By Ismail Shakil and Steve Scherer OTTAWA (Reuters) -Canada’s annual inflation rate dropped more than expected to a 27-month low of 2.8% in June led by lower energy prices, data showed on Tuesday, though food and shelter cost increases persisted despite 10 interest rate hikes in less than 18 months. Analysts polled by Reuters had…
ODESA, Ukraine (Reuters) – U.S. aid chief Samantha Power on Tuesday pledged $250 million in new funding to help Ukrainian farmers reeling from blocked Black Sea grain shipments since Russia’s invasion last year. Moscow on Monday pulled out of a U.N.-brokered deal allowing the safe passage of Ukrainian grain through the Black Sea in a…
(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 Valerie Volcovici BEIJING (Reuters) -China and the United States could use climate cooperation to redefine their troubled relationship and lead the way in tackling global warming, U.S. climate envoy John Kerry told senior Chinese officials on Tuesday. Kerry’s three-day visit to China aimed at reviving climate cooperation between the world’s top greenhouse gas emitters…
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…
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 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…
