By Manya Saini, David French and Saeed Azhar (Reuters) -First Republic Bank faces dwindling and tough options to turn around its business with the creation of a ‘bad bank’ or asset sales possibilities, a source familiar with the matter said, after the lender showed the extent of deposit flight during last month’s banking crisis. First…
By Mehnaz Yasmin (Reuters) -Visa Inc reported a better-than-expected second-quarter profit on Tuesday and bet on sustained growth at its payments business, as consumers brace for a milder recession than was once feared. The San Francisco-based payments processor’s shares, up 11% so far this year, rose another 2.4% in after-hours trading. Card companies escaped the…
By Akash Sriram and Greg Bensinger (Reuters) -Alphabet Inc said on Tuesday it would buy back $70 billion in stock and posted first-quarter profit and revenue above estimates as demand rose for cloud services and ad sales held up better than expected. Investors cheered the buyback plan, sending shares of the Google parent as much…
SANTIAGO (Reuters) – Chile’s state development office Corfo said on Tuesday it met with U.S.-based miner Albemarle to discuss the South American country’s plan to nationalize the lithium industry. Chile’s leftist President Gabriel Boric last week announced that control of the country’s vast lithium operations would over time be transferred from Albemarle and SQM to…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. An unholy trinity of U.S. developments on Tuesday – poor corporate earnings, a bank’s value going up in smoke and slumping consumer confidence – will likely set an extremely gloomy tone for Asian markets on Wednesday. This will…
By Doyinsola Oladipo NEW YORK (Reuters) -Major global brands like McDonald’s, General Motors and Nestle posted steady first-quarter results built on higher prices, demonstrating that shoppers across major economies are still spending despite slowed economic activity. Price increases for soda, appliances and other goods bolstered profits, but sales volumes declined for many bellwethers in Europe…
By Katie Paul, Krystal Hu, Stephen Nellis and Anna Tong (Reuters) – As the summer of 2022 came to a close, Meta CEO Mark Zuckerberg gathered his top lieutenants for a five-hour dissection of the company’s computing capacity, focused on its ability to do cutting-edge artificial intelligence work, according to a company memo dated Sept….
(Reuters) – Citigroup senior executive Paul Barrett has left the bank, it said on Tuesday, days after media reports that he met with disgraced financier Jeffrey Epstein while he was employed at rival JPMorgan Chase became public. “Until recently, Citi was unaware of Paul Barrett’s association with Jeffrey Epstein, which predated his employment at our…
By Chavi Mehta (Reuters) -Texas Instruments forecast second-quarter revenue and profit below Wall Street estimates on Tuesday, signaling demand weakness is spreading to most of the analog chipmaker’s end-markets. A chip supply glut, which started from the consumer electronics market, has seeped into broader markets like enterprise and industrial as rising interest rates saps spending…
By Chavi Mehta (Reuters) -Texas Instruments forecast second-quarter revenue and profit below Wall Street estimates on Tuesday, signaling demand weakness is spreading to most of the analog chipmaker’s end-markets. A chip supply glut, which started from the consumer electronics market, has seeped into broader markets like enterprise and industrial as rising interest rates saps spending…
