By Sarah Morland and Marion Giraldo (Reuters) – Colombian financial conglomerate Grupo Aval on Thursday cut its 2023 loan growth forecast and hiked its cost of risk estimate, a day after it posted a 75% quarterly profit slump as costs of funds rose for its banking subsidiaries. The South American company, whose portfolio includes Banco…
(This Aug. 16 story has been corrected to change the surname to McLay from McKay in paragraphs 13-14) By Siddharth Cavale and Ananya Mariam Rajesh (Reuters) – Walmart Inc on Wednesday promoted Kathryn McLay, CEO of its Sam’s Club unit, to head its $100 billion international business at a time when high inflation is squeezing…
By Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits fell last week, pointing to continued tightness in the labor market even as job growth slows. Labor market tightness is underpinning the economy, with data this week showing a solid increase in retail sales in July and a surge…
(Reuters) – EQT Corp, the biggest U.S. natural gas producer, said on Wednesday that it had won antitrust approval to close a deal to buy Quantum Energy-backed THQ Appalachia I LLC and associated infrastructure. The proposed deal, valued at $5.2 billion, had been announced in September 2022. EQT said that the parties had satisfied conditions…
By Lucila Sigal BUENOS AIRES (Reuters) – Argentina’s government said on Thursday that major creditor the International Monetary Fund (IMF) had originally wanted a “100%” devaluation of the country’s embattled peso currency, before the two sides agreed to a correction of 18% made earlier this week. The comments, made by a government spokeswoman after similar…
WASHINGTON (Reuters) – A gauge of future U.S. economic activity dropped for the 16th straight month in July, though the pace of decline slowed from earlier in the year, a survey showed on Thursday. The Conference Board said its Leading Economic Index fell 0.4% last month after declining 0.7% in June. Last month’s decrease was…
By Jonathan Stempel (Reuters) – A federal appeals court revived a lawsuit accusing Mesa Air Group of racially profiling two Muslim men from Texas when the pilot canceled their flight because she found them suspicious. The 5th U.S. Circuit Court of Appeals on Wednesday said Issam Abdallah and Abderraouf Alkhawaldeh, both U.S. citizens, could try…
NEW YORK/LONDON (Reuters) – Hedge funds have slowed their exit from value stocks and small-cap stocks over the past month, as enthusiasm for artificial intelligence has driven up valuations for growth stocks, JPMorgan Chase said in a report released on Wednesday. The bank, which compiles data from its hedge fund clients to show aggregated positioning,…
By Savyata Mishra, Juveria Tabassum and Katherine Masters (Reuters) -Coach parent Tapestry, which agreed to buy Capri last week, forecast fiscal 2024 profit and sales below estimates on Thursday after waning U.S. demand for its luxury handbags hurt fourth-quarter results. The company also joined luxury rivals Ralph Lauren, LVMH, Gucci-owner Kering and Canada Goose in…
By Toby Sterling and Elizabeth Howcroft AMSTERDAM (Reuters) -Dutch payments processor Adyen NV’s shares fell by a third on Thursday, wiping more than 13 billion euros off its market value, after first-half earnings missed estimates, as sales growth slowed and hiring costs hit margins. Analysts said the company’s performance raised concerns about stretched valuations in…
