By Andrea Shalal WASHINGTON (Reuters) – As the world’s largest official bilateral creditor, China should participate in meaningful debt relief for countries facing problems, but it has served for too long as a “roadblock” to necessary action, Treasury Secretary Janet Yellen said in a major speech on U.S.-China relations on Thursday. Yellen said the United…
(Reuters) – The Federal Reserve has “regular discussions” with the banks it supervises about managing the risks associated with artificial intelligence, as more financial institutions utilize AI for customer service applications, fraud monitoring and underwriting, a top official at the U.S. central bank said on Thursday. In prepared remarks, Fed Governor Christopher Waller cautioned that…
By Nick Carey LONDON (Reuters) – UK auto supplier Dowlais is developing rare earth magnets for production in the U.S. market as carmakers look to source more parts locally and benefit from subsidies provided by the Inflation Reduction Act (IRA), its top executive said on Thursday. The company aims to launch production within 12 to…
NEW YORK (Reuters) – Salvadoran bond spreads narrowed on Wednesday to their tightest since December 2021 in a rally triggered by hopes a key new adviser to the finance ministry would be able to help secure a debt deal with the International Monetary Fund (IMF). The tightening started on Monday after news that Alejandro Werner,…
(Reuters) – Deutsche Bank’s Russian subsidiary’s profits jumped by almost six times in 2022 to 5.4 billion roubles ($66.42 million), Russian audit documents showed, the latest example of a foreign lender booking strong earnings in the Russian market. Foreign banks have stepped in to take business from Russian lenders who fell under sweeping Western sanctions…
By Karin Strohecker, Dhara Ranasinghe and Davide Barbuscia LONDON/NEW YORK (Reuters) -Market jitters over the U.S. debt ceiling lifted the cost of insuring exposure to its debt to the highest level in over a decade on Thursday, while JPMorgan warned of a “non-trivial risk” of a technical default on U.S. Treasuries. A showdown over U.S….
By Elisa Anzolin VALVIGNA, Italy (Reuters) – Italy’s Prada is planning to spend 60 million euros ($66 million) on industrial capital investments this year, a large chunk of which will help double the size of its knitwear factory in Torgiano, in the central region of Umbria, the luxury group’s industrial director said on Thursday. Prada,…
WASHINGTON (Reuters) – The U.S. banking system remains sound and the U.S. government will take “any necessary steps” to keep it the strongest and safest financial system in the world, U.S. Treasury Secretary Janet Yellen said on Thursday. Yellen said decisive U.S. actions taken after the failure of two regional banks had shored up the…
By Ariba Shahid and Mubasher Bukhari KARACHI, Pakistan (Reuters) – Retail sales in Pakistan have witnessed a sharp drop compared to previous years in the run up to the Muslim holiday of Eid al-Fitr, retailers say, as shoppers feel the pinch of decades-high inflation. The lead up to Eid al-Fitr, expected to fall on Saturday…
By Siddarth S and Niket Nishant (Reuters) – American Express Co’s profit missed Wall Street estimates on Thursday despite higher spending by its customers as the credit card giant kept aside a large sum to cover potential defaults and spent more on promotions. Shares fell as much as 7% to a near three-month low of…
