NEW YORK (Reuters) – Hedge fund Citadel’s flagship Wellington fund gained 1.38% last month when the failure of Silicon Valley Bank and Signature Bank triggered a sharp market selloff that sparked fears of a broader financial crisis. The Citadel fund is now up 4.19% for the year, according to an investor in the fund. Its…
By Mark Miller (Reuters) – The forecast for Social Security got a bit more cloudy last week, with the program’s trustees projecting that the critical retirement program will run short of cash one year earlier than had been forecast last year. But if the headlines stemming from the annual report of the Social Security trustees…
WASHINGTON (Reuters) – The U.S. National Highway Traffic Safety Administration said Tuesday owners of 143,000 recalled Volkswagen Atlas vehicles should not let people sit in front passenger seats until they are fixed. The recall covers 2018-2021 model year Atlas and 2020 model year Atlas Cross Sport vehicles due to faulty occupant detection systems in front…
By Ankika Biswas and Amruta Khandekar (Reuters) -Wall Street’s main indexes were set to open higher on Tuesday on gains in technology and growth stocks, while investors awaited key economic data that could decide the U.S. Federal Reserve’s monetary tightening path. Tesla Inc edged 0.8% higher in premarket trading as sales of its China-made electric…
By Tatiana Bautzer NEW YORK (Reuters) -The U.S. banking crisis is ongoing and will have effects for years to come, JPMorgan Chase & Co CEO Jamie Dimon wrote in a letter to shareholders on Tuesday. “The current crisis is not yet over, and even when it is behind us, there will be repercussions from it…
By Kate Abnett BRUSSELS (Reuters) – The U.S. and EU pledged on Tuesday to confront any attempts to destabilise global energy markets, after meeting in Brussels to discuss the impact of Russia’s invasion of Ukraine. Cooperation on energy between the United States and the European Union has intensified since Russia slashed gas deliveries to Europe…
SHANGHAI (Reuters) – Pfizer and Merck have slightly lowered the prices of their respective Paxlovid and molnupiravir COVID-19 treatments in China, local media reported on Tuesday citing pricing information published by the province of Jiangsu. Pfizer cut the price of Paxlovid by about 100 yuan ($14.54) to 1,790 per box of 30 pills, while Merck…
By Amanda Cooper LONDON (Reuters) -Global stocks rose in cautious trade on Tuesday as investors grappled with the possibility of a flare-up in inflation due to the OPEC+ group’s surprise output cut, while the dollar sagged after weak U.S. manufacturing data the previous day. An announcement on Sunday of an output target cut by the…
By Noele Illien and John O’Donnell ZURICH (Reuters) -Credit Suisse is expected to face shareholder anger at what will be its final annual general meeting on Tuesday after the bank was rescued last month by rival UBS. The hastily arranged takeover by Zurich-based UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who…
By Joey Roulette WASHINGTON (Reuters) -Richard Branson’s Virgin Orbit Holdings filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure. The Long Beach, California-based company lodged the filing in the U.S. Bankruptcy Court for the District of…