(Reuters) -U.S. brokerage firm Charles Schwab reported a smaller-than-expected drop in second-quarter profit on Tuesday as a jump in asset management fees helped soften the hit from a decline in interest revenue. The company’s shares rose as much as 14% to $66.95, highest in over four months. Charles Schwab relies primarily on clients’ uninvested cash…
By Nupur Anand NEW YORK (Reuters) – U.S. consumers are still keeping up with their loan payments despite rising costs and a worsening economic outlook, according to executives at the largest U.S. lenders. While some borrowers whose finances stayed resilient during the pandemic are starting to fall behind on their loan payments, top bankers said….
By Marie Mannes STOCKHOLM (Reuters) -Swedish mining equipment maker Epiroc expects to benefit from continuing high demand in the near term, it said on Tuesday as it posted better than forecast quarterly profit. Epiroc, its customers and rivals have had to contend with rising raw material prices and other cost inflation pressures for several quarters,…
By Ross Kerber (Reuters) – New York City’s top pension official has urged Bank of America’s board to claw back pay from executives after the bank agreed to pay $250 million to settle regulatory claims that it double-charged customers and took other steps without authorization. Since the financial crisis of 2008, provisions to recover pay…
WARSAW (Reuters) – Poland could cut interest rates this year, two central bankers were quoted as saying on Tuesday, fuelling expectations that a decrease in the cost of credit could be just around the corner. National Bank of Poland (NBP) Governor Adam Glapinski earlier this month said that a rate cut could come as soon…
(Reuters) – OpenAI is committing $5 million to the American Journalism Project (AJP) under a partnership that will look for ways to support local news through artificial intelligence, the Microsoft-backed startup said on Tuesday. The deal will also give the non-profit and related organizations up to $5 million in OpenAI credits for the use of…
SEOUL (Reuters) -South Korea said on Tuesday it would challenge an arbitration ruling that ordered it to pay U.S. hedge fund Elliott Investment Management $108.5 million in a case involving the 2015 merger of two Samsung Electronics affiliates. The U.S. activist fund had sued over the role played by South Korea’s National Pension Service in…
By Leika Kihara and Tetsushi Kajimoto (Reuters) -Bank of Japan (BOJ) Governor Kazuo Ueda said on Tuesday there was still some distance to sustainably and stably achieving the central bank’s 2% inflation target, signalling his resolve to maintain ultra-loose monetary policy for the time being. “We have patiently continued our ultra-loose monetary policy under yield…
By Mike Stone WASHINGTON (Reuters) – The United States will announce a new pledge to buy $1.3 billion worth of military aid for Kyiv in its conflict with Russia in the coming days, two U.S. officials said. The previously unreported weapons package includes air defenses, counter-drone systems, exploding drones and ammunition, one of the U.S….
By Chiara Elisei and Dhara Ranasinghe LONDON (Reuters) – The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating – facing…
