WASHINGTON (Reuters) -U.S. President Joe Biden’s administration will cancel $130 million in debt for 7,400 student borrowers who enrolled at the now-defunct CollegeAmerica in Colorado from 2006 through July 1, 2020, the Education Department said. CollegeAmerica, a private institution, shut down in September 2020 after an investigation by Colorado’s attorney general found it made widespread…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation, bolstering the economy’s prospects in the near term. But the economy is not out of the woods, with the survey from the Conference Board on Tuesday offering mixed signals. Consumers…
By Steven Scheer JERUSALEM (Reuters) – Moody’s Investors Service said on Tuesday that passage of a new law in Israel limiting some Supreme Court powers signalled that political tensions will continue and likely have negative consequences for Israel’s s economy and security situation. “We believe the wide-ranging nature of the government’s proposals could materially weaken…
By Tim Hepher and Mathieu Rosemain PARIS (Reuters) – France’s Thales said on Tuesday it would buy U.S. cybersecurity company Imperva in a deal worth $3.6 billion as it steps up expansion outside its historic defence business in the war against bots and hackers. Thales’ move signals the group is ready to spend large sums…
By Joseph White and Paul Lienert DETROIT (Reuters) -General Motors is wrestling with costs and struggling to build more electric vehicles, as it reported Tuesday that adjusted pre-tax profit and margins in its key North American market fell from the first quarter, despite a jump in revenue and per-vehicle transaction prices. Shares were down 4.4%…
By Bansari Mayur Kamdar (Reuters) – Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets. At a time when the wider rally has made some stocks, especially in the tech space,…
FRANKFURT (Reuters) -Deutsche Bank signalled a more positive outlook on Tuesday, saying it would undertake a 450 million euro ($497 million) share buyback this year. The measure, larger than last year’s buyback of 300 million euros, reflects the improved financial state of Germany’s largest lender. The bank had previously flagged that it would aim for…
(Reuters) – Chinese short-video app TikTok is allowing users to create text-only posts, in the latest attempt by a social media firm to capitalize on the turmoil at Twitter since its buyout by Elon Musk last year. The move, announced on Monday, would allow TikTok users to choose from a variety of backgrounds for their…
By Andrea Shalal WASHINGTON (Reuters) – The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook. The IMF in its latest World Economic Outlook said inflation was coming down and acute stress in the…
By Shaloo Shrivastava BENGALURU (Reuters) – The Bank of England will raise its Bank Rate by a quarter-point to 5.25% on August 3, making borrowing the costliest since early 2008, and hike twice more by the year-end as price pressures persist, a Reuters poll showed. Despite 13 rate rises since December 2021, the BoE is…
