WASHINGTON (Reuters) – President Joe Biden on Friday called the U.S. Supreme Court ruling that blocked his plan to cancel $430 billion in student loan debt disappointing and wrong, and said he would work to find other ways to provide relief to American families. Biden will deliver remarks on the decision at 3:30 pm (1930…
By David Lawder WASHINGTON (Reuters) -The U.S. Supreme Court’s decision to strike down President Joe Biden’s student debt relief would claw back more than $300 billion in costs associated with the program that were recognized last year, marking a major reduction in this year’s deficit – at least on paper. The court ruled 6-3 on…
By Michael S. Derby (Reuters) – The financial sector is taking the biggest bite out of U.S. economic activity since the nation was mired in the financial crisis over a decade and half ago, a new paper from the Federal Reserve, released on Friday, said. The finding came as part of researchers’ work to construct…
(Reuters) – Chicago Federal Reserve Bank President Austan Goolsbee on Friday said that he and colleagues will be parsing what will be “a lot of data” between now and the Fed’s meeting in late July to assess if the US central bank needs to push borrowing costs up higher to bring down inflation. “That’s what…
By Jan Lopatka PRAGUE (Reuters) – Cyanide maker Draslovka is considering an equity fundraising worth hundreds of millions of dollars support the roll out of new technology that could help miners slash use of cyanide, its CEO said in an interview on Friday. The privately-held Czech company is the world’s leading sodium cyanide maker. The…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer spending fizzled in May as households cut back on purchases of new light trucks and other long-lasting manufactured goods amid higher borrowing costs, suggesting the economy lost some speed in the second quarter. While the Commerce Department’s report on Friday showed annual inflation rising last month at…
By Amruta Khandekar, Matteo Allievi and Bansari Mayur Kamdar (Reuters) – European shares rose on Friday as lacklustre data on China’s factory activity spurred hopes of more policy stimulus, but ended the quarter on a sombre note as worries about further monetary policy tightening and weak Chinese demand capped gains. The pan-European STOXX 600 index…
MILAN (Reuters) – Italian luxury group Salvatore Ferragamo said on Friday that its Chief Financial Officer Alessandro Corsi would resign with effect from Sept.30 to take on “a new professional challenge”. Corsi has been Ferragamo’s CFO since January 2019. He is expected to become chief executive of a non-listed company which is not a rival…
By Andrew Chung (Reuters) – The U.S. Supreme Court on Friday agreed to hear a bid by President Joe Biden’s administration to defend certain Securities and Exchange Commission in-house enforcement proceedings in a case that could broadly undercut the power of federal agencies. The justices took up the administration’s appeal of a lower court’s decision…
By Steve Scherer and Ismail Shakil OTTAWA (Reuters) – Canadian businesses still see inflation running high before edging down slowly, the Bank of Canada said on Friday in a second quarter survey at a time when labor market and wage pressures are seen easing. Most businesses expect to hire over the next year, but fewer…
