By Niket Nishant, Nupur Anand and David French (Reuters) – Banc of California and PacWest Bancorp will merge in an all-stock deal to create a bank with $36 billion in assets, the companies said on Tuesday, coming together just months after the regional banking sector was mired in crisis. To help fund the combination, the…
By Yuvraj Malik and Stephen Nellis (Reuters) -Microsoft on Tuesday laid out an aggressive spending plan to meet demand for its new artificial intelligence services after surpassing Wall Street estimates for fiscal fourth-quarter revenue and profit. Costs rose sharply as Microsoft built new data centers to support AI, and Chief Financial Officer Amy Hood said…
By Patricia Zengerle WASHINGTON (Reuters) – The U.S. Senate overwhelmingly backed legislation on Tuesday that would require U.S. companies to notify federal agencies of investments in Chinese technologies such as semiconductors and artificial intelligence. The 100-member Senate backed the amendment to the National Defense Authorization Act (NDAA) by 91 to 6. The NDAA sets policy…
By David Morgan WASHINGTON (Reuters) – The top Republican in the U.S. Congress said on Tuesday that he could launch an impeachment inquiry into Democratic President Joe Biden, if the administration fails to provide information sought by committees investigating the president and his family. Three committees in the Republican-controlled House of Representatives are investigating unproven…
WASHINGTON (Reuters) – Members of the U.S. Congress, the president, vice president and senior executive branch officials and their relatives will be banned from trading stocks under bipartisan legislation introduced on Tuesday. Democratic Senator Kirsten Gillibrand said in a brief hallway interview that she and Republican Senator Josh Hawley formally offered the “Ban Stock Trading…
By Luc Cohen NEW YORK (Reuters) – The New York Federal Reserve was sued on Tuesday by a Puerto Rican bank that said its access to the U.S. central banking system could be improperly cut off following a federal crackdown on banks with links to Venezuela. Banco San Juan Internacional (BSJI) said in a complaint…
By Fedja Grulovic and Lamine Chikhi RHODES/ALGIERS (Reuters) – Large areas of the Mediterranean sweltered under an intense summer heatwave on Tuesday and firefighters battled to put out blazes across the region. In Algeria, at least 34 people have died. In Croatia, flames came within 12 km (7.5 miles) of the medieval town of Dubrovnik…
By Greg Bensinger, Akash Sriram and Max A. Cherney SAN FRANCISCO (Reuters) -Alphabet’s second-quarter profit exceeded Wall Street expectations on Tuesday and the Google parent announced that its long-time CFO, Ruth Porat, would assume a new role while the company sought a new finance chief. Alphabet’s results were helped by steady demand for its cloud…
By Sheila Dang (Reuters) -Photo messaging app-owner Snap Inc on Tuesday gave weaker third quarter guidance than analysts had expected as it works to compete with tech giants for advertising dollars, sending its shares down 18%. The company’s Snapchat app has attracted hundreds of millions of users thanks to its lighthearted photo filters and new…
By Valerie Insinna, Mike Stone and Pratyush Thakur (Reuters) -Pratt & Whitney on Tuesday hit fresh turbulence over a problem-plagued engine model, prompting a 10% drop in shares of parent RTX as it said more than 1,000 engines must removed from Airbus planes and checked for microscopic cracks. It was the latest setback to the…
