By Howard Schneider RICHMOND, Virginia (Reuters) – Deposit flows in U.S. banks appear “relatively stable,” while inflation remains too high and may well take longer than expected to decline, Richmond Federal Reserve Bank president Thomas Barkin said in comments that kept the policy focus on inflation despite recent stress in the banking industry. “It’s worth…
By Akash Sriram (Reuters) – Elon Musk-led Tesla Inc has missed its solar-roof installation targets by a big margin due to stiff competition from GAF Energy and other rivals, according to industry analysis firm Wood Mackenzie. Tesla’s average installations per week were just 21 in 2022 and its best quarter saw 32 systems installed per…
MOSCOW (Reuters) – Russia’s largest carmaker, Avtovaz, said on Thursday that it was bringing forward an annual three-week company summer holiday by several weeks because of component shortages. Russia’s auto industry has been hit hard by the fallout of Western sanctions and Russia’s military campaign in Ukraine, having previously been reliant on Western investment, parts…
By Rowena Edwards LONDON (Reuters) -Oil prices rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region offset a smaller than expected cut to Russian supplies. Brent crude futures rose 57 cents, or 0.73%, to $78.85 a barrel by 1327 GMT, while West Texas Intermediate…
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits rose moderately last week, showing no signs yet that tightening credit conditions were having a material impact on the labor market, which remains tight. Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 198,000 for the week ended March…
By Rowena Edwards LONDON (Reuters) -Oil prices rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq’s Kurdistan region offset a smaller-than-expected cut to Russian supplies. Brent crude futures rose 49 cents, or 0.63%, to $78.77 a barrel at 1145 GMT, while West Texas Intermediate crude rose…
(Reuters) – Short sellers made $14.3 billion in paper profit from their bearish bets on global banking stocks in March, according to analytics firm S3 Partners, as the collapse of U.S. lender Silicon Valley Bank reverberated across the sector. Fresh short selling in the banking sector increased by 11.4%, or $12.8 billion, globally in March, taking…
By Lena Masri (Reuters) – The founders of artificial intelligence company NtechLab said they resigned over disagreements with the company’s management and investors about projects in Russia. One of the founders left Russia in December 2021 while the other left in March 2022, shortly after Russia’s invasion of Ukraine, they said. The two founders’ comments…
(This March 29 story has been corrected to say ‘latest major videogame publisher’ instead of first in paragraph 1) (Reuters) – Electronic Arts Inc said on Wednesday it would lay off about 6% of its workforce and reduce office space, making it the latest major videogame publisher to announce job cuts. Technology firms have led…
By Ellen Zhang and Marius Zaharia BEIJING/HONG KONG (Reuters) – Some of China’s most indebted local governments are on a hiring spree, a move that analysts say could put fragile regional finances under more strain as officials seek to create jobs for a record number of graduates entering the workforce this year. China’s huge and…
