By Saeed Azhar and Lananh Nguyen NEW YORK (Reuters) – U.S. consumers have flooded banking giants, including JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc with deposits after the collapse of Silicon Valley Bank, sources familiar with the matter said. The transfers, which one source said reached billions of dollars, came as…
By Jonathan Stempel NEW YORK (Reuters) – Signature Bank and three former top executives were sued on Tuesday by shareholders who accused the New York bank of fraudulently proclaiming it was financially strong a mere three days before it was seized by a state regulator. The proposed class action against Signature and its former chief…
By Foo Yun Chee BRUSSELS (Reuters) -Microsoft on Tuesday signed a 10-year licensing deal to bring Activision’s Call of Duty franchise to cloud gaming provider Boosteroid’s platform, a move partly aimed at allaying competition concerns over its Activision acquisition. The Activision bid announced in January last year, Microsoft’s biggest ever deal, aims to boost its…
By Herbert Lash NEW YORK (Reuters) -The dollar edged higher on Tuesday as traders set aside a fairly strong reading of consumer price data and tried to gauge whether the Federal Reserve will hike interest rates next week after the collapse of two banks sparked widespread market unease. The dollar index, a measure of the…
By Jonathan Stempel (Reuters) – Amgen Inc has been sued in a proposed class action accusing the drugmaker of waiting too long to tell investors it might owe the Internal Revenue Service $10.7 billion in taxes and penalties. In a complaint filed on Monday night in Manhattan federal court, a Detroit-based pension fund said Amgen…
(Reuters) -Drugmaker Novo Nordisk said on Tuesday it would cut list prices for several insulin drugs by up to 75% in the United States, starting Jan. 1, 2024. With the move, Novo joins U.S. drugmaker Eli Lilly and Co, which recently said it would cut list prices for its most commonly prescribed insulin products by…
By Victoria Waldersee BERLIN (Reuters) – Volkswagen plans to invest 180 billion euros ($193 billion) over five years in areas including battery production and raw material sourcing in a bid to cut electric vehicle costs and protect its market share, it said on Tuesday. Over two-thirds of the company’s five-year investment budget announced on Tuesday…
By Elizabeth Howcroft and Tom Wilson LONDON (Reuters) – Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the crypto exchange ceased dollar transfers. Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said,…
By Casey Hall and Sophie Yu SHANGHAI (Reuters) – Chinese consumers, unshackled from COVID-19 restrictions, are returning to hotels, restaurants and some shops, but they are choosy about what they buy, disappointing hopes for an immediate post-pandemic splurge. China’s battered property market, lingering worries over job stability, and government parsimony in wages, pensions and medical…
(Reuters) -A wave of customers have applied to shift their accounts to large U.S. banks such as JPMorgan Chase & Co and Citigroup Inc from smaller lenders after the collapse of Silicon Valley Bank, the Financial Times reported on Tuesday. These lenders, including Bank of America Corp, are trying to accommodate such transfer requests by…
