BRASILIA (Reuters) -Brazilian President Luiz Inacio Lula da Silva’s government published an executive order aimed at increasing revenue by taxing the capital income from financial investments obtained abroad by individuals who reside in Brazil. Income earned from Jan. 1, 2024, will be considered for that purpose, said the text of the measure published on Sunday…
By David Lawder WASHINGTON (Reuters) – The U.S. Treasury Department said on Monday that authorities took “decisive actions” in response to the failures of First Republic Bank, Silicon Valley Bank and Signature Bank to strengthen public confidence in the banking system and would continue to do so. In a statement to the Treasury Borrowing Advisory…
By Hannah Lang and Ann Saphir WASHINGTON (Reuters) – A key U.S. banking regulator on Monday laid out a range of options for reforming the federal deposit insurance system and concluded that significantly increasing the backstop for bank accounts used for business purposes was the “most promising.” In the wake of March’s lightning-fast bank…
By Karen Brettell NEW YORK (Reuters) – The dollar rose to an almost two-week high against a basket of currencies on Monday before the Federal Reserve is expected to hike interest rates by an additional 25 basis points and after data showed that U.S. manufacturing pulled off a three-year low in April. Investors will focus…
LOS ANGELES (Reuters) – Hollywood writers and the film and television studios are racing to agree to a new contract to replace the one that expires at 11:59 p.m. Pacific time Monday. If they fail to reach a deal, a strike could begin as soon as Tuesday. Why is the Writers Guild of America threatening…
By Shariq Khan BENGALURU (Reuters) – Oil prices dropped by a dollar a barrel on Monday after weak economic data from China and expectations of another U.S. interest rate hike outweighed support from OPEC+ supply cuts that take effect this month. Brent crude fell $1.02, or 1.3%, to settle at $78.45 a barrel, while U.S….
By Lawrence Delevingne (Reuters) – The focus of the U.S. regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. With no let-up in pressure on First Republic, the biggest U.S. bank JPMorgan Chase & Co, said on Monday…
By Jeff Mason and Andrea Shalal WASHINGTON (Reuters) -U.S. President Joe Biden on Monday urged House of Representatives Speaker Kevin McCarthy to take the potential for an unprecedented U.S. debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates. “America is not a deadbeat nation. We have never,…
BEVERLY HILLS, California (Reuters) -International Monetary Fund Managing Director Kristalina Georgieva said on Monday she expects more weaknesses to be exposed in the banking sector, only hours after First Republic Bank was rescued by JPMorgan Chase . Speaking at the 2023 Milken Institute Global Conference in Beverly Hills, California, Georgieva immediately addressed the biggest topic…
By Saqib Iqbal Ahmed and Laura Matthews NEW YORK (Reuters) – The weekend rescue of troubled lender First Republic Bank has done little to allay options traders’ concerns about the overall health of U.S. regional banks. The 30-day implied volatility on the SPDR S&P Regional Banking ETF – a measure of expected near-term price swings…
