(Reuters) – Federal Reserve Chair Jerome Powell said on Wednesday he expects the U.S. dollar to remain the world’s reserve currency as long as democratic institutions and the rule of law remain in place in the U.S. “The status of the dollar as the world’s reserve currency is a very important thing to us,” Powell…
By Pete Schroeder WASHINGTON (Reuters) -Raising U.S. bank capital requirements to guard against future losses could increase the cost of credit but that may be justified to ensure the U.S. banking system is safe, Federal Reserve Chair Jerome Powell told Congress on Wednesday. Testifying before the House Financial Services Committee, Powell was grilled by Republican…
PARIS (Reuters) – Jet engine maker Pratt & Whitney flagged “solid progress” in the aerospace supply chain on Wednesday, addressing a key area of concern for planemakers as they continue to rack up orders at the Paris Airshow. The first two days of the world’s biggest air show saw bumper orders from Indian airlines looking…
By Blake Brittain (Reuters) – Alphabet’s Google must pay patent holding company Personal Audio LLC $15.1 million for infringing two patents related to audio software, a Delaware federal jury said in a verdict made public on Wednesday. Personal Audio had argued that Google’s music app Google Play Music featured playlist downloading, navigation and editing features…
By David Randall NEW YORK(Reuters) – Individual investors have given a cold shoulder to Cathie Wood’s ARK Innovation Fund during their searing run this year, but some market watchers believe that may change if risk appetite keeps improving. The $8 billion fund, which outperformed all U.S. equity funds during the pandemic rally of 2020 but…
(Reuters) – Rocket engine maker Aerojet Rocketdyne says it will develop a propulsion system for the Long Range Maneuverable Fires (LRMF) missile that Lockheed Martin is making for the U.S. Army. There is a rising demand for missiles fueled by the Ukraine conflict and geopolitical uncertainties, as countries seek to bolster their defenses. LRMF missiles…
By Stephen Culp NEW YORK (Reuters) – U.S. stocks softened on Tuesday, closing in negative territory as investors began the holiday-shortened week by taking profits in the wake of a sustained rally amid signs of weakening global demand. Federal Reserve Chairman Jerome Powell’s congressional testimony Wednesday could be a potential market mover. All three major…
By Shreyashi Sanyal and Bansari Mayur Kamdar (Reuters) – Tech led European shares lower on Wednesday following hawkish signals from Federal Reserve Chair Jerome Powell, while real estate stocks slid as the prospect of more interest rate rises stoked fresh concerns about mortgage costs after UK inflation failed to slow down in May. The continent-wide…
BUENOS AIRES (Reuters) – Argentina will make scheduled payments totaling some $1.9 billion to the International Monetary Fund (IMF) on Wednesday, an economy ministry source said. The South American country is in talks with the IMF to revamp its $44 billion loan program with the lender as it battles with dwindling foreign currency reserves, a…
By Nupur Anand NEW YORK (Reuters) – JPMorgan Chase & Co named Teresa Heitsenrether its chief data and analytics officer, leading the adoption of artificial intelligence across the largest U.S. bank, according to memos seen by Reuters Wednesday. Tim Fitzgerald will succeed Heitsenrether as global head of securities services, according to another memo. The appointments,…
