By Mehnaz Yasmin (Reuters) -Franklin Resources Inc, a global investment management firm that operates as Franklin Templeton, plans to acquire asset manager Putnam Investments from Great-West LifeCo Inc in a nearly $925 million deal. The deal, expected to close in the fourth quarter of this year, is part of a partnership with Power Corporation of…
By Leigh Thomas PARIS (Reuters) – France prides itself on taking its food seriously, but many consumers are now tightening their belts or skimping on quality, hit by a record inflation rate that threatens to serve up another political headache for the government. Adjusted for inflation, household spending on food fell year on year by…
(Reuters) -Harvey Pitt, former chairman of the U.S. Securities and Exchange Commission, has died at the age of 78, Bloomberg Law reported on Wednesday. Pitt died on May 30, the report said, citing Jane Cobb, executive director of the SEC Historical Society. Pitt headed the SEC from 2001 to 2003, a tenure that was mired…
By Jonathan Landay WASHINGTON (Reuters) -The Qatari prime minister held secret talks with the supreme leader of the Taliban this month on resolving tension with the international community, a source briefed on the meeting said, signaling a new willingness by Afghanistan’s rulers to discuss ways to end their isolation. The May 12 meeting in the…
(Reuters) – Shares of Intel Corp rose about 5% after the chipmaker’s finance chief said on Wednesday that the company is on track to hit the upper end of its second-quarter revenue forecast. Semiconductor stocks have rallied over the past week after gaming and AI chip company Nvidia Corp forecast quarterly revenue that stunned Wall…
By Pete Schroeder WASHINGTON (Reuters) – U.S. banks saw total deposits decline by a record 2.5% in the first quarter of 2023, and industry-wide profits were relatively flat after taking into account the effects of two large bank failures, the Federal Deposit Insurance Corporation said Wednesday. The FDIC said the $472 billion in deposit outflows…
NEW YORK (Reuters) – The probability of a U.S. default has declined to its lowest since January, according to MSCI estimates, as a debt ceiling deal gets closer to the finish line. The one-year market implied probability of a default as of market close on May 30 stood at 1.3%, the lowest level since January,…
By Nupur Anand and Saeed Azhar NEW YORK (Reuters) -Wells Fargo & Co’s Chief Executive Officer Charlie Scharf said on Wednesday that there will be losses in the office loan space but the lender was proactively managing its portfolio. “We will see losses, no question about it. But in the context of the overall portfolio…
(Reuters) – National Bank of Canada missed analysts’ earnings estimates on Wednesday, hurt by higher costs and money set aside for bad loans amid a meltdown in the U.S. banking sector and souring economy. Shares of the Montreal-based bank were down more than 1% in morning trading, tracking broader market declines. The results come after…
By David Shepardson WASHINGTON (Reuters) -Jaguar Land Rover (JLR) said it was recalling nearly 6,400 I-PACE vehicles in the United States due to fire risks because the high-voltage electric vehicle battery may overheat. JLR, which is owned by India’s Tata Motors, on Wednesday said the battery energy control module software will be updated and battery…
