WASHINGTON (Reuters) – The International Monetary Fund (IMF) appreciates quick action by U.S. regulators to seize First Republic Bank and find a private buyer, an IMF spokesperson said on Monday. It said the resilience of the global financial system continued to be tested and strains were evident across a number of institutions and markets. “Recent…
WASHINGTON (Reuters) – The Biden administration plans to study companies’ use of technology to monitor and manage workers, which it said on Monday is becoming increasingly common and can cause “serious risks to workers.” The White House Office of Science and Technology Policy, in a blog post, sought comments from employees about their experience with…
By Anirban Sen and David French NEW YORK (Reuters) – Fifth Third Bancorp was one the banks that submitted final bids for First Republic Bank on Sunday before it was sold to JPMorgan Chase & Co, people familiar with the matter said. PNC Financial Services Group and Citizens Financial Group Inc were the other final-round…
By Lucia Mutikani WASHINGTON(Reuters) – U.S. manufacturing pulled off a three-year low in April as new orders improved slightly and employment rebounded, but activity remained depressed amid higher borrowing costs and tighter credit, which have raised the risk of a recession this year. Despite the weakness in factory activity and demand for goods reported by…
(Reuters) – ON Semiconductor’s shares jumped 7% on Monday after the chipmaker’s quarterly guidance beat Wall Street’s expectations, spurring other chip stocks with heavyweight Nvidia hitting its highest level in over a year. With investors looking for signs of when a downturn in global chip revenue may bottom out, ON Semiconductor’s quarterly results and guidance…
By Giuseppe Fonte and Alvise Armellini ROME (Reuters) -Italy’s right-wing government on Monday approved measures to boost job creation and workers’ pay, amid hostile reactions from unions and opposition parties over accompanying welfare cuts and looser rules on short-term job contracts. Prime Minister Giorgia Meloni made it easier for firms to offer job contracts lasting…
WASHINGTON (Reuters) – With Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy locked in a standoff over raising the United States’ $31.4 trillion debt ceiling, some observers have suggested possible workarounds to avoid disaster if the two sides do not reach a deal. Here are some of their proposals: TRILLION-DOLLAR COIN…
WASHINGTON (Reuters) – U.S. President Joe Biden on Monday hailed moves by U.S. regulators to facilitate the sale of First Republic Bank, protect all its depositors and ensure that U.S. taxpayers are not affected. “These actions are going to make sure that the banking system is safe and sound,” Biden told an event at the…
(Reuters) – Russia unleashed a fresh volley of missiles on Ukraine overnight, causing huge blazes in an eastern city, damaging dozens of homes and wounding at least 34 people. Other cities appeared relatively unscathed, with Ukraine saying it destroyed 15 out of 18 missiles. FIGHTING * A Ukrainian general said Russian troops had been pushed…
BEVERLY HILLS (Reuters) – Citigroup chief executive officer Jane Fraser said on Monday that debate about the debt ceiling in the United States had serious consequences even as the investing world breathes a sigh of relief that an ailing bank was rescued by a bigger competitor the same day. The debt ceiling turmoil is “more…
