By David Lawder WASHINGTON (Reuters) -The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The front end of the centrist think tank’s latest estimate for…
By Karen Freifeld and Jonathan Stempel (Reuters) – Donald Trump’s onetime lawyer and fixer Michael Cohen asked a court to throw out the former U.S. president’s $500 million lawsuit against him, calling it an “abusive act of pure retaliation and witness intimidation.” Cohen’s lawyers in a filing late Monday in Miami federal court said…
(Repeats for additional subscribers) LONDON (Reuters) – The European Commission has announced restrictions on the imports of Ukrainian wheat, maize, rapeseed and sunflower seed in Poland, Hungary, Romania, Slovakia and Bulgaria until June 5. The move led to Poland, Hungary, Slovakia and Bulgaria lifting unilateral import bans they had imposed citing the need to protect…
By Nick Carey LONDON (Reuters) – Ford Motor Co said on Tuesday it will test a small fleet of prototype hydrogen fuel-cell versions of its electric E-Transit model to see if they are a workable zero-emission option for customers hauling heavy goods long distances. Ford will lead a consortium in the three-year project that includes…
By Joe Cash BEIJING (Reuters) – China’s imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth. China’s economy grew faster than expected in the first…
(Reuters) – Duke Energy Corp on Tuesday missed Wall Street estimates for first-quarter profit, as the gas and electric utilities firm was hit by unfavorable weather, higher interest expenses, and lower volumes. Warmer-than-normal weather in the states serviced by the company weighed on customers’ electricity needs for heating in colder months. Duke’s electric utilities, which…
(Reuters) – U.S. refiner Valero Energy Corp said on Tuesday CEO Joseph Gorder would step down from the role on June 30 and named Chief Operating Officer Lane Riggs as his successor. Gorder has led Valero as CEO since May 1, 2014 and served as chairman of the board since Dec. 31, 2014. Gorder will…
(Reuters) – Former Pakistan Prime Minister Imran Khan, a cricketing hero-turned-politician who was arrested on Tuesday, whipped up popular support amid decades-high inflation and a crippling economic slowdown before his ouster last year. The 70-year-old has since showed no sign of slowing down, even after being wounded in a November attack on his convoy as…
By Wayne Cole SYDNEY (Reuters) -Australia’s Labor government boasted the first budget surplus in 15 years on Tuesday, as strong jobs growth and bumper mining profits swelled its coffers, but it will quickly be swallowed up by spending on everything from health to energy and defence. In his second budget since winning power in May…
(Reuters) – Shares of regional lenders PacWest Bancorp and Western Alliance resumed their slide in premarket trading on Tuesday as investors feared the ongoing banking crisis could deepen. PacWest dropped 13.6%, a day after the Los Angeles-based lender’s decision to cut its quarterly dividend failed to stem worries about its financial stability. The KBW Regional…
