(Reuters) – Universal Music Group, the label representing Drake and Taylor Swift, on Wednesday posted a slump in first-quarter core profit due to compensation expenses, and reiterated concerns over AI-made music. Core profit, or earnings before interest, taxes, depreciation and amortisation, slumped 43.4% in constant currency to 261 million euros ($288.04 million), due to non-cash,…
(Reuters) – The U.S. Treasury Department’s Financial Crimes Enforcement Network on Wednesday hit a South Dakota-chartered Kingdom Trust Company with a $1.5 million civil penalty for willfully violating a law requiring banks report suspicious transactions. From February 2016 through March 2021, Kingdom Trust processed billions of transactions without proper controls aimed at preventing money laundering,…
By Dietrich Knauth (Reuters) – Silicon Valley Bank’s former owner may need to take out a bankruptcy loan amid uncertainty about the U.S. Federal Deposit Insurance Company’s seizure of $2 billion in cash from the company, its attorney said Wednesday. SVB Financial has about $180 million on hand and is not in “imminent danger” of…
By David Milliken LONDON (Reuters) – Britain received a record 46.4 billion pounds ($57.9 billion) in demand from investors at the launch of a new inflation-linked government bond which will mature in March 2045, the United Kingdom Debt Management Office said on Wednesday. However the strong demand came at a price, with the 4.5 billion…
By Andrea Shalal WASHINGTON (Reuters) – Debt sustainability analyses carried out by the World Bank and International Monetary Fund should reflect the growing share of domestic debt in many developing countries’ overall debt levels, World Bank President David Malpass said on Wednesday. Malpass called for urgent measures to jump-start sovereign debt restructuring efforts for the…
(Reuters) -U.S. bank regulators are weighing the prospect of downgrading their private assessments of First Republic Bank, which could lead it to face potential curbs on borrowing from the Federal Reserve, Bloomberg News reported on Wednesday. FRC did not immediately respond to a Reuters request for comment. Senior officials are increasingly weighing whether to downgrade…
By Dawn Chmielewski and Lisa Richwine (Reuters) -Walt Disney Co sued Florida Republican Governor Ron DeSantis on Wednesday, asking a court to overturn state efforts to control Disney World and intensifying a battle between a global entertainment giant and a likely White House contender. In its lawsuit, Disney accused DeSantis and his supporters of illegally…
By Lizbeth Diaz TAPACHULA (Reuters) – Thousands of migrants, detained for months in southern Mexico, formed a new caravan in protest on Sunday to head for the capital to speed up their applications for U.S. asylum. The migrants, mostly Venezuelans, started their march north early in Tapachula, the city bordering Guatemala whose detention centers have…
By Caroline Valetkevitch NEW YORK (Reuters) – The estimated decline in first-quarter S&P 500 earnings is getting smaller as more companies report results, Refinitiv data showed Wednesday, with a host of big names including Microsoft Corp reporting upbeat numbers this week. Analysts now expect first-quarter earnings to have fallen 3.2% year-over-year for S&P 500 companies….
WASHINGTON (Reuters) – South Korea and the U.S. agreed to boost economic partnerships in critical technology industries such as microchips, electric vehicles and batteries, said South Korean President Yoon Suk Yeol. (Reporting By Trevor Hunnicutt and Jarrett Renshaw; Editing by Chris Reese)
