LOS ANGELES (Reuters) – United Parcel Service has delivered a revised offer with “significant movement on wages and other economic language,” the union representing roughly 340,000 U.S. drivers, package handlers and loaders at the global delivery firm said on Friday. The International Brotherhood of Teamsters union said UPS has requested more time to negotiate and…

(Reuters) – U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. In addition to limiting access for big banks, regulators have discussed requiring banks that want to…

By Sinéad Carew, Sruthi Shankar and Johann M Cherian (Reuters) – U.S. stocks rallied on Friday, putting the tech-heavy Nasdaq on course for its biggest first-half gain in 40 years as inflation showed signs of cooling while Apple returned to a $3 trillion market valuation. Apple Inc breached the $3 trillion mark for the first…

FRANKFURT (Reuters) – Deutsche Bank’s head of human resources, Michael Ilgner, has decided to leave the bank, Deutsche Bank announced on Friday. The move follows an investigation earlier this year into Ilgner’s purchase of the bank’s own bonds just days before the lender reported earnings, a move that appeared to flout the bank’s own rules…

(Reuters) – Chicago Federal Reserve Bank President Austan Goolsbee on Friday said that he and colleagues will be parsing what will be “a lot of data” between now and the Fed’s meeting in late July to assess if the US central bank needs to push borrowing costs up higher to bring down inflation. “That’s what…

By Carolina Mandl (Reuters) -The U.S. Securities and Exchange Commission (SEC) has said recent applications by asset managers to launch spot bitcoin exchange-traded funds (ETFs) were not sufficiently clear and comprehensive, a source familiar with the matter said. The SEC has communicated its concerns to the exchanges Nasdaq and Cboe Global Markets which filed the…

By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer spending stagnated in May as households cut back on purchases of motor vehicles and other long-lasting goods amid higher borrowing costs, suggesting a considerable loss of momentum in economic growth in the second quarter. While the Commerce Department’s report on Friday showed annual inflation rising last month…

(Reuters) – Apple Inc’s market capitalization on Friday breached the $3 trillion mark for the first time since January last year, as investors bet on the iPhone maker’s ability to grow its revenue even as it explores new markets such as virtual reality. Shares of Apple, which is also the world’s most valuable- listed company,…

By Ron Bousso LONDON (Reuters) -Shell’s head of renewable generation Thomas Brostrom is leaving the company, a spokesperson said on Friday, weeks after CEO Wael Sawan scaled back its energy transition plans. Brostrom joined Shell from offshore wind giant Orsted in August 2021 to head offshore wind as the company planned to rapidly grow its…

By Ron Bousso LONDON (Reuters) -Oil prices declined towards $74 a barrel on Friday and were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand. Benchmark Brent crude futures for September delivery were down 5 cents, or 0.1%, at $74.46 a barrel by 1120 GMT…