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…
ZURICH (Reuters) – Credit Suisse group’s executive board took home 32.2 million Swiss francs ($35.27 million) in fixed compensation while collectively forgoing a bonus for the first time in more than 15 years, the Swiss bank said in its annual report published on Tuesday. In February, Credit Suisse Group reported that 2022 was its biggest…
SINGAPORE (Reuters) – Asia’s share markets slid on Tuesday, with financial stocks in Tokyo leading losses as fear of a U.S. banking crisis had investors fleeing the sector and slashing the interest rate outlook even ahead of U.S. inflation data due later in the day. Japan’s Nikkei dropped 2.2%. The Tokyo Stock Exchange banks index…
(Reuters) -Traders no longer expect a rate hike of 50 basis points by the U.S. Federal Reserve next week as the surprise collapse of lender Silicon Valley Bank rattles the financial system. The current projection is for a 25 bps move, with some expecting no hike at all or even a cut. That is a…
