(Reuters) – The U.S. Senate Banking Committee will vote on Wednesday on whether to advance President Joe Biden’s pick for the Federal Reserve’s next vice chair, current Fed Governor Philip Jefferson, for consideration by the full Senate. The panel will also vote on Fed Governor Lisa Cook, re-nominated for a 14-year term, and Fed Board…
By David Shepardson WASHINGTON (Reuters) -The United Auto Workers union on Friday called on the Biden administration to soften its proposed vehicle emissions cuts that would require 67% of new vehicles to be electric by 2032. The UAW, which represents workers at General Motors, Ford Motor and Chrysler parent Stellantis, said the Environmental Protection Agency’s…
By David Carnevali and Mike Stone NEW YORK (Reuters) – Private equity firms Blackstone Inc and Veritas Capital Fund Management LLC are competing against large defense companies to acquire the aerospace business of Ball Corp, according to people familiar with the matter. Defense firms BAE Systems, General Dynamics Corp and Textron Inc have also expressed…
WASHINGTON (Reuters) – Wall Street’s top regulator is due to vote next week on proposed changes aimed at helping control systemic risk in the money market and large liquidity fund sectors, which together comprise trillions in investor dollars. The five-member U.S. Securities and Exchange Commission will vote on a 2021 proposal to boost the resiliency…
By Yuvraj Malik (Reuters) – Researchers at India’s AI4Bharat are raising $12 million from venture capital firms Peak XV and Lightspeed Venture for an artificial intelligence startup, according to three people familiar with the matter. The larger-than-usual seed funding round underscores the growing interest in generative AI, after OpenAI’s ChatGPT dazzled users with its ability…
By David Shepardson WASHINGTON (Reuters) – The United States Postal Service (USPS) is hiking the price of first-class mail stamps to 66 cents from 63 cents effective Sunday. This is the latest in a series of price increases to help offset inflationary pressures and declining first-class mail volumes. USPS in January boosted stamp prices to…
LONDON (Reuters) – Weight-loss drug Wegovy helped Rebecca Vogt achieve a major goal – shedding the weight she had not managed to drop since giving birth. But, after a particularly brutal day in the bathroom suffering from vomiting and diarrhoea, she called it quits. “The nausea is just so awful with this medication,” said Vogt,…
By David Shepardson WASHINGTON (Reuters) -Tesla wants the Biden administration to finalize more stringent vehicle emissions limits than those proposed in April by the Environmental Protection Agency (EPA), putting the automaker at odds with other manufacturers. The EPA in April proposed 2027-2032 vehicle standards that would cut emissions by 56% and result in an estimated…
(Reuters) – Eisai Co Ltd and Biogen Inc’s Leqembi emerged as the first Alzheimer’s treatment to win the U.S. Food and Drug Administration’s standard approval on Thursday, a milestone in drug development for a disease that has seen multiple failures in the past. The following is a list of companies that are currently developing treatments…
By Marc Jones LONDON (Reuters) – The central bankers’ central bank, the Bank for International Settlements (BIS), has laid out a seven-point plan designed to help countries prevent cyber hacks on the new wave of digital national currencies under development. Around 130 countries are now exploring central bank digital currencies (CBDC) to keep up with…
