(Reuters) – Lyft Inc said on Friday it has asked employees to return to office, the latest move by new CEO David Risher after the ride-hailing firm decided to cut 26% of its workforce. “Today, (the CEO) shared with Lyft team members the first steps in a plan for a flexible model with more regular…
By Saqib Iqbal Ahmed and Laura Matthews NEW YORK (Reuters) – Bearish options traders are ramping up bets on further declines in the beaten-down shares of First Republic Bank, though strategists say they could run into trouble cashing in their wagers if the bank goes into receivership. First Republic’s shares fell as much as 42%…
WASHINGTON (Reuters) – The Federal Reserve Board’s independent review of Silicon Valley Bank’s collapse reinforces the need for “the commonsense regulatory and supervisory reforms” that President Joe Biden has advocated, White House spokesperson Michael Kikukawa said on Friday. “The weakening of safeguards and supervision for large regional banks in the previous administration should be reversed…
By Nichola Groom and Katharine Jackson (Reuters) -The U.S. House of Representatives on Friday voted to repeal President Joe Biden’s suspension of tariffs on solar panels from four Southeast Asian nations, a move aimed at supporting a domestic supply chain but that solar project builders say would stall clean energy development. The resolution passed in…
By Hannah Lang (Reuters) – Among the key findings revealed on Friday in the Federal Reserve and Federal Deposit Insurance Corp assessments of the causes of last month’s two huge U.S. bank failures, one major oversight deficiency stood out: Neither has enough bodies for the job. Staffing shortages strained supervisory resources, particularly at the FDIC’s…
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The U.S. dollar rose on Friday after data showed inflation grew in March, though at a slower pace, keeping the Federal Reserve still firmly on track to raise interest rates at next week’s monetary policy meeting. The yen, meanwhile, fell across the board, after the Bank of Japan…
By Nelson Bocanegra BOGOTA (Reuters) -Colombia’s central bank board raised the benchmark interest rate by 25 basis points to 13.25% on Friday, continuing a long tightening cycle amid persistent inflation and significant stability risks to the global financial system, it said. Four policymakers voted for the 25 basis point increase, while two wanted to keep…
By Scott DiSavino NEW YORK (Reuters) -Oil prices mostly rose over 2% on Friday after energy firms posted positive earnings and U.S. data showed crude output was declining while fuel demand was growing. On its last day as the front-month, Brent futures for June delivery rose $1.17, or 1.5%, to settle at $79.54 a barrel,…
WASHINGTON (Reuters) – U.S. labor costs increased solidly in the first quarter as strong wage gains persisted amid a tight labor market, suggesting inflation could remain elevated for a while. The Employment Cost Index, the broadest measure of labor costs, rose 1.2% last quarter after increasing 1.1% in the October-December period, the Labor Department said…
By Chibuike Oguh and Bansari Mayur Kamdar NEW YORK (Reuters) – The U.S.-listed shares of small and micro-cap Chinese firms soared on Friday, reminiscent of meme-like rallies last summer that were underpinned by strong demand from retail investors. So-called meme rallies are unusual share price gains, driven by social media sites patronized by individual traders….
