By William Schomberg LONDON (Reuters) – The Bank of England (BoE) is poised to raise borrowing costs for the 12th meeting in a row on Thursday, as it tries to tackle stubbornly high inflation that stands at double the level of the United States and much higher than in the euro zone too. Investors are…
By Carolina Mandl and Shristi Achar A (Reuters) – The Nasdaq ended Wednesday at its highest intraday level in more than eight months, boosted by a slightly lower-than-expected increase in April inflation and Alphabet Inc’s latest artificial intelligence rollout. The Labor Department’s Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared…
By Patricia Zengerle WASHINGTON (Reuters) – U.S. congressional leaders on Wednesday put off debate on the National Defense Authorization Act, or NDAA, an annual bill setting policy for the Pentagon, as the must-pass legislation got caught up in debate over raising the country’s borrowing limit. House of Representatives Armed Services subcommittees had been scheduled to…
By Stephen Culp NEW YORK (Reuters) – Shares of Robinhood Markets Inc were last up 2.4% in extended trading after the company beat quarterly revenue forecasts and confirmed it would launch 24-hour trading services. The financial services platform, which came to the fore in 2021 amid the retail trading frenzy surrounding so-called meme stocks, also…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Wall Street and world markets cheered below-consensus U.S. inflation on Wednesday, but they may not be so accommodating if Chinese inflation on Thursday also undershoots forecasts. Easing U.S. price pressures are a sign that inflation is on its…
LONDON (Reuters) – Bank of America has hired former BNP Paribas banker Benoit Nevouet to be the manager of a newly created Luxembourg branch as the U.S. lender seeks to grow its business in Europe, a senior executive at Bank of America told Reuters. The opening of a branch in the small but wealthy country…
By Foo Yun Chee and Ilona Wissenbach BRUSSELS (Reuters) – Lufthansa suffered a setback on Wednesday after Europe’s second-highest court sided with Ryanair and annulled a European Union competition regulator’s decision clearing its state bailout. The court cited errors in the EU competition regulators’ decision to approve the German government’s 6-billion-euro ($6.60 billion) rescue package…
By Richard Cowan and David Morgan WASHINGTON (Reuters) – Detailed talks on raising the U.S. government’s $31.4 trillion debt ceiling kicked off on Wednesday with Republicans continuing to insist on spending cuts, the day after Democratic President Joe Biden and top congressional Republican Kevin McCarthy’s first meeting in three months. Time is tight to avoid…
By Dietrich Knauth NEW YORK (Reuters) – Vyera Pharmaceuticals, which previously settled price-fixing charges that resulted in founder Martin Shkreli being banned from the pharmaceutical industry, filed for bankruptcy late Tuesday to sell its assets. Vyera said its bankruptcy was the result of declining profits, increased competition for generic drugs, and litigation alleging that Vyera…
By Jarrett Renshaw and Timothy Gardner WASHINGTON (Reuters) -The White House on Wednesday called on Congress to pass permitting legislation that would help speed up clean energy and fossil fuel projects as the bipartisan effort gets pulled into a standoff on the debt ceiling. The renewed push on permitting reform comes the day after President…
