(Reuters) – First Republic Bank was paying dozens of employees more than $10 million apiece annually in the heyday before its collapse, Bloomberg News reported on Thursday, citing people familiar with the matter. Earlier this month, JPMorgan Chase & Co agreed to pay $10.6 billion to the Federal Deposit Insurance Corp (FDIC), to take control…
LONDON (Reuters) -The United States was put on review for a downgrade by credit rating agency DBRS Morningstar on Thursday over Washington’s debt ceiling haggling, shortly after a similar warning from Fitch. “The Under Review with Negative Implications reflects the risk of Congress failing to increase or suspend the debt ceiling in a timely manner,”…
By Ali Kucukgocmen and Ece Toksabay ANKARA (Reuters) -Turkey’s central bank kept its policy rate at 8.5% on Thursday as expected, holding steady for a third straight month, despite a market rout after the first round of elections which indicated President Tayyip Erdogan was poised to win in the runoff. After Erdogan’s solid lead in…
OTTAWA (Reuters) – Canadian factory sales most likely fell 0.2% in April from March, largely driven by the food and primary metal industries, Statistics Canada said in a flash estimate on Thursday. The estimate was calculated based on a weighted response rate of 68.6%. The average weighted response rate for the survey over the previous…
By Joan Faus BARCELONA (Reuters) – Scrawled across Barcelona’s opera house, along the city’s renowned La Rambla boulevard, is expletive-laden graffiti urging tourists to “go home”. In another district, the messaging is more emphatic still: “Tourism kills neighbourhoods”. The signs, which appeared in recent days, underline how anti-tourism sentiment is bubbling up in the Spanish…
By Giuseppe Fonte and Giulio Piovaccari MILAN (Reuters) – The Italian government, which is assessing tyre maker Pirelli’s new shareholder agreement, is concerned about plans to allow top shareholder China’s Sinochem to appoint more board members and potentially choose future CEOs, two sources said. Italy’s right-wing government has to approve the scheme under “Golden Power”…
By Mimosa Spencer PARIS (Reuters) – Chanel sales in the United States, one of the luxury label’s top three markets, have slowed to a single-digit growth rate over the past six months, it said on Thursday, adding to evidence that the post-pandemic spending splurge in the country has tapered off. “Clearly the trend has softened…
LONDON (Reuters) – Emerging economies will continue to suffer from the spillover of economic problems in the U.S., which are restricting their market access and pushing up financing costs, a Moody’s report said on Thursday. A combination of U.S. monetary policy, the banking system stress and “any consequences of the debt ceiling impasse” contribute to…
GENEVA (Reuters) – Argentina has initiated a dispute against the United States at the World Trade Organization regarding tubular goods used in oil production, the trade watchdog said on Thursday. The so-called “request for consultations” which is the first formal step in the WTO’s dispute settlement process concerns allegations that the United States has used…
By Tetsushi Kajimoto TOKYO (Reuters) -Debt-laden Sri Lanka should be able to conclude a new round of restructuring talks by September or November at the latest, its president said on Thursday, adding that the negotiations had made “remarkable” progress. The island nation defaulted on its foreign debt for the first time in its history in…
