(Reuters) – The Norwegian central bank on Thursday excluded two oil and gas companies from its $1.4-trillion wealth fund, the world’s largest, citing ethical concerns over their ties to the Myanmar military. South Korea’s state-run Korea Gas Corp (KOGAS) and Indian gas firm GAIL (India) Ltd were excluded from the fund, Norges Bank said in…
(Reuters) – Consumer lender Capital One Financial Corp’s first-quarter profit missed estimates on Thursday due to an increase in provisions that reduced gains from interest rate hikes. The Federal Reserve’s rate hikes to tame soaring inflation since the past year benefited lenders as they charged higher interest from borrowers. Capital One’s net interest income rose…
By Andrea Shalal WASHINGTON (Reuters) – The White House is continuing to monitor the situation at First Republic Bank, which has continued to lose deposits this week, spokesperson Karine Jean-Pierre said on Thursday, vowing that the Biden administration stood ready to take action if needed. Deposits at regional banks have stabilized and the Biden administration…
By Tim McLaughlin and Sarah N. Lynch WORCESTER, Massachusetts (Reuters) – A U.S. Air National Guardsman accused of leaking military secrets appeared in federal court on Thursday, where a judge expressed concern the 21-year-old’s knowledge of classified material might be valuable to a foreign government. “Some of the information he” is accused of taking “he…
By David Lawder WASHINGTON (Reuters) – Internal Revenue Service Commissioner Danny Werfel on Thursday said the agency will not hire any armed auditors with $80 billion in new funding, an attempt to dispel Republican assertions the IRS plans to build an “army” of 87,000 armed agents. Werfel, sworn in as the tax agency’s chief on…
By Ted Hesson and Matt Spetalnick WASHINGTON (Reuters) -The United States will ramp up deportations while also expanding legal pathways for would-be migrants as it braces for a possible spike in illegal border crossings when COVID-19 restrictions are set to end next month, U.S. officials said on Thursday. The U.S. will double or triple the…
By Niket Nishant and Chibuike Oguh (Reuters) – First Republic Bank’s shares rebounded on Thursday from a steep sell-off that wiped out nearly 60% of the regional bank’s market value this week. San Francisco-based First Republic disclosed on Monday it had lost more than $100 billion of deposits in the first quarter, triggering a sharp…
By Michael S. Derby (Reuters) -Federal Reserve emergency lending to banks rose modestly in the latest week and remained at very high levels, even as many central bankers argue the worst of the banking sector’s latest stresses are waning. The central bank said that borrowing through three programs aimed at ensuring banks have the liquidity…
By David Morgan and Richard Cowan WASHINGTON (Reuters) – The U.S. Senate showed no sign of moving to avoid a looming debt-ceiling crisis on Thursday, as Republicans rejected calls to raise the $31.4 trillion limit without conditions and Democrats dismissed the idea of talks. A day after the House of Representatives approved a Republican package…
By Akash Sriram and Jeffrey Dastin (Reuters) -Amazon.com Inc on Thursday reported quarterly sales and profit ahead of expectations, projecting confidence in its cloud business despite a clampdown in customers’ spending and touting how its aggressive cost cuts were starting to pay off. Shares rose 8% in extended trading, also bolstered by a forecast for…
