(Reuters) -UBS Group AG faces hundreds of millions of dollars in penalties over Credit Suisse’s mishandling of Archegos Capital, after UK, Swiss and U.S. regulators completed their investigations, Financial Times reported on Monday. UBS has asked the U.S. Federal Reserve, the Swiss Financial Market Supervisory Authority and UK’s Prudential Regulation Authority to publish their findings…
(Refiles to add dropped day in paragraph 1) By Saqib Iqbal Ahmed and Samuel Indyk NEW YORK (Reuters) -The U.S. dollar edged higher against the euro on Tuesday after data showed U.S. housing starts surged and as traders awaited Federal Reserve Chair Jerome Powell’s congressional testimony later this week for clues to the outlook for…
By Scott DiSavino NEW YORK (Reuters) -Oil futures eased in choppy trading on Tuesday on forecasts for slower oil demand growth in China, the world’s second-biggest oil consumer, and disappointment with the size of cuts in China’s key lending rates. Adding to the bearish market sentiment, traders noted crude supplies from Iran and Russia have…
By David French and Mrinalika Roy (Reuters) -Civitas Resources on Tuesday said it would acquire oil and gas operations in the Permian basin managed by private equity firm NGP Energy Capital Management for $4.7 billion, expanding its operations into the lucrative shale patch. The deal is transformative for Civitas, which until now operated solely in…
By David Shepardson WASHINGTON (Reuters) – General Motors on Tuesday said it was investing $920 million to expand operations at its Ohio diesel engine plant for production of future internal combustion engine (ICE) heavy-duty truck powertrain products. In total, the largest U.S. automaker has announced in June more than $3.2 billion in investments to support…
By Giulio Piovaccari MILAN (Reuters) -Pirelli investor Camfin has proposed Andrea Casaluci as the new CEO of the Italian tyremaker, promoting him from a general manager role days after the Italian government intervened to limit Chinese influence on the company. The nomination of Casaluci on Tuesday comes as Pirelli deputy CEO Giorgio Bruno, who had…
By Stephen Nellis (Reuters) – Hewlett Packard Enterprise Co (HPE) on Tuesday said that it is rolling out a cloud computing service designed to power artificial intelligence systems similar to ChatGPT. HPE’s service is being used by a few customers now, with more availability in North America by year’s end and in Europe next year….
By Ann Saphir SAN FRANCISCO (Reuters) -Pandemic-related snarls in global supply chains have mostly receded, but their after-effects still account for a big chunk of excess U.S. inflation, an analysis published Tuesday by the San Francisco Federal Reserve Bank showed. Supply shortages from supply chain disruptions drove most of the upswing in inflation since April…
PARIS (Reuters) – The French economy is on course to avoid a recession this year while inflation pressures ease though growth and will only gradually pick up in the coming two years, the central bank forecast on Wednesday. In its quarterly outlook, the Bank of France said the euro zone’s second-biggest economy would grow 0.1%…
By David Thomas (Reuters) – Bryan Cave Leighton Paisner on Tuesday said it has picked up a 15-lawyer team from Dentons, including the founder and leader of its global intellectual property and technology group, Song Jung. Jung will be global chair of BCLP’s patent practice. He will work from the firm’s Washington, D.C., office with…
