FRANKFURT, Germany (AP) — The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates at the fastest pace in the euro currency’s history and underscoring the bank’s determination to control prices despite the threat of recession. The 25-member governing council raised its interest rate benchmarks by three-quarters…
GENEVA (AP) — Swiss bank Credit Suisse unveiled Thursday a “radical strategy” aimed to overcome a string of recent troubles that have dented its reputation, involving cost cuts, staff reductions, steps to lower risk and a cash infusion through a share purchase from a leading Saudi bank. The Zurich-based bank also said it will revive…
SEOUL, South Korea (AP) — Samsung Electronics has officially appointed third-generation heir Lee Jae-yong as executive chairman, two months after he secured a pardon of his conviction for bribing a former president in a corruption scandal that toppled a previous South Korean government. Lee’s promotion is partially symbolic as he has headed the Samsung group…
TOKYO (AP) — Even as the Federal Reserve and the world’s other central banks raise interest rates to try to curb inflation, the Bank of Japan has stood firm. Since 2016, Japan’s key interest rate has been minus 0.1%. The world’s third-largest economy has been battling deflation, or a continuous downward spiraling of prices, for…
SEATTLE (AP) — A Washington state judge on Wednesday fined Facebook parent company Meta nearly $25 million for repeatedly and intentionally violating campaign finance disclosure law, in what is believed to be the largest campaign finance penalty in U.S. history. The penalty issued by King County Superior Court Judge Douglass North was the maximum allowed…
PARIS (AP) — French President Emmanuel Macron vowed Wednesday to implement a pension reform that would eventually push up the retirement age by three years to 65, making younger generations work longer. In an interview on France 2 television, Macron said the changes would start being applied next year. “There’s only one way to do…
DETROIT (AP) — Ford said Wednesday that it is disbanding Argo AI, an autonomous vehicle company that it co-owns with Volkswagen. Executives said they don’t see a path to profitability on fully autonomous vehicles, and will now focus on partially automated driver-assist systems, which need to be monitored by humans. “We’ve looked at this every…
Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising sales as it faces competition from TikTok’s wildly popular video app. The quarter’s weak results raised fresh questions about whether Meta’s plans to spend $10 billion a year on the metaverse — a concept that doesn’t…
OMAHA, Neb. (AP) — A second railroad union rejected its deal with the major U.S. freight railroads on Wednesday, reflecting workers’ increasing frustration with the lack of paid sick time and adding to concerns about the possibility of a strike next month that could cripple the economy. The Brotherhood of Railroad Signalmen said nearly 61%…
Securities regulators wants to make sure publicly traded companies recover any executive compensation that’s awarded based on financial statements that are found to contain errors. The Securities and Exchange Commission said Wednesday that it has adopted a rule that calls on national securities exchanges to require the companies whose stock they list to comply with…
