By Andrea Shalal and Kanishka Singh DAKAR/WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Friday that a potential U.S. default could cause a global financial crisis and undermine the role of the dollar as a reserve currency. The U.S. government hit its $31.4 trillion borrowing limit on Thursday, a figure that reflects money already…
WASHINGTON (Reuters) – The U.S. Federal Trade Commission asked a federal judge on Friday to hold Martin Shkreli in contempt for allegedly flouting a judge’s ruling banning him from working in the pharmaceutical industry, according to a court filing. (Reporting by Diane Bartz)
By Dietrich Knauth and Andrew Goudsward (Reuters) -FTX told a U.S. judge on Friday that it has reached an agreement with the U.S. Department of Justice that removes one of the biggest obstacles to hiring its chosen legal advisers to navigate the collapsed crypto exchange’s bankruptcy. FTX is asking U.S. Bankruptcy Judge John Dorsey at…
By Tom Sims and Marta Orosz FRANKFURT (Reuters) – Deutsche Bank’s investment banking bonus pool for last year will fall by somewhat less than 10%, a person with knowledge of the matter said on Friday, providing more evidence of tougher times in finance. Bankers working on M&A origination and advisory will face around a 40%…
By Noah Browning LONDON (Reuters) -Oil rose on Friday and was heading for a second straight weekly gain, spurred largely by brightening economic prospects for China and resulting expectations of a boost to fuel demand in the world’s second-biggest economy. The lifting of COVID-19 restrictions in China is set to increase global demand to a…
By Shreyashi Sanyal and Amruta Khandekar (Reuters) – Nasdaq futures rose on Friday, after Netflix kicked off the earnings season for the growth sector on a positive note, but worries about a U.S. recession kept a lid on sentiment. Shares of Netflix Inc jumped 6.6% in premarket trading, after the streaming company added more subscribers…
By Jeffrey Dastin (Reuters) -Google’s parent Alphabet Inc said on Friday it is cutting about 12,000 jobs, or 6% of its workforce, as the technology sector reels from layoffs and companies stake their futures on artificial intelligence (AI). Alphabet’s shares rose almost 4% in pre-market trading. The cuts come at a delicate moment for the…
By Elizabeth Howcroft and Hannah Lang (Reuters) -U.S. crypto company Digital Currency Group (DCG) is at the center of the industry’s latest meltdown after the lending arm of one of its companies, Genesis, froze customer redemptions in November. Genesis Global Capital filed for U.S. bankruptcy protection from creditors on Thursday. Here is what we know…
By Jeffrey Dastin (Reuters) -Alphabet Inc is eliminating 12,000 jobs, its chief executive said in a staff memo shared with Reuters. The cuts mark the latest to shake the technology sector and come days after rival Microsoft Corp said it would lay off 10,000 workers. The job losses affect teams across the company including recruiting…
By Elaine Lies TOKYO (Reuters) – Japanese supermarket owner Hiromichi Akiba has built his bustling business through close ties with his neighbourhood – the reason, he says, he can’t make the price hikes on his wares that would allow him to give his workers a pay rise. Steep price increases on surging raw materials costs…
