By Stephanie Kelly NEW YORK (Reuters) – A bipartisan group of U.S. lawmakers introduced legislation this week directing the Biden administration to allow oil refiners to purchase compliance credits for U.S. biofuel blending laws at a lower, fixed cost compared to the open market. The proposal would reduce rising compliance costs associated with the U.S….
By Asif Shahzad ISLAMABAD (Reuters) -The International Monetary Fund’s board approved a $3 billion bailout programme for Pakistan which will immediately disburse about $1.2 billion to help stabilise the South Asian ailing economy, the lender said on Wednesday. Pakistan and the Fund reached a staff level agreement last month, securing a short-term pact, which got…
By David Randall NEW YORK (Reuters) -Large leveraged bets by hedge funds in the U.S. Treasury market could “amplify stress” in global financial markets should rates markets move sharply, the Bank of England said in a report published on Wednesday. Hedge funds have taken record short positions in two- and five-year Treasury futures this year,…
By Angelo Amante and Kanishka Singh VILNIUS/WASHINGTON (Reuters) -U.S. President Joe Biden will host Italian Prime Minister Giorgia Meloni in Washington on July 27, and the two leaders will discuss issues including the Ukraine war and transatlantic cooperation regarding China, the White House said on Wednesday. The leaders will also discuss developments in North Africa…
By Lawrence Delevingne (Reuters) -Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new U.S. inflation data showed a slowdown in the seemingly relentless rise of consumer prices. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices…
By Elizabeth Howcroft LONDON (Reuters) – Crypto crime fell overall in the first six months of 2023, but the volume of payments to ransomware attackers surged and is on track for its second-biggest annual total on record, blockchain analytics firm Chainalysis said on Wednesday. Cryptocurrency prices have gradually risen this year, recovering after a string…
By James Pearson LONDON (Reuters) -Hackers suspected of working for Russia’s foreign intelligence agency targeted dozens of diplomats at embassies in Ukraine with a fake used car advert in a bid to break into their computers, according to a cybersecurity firm report published on Wednesday. The wide-reaching espionage activity targeted diplomats working in at least…
By Jack Queen (Reuters) – Steve Bannon and Michael Flynn, two allies of former U.S. President Donald Trump, must answer questions under oath in voting technology company Smartmatic’s defamation lawsuit against right-wing media outlet Newsmax, court records showed on Wednesday. Florida-based Smartmatic served subpoenas on Bannon, who served as a White House strategist under Trump,…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar crashed to its lowest in more than a year on Wednesday after data showed the rise in U.S. consumer prices moderated in June, suggesting the Federal Reserve may have to raise interest rates only one more time this year. The dollar index dropped to as low…
By Michael S. Derby NEW YORK (Reuters) – Cleveland Federal Reserve President Loretta Mester said on Wednesday that the U.S. central bank’s new real-time money moving system is being designed in a way that should help ensure financial stability should bank stress arise. Mester acknowledged concerns that FedNow, a real-time, all-hours payment system the central…
