WASHINGTON (Reuters) – Deputy U.S. Treasury Secretary Wally Adeyemo said on Friday that the U.S. government does not have the capability to “triage” payment priorities if the debt ceiling is not raised, adding that invoking the 14th amendment to issue debt will not solve the government’s challenges. Speaking on CNN as the White House and…
By Lananh Nguyen NEW YORK (Reuters) – Lazard Ltd said Peter Orszag, a banker and former White House official, will take the helm as its chief executive officer on Oct. 1, when Kenneth Jacobs steps down after 14 years in the top job at the investment bank. Jacobs will become the 175-year-old firm’s executive chairman,…
By William Schomberg and Andy Bruce LONDON (Reuters) – British inflation fell in April but by less than expected and it remains above the rate of price growth in the United States and most of Europe, putting pressure on the Bank of England to keep raising interest rates. Britain has struggled more than other countries…
(Reuters) – The following are comments from key European Central Bank policymakers in the run up to the June 15 policy meeting. The ECB has already said that “more ground” needs to be covered, universally understood to mean that another rate hike is coming, but views on the outlook further out diverge. JOACHIM NAGEL, BUNDESBANK…
By Laura Matthews NEW YORK (Reuters) -Some corporate treasurers are stepping up their contingency plans to address any upcoming funding and liquidity needs to get ahead of the risk of debt default as talks in Washington drag on, finance executives and advisors said. With the U.S. Treasury Department warning that the federal government could run…
(Reuters) – Global money market funds drew inflows for a fifth straight week in the seven days to May 24 as investors resorted to buying safer assets on caution with time running out for talks over raising the U.S. debt ceiling. According to Refinitiv Lipper data, global money market funds received about $17.67 billion worth…
ROME (Reuters) – Italy’s second-largest bank UniCredit said on Friday it had entered into an enlarged payments partnership with Mastercard. The agreement covers 13 banks in 12 markets, totalling 20 million cards, and will help deliver payment innovation and enhanced digital experiences to customers, UniCredit said. “This is the first time any large commercial bank…
By MacDonald Dzirutwe and Libby George LAGOS (Reuters) – Nigeria’s incoming President Bola Tinubu will inherit anaemic economic growth, record debt and shrinking oil output, but before he can start fixing these pressing problems he will need to secure public support for painful decisions. Life is tough for citizens of Africa’s biggest economy, and a…
By Nandita Bose, Jarrett Renshaw and David Morgan WASHINGTON (Reuters) -U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters. The deal, which is not final,…
DUBROVNIK, Croatia (Reuters) – Falling energy prices will lower underlying inflation in the euro zone and rapid wage growth is not putting undue pressure on prices, European Central Bank Chief Economist Philip Lane said on Friday. Inflation has been stubbornly high for nearly two years and some policymakers have been warning that underlying inflation was…
