WASHINGTON (Reuters) -U.S. wholesale inventories were unchanged in May after declining for two straight months, suggesting inventory investment could support economic growth in the second quarter. The Commerce Department said on Monday that wholesale inventories were unchanged instead of dipping 0.1% as previously reported last month. Stocks at wholesalers fell 0.3% in April. Economists polled…
TORONTO (Reuters) – Canada’s finance ministry has extended the consultation period for Royal Bank of Canada’s $13.5 billion proposed acquisition of HSBC’s Canadian unit by 15 days due to a technical error that prevented the department from receiving some submissions by email. The Finance Department said the technical issue has now been resolved and stakeholders…
By Simon Jessop LONDON (Reuters) – Sustainability-focused asset manager LeapFrog Investments said it plans to invest $500 million in companies addressing climate change in Asia and Africa, with projects it hopes will reach up to 50 million low-income people. The commitment was announced at the Climate Finance Mobilisation Forum in Britain on Monday, attended by…
(Reuters) – The Republican-led U.S. House of Representatives Oversight Committee on Monday asked Federal Reserve Chair Jerome Powell to hand over confidential documents related to the central bank’s supervision of failed Silicon Valley Bank. Committee chair James Comer, in a letter to Powell published on the panel’s website, also asked for documents related to Fed…
By Ananya Mariam Rajesh (Reuters) -Constellation Brands’ Modelo Especial was the top-selling beer brand in the United States for a second consecutive month in June, after first dethroning Anheuser-Busch InBev’s Bud Light in May. Bud Light, which held the top spot as the most-sold beer in 2022 and in the first four months of this…
(Reuters) -Bankrupt SVB Financial Group has sued the U.S. Federal Deposit Insurance Corp (FDIC) to recover the $1.93 billion that the regulator seized while it took over Silicon Valley Bank in March, a filing in a bankruptcy court on Sunday showed. The group said inability to access the funds was affecting its reorganization as the…
By Dhwani Pandya MUMBAI (Reuters) -Godrej Aerospace is in talks to build aircraft parts for suppliers to Airbus and Boeing as airlines place record jet orders, a top executive at the Indian company said. Air India and IndiGo between them have nearly 1,000 new planes on order, said Maneck Behramkamdin, associate vice president and business…
SHANGHAI (Reuters) – General Motors Co on Monday cut the starting price for the Cadillac Lyriq in China by almost 14%, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure. The Lyriq, a luxury crossover based on GM’s Ultium EV architecture, is now priced…
By Michael S. Derby (Reuters) – Americans said in June they were expecting the weakest near-term inflation gains in just over two years, while continuing to mark up the expected path of home price increases, a survey from the New York Federal Reserve showed on Monday. The New York Fed reported in its Survey of…
NEW DELHI (Reuters) – Taiwan’s Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta, in a blow to Indian Prime Minister Narendra Modi’s chipmaking plans. Here is a timeline of how events have unfolded since the signing of the $19.5 billion joint venture: * Feb. 14, 2022: Foxconn partners with…
