By Akash Sriram (Reuters) -Tesla finance chief Zachary Kirkhorn has stepped down, surprising analysts who considered the company veteran of 13 years as a possible successor to CEO Elon Musk. The world’s largest electric vehicle automaker did not give a reason for the departure. Vaibhav Taneja, 45, replaced Kirkhorn as of Friday and will also…
By Matt Tracy (Reuters) – The amount of U.S. corporate loans and bonds trading at distressed levels has reached its lowest in 11 months, according to a JPMorgan research report on Tuesday. As of July’s end, $209 billion of junk-rated debt traded at large discounts to par value, or 100 cents on the dollar, which…
(Reuters) – U.S. banks have started to detail the expected impact to their costs from the “special assessment” fee they have to pay to replenish the Federal Deposit Insurance Corporation’s deposit insurance fund. In May, the banking regulator said large U.S. lenders would bear most of the costs to replenish the fund. Here is what…
By David Shepardson WASHINGTON (Reuters) -U.S. government offices in the Washington D.C. area closed early on Monday because of threatening weather as forecasters warned people across the eastern U.S. of possible tornadoes, damaging winds and large hailstones. Fast-moving thunderstorms and powerful winds toppled trees and knocked out power for nearly 200,000 homes and businesses in…
By Lisa Baertlein and Priyamvada C (Reuters) -United Parcel Service cut its full-year revenue and profitability targets on Tuesday as the world’s largest package deliverer faces higher labor costs and fights to win back U.S. business lost during tumultuous contract talks with the Teamsters. UPS reached a tentative five-year deal for some 340,000 U.S. employees…
By David Morgan WASHINGTON (Reuters) – A prominent hardline conservative from Texas urged his fellow Republicans in the U.S. Congress on Tuesday to withhold funding from the Department of Homeland Security unless President Joe Biden takes a series of controversial steps involving U.S.-Mexico border policy. Representative Chip Roy, a leading member of the House Freedom…
By Gus Trompiz PARIS (Reuters) -French wine production in 2023 is expected to be near the average of the last five years, with a favourable outlook in Champagne and Burgundy contrasting that in disease-hit Bordeaux, the French farm ministry said. Overall wine output is projected to be between 44 million and 47 million hectolitres, a…
By Jonathan Landay WASHINGTON (Reuters) – A U.S.-funded assessment of Afghanistan’s central bank found that it lacks independence from the Taliban administration and adequate safeguards against money laundering and terrorism financing, a U.S. watchdog told Congress on Tuesday. Reuters last month reported that the assessment, whose conclusions had not been made public at the time,…
By David Shepardson WASHINGTON (Reuters) -The Federal Aviation Administration (FAA) on Tuesday said it has referred 39 unruly passengers to the FBI for criminal investigation this year, as it continues its zero-tolerance policy over aggressive onboard incidents. The new cases, including 22 in the second quarter of 2023, bring the total of such referrals for…
By Asif Shahzad ISLAMABAD (Reuters) -Former Pakistani prime minister Imran Khan, who has been convicted and jailed on graft charges, was barred from politics for five years on Tuesday, an official order said. The order by the Election Commission of Pakistan (ECP), seen by Reuters and confirmed by a senior officer, said Khan was disqualified…
