By Marine Strauss BRUSSELS (Reuters) -ArcelorMittal, the world’s second largest steelmaker, said it had a “good growth” in the beginning of the year as it reported higher than expected first-quarter earnings. ArcelorMittal said on Thursday global steel demand, excluding China, should grow in 2023 between 2% and 3%, and maintained its expectation that its own…
(Reuters) – PacWest Bancorp said on Thursday that it is exploring strategic asset sales, including moving the $2.7 billion lender finance loan portfolio to held-for-sale in the first quarter. The bank has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank to JPMorgan Chase & Co, PacWest added. (Reporting by Shivani Tanna…
By Leika Kihara (Reuters) -The International Monetary Fund on Thursday warned of “uncertainty” around the direction of Japan’s monetary policy, saying a possible shift from ultra-low interest rates could have a significant impact on global financial markets. Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, also pointed to risks surrounding Asia’s economic outlook…
(Reuters) – LATAM Airlines reported a first-quarter net profit of $121.8 million, the company said on Wednesday, reversing a net loss of $380 million in the year-ago period. The airline, created by the 2012 merger of Chile’s LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru. Revenue for Santiago-based LATAM during…
By Rae Wee SINGAPORE (Reuters) – The dollar slipped against most major currencies on Thursday after the U.S. Federal Reserve opened the door to a pause in its aggressive tightening cycle, though markets were buffeted by risk aversion amid a rout in regional U.S. bank shares. The Fed on Wednesday raised its benchmark overnight interest…
(Reuters) – A protracted default on U.S. payment obligations could result in the loss of 8.3 million jobs and a 6.1% reduction in economic output, according to an analysis by the White House Council of Economic Advisers released on Wednesday. Such an unprecedented default “would likely lead to severe damage to the economy, with job…
NEW YORK (Reuters) – Goldman Sachs Group Inc is in talks to settle a class-action lawsuit that alleged widespread gender bias against women in pay and promotions, said a source familiar with the matter. The move to settle the case comes roughly a month before the trial was set to begin. The plaintiffs, former employees…
(Reuters) -U.S. shale oil producers Marathon Oil Corp and APA Corp on Wednesday topped Wall Street’s first-quarter profit estimates on strong crude prices and demand. Shares of APA rose 2% in extended trade on a pledge to reduce spending on new production this year, while Marathon fell 3% after promising to retain its output and…
By Luc Cohen NEW YORK (Reuters) – A former product manager at OpenSea, the world’s largest marketplace for non-fungible tokens (NFTs), was convicted on Wednesday of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs. Nathaniel Chastain was accused of buying NFTs he…
(Reuters) – British investment management firm Baillie Gifford will invest $180 million in electric aircraft maker Joby Aviation, they said on Wednesday. This comes days after Joby clinched a $55 million contract extension to deliver up to nine air taxis to the U.S. Air Force, marking the company’s first revenue-generating operations. Unlike other electric vertical…
