By Nichola Groom (Reuters) – A U.S. House of Representatives committee voted in favor of restoring tariffs on solar panels from four Southeast Asian nations on Wednesday and reversing President Joe Biden’s earlier suspension, setting the resolution up for a vote by the full House. Biden suspended tariffs last June as part of a key…
By Timothy Gardner WASHINGTON (Reuters) – The Biden administration said concerns of Republican lawmakers that last year’s record drawdown of oil from the Strategic Petroleum Reserve damaged the system’s delicate salt caverns were unfounded, a letter seen by Reuters on Wednesday showed. The administration last year sold an unprecedented 180 million barrels of oil from…
(Reuters) – Zions Bancorporation missed estimates for quarterly profit on Wednesday as higher provisions to cover loan losses offset the impact of rising rates on its interest income. Shares of Utah-based Zions fell 3% to $31.75 in extended trading after the lender reported a 3% drop in deposits from the previous quarter and a 16%…
By Chuck Mikolajczak NEW YORK (Reuters) – A gauge of global stocks slipped on Wednesday after back-to-back gains as investors digested the latest earnings reports, while Treasury yields climbed as British inflation data solidified expectations of more interest rate rises by central banks. U.S. stocks closed little changed, with the S&P 500 slightly below the…
WASHINGTON (Reuters) – Internal Revenue Service Commissioner Danny Werfel urged Congress on Wednesday to approve a $1.8 billion annual budget increase as Republicans criticized the agency’s spending plans for $80 billion in new long-term funding as too heavy on enforcement. Werfel told a Senate Finance Committee hearing that the Biden administration’s $14.1 billion fiscal 2024…
By Hannah Lang (Reuters) – The evolution of “open banking” in the U.S. could impact how regulators supervise banks, as seamless account portability between financial institutions could lead to increased deposit outflows, a top banking regulator said on Wednesday. While data portability will likely be empowering for consumers, it could also increase the liquidity risk…
By Katie Paul and Yuvraj Malik (Reuters) – Meta Platforms Inc on Wednesday carried out another round of job cuts, this time hitting engineers and adjacent tech teams, as Chief Executive Mark Zuckerberg further moved to streamline the business in a bid to make 2023 a “year of efficiency.” Meta in March became the first…
(Reuters) -Nasdaq Inc on Wednesday reported first-quarter profits that beat Wall Street estimates as demand for its anti-financial crime software helped mitigate a hit to the exchange operator’s indexing business and a slump in initial public offerings. Nasdaq expanded its regulatory technology footprint with its recent $2.75 billion Verafin acquisition and has made the business…
(Reuters) – General Electric Co’s workers have ratified a two-year contract extension that provides for a 12% rise in wages, their union said on Wednesday. The contract extension, which covers about 3,000 American workers of GE, will also ensure labor protections after the spinoff of the company’s aerospace and energy divisions, according to the International…
By Ann Saphir (Reuters) -U.S. economic activity was little changed in recent weeks as employment growth moderated somewhat and price increases appeared to slow, according to a Federal Reserve report published on Wednesday. “Expectations for future growth were mostly unchanged as well; however, two districts saw outlooks deteriorate,” the U.S. central bank said in its…
