MOSCOW (Reuters) – Russia’s economic growth this year is likely to come in at the top end of the central bank’s forecast range of between minus 1% and 1%, a senior bank official said on Tuesday. In an interview broadcast on state TV, Deputy Governor Alexei Zabotkin said operational data from the first quarter of…
(Reuters) – Bank of New York Mellon Corp beat first-quarter profit estimates on Tuesday, benefiting from the Federal Reserve’s rate hikes that boosted the lender’s interest income. Banks have been major beneficiaries of the Fed’s aggressive monetary policy aimed at curbing decades-high inflation, which has also led to heightened market volatility and credit tightening. The…
By Howard Schneider ST. LOUIS (Reuters) – The U.S. central bank should continue raising interest rates on the back of recent data showing inflation remains persistent while the broader economy seems poised to continue growing, even if slowly, St. Louis Federal Reserve President James Bullard said. In comments countering views that the U.S. is heading…
(Reuters) – Electric-vehicle company Lordstown Motors Corp said on Tuesday production and deliveries of its Endurance electric pick-up truck resumed this month after a pause in February to address quality issues. EV startups have been struggling with dwindling cash balances and production challenges as access to capital tightens amid rising U.S. interest rates to tame…
By Gwladys Fouche and Victoria Klesty OSLO (Reuters) – Norway’s $1.4 trillion sovereign wealth fund on Tuesday welcomed a government request that it consider investing in unlisted equities and said it will make a recommendation by December. The Norwegian Finance Ministry said last month it had asked the fund, the world’s largest single stock market…
By Anirban Sen NEW YORK (Reuters) – Mark Gerstein, a veteran dealmaker who stepped down from law firm Latham & Watkins in December, has joined PJT Partners Inc, the investment bank led by Paul Taubman, as a senior adviser. Gerstein, who spent 27 years at Latham & Watkins and served as the firm’s global co-chair…
BERLIN/SHANGHAI (Reuters) – Volkswagen is investing around 1 billion euros ($1.10 billion) in a new development and procurement centre for electric vehicles in Hefei, China, the company said on Tuesday, in a bid to better adapt its cars to Chinese customers’ tastes. The aim of the centre, dubbed “100%TechCo”, will be to reduce development times…
By Robert Muller PRAGUE (Reuters) – The Czech government needs to dig deeper than it plans to shore up the state budget which has fallen to record deficits, and must act fast as the next election approaches, a senior budget watchdog official told Reuters. The centre-right government of Prime Minister Petr Fiala plans to cut…
By David Milliken LONDON (Reuters) -British wages rose faster than anticipated last month, in a move that economists judge may tip the Bank of England towards a further rise in interest rates next month, despite an unexpected increase in joblessness too. The Office for National Statistics (ONS) said the unemployment rate edged up to 3.8%…
HONG KONG (Reuters) – Top shareholder of HSBC renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has “drained”…
