By Kanishka Singh and David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen said on Friday the United States will likely hit the $31.4 trillion statutory debt limit on Jan. 19, forcing the Treasury to launch extraordinary cash management measures that can likely prevent default until early June. “Once the limit is reached, Treasury will…
By David Shepardson WASHINGTON (Reuters) -A group of more than 120 U.S. lawmakers told the Federal Aviation Administration’s (FAA) its computer outage on Wednesday that disrupted 11,000 flights was “completely unacceptable” and demanded the agency explain how it will avoid future incidents. House Transportation Committee Chair Sam Graves and the top Democrat on the panel…
WASHINGTON (Reuters) – A group of more than 120 U.S. lawmakers told the Federal Aviation Administration’s (FAA) its computer outage Wednesday that disrupted 11,000 flights is “completely unacceptable” and demanded the agency explain how it will avoid future incidents. House Transportation Committee Chair Sam Graves and the top Democrat on the panel Rick Larsen said…
By Matt Tracy (Reuters) – U.S. fintech companies that lend to consumers with impaired credit scores face a tough year as rising defaults and interest rates limit the companies’ access to cost-effective debt financing. “We expect profitability to be depressed for many firms and funding conditions to remain challenging, as increased funding costs brought on…
BEIJING, China (Reuters) -China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba Group Holding Ltd, business registration records showed, as Beijing extends a campaign to strengthen control over online content. Beijing has been taking ‘golden shares’ in private online media and content companies for more than five years,…
By Megan Davies and Lananh Nguyen NEW YORK (Reuters) -Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession, while showing caution about forecasting income growth in an uncertain economy and as higher rates increase competition for deposits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict…
NEW YORK (Reuters) -Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession and reported weak investment banking results while showing caution about forecasting income growth, as the economy remains uncertain. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing…
By Niket Nishant and Saeed Azhar (Reuters) -JPMorgan Chase & Co, the biggest lender in the United States, said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit. JPMorgan and other banks…
By Saeed Azhar and Niket Nishant NEW YORK (Reuters) – JPMorgan Chase & Co and Bank of America Corp continued to add staff as the economy softens, even after the ranks of the five biggest U.S. lenders swelled by 100,000 since the start of 2020. The chief financial officers of the two biggest U.S. banks…
By Mehnaz Yasmin and Carolina Mandl (Reuters) – Citigroup Inc reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640…
