By Abigail Summerville NEW YORK (Reuters) – Alphia is exploring options including a sale that could value the private equity-owned pet food manufacturer at over $1 billion, according to people familiar with the matter. Alphia, which is owned by J.H. Whitney & Co and was formed out of the merger of premium pet food manufacturers…
(Reuters) – The former chief executive of the First Republic Bank Michael Roffler blamed the bank’s collapse on the contagion from the failures of other regional banks and said regulators did not express concerns regarding the bank’s strategy, liquidity, or management performance. A total of over $100 billion in deposits were withdrawn from the bank…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar rose to a seven-week high on Wednesday, boosted by optimism about a deal to extend the debt ceiling and avert a U.S. default and amid a round of solid economic data that suggests rate cuts from the Federal Reserve could come later rather than sooner. The…
By Daniel Wiessner (Reuters) – A group of Republican-led U.S. states has asked a federal judge in Texas to strike down a Biden administration rule allowing socially conscious investing by retirement plans, saying it will imperil Americans’ retirement savings. Lawyers for the 25 states led by Utah and Texas said in a filing in Amarillo,…
By Michael S. Derby NEW YORK (Reuters) – Risks to the economic outlook in a time of a rapid Federal Reserve rate increases remains high, even as it eased a bit, according to a report Wednesday from the Federal Reserve Bank of New York. The regional central bank arm made its finding as part of…
By Laura Sanicola (Reuters) -Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. Brent crude futures settled up $2.05, or 2.7%, to $76.96 a barrel. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. “Today’s strong oil trade…
ABOARD AIR FORCE ONE (Reuters) – White House national security adviser Jake Sullivan, asked on Wednesday about a recent break-in at his home, said he had “total faith” in the Secret Service. The Secret Service on Tuesday said it was investigating a security incident at the site of “protectee” but did not name Sullivan. The…
BERLIN (Reuters) -German carmaker Volkswagen plans to overhaul its core brand to increase efficiency and returns, according to an internal memo from VW brand chief Thomas Schaefer seen by Reuters on Wednesday. “We can see that our brand – despite all its strengths – is not yet on a sufficiently solid economic footing,” Schaefer wrote…
By Luc Cohen NEW YORK (Reuters) – FTX founder Sam Bankman-Fried is hoping a recent Supreme Court decision limiting the scope of fraud prosecutions will bolster his defense as he fights charges stemming from the collapse of his cryptocurrency exchange. But legal experts said Bankman-Fried’s odds of getting the charges dismissed remain slim. On May…
WASHINGTON (Reuters) – Fraudulent filings for state unemployment insurance aid in Massachusetts could be distorting U.S. weekly unemployment claims data, economists warned on Wednesday, making it harder to get a clear picture of the labor market in the short-term. A surge in applications in Massachusetts accounted for the increase in initial claims for unemployment benefits…
