(Reuters) – Huntington Bancshares Inc on Thursday reported a first-quarter profit that narrowly beat analysts’ estimates, as a boost from higher interest rates offset a hit from bigger provisions. A surge in banks’ net interest income (NII), helped by the Federal Reserve’s aggressive rate hikes to curb decades-high inflation, is helping the lenders navigate a…
By Kirstin Ridley LONDON (Reuters) -More than 300,000 investors in the failed equity income fund run by one-time star stock picker Neil Woodford have been offered potential redress of up 235 million pounds ($292 million) after a four-year British investigation. The Financial Conduct Authority (FCA) said investors should consider the proposal by Link Fund Solutions…
NAIROBI (Reuters) – A Kenyan judge ruled on Thursday that Facebook’s parent company Meta could be sued in Kenya, after 43 moderators at its Nairobi hub last month filed a lawsuit against the group and its local partner Sama for unfair termination. In response, Judge Matthews Nduma issued an interim injunction against Meta and Sama…
By Kevin Yao BEIJING (Reuters) -A recovery in Chinese consumer demand needs time to pick up due to the “scarring effect” of COVID-19, but there is no basis for any long-term deflation, an official from the People’s Bank of China (PBOC) said on Thursday. While the world’s second-largest economy reported better-than-expected growth in the first…
LONDON (Reuters) – The European Parliament on Thursday overwhelmingly backed the European Union’s first set of rules to regulate cryptoasset markets. Parliament voted by 517 in favour and 38 against regarding the world’s first comprehensive set of regulations for cryptoasset markets. EU states have already given the nod to the rules which will be rolled…
(Reuters) – U.S. homebuilder D.R. Horton Inc posted a 34.4% fall in quarterly profit on Thursday, as high prices and expensive mortgages made housing unaffordable for many Americans. The Federal Reserve’s aggressive interest rate hikes have pushed the housing market into a recession, with residential investment contracting for seven straight quarters, the longest such streak…
By Gilles Guillaume and Silvia Aloisi PARIS (Reuters) -Renault does not plan to drastically cut prices on its electric vehicles, including the recently launched Megane E-Tech, and follow U.S. rival Tesla in what the French carmaker’s finance chief on Thursday called a downward “spiral”. Tesla late on Wednesday posted its lowest quarterly gross margin in…
By Maria Martinez and Riham Alkousaa BERLIN (Reuters) – German wind power developer SL Naturenergie has been looking for a senior project developer for two years now without success. The company, in the west German town of Gladbeck, needs to expand its workforce of 50 by a fifth to ensure it can keep up with…
By Yukiko Toyoda TOKYO (Reuters) -Japan will keep calling for China to act responsibly on the world stage, Prime Minister Fumio Kishida said on Thursday, a sign of Tokyo’s deepening concern about stability in the Taiwan Strait following Beijing’s recent military drills. The comments from Kishida, after China conducted drills in the waters off Taiwan…
A look at the day ahead in U.S. and global markets from Mike Dolan Throwing another curve ball into an already confusing inflation picture, crude oil prices have retreated sharply again this week and take some of the edge off renewed anxiety in interest rate markets. Both Brent crude and West Texas Intermediate crude futures…
