NEW YORK (Reuters) – U.S. lawmakers lambasted former banking executives from the collapsed Silicon Valley and Signature banks at the start of a Senate hearing on Tuesday examining the failures of the two lenders in March. “Why did you ignore admonitions from regulators?” Ohio Senator Sherrod Brown said in an opening statement. “There is a simple…
(Reuters) – Commissioners at the U.S. Federal Trade Commission (FTC) have not yet met to discuss Amgen’s acquisition of Horizon Therapeutics, CNBC reported on Tuesday. The news comes a day after reports that the FTC is expected to file a lawsuit as early as Tuesday to block the $27.8 billion deal. (Reporting by Leroy Leo…
WASHINGTON (Reuters) – U.S. business inventories unexpectedly fell in March, pulled down by a decline in stocks at manufacturers. Business inventories dipped 0.1% after being unchanged in February, the Commerce Department said on Tuesday. Economists polled by Reuters had expected inventories, a key component of gross domestic product, would be unchanged. Inventories increased 6.5% on…
By Jaiveer Shekhawat (Reuters) – SageSure became a “unicorn” after the U.S. property insurer raised $250 million in its latest funding round, a source familiar with the matter told Reuters. A unicorn is a startup that is valued at or above $1 billion. SageSure’s latest fundraising was led by specialty insurance firm Amwins and investment…
By David Shepardson WASHINGTON (Reuters) -The Biden administration said Tuesday it has formed an interagency team to develop a national strategy relating to advanced air mobility efforts such as flying taxis. Electric vertical takeoff and landing aircraft (eVTOL) have been touted as the future of urban air mobility. Low-altitude urban air mobility aircraft has drawn…
WASHINGTON (Reuters) – Production at U.S. factories surged in April, driven by an increase in output at motor vehicle plants, but manufacturing continues to be constrained by higher interest rates. Manufacturing output accelerated 1.0% last month, the Federal Reserve said on Tuesday. Data for March was revised down to show production at factories declining 0.8%…
WASHINGTON (Reuters) – U.S. homebuilder sentiment rose to a 10-month high in May as tight housing supply boosted demand for new construction, according to a survey on Tuesday that also showed tightening credit conditions were becoming a challenge. The National Association of Home Builders/Wells Fargo Housing Market index increased five points to a reading of…
By Padraic Halpin DUBLIN (Reuters) -Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday that she does not think the U.S. central bank is at a point yet where it can hold interest rates steady for a period of time, given how stubborn inflation is. Federal Reserve Chair Jerome Powell has signaled the…
By Ismail Shakil and Steve Scherer OTTAWA (Reuters) -Canada’s annual inflation rate rose in April for the first time in 10 months, data showed on Tuesday, adding pressure on the central bank to raise interest rates again after having paused its tightening campaign since January. Annual inflation unexpectedly rose to 4.4% in April, Statistics Canada…
By Steven Scheer and Maayan Lubell JERUSALEM (Reuters) – Israel’s economy slowed less than expected in the first quarter of 2023 due to strong industrial investment and along with strong inflation is expected to keep pressure on policymakers to rein in rising prices. Gross domestic product grew an annualised 2.5% in the January-March period from…
