BRASILIA (Reuters) – President Luiz Inacio Lula da Silva’s government will not wait for Brazil’s Congress to finish voting on a tax reform related to consumption before submitting its proposal for an income tax reform, Finance Minister Fernando Haddad said on Monday. Haddad said in an interview with podcast “O Assunto” that the planned change…
WASHINGTON (Reuters) -U.S. wholesale inventories were unchanged in May after declining for two straight months, suggesting inventory investment could support economic growth in the second quarter. The Commerce Department said on Monday that wholesale inventories were unchanged instead of dipping 0.1% as previously reported last month. Stocks at wholesalers fell 0.3% in April. Economists polled…
By Simon Jessop LONDON (Reuters) – Sustainability-focused asset manager LeapFrog Investments said it plans to invest $500 million in companies addressing climate change in Asia and Africa, with projects it hopes will reach up to 50 million low-income people. The commitment was announced at the Climate Finance Mobilisation Forum in Britain on Monday, attended by…
(Reuters) – The Republican-led U.S. House of Representatives Oversight Committee on Monday asked Federal Reserve Chair Jerome Powell to hand over confidential documents related to the central bank’s supervision of failed Silicon Valley Bank. Committee chair James Comer, in a letter to Powell published on the panel’s website, also asked for documents related to Fed…
(Reuters) -Bankrupt SVB Financial Group has sued the U.S. Federal Deposit Insurance Corp (FDIC) to recover the $1.93 billion that the regulator seized while it took over Silicon Valley Bank in March, a filing in a bankruptcy court on Sunday showed. The group said inability to access the funds was affecting its reorganization as the…
By Dhwani Pandya MUMBAI (Reuters) -Godrej Aerospace is in talks to build aircraft parts for suppliers to Airbus and Boeing as airlines place record jet orders, a top executive at the Indian company said. Air India and IndiGo between them have nearly 1,000 new planes on order, said Maneck Behramkamdin, associate vice president and business…
SHANGHAI (Reuters) – General Motors Co on Monday cut the starting price for the Cadillac Lyriq in China by almost 14%, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure. The Lyriq, a luxury crossover based on GM’s Ultium EV architecture, is now priced…
By Michael S. Derby (Reuters) – Americans said in June they were expecting the weakest near-term inflation gains in just over two years, while continuing to mark up the expected path of home price increases, a survey from the New York Federal Reserve showed on Monday. The New York Fed reported in its Survey of…
By Asif Shahzad ISLAMABAD (Reuters) – Fitch credit rating agency on Monday upgraded Pakistan’s long-term foreign currency issuer default rating to CCC from CCC-, a positive sign for a country reeling under its worst economic crisis. Fitch said in a statement the upgrade reflected the country’s improved external liquidity and funding conditions following a staff…
By Giuseppe Fonte and Giulio Piovaccari ROME (Reuters) -Fiat parent Stellantis and the Italian government agreed on Monday to aim to increase annual automotive production in Italy to one million units, reversing a downward trend seen in recent years. Stellantis, Italy’s sole large automaker, produced fewer than 700,000 vehicles in the country both last year…
