BEIJING (Reuters) – China’s service activity grew for a fourth straight month in April, a private-sector survey showed on Friday, as businesses continued to benefit from a return toward pre-pandemic levels of demand and output, although expansion slowed slightly. The Caixin/S&P Global services purchasing managers’ index (PMI) fell to 56.4 in April from 57.8 the…
By Arathy Somasekhar (Reuters) – Oil prices held steady in early trading on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. Brent crude rose 14 cents, or 0.2%, to $72.64 a barrel at 0002 GMT, while…
By Savyata Mishra (Reuters) – ANZ Group Holdings Ltd on Friday edged past expectations with a 22.8% rise in first-half profit but warned of a tough second half amid stiff competition in retail banking and rising cost pressures. The lender’s record profit, driven by “solid revenue growth across the board”, follows a period of rapid…
By Mehnaz Yasmin (Reuters) -Cryptocurrency exchange Coinbase Global Inc posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources, sending its shares up 7% in extended trading on Thursday. The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in…
By Michael S. Derby NEW YORK (Reuters) – Federal Reserve data on Thursday showed a large part of the central bank’s emergency lending activities in recent weeks were tied up with the now-shuttered First Republic Bank. The Fed reported that while overall emergency lending to banks in the latest week tipped down a bit, the…
(Reuters) – Icahn Enterprises said on Thursday that it plans to give away $2 per depositary unit for the quarter ended March 31, days after Hindenburg’s short-selling report. (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel)
By Karen Brettell NEW YORK (Reuters) – The dollar rose on Thursday against the euro after the European Central Bank eased its pace of rate hikes, a day after the Federal Reserve hiked rates by 25 basis points and indicated that it may pause further increases. The ECB’s 25-basis-point increase was the smallest since it…
By Medha Singh, Chibuike Oguh (Reuters) -Shares of PacWest Bancorp and Western Alliance Bancorp shares plunged on Thursday, dragging other regional lenders down, as reports of both banks exploring strategic options sparked investor worries of a widening financial crisis. PacWest’s stock slumped more than 40% in afternoon trading, dropping to a record low. The bank…
By Nandita Bose and David Shepardson WASHINGTON (Reuters) -President Joe Biden attended a White House meeting with CEOs of top artificial intelligence companies, including Alphabet Inc’s Google and Microsoft, on Thursday to discuss risks and safeguards as the technology catches the attention of governments and lawmakers globally. Generative artificial intelligence has become a buzzword this…
By Daniel Wiessner (Reuters) – U.S. appeals court judges on Thursday expressed skepticism that Starbucks Corp hurt a union organizing effort when it fired seven leaders, and appeared open to the coffee chain’s argument that doing so did not violate federal labor law. The case involving a Starbucks cafe in Memphis, Tennessee is one of…
