BERLIN (Reuters) – Germany plans to earmark around 4 billion euros ($4.40 billion) annually to subsidize electricity prices for energy-intensive industries, to support an industrial move away from fossil fuels and discourage firms from moving offshore. The government last year introduced electricity and gas price caps to shield industry and households from rising energy prices,…
By Daniel Wiessner (Reuters) -First Citizens BancShares Inc, which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC on Monday, accusing it of poaching more than 40 of the failed bank’s employees in order to launch its own U.S. venture banking business. The lawsuit filed in San Francisco federal court says HSBC violated…
(Reuters) – JPMorgan increased its corporate default rate forecast for all emerging markets to 6% from 5.5% on Monday, citing in particular growing risk among Latin American companies as access to credit markets gets tougher. The bank’s forecasted default rate for Latin American corporates, meanwhile, came in even higher at 6.6%, up from 5%, which…
By Jonathan Stempel NEW YORK (Reuters) – A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings Plc and Bank of Nova Scotia of conspiring to fix silver prices. U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act,…
By Herbert Lash (Reuters) -A derivatives committee ruled on Monday that a bankruptcy credit event had not occurred in relation to Credit Suisse, quashing investors’ efforts to trigger a payout on credit insurance linked to the Swiss lender. The ruling was in response to an investor question about $17 billion in senior and subordinated bonds…
By Karen Brettell NEW YORK (Reuters) – The dollar rose against the Japanese yen on Monday, holding just below a six-month high, as investors waited on fresh data to signal whether the U.S. Federal Reserve is likely to continue hiking interest rates, while watching for news of a congressional deal to raise the U.S. debt…
By Scott DiSavino NEW YORK (Reuters) -Oil prices edged up 1% on Monday with a rise in U.S. gasoline futures and forecasts for oil demand to rise in the second half of the year, while supplies from Canada and OPEC+ declined in recent weeks. Oil prices, however, were held in check by a stronger dollar…
BRASILIA (Reuters) – Brazil’s finance ministry forecast a primary budget deficit of 136.2 billion reais ($27.22 billion) this year, compared to 107.6 billion reais projected in March, according to its bi-monthly revenue and expenditure report released on Monday. According to the report, this year’s budget is 1.7 billion reais over the spending ceiling, indicating the…
By Eliana Raszewski BUENOS AIRES (Reuters) – Argentina’s new 2,000-peso bill, the largest denomination note, went into circulation on Monday, though due to fast depreciation of the currency it is worth only $8.50 at the official exchange rate and just over $4 in commonly used parallel markets. The peso has shed around a quarter of…
By Elvira Pollina and Amy-Jo Crowley MILAN/LONDON (Reuters) – German media group ProSiebenSat.1 and European pay-TV operator Sky have revived talks over a combination of their businesses in Germany, four sources familiar with the matter said on Monday. German broadcasters are struggling to reshape their business to compete with online streaming players such as Netflix…
