By Jonathan Stempel NEW YORK (Reuters) – Societe Generale SA and BNP Paribas SA on Thursday won the dismissal of a lawsuit in New York accusing them of trafficking in assets that Fidel Castro’s government seized in 1960 from the former owners of a Cuban bank. The case had sought damages estimated at several hundred…
By Hannah Lang (Reuters) -Wells Fargo & Co will pay fines of about $97.8 million for inadequate oversight of its compliance risks, enabling the apparent violation of U.S. sanctions against Iran, Syria and Sudan, federal authorities said on Thursday. The Federal Reserve and the Treasury Department’s Office of Foreign Assets Control (OFAC) said the bank’s…
WASHINGTON (Reuters) – Federal Reserve Bank of Boston leader Susan Collins said on Thursday that she does not see the market’s current case for central bank rate cuts this year. Boosting rates further and keeping them there through the rest of the year is the monetary policy stance that is likely needed to get inflation…
By Howard Schneider RICHMOND, Virginia (Reuters) – Deposit flows in U.S. banks appear “relatively stable,” while inflation remains too high and may well take longer than expected to decline, Richmond Federal Reserve Bank president Thomas Barkin said in comments that kept the policy focus on inflation despite recent stress in the banking industry. “It’s worth…
By Akash Sriram (Reuters) – Elon Musk-led Tesla Inc has missed its solar-roof installation targets by a big margin due to stiff competition from GAF Energy and other rivals, according to industry analysis firm Wood Mackenzie. Tesla’s average installations per week were just 21 in 2022 and its best quarter saw 32 systems installed per…
MOSCOW (Reuters) – Russia’s largest carmaker, Avtovaz, said on Thursday that it was bringing forward an annual three-week company summer holiday by several weeks because of component shortages. Russia’s auto industry has been hit hard by the fallout of Western sanctions and Russia’s military campaign in Ukraine, having previously been reliant on Western investment, parts…
By Rowena Edwards LONDON (Reuters) -Oil prices rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt to exports from Iraq’s Kurdistan region offset a smaller than expected cut to Russian supplies. Brent crude futures rose 57 cents, or 0.73%, to $78.85 a barrel by 1327 GMT, while West Texas Intermediate…
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits rose moderately last week, showing no signs yet that tightening credit conditions were having a material impact on the labor market, which remains tight. Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 198,000 for the week ended March…
By Rowena Edwards LONDON (Reuters) -Oil prices rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq’s Kurdistan region offset a smaller-than-expected cut to Russian supplies. Brent crude futures rose 49 cents, or 0.63%, to $78.77 a barrel at 1145 GMT, while West Texas Intermediate crude rose…
(Reuters) – Short sellers made $14.3 billion in paper profit from their bearish bets on global banking stocks in March, according to analytics firm S3 Partners, as the collapse of U.S. lender Silicon Valley Bank reverberated across the sector. Fresh short selling in the banking sector increased by 11.4%, or $12.8 billion, globally in March, taking…
