TORONTO (Reuters) – Canadian housing starts rose 41% in June compared with the previous month, the largest increase in the last 10 years, led by groundbreaking on multiple unit urban homes, data from the national housing agency showed on Tuesday. The seasonally adjusted annualized rate of housing starts rose to 281,373 units in June from…
By Krystal Hu (Reuters) – Consultancy giant McKinsey said it had struck a partnership with artificial intelligence startup Cohere in an effort to provide AI solutions to its enterprise clients. This is the first partnership with a large language model provider that McKinsey has announced as it joins other global consulting firms to tap into…
(Reuters) – PNC Financial Services Group on Tuesday cut its forecast for full-year net interest income (NII), casting a shadow over the lender’s second-quarter earnings beat. Shares of the bank fell nearly 3.5% in premarket trading as it estimated NII to rise 5% to 6% in 2023 from last year, compared to its previous forecast…
By Andrew Osborn MOSCOW (Reuters) -Russia’s Defence Ministry said on Tuesday it had hit military targets in two Ukrainian port cities overnight as “a mass revenge strike” in response to an attack on the Crimean bridge the previous day which it blamed on Kyiv. The ministry said it had struck Odesa, where the Ukrainian navy…
(This July 16 story has been corrected to show that 25% is not the tax rate, but the share of corporate profit that would be taxed, in paragraphs 4 and 9) By Shivangi Acharya, Sarita Chaganti Singh and Nikunj Ohri NEW DELHI (Reuters) – India will push its Group of 20 partners at a meeting…
By Joanna Plucinska and Guglielmo Mangiapane LONDON/ROME (Reuters) – Soaring summer temperatures across southern Europe could prompt a lasting shift in tourist habits, with more travellers choosing cooler destinations or taking their holidays in spring or autumn to dodge the extreme heat, tourism bodies and experts predict. European Travel Commission (ETC) data shows the number…
GANDHINAGAR, India (Reuters) – Global economic activity is slowing, especially in the manufacturing sector, and medium-term growth prospects remain weak, the chief of the International Monetary Fund told financial leaders of the Group of 20 nations on Tuesday. IMF chief Kristalina Georgieva, speaking to G20 finance ministers and central bank governors in the western Indian…
By Makiko Yamazaki TOKYO (Reuters) – Mitsubishi UFJ Financial Group (MUFG) and Morgan Stanley said on Tuesday they will deepen their 15-year old alliance by combining some operations at their Japanese brokerage joint ventures. The cooperation, to be implemented in the first half of 2024, builds on a partnership that started with MUFG’s $9 billion…
By Ludwig Burger FRANKFURT (Reuters) -Novartis on Tuesday raised its full-year earnings forecast for the second time on strong drug sales and mapped out the planned separation and stock market debut of its generic medicines division Sandoz for early October. The Swiss drugmaker said in a statement it expected group core operating income to grow…
By Nandita Bose WASHINGTON (Reuters) – Movie mogul Jeffrey Katzenberg, who is advising Joe Biden on his re-election campaign, says he sees opportunity in what many consider to be the U.S. President’s biggest vulnerability in the 2024 presidential race – his age. Biden, a Democrat who turned 80 in November, is already the oldest Oval…
