WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Tuesday the United States has become overly dependent on China for critical supply chains, particularly in clean energy products and needs to broaden out sources of supply. Yellen, speaking at a Fortune CEO event in Washington, repeated her longstanding view that the United States does…
By Shariq Khan, David French and Ron Bousso (Reuters) – BP Plc is exploring the sale of a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as $1 billion, according to people familiar with the matter. The potential divestment would help BP meet…
(Reuters) -PNC Financial Services’ banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver. The portfolio comprises fund subscription credit lines extended to private-equity firms to help manage liquidity and bridge financing for…
By Dave Sherwood LA FEDERAL, Cuba (Reuters) – Cuban seamstress Yamidely Cervantes has bought a new sewing machine for the first time in years, plus a refrigerator and a cellphone – all on Russia’s dime. She said her 49-year-old husband Enrique Gonzalez, a struggling bricklayer, left their home in the small town of La Federal…
By Ann Saphir (Reuters) -U.S. Federal Reserve officials say that monetary policy will need to stay restrictive for “some time” to bring inflation back down to the Fed’s 2% target, but their unity around that phrase masks an ongoing debate over another possible rate hike this year. “I remain willing to support raising the federal…
Gold extended its decline for a sixth straight session on Monday to hit a near seven-month trough, as a robust dollar and prospects of higher U.S. interest rates took the shine off bullion. Spot gold was down 0.9% by 1:52 p.m. EDT (1752 GMT) at $1,831.70 per ounce, its lowest level since early March….
By Scott DiSavino NEW YORK (Reuters) -Oil prices fell about 2% on Monday to a three-week low as a higher-priced Brent contract expired, the U.S. dollar strengthened and traders took profits, concerned about rising crude supplies and pressure on demand from high interest rates. On its first day as the front-month, Brent futures for December…
WASHINGTON (Reuters) -Republican U.S. House of Representatives Speaker Kevin McCarthy faces an attempt by members of his own party to oust him because he passed a stopgap funding measure with Democratic support to avoid a government shutdown. Representative Matt Gaetz, a hardline Republican lawmaker, said he would file what’s called the “motion to vacate.” WHAT…
Physical gold premiums eased slightly in top consumer China this week, but remained elevated on high investor demand amid a broadly weaker yuan and economic worries, while lower prices in India failed to boost retail purchases. Chinese dealers charged premiums XAU-CN-PREM of between $80 and $100 an ounce over global spot prices, compared with $60-$130 last…
(Reuters) – Pershing Square SPARC Holdings Ltd, said that it will pursue business combinations with privately-held companies after receiving regulatory approval from U.S regulators for distributing special purpose acquisition rights. The SPARC, an affiliate of billionaire investor Bill Ackman’s Pershing Square Tontine Holdings Ltd, is targeting companies that seek to raise a minimum of $1.5…
