By David Shepardson WASHINGTON (Reuters) -U.S. Postmaster General Louis DeJoy will tell lawmakers on Wednesday he plans to take more “aggressive actions” after saying the agency will not meet its goal of breaking even in 2023. The U.S. Postal Service (USPS) has reduced projected losses from $160 billion to $70 billion over 10 years after…
By Jonathan Stempel NEW YORK (Reuters) -Wells Fargo & Co has agreed to pay $1 billion to settle a lawsuit accusing it of defrauding shareholders about its progress in recovering from a series of scandals over its treatment of customers. U.S. District Judge Gregory Woods in Manhattan federal court granted preliminary approval on Tuesday to…
LONDON (Reuters) -An investor consortium including U.S. buyout firm Blackstone and Thomson Reuters, the publisher of Reuters News, is looking to sell around $3 billion worth of shares in the London Stock Exchange Group, according to a term sheet shared by an investment bank involved in the sale on Tuesday. The accelerated stock offering, unveiled…
By Pete Schroeder and Ann Saphir WASHINGTON (Reuters) -The Federal Reserve will unveil its plan to ratchet up capital rules for banks this summer and will ensure supervisors more aggressively police lenders following several recent bank failures, its top regulatory official told Congress on Tuesday. Fed Vice Chair for Supervision Michael Barr said the agency…
By Hannah Lang and Tatiana Bautzer WASHINGTON/NEW YORK (Reuters) -The former chief executive of Silicon Valley Bank was unaware the U.S. lender was in trouble when he sold stock weeks before it failed, he told senators in his first public comments defending his conduct after the lender’s shock collapse. California banking regulators shut down Silicon…
By Chibuike Oguh and Niket Nishant (Reuters) – Shares of U.S. regional lenders rose on Monday, led by a rebound in PacWest Bancorp, as investors turned their attention to the U.S. debt ceiling debate instead of the crisis of confidence that has led to the collapse of three banks in two months. Regional bank stocks…
WASHINGTON (Reuters) – The U.S. State Department said on Tuesday it “strongly condemns” the reported arrest of Robert Shonov, a former employee of the United States’ mission in Russia, calling allegations he illegally collaborated with foreigners “wholly without merit.” Russian state news agency TASS reported on Monday that Shonov had been detained in the far…
By Allison Lampert (Reuters) – Higher pay remains an obstacle for Canada’s WestJet Airlines and its pilots to secure an agreement and avert a possible work stoppage on Friday, as a smaller rival on Tuesday said it was adding flights in case of a strike or lockout. Pilots at Onex Corp-owned WestJet gave notice on…
By Dan Peleschuk KYIV (Reuters) -The head of Ukraine’s Supreme Court was dismissed from his post on Tuesday after being detained in a bribery investigation which anti-corruption authorities cast as their biggest-ever case. Kyiv has redoubled efforts to clamp down on corruption despite Russia’s invasion, and doing so is vital to meet the conditions for…
By Jarrett Renshaw WASHINGTON (Reuters) – Aides for President Joe Biden and Republican House Speaker Kevin McCarthy have been discussing tightening work requirements for food and other programs for low-income Americans ahead of a debt ceiling meeting between the two leaders on Tuesday, according to two sources familiar with the discussions. The discussions have been…
