon of colossal business failures has a new member in the CNN+ streaming service. The news network’s subscription offering hadn’t even been operating for a month before Warner Bros. Discovery announced this week that it would be shutting down on…
By Gertrude Chavez-Dreyfuss and Stefano Rebaudo NEW YORK (Reuters) – The dollar surged to a more than two-year high on Friday, continuing to draw support from Federal Reserve Chair Jerome Powell’s comments on Thursday that seemed to back a half a percentage point tightening at next month’s policy meeting, as well as his remarks on…
By Arathy Somasekhar HOUSTON (Reuters) -Oil slipped on Friday, posting a weekly loss of nearly 5%, on the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply. Brent crude settled down $1.68, or…
By Fransiska Nangoy JAKARTA (Reuters) -Indonesia, the world’s top palm oil producer, announced plans to ban exports of the most widely used vegetable oil on Friday, in a shock move that could further inflame surging global food inflation. The halting of shipments of the cooking oil and its raw material, widely used in products ranging…
WASHINGTON (AP) — As federal officials finalize a long-awaited plan to ban menthol cigarettes, dozens of interest groups have met with White House staffers to try to influence the process, which has the potential to save hundreds of thousands of lives while wiping out billions in tobacco sales. Biden administration officials have heard from tobacco…
WASHINGTON (AP) — Chair Jerome Powell isn’t as pleased with the robust U.S. job market as you might think he’d be, and he and the Federal Reserve plan to do something about it: Take it down a notch. On Thursday, Powell described the job market as “extremely, historically” tight and “unsustainably hot.” Available jobs are…
By Toby Sterling AMSTERDAM (Reuters) – Amsterdam Trade Bank (ATB), a subsidiary of Russia’s Alfa Bank, has been declared bankrupt, the Dutch central bank (DNB) said on Friday, citing an Amsterdam District Court Ruling. A statement on the DNB website said ATB depositors would be covered up to 100,000 euros ($108,000) each under the Netherlands’…
By Arathy Somasekhar HOUSTON (Reuters) -Oil slipped on Friday and headed for a weekly decline, burdened by the prospect of weaker global growth, higher interest rates and COVID lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply. Brent crude was down $2, or…
(Reuters) – The Federal Reserve is poised to follow a half-of-a-percentage point interest rate hike in May with two even bigger rate hikes at subsequent meetings, traders bet on Friday, one day after Fed Chair Jerome Powell signaled he would be open to “front-end loading” the U.S. central bank’s retreat from super-easy monetary policy. Futures…
