By Manas Mishra and Mariam Sunny (Reuters) -Biogen Inc said on Tuesday it expects to slash about 1,000 jobs, or 11% of its workforce, in a fresh round of cost-cutting as it looks to the launch of a new Alzheimer’s drug to help it return to growth. The company said its costs are elevated compared…
LONDON (Reuters) – The Bank of England is expected to raise interest rates for the 14th consecutive meeting next week as it continues to battle the highest inflation rate among the Group of Seven big, rich nations. Financial markets think it is a near-certainty that the BoE will announce a rate increase of at least…
By Kanishka Singh WASHINGTON (Reuters) – The U.S. Senate’s Finance Committee on Tuesday revealed an ongoing probe into private equity billionaire Leon Black’s financial ties with disgraced late financier Jeffrey Epstein, and said the investigation “uncovered serious tax issues.” “The investigation has uncovered serious tax issues and other concerns with trusts and structures Black executed…
(Reuters) – Global diamond giant De Beers on Tuesday reported its first production from its new $2.3 billion underground operations at Venetia mine in South Africa. De Beers, a unit of Anglo American Plc, stopped its 30-year open pit mining operations at Venetia in December 2022 to transition to the underground mining project it started…
By Nate Raymond (Reuters) – Florida’s top court has publicly reprimanded the judge who presided over the trial of Nikolas Cruz, who killed 17 people at Marjory Stoneman Douglas High School in Parkland in 2018, for appearing partial to the prosecution. Monday’s decision by the Florida Supreme Court came after the 15-member Judicial Qualifications Commission…
By Jan Lopatka PRAGUE (Reuters) -The Czech central bank will begin debating lowering interest rates as soon as this autumn as it expects inflation to drop sharply particularly at the beginning of next year, Vice-Governor Jan Frait said on Tuesday. With inflation on a downward path across central Europe, markets are betting on who may…
By Jonathan Stempel NEW YORK (Reuters) -The U.S. Virgin Islands unveiled new accusations against JPMorgan Chase over the bank’s ties to former client Jeffrey Epstein, including executives discussing how the disgraced late financier surrounded himself with “nymphettes.” JPMorgan was also accused of working with Epstein for years after firing him as a client in 2013,…
By Rajesh Kumar Singh and Abhijith Ganapavaram (Reuters) -General Electric Co on Tuesday raised its full-year profit outlook after quarterly earnings topped Wall Street estimates on robust demand for jet engine spare parts and services from airlines looking to cash in on surging air travel. The company’s shares were up about 6% at $116.44 in…
By Lucinda Elliott, Anna-Catherine Brigida and Rodrigo Campos BUENOS AIRES (Reuters) – Argentina’s last-ditch effort to secure International Monetary Fund cash with measures that will weaken the peso risks pushing triple-digit inflation even higher and angering voters just three months before national elections. Economists said steps unveiled on Monday by Economy Minister Sergio Massa, himself…
By David Lawder WASHINGTON (Reuters) – The International Monetary Fund said on Tuesday it is now projecting Argentina’s economy will contract 2.5% in 2023, with a year-end inflation rate of about 120%, largely due to a crippling drought that has curtailed agricultural production. “Argentina is facing a very difficult situation particularly that’s made worse by…
