(Reuters) – Passive products from BlackRock Inc, Vanguard Group and others were rare cash recipients last year as U.S. mutual and exchange-traded funds suffered $370 billion in net withdrawals, their first annual outflows on record, researcher Morningstar Inc said. Looking to track indexes, investors withdrew a net $926 billion from actively-managed funds in 2022, their…
By Blake Brittain (Reuters) – The U.S. Supreme Court on Tuesday asked for the Biden Administration’s views on Apple Inc and Broadcom Inc’s bid to revive their challenges to patents owned by the California Institute of Technology, in a dispute in which Caltech previously won $1.1 billion in damages from the companies. The justices asked…
By Andrew Chung and John Kruzel WASHINGTON (Reuters) -The U.S. Supreme Court on Tuesday began hearing arguments over a bid by Turkey’s state-owned lender Halkbank to avoid criminal charges in the United States for allegedly helping Iran evade American economic sanctions. The justices are weighing Halkbank’s appeal of a lower court’s ruling in favor of…
By Manya Saini and Carolina Mandl (Reuters) -Shares in Morgan Stanley soared over 7% in early trading as the bank reported a smaller-than-expected 41% drop in fourth-quarter profit on Tuesday, driven by higher revenue at its wealth management division and a boost from its trading business. The bank’s performance in those sectors helped offset sluggish…
(Reuters) -Walt Disney Co defended its decision on Tuesday to deny a board seat to Nelson Peltz, saying the activist investor “lacked the skills and experience” to help the entertainment giant in its business. Last week, Peltz formally launched a battle for a board seat at Disney to rescue the company from what he called…
By Maha El Dahan and Jan Strupczewski DAVOS, Switzerland (Reuters) – The European Union responded on Tuesday to U.S. moves to boost its energy transition with plans to make life easier for the bloc’s green industry, saying it would mobilize state aid and a fund to keep firms from moving to the United States. European…
(Reuters) -U.S. industrial and software firm Emerson Electric Co on Tuesday made public its offer to buy NI Corp in a deal with an enterprise value of $7.6 billion after the automated testing equipment maker rebuffed earlier approaches. The software firm’s bid of $53 per share represents a premium of about 13% to NI’s close…
PARIS (Reuters) -The Renault group on Tuesday said sales at its flagship brand fell for a fourth consecutive year in 2022 to 1,466,729 units excluding Russia, a 9.4% decline from 2021. The French carmaker, which was hit harder than most rivals by the COVID-19 crisis and supply chain snags due to chip shortages, is in…
(Reuters) – Japan’s biggest power generator JERA signed ammonia supply memorandums of understanding (MOUs) with CF Industries of the United States and Norway’s Yara Clean Ammonia Norge AS, as it aims to co-fire ammonia to reduce emissions, it said on Tuesday. JERA plans to use a 20% ammonia fuel mix at all its coal-fired power…
By Samuel Indyk LONDON (Reuters) – Fund managers’ allocation to U.S. equities collapsed in January, with 39% saying they had an underweight position, the most since October 2005, a BofA survey of global investor views on Tuesday showed. Global growth optimism hit a one-year high, while inflation expectations have peaked, according to the global Fund…
