By Steve Scherer and Ismail Shakil OTTAWA (Reuters) -The Bank of Canada on Wednesday hiked its key overnight rate by a quarter of a percentage point to a 22-year high of 5.0%, and said it could raise rates further because of the risk of inflation stalling above its 2% target. The move to increase borrowing…
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Options traders are taking advantage of muted U.S. stock market gyrations to load up on contracts that would jump in value should equities see a big drop, boosting the number of open contracts on Wall Street’s most popular volatility gauge near a record high. The one-month moving…
HAVANA (Reuters) – Cuba’s National Assembly said on Wednesday it “strongly condemns” a resolution by the European Parliament, which criticized the country’s human rights record and called for EU sanctions against Cuban President Miguel Diaz-Canel and other top officials. “The European Parliament lacks the moral, political and legal authority to judge Cuba,” Cuba’s parliament said…
By David Shepardson WASHINGTON (Reuters) – The U.S. Senate Commerce Committee on Wednesday voted to approve President Joe Biden’s nominee for a key fifth seat on the U.S. Federal Communications Commission (FCC), after Democrats have been stymied since 2021 from gaining a majority on the telecommunications regulator. The committee voted to approve Anna Gomez, a…
By Howard Schneider WASHINGTON (Reuters) -A year after U.S. inflation peaked and touched off an aggressive turn in monetary policy, Federal Reserve officials may be opening a more encouraging chapter in their policy discussion with the first of what analysts expect to be a run of data showing key price measures in steady decline. The…
By Akash Sriram (Reuters) -Lucid Group said its second-quarter production dropped from the previous three months while deliveries stayed flat, sending the shares of the luxury electric-vehicle maker down about 12% on Wednesday. The Saudi Arabia-backed startup has been struggling to ramp up production in the face of supply chain issues, while a price war…
By Hyunjoo Jin and David Shepardson SAN FRANCISCO (Reuters) -Tesla said the $7,500 federal tax credits for its Model 3 electric vehicles are likely to be reduced after Dec. 31, according to its website on late Tuesday. Tesla did not elaborate on the reasons for the change, but the move comes as U.S. government is…
By Steve Holland VILNIUS (Reuters) – U.S. President Joe Biden told Ukrainian President Volodymyr Zelenskiy on Wednesday that he looks forward to the day he can welcome Ukraine to NATO, aiming to take the sting out of recent comments that now was not the time for Ukrainian membership in the military alliance. “Your resilience and…
MEXICO CITY (Reuters) -The U.S. Treasury Department on Wednesday imposed sanctions on 10 Mexican nationals and one company in the country for their alleged involvement in the Sinaloa Cartel’s vast illicit fentanyl trafficking network. The U.S. Treasury accuses the 10 people of links to suppliers of precursor chemicals used to make fentanyl, a highly addictive…
By Michael S. Derby NEW YORK (Reuters) – If economic trends that existed before the coronavirus pandemic reassert themselves, a modest cooling in the labor market may not be enough to bring down a key measure of underlying inflation, research released Wednesday from the San Francisco Fed said. The report looked at what has come…
