LONDON (Reuters) – Britain’s biggest food bank network said the amount of emergency food parcels it distributed rose 37% to a record 3 million in the year to March as more people faced hardship in a cost-of-living crisis that shows little sign of easing. The Trussell Trust, which supports a network of 1,300 food bank…
By Ross Kerber (Reuters) -Top U.S. bank investors gave only slim support on Tuesday to shareholder resolutions calling for the lenders to wind down new fossil fuel financing, setbacks for climate activists who had hoped for new constraints on the oil and gas industries. The resolutions won only about 10% support of votes cast at…
By Manya Saini, David French and Saeed Azhar (Reuters) -First Republic Bank faces dwindling and tough options to turn around its business with the creation of a ‘bad bank’ or asset sales possibilities, a source familiar with the matter said, after the lender showed the extent of deposit flight during last month’s banking crisis. First…
By Mehnaz Yasmin (Reuters) -Visa Inc reported a better-than-expected second-quarter profit on Tuesday and bet on sustained growth at its payments business, as consumers brace for a milder recession than was once feared. The San Francisco-based payments processor’s shares, up 11% so far this year, rose another 2.4% in after-hours trading. Card companies escaped the…
By Akash Sriram and Greg Bensinger (Reuters) -Alphabet Inc said on Tuesday it would buy back $70 billion in stock and posted first-quarter profit and revenue above estimates as demand rose for cloud services and ad sales held up better than expected. Investors cheered the buyback plan, sending shares of the Google parent as much…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. An unholy trinity of U.S. developments on Tuesday – poor corporate earnings, a bank’s value going up in smoke and slumping consumer confidence – will likely set an extremely gloomy tone for Asian markets on Wednesday. This will…
By Doyinsola Oladipo NEW YORK (Reuters) -Major global brands like McDonald’s, General Motors and Nestle posted steady first-quarter results built on higher prices, demonstrating that shoppers across major economies are still spending despite slowed economic activity. Price increases for soda, appliances and other goods bolstered profits, but sales volumes declined for many bellwethers in Europe…
(Reuters) – Citigroup senior executive Paul Barrett has left the bank, it said on Tuesday, days after media reports that he met with disgraced financier Jeffrey Epstein while he was employed at rival JPMorgan Chase became public. “Until recently, Citi was unaware of Paul Barrett’s association with Jeffrey Epstein, which predated his employment at our…
By Michael S. Derby (Reuters) – The Federal Reserve Bank of New York on Tuesday added new limitations to the terms governing who can access a well-used tool it uses to help manage short-term interest rates. The bank said that firms that want to use its reverse repo facility should only apply for access if…
By Howard Schneider and Dan Burns (Reuters) -Many of the fastest-growing occupations held by U.S. workers in the run-up to the pandemic, such as management, finance and transportation, gained even more ground in the first two years of the health crisis, government data released on Tuesday showed. The Labor Department’s annual snapshot of occupations and…
