(Reuters) – International Flavors & Fragrances cut its annual sales forecast and reported a quarterly loss on Monday, compared with a year-ago profit, as soaring inflation raises its costs. The company, which supplies food and pharmacy solutions to manufacturers, has seen the cost of raw materials and energy jump, while soaring inflation has forced end-users…
By Andrea Shalal and David Lawder WASHINGTON (Reuters) – Treasury Secretary Janet Yellen said on Monday that a failure by Congress to raise the $31.4 trillion federal debt limit would cause a huge hit to the U.S. economy and weaken the dollar as the world’s reserve currency. Asked whether the U.S. Treasury could prioritize payouts…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Chinese trade and Japanese household spending data are on tap Tuesday, although Asian market sentiment looks set to be led once again by the ebb and flow of data and sentiment around U.S. banks, credit and loan demand….
By Daniel Wiessner (Reuters) – A union for U.S. federal government employees filed a lawsuit on Monday claiming a law setting a $31.4 trillion debt ceiling is unconstitutional as political leaders seek to avoid a historic default expected as soon as next month. The National Association of Government Employees (NAGE) says the debt limit law…
By David Shepardson WASHINGTON (Reuters) -A group of seven U.S. senators on Monday questioned Tesla Inc’s use of forced arbitration clauses in employee and consumer contracts, arguing that they prevent bringing discrimination claims and consumer safety complaints to court. The letter, whose authors include Senator Richard Blumenthal, a Democrat, to CEO Elon Musk cited numerous…
By Herbert Lash and Amanda Cooper NEW YORK/LONDON (Reuters) -A gauge of global equity markets rose and the dollar was mostly flat on Monday as expected talks in Washington about the debt ceiling raised concerns, while U.S. inflation data later this week should add clarity on Federal Reserve monetary policy. Treasury yields rose on increased…
(Reuters) – Russia launched its biggest swarm of drones for months against Ukraine on the eve of Russia’s May 9 holiday celebrating the defeat of Nazi Germany in 1945, striking the capital Kyiv, the Black Sea city of Odesa and shelling other cities. CONFLICT * In a new break with Moscow, Ukraine marked the anniversary…
By Niket Nishant and Chibuike Oguh (Reuters) -PacWest Bancorp shares pared early gains on Monday, dragging down other U.S. regional banking stocks, as the Los Angeles-based lender’s decision to slash its quarterly dividend failed to stem worries about its financial stability. PacWest announced on Friday it would pay a dividend of just 1 cent per…
By Marianna Parraga HOUSTON (Reuters) – A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. Since March, creditors including a unit of O-I Glass, Huntington Ingalls Industries, ACL1 Investments,…
By Jaiveer Shekhawat (Reuters) -Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin, the world’s biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto exchange Coinbase Inc fell…
