By Matt Tracy and Saeed Azhar (Reuters) – Some of the largest U.S. banks singled out office commercial real estate on Friday as an area of growing concern, with property values falling and more borrowers defaulting on their loans amid rising interest rates and a slowing economy. Faced with questions from analysts about their exposure…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, suggesting that the economy was losing steam at the end of the first quarter because of higher interest rates. With the labor market cooling, retail sales are…
(Reuters) – Walmart Inc U.S. chief merchandising officer Charles Redfield is stepping down after just over a year in the role, according to an internal memo seen by Reuters on Friday, at a time the retailer is navigating a tightening spending environment. Redfield will assume an advisory role supporting the U.S. business effective May 1, Walmart…
By Katharine Jackson and Luc Cohen (Reuters) – The United States has charged leaders of the Mexico-based Sinaloa Cartel with running a fentanyl trafficking operation fueled by Chinese chemical and pharmaceutical companies, U.S. Attorney General Merrick Garland said on Friday. Three sons of Joaquin “El Chapo” Guzman, the onetime leader of the Sinaloa Cartel now…
(Reuters) – Federal Reserve Governor Michelle Bowman said on Friday that the recent failures of Silicon Valley Bank and Signature Bank were not an indictment of the bank regulatory landscape, although she conceded that some changes may be warranted. In prepared remarks, Bowman said if the Fed identifies gaps in its bank supervision and regulation…
By Noor Zainab Hussain, Manya Saini and Saeed Azhar (Reuters) -Wells Fargo & Co’s profit surpassed expectations for the first quarter on Friday as it earned more from higher interest rates, even while executives forecast tighter monetary policy would dampen economic activity. The bank also reported a $643 million increase in the allowance for credit…
By Noor Zainab Hussain, Manya Saini and Saeed Azhar (Reuters) -Wells Fargo & Co’s profit surpassed expectations for the first quarter on Friday as it earned more from higher interest rates, even while executives forecast tighter monetary policy would dampen economic activity. The bank also reported a $643 million increase in the allowance for credit…
By Marc Jones LONDON (Reuters) – Turkey’s lira is likely to drop sharply and could near 30 to the dollar following next month’s elections, bankers at JPMorgan have predicted, if it looks like only modest changes will be made to its unorthodox economic policies. Turkey’s tightly contested presidential and parliamentary elections on May 14 are…
By Herbert Lash NEW YORK (Reuters) -Treasury yields rose and the dollar index bounced off a one-year low on Friday, after a decline in U.S. retail sales suggested the economy is slowing but not fast enough to stop the Federal Reserve from raising interest rates again in May. Traders of futures tied to the Fed’s…
By Darya Korsunskaya and Alexander Marrow MOSCOW (Reuters) -Russia’s economy ministry revised higher on Friday its 2023 gross domestic product (GDP) forecast to 1.2% growth from a 0.8% contraction, but lowered its forecast for 2024, mirroring a wider trend that envisages more sluggish longer term prospects. The International Monetary Fund this week also raised its…
