By David Lawder WASHINGTON (Reuters) – U.S. Treasury Undersecretary Jay Shambaugh met on Friday with China’s new ambassador to the United States, Xie Feng, holding a discussion aimed at maintaining open communications between the world’s two largest economies, the Treasury said. “The meeting was candid, constructive, and part of ongoing efforts to maintain open lines…
By Herbert Lash and Shreyashi Sanyal (Reuters) -U.S. stocks closed higher on Friday after a labor market report showing moderating wage growth in May indicated the Federal Reserve may skip a rate hike in two weeks, while investors welcomed a Washington deal that avoided a catastrophic debt default. The tech-heavy Nasdaq index surged to a…
By Anna-Catherine Brigida and Lucila Sigal BUENOS AIRES (Reuters) – Argentines are expected to eat the most beef in five years in 2023, extending the country’s reign as the No. 1 steak consumer per capita despite the painful impact of 109% inflation on food prices, a Rosario grains exchange report showed on Friday. The major…
By Jonathan Stempel and Mariam Sunny (Reuters) -Indivior Plc said on Friday it agreed to pay $102.5 million to settle a lawsuit by dozens of U.S. states accusing it of illegally suppressing generic competition for its opioid addiction treatment Suboxone. The North Chesterfield, Virginia-based drugmaker denied wrongdoing in resolving claims by 41 U.S. states and…
LONDON (Reuters) – Ratings agency Fitch on Friday stuck with its negative outlook for Britain’s sovereign credit rating, citing a weak economy and lingering uncertainty around Brexit trade terms with the European Union. Fitch left the ‘AA’ rating itself unchanged as part of a regular review. It expects Britain to enter a mild recession this…
(Reuters) – An investor has asked a panel that rules on credit default swaps (CDS) whether a “failure to pay” credit event has occurred for French retailer Casino, which could trigger a payout on the derivatives used to insure against default. The request, viewable on the EMEA Credit Derivatives Determination Committee’s (CDDC) website, comes on…
PARIS (Reuters) – Ratings agency S&P spared France on Friday the embarrassment of downgrading the country’s sovereign debt, but remained cautious about the outlook on account of the strained public accounts. S&P left the country’s AA rating untouched after a regular review and said that the outlook remained negative due to “downside risks to our…
By Clark Mindock and Brendan Pierson (Reuters) – 3M Co has struck a tentative settlement of at least $10 billion with a host of U.S. cities and towns to resolve water pollution claims tied to “forever chemicals,” Bloomberg News reported on Friday, citing people familiar with the matter. Shares of 3M were up 8.4% at…
By Chibuike Oguh NEW YORK (Reuters) -Global shares and U.S. Treasury yields rose on Friday following stronger-than-expected job growth data that raised investor expectations that the Federal Reserve could retain its interest rate hikes. Labor Department data showed on Friday that the U.S. economy added 339,000 jobs last month, significantly higher than most estimates and…
(Reuters) – Federal Reserve Chair Jerome Powell will testify at the U.S. Senate Banking Committee on June 22 at 10 am Eastern time, panel chief Sherrod Brown said on Friday. The testimony marks the second iteration of the Fed chair’s twice-yearly reports to Congress on the state of U.S. monetary policy, and will come a…
