By Jaiveer Shekhawat and Davide Barbuscia (Reuters) – BlackRock Inc expects dislocations created by a recent banking rout to present “enormous” opportunities to expand its business, as investors shift allocations to avoid abrupt market gyrations and profit from a higher interest rate environment. The world’s largest asset manager reported an 18% drop in first-quarter profit…
By Howard Schneider and Ann Saphir WASHINGTON (Reuters) – Economic data has begun to fill in the portrait of a U.S. economy that is losing momentum, with reports over the last seven days showing job growth, inflation, factory output and consumer spending all slowing down. The combined impact hasn’t caused Federal Reserve officials to call…
By Tatiana Bautzer and Mehnaz Yasmin (Reuters) – Citigroup Inc’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23% to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according…
WASHINGTON (Reuters) – Jack Douglas Teixeira was arrested on Thursday for allegedly leaking a trove of highly classified documents online. Here is what we know about him. FAMILY BACKGROUND The 21-year-old was arrested by a team of heavily-armed FBI agents at his mother and stepfather’s house in North Dighton in Massachusetts on Thursday, and appeared…
By Ross Kerber and Sarah N. Lynch DIGHTON, Massachusetts (Reuters) – The FBI on Thursday arrested Jack Douglas Teixeira, a 21-year-old member of the U.S. Air National Guard, over the leaks online of classified documents that embarrassed Washington with allies around the world. Federal agents in an armored car and military gear swooped in on…
By Leika Kihara WASHINGTON (Reuters) – The Bank of Japan is likely to maintain negative short-term interest rates until inflation durably hits 2%, but could allow long-term yields to move more flexibly around its target, a senior International Monetary Fund official said on Friday. The BOJ must maintain policy loose by keeping the short-term policy…
(Reuters) – Billionaire Elon Musk is working on launching an artificial intelligence start-up that will rival ChatGPT-maker OpenAI, the Financial Times reported on Friday citing people familiar with his plans. (Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)
By Matt Tracy and Saeed Azhar (Reuters) – Some of the largest U.S. banks singled out office commercial real estate on Friday as an area of growing concern, with property values falling and more borrowers defaulting on their loans amid rising interest rates and a slowing economy. Faced with questions from analysts about their exposure…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, suggesting that the economy was losing steam at the end of the first quarter because of higher interest rates. With the labor market cooling, retail sales are…
(Reuters) – Walmart Inc U.S. chief merchandising officer Charles Redfield is stepping down after just over a year in the role, according to an internal memo seen by Reuters on Friday, at a time the retailer is navigating a tightening spending environment. Redfield will assume an advisory role supporting the U.S. business effective May 1, Walmart…
