WASHINGTON (Reuters) -President Joe Biden and top Republican lawmakers met at the White House for less than an hour on Tuesday to break a deadlock over raising the $31.4 trillion U.S. debt limit, and both sides expressed hope about reaching a deal. Failure to raise the federal debt limit by June 1, when the U.S….
By Libby George and Canan Sevgili LONDON (Reuters) -Turkey’s market rout deepened on Tuesday amid investor expectations that President Tayyip Erdogan could be able to extend his rule – and his unorthodox economic policies – into a third decade. Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring…
By Patricia Zengerle, Idrees Ali and Michael Martina WASHINGTON (Reuters) -Three of U.S. President Joe Biden’s top aides warned on Tuesday that budget cuts would undermine the country’s ability to compete militarily, diplomatically and economically with China, a rare joint appearance in Congress underscoring Washington’s focus on competing with the Asian power. Secretary of State…
By Jonathan Stempel NEW YORK (Reuters) – Norfolk Southern Corp was sued on Tuesday by bondholders who said they lost hundreds of millions of dollars because the railroad concealed safety risks prior to the February derailment in Ohio of a train carrying hazardous chemicals. The proposed class action filed in Manhattan federal court covers investors…
NEW YORK (Reuters) – A measure of the cost to insure exposure to U.S. government debt declined on Tuesday as Democratic President Joe Biden and top congressional Republican Kevin McCarthy edged closer to a deal to avoid a debt default. Spreads on U.S. one-year credit default swaps, market-based gauges of the risk of a default,…
By Chibuike Oguh, Niket Nishant and Chuck Mikolajczak (Reuters) -Shares of Capital One Financial Corp rose on Tuesday, rebounding from two weeks of losses after billionaire investor Warren Buffett’s Berkshire Hathaway Inc disclosed it had taken a stake of nearly $1 billion in the credit cards-focused bank. Berkshire acquired 9.92 million shares in Capital One,…
By Brendan O’Boyle and Carolina Pulice (Reuters) -The International Monetary Fund on Tuesday said it “strongly supports” Brazil’s efforts to improve the country’s fiscal position, while also commending the country’s “ambitious agenda” to have a sustainable, inclusive, and green economy. “Enhancing Brazil’s fiscal framework, broadening the tax base, and tackling spending rigidities would support sustainability…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Japan’s first quarter GDP figures are the highlight for Asian markets on Wednesday, with the world’s third-largest economy expected to have grown at its fastest pace in three quarters thanks to strong services sector spending. A Reuters poll…
By Michael S. Derby (Reuters) – Several days after ending his leadership role at a small New York State bank holding company, Thomas Murphy has also exited the board that oversees the Federal Reserve Bank of New York, the central bank said Tuesday. The regional Fed said Murphy stepped down from one of its New…
By Suban Abdulla LONDON (Reuters) – Millions of British borrowers repeatedly missed payments on bills in the six months to January amid the steep surge in the cost of living and higher interest rates, a survey from the Financial Conduct Authority regulator showed on Tuesday. British households have faced double-digit inflation since September and the…
