BEIJING, China (Reuters) -China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba Group Holding Ltd, business registration records showed, as Beijing extends a campaign to strengthen control over online content. Beijing has been taking ‘golden shares’ in private online media and content companies for more than five years,…
By Megan Davies and Lananh Nguyen NEW YORK (Reuters) -Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession, while showing caution about forecasting income growth in an uncertain economy and as higher rates increase competition for deposits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict…
NEW YORK (Reuters) -Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession and reported weak investment banking results while showing caution about forecasting income growth, as the economy remains uncertain. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing…
By Niket Nishant and Saeed Azhar (Reuters) -JPMorgan Chase & Co, the biggest lender in the United States, said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit. JPMorgan and other banks…
By Saeed Azhar and Niket Nishant NEW YORK (Reuters) – JPMorgan Chase & Co and Bank of America Corp continued to add staff as the economy softens, even after the ranks of the five biggest U.S. lenders swelled by 100,000 since the start of 2020. The chief financial officers of the two biggest U.S. banks…
By Mehnaz Yasmin and Carolina Mandl (Reuters) – Citigroup Inc reported a 21% fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640…
By Shariq Khan NEW YORK (Reuters) -Oil prices rose by about a dollar a barrel on Friday, set for their biggest weekly gains since October, as the U.S. dollar dropped to a seven-month low and more indicators pointed toward growing demand from top oil importer China. Brent crude futures rose by 93 cents, or 1.1%,…
By Manya Saini and Lananh Nguyen (Reuters) -Bank of America Corp reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting…
By Erwin Seba (Reuters) -Exxon Mobil Corp in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $1.2 billion expansion first considered nine years ago. Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd…
By Angelo Amante and Giuseppe Fonte ROME (Reuters) – A bid from German carrier Lufthansa for ITA Airways could come early next week, three sources familiar with the matter said on Friday, in a crucial step to speeding up the full privatisation of Italy’s state-owned company. The privatisation of ITA, which officially replaced loss-making Alitalia…
