By Elizabeth Dilts Marshall NEW YORK (Reuters) – Bank of America Corp is facing a lawsuit seeking class action status filed on Thursday by two customers who say the bank refused to honor promises to refund overdraft fees to clients who faced financial hardship during the pandemic. Anthony Ramirez, a truck driver living in California,…
NEW YORK (Reuters) – The U.S. Federal Reserve should stop buying bonds from the market now to contain rampant inflation, a top investment manager at BlackRock said in a research note on Thursday, after higher-than-anticipated January inflation data. U.S. consumer prices rose solidly in January, leading to the biggest annual increase in inflation in 40…
By Chris Prentice and Tommy Wilkes WASHINGTON/LONDON (Reuters) -Major global stock indexes fell on Thursday under pressure from crucial U.S. inflation data, falling technology shares and rising benchmark bond yields. U.S. consumer prices rose solidly in January, leading to the biggest annual increase in inflation in 40 years, which could fuel financial market speculation for…
(Reuters) – The U.S. government posted a $119 billion budget surplus in January, the first in more than two years, amid strong growth in tax receipts and a sharp drop in pandemic-related outlays, the Treasury Department said on Thursday. The January surplus compared to a January 2021 deficit of $163 billion, a record for the…
By Katanga Johnson WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Thursday proposed changing the rules of its whistleblower program to make it easier for tipsters to claim bounties. The changes, which are subject to public consultation, would scrap a Trump-era rule that had afforded the agency greater discretion to determine the size…
By Ann Saphir (Reuters) – St. Louis Federal Reserve Bank President James Bullard said Thursday that he has become “dramatically” more hawkish in light of the hottest inflation in nearly 40 years, and he now wants a full percentage point of interest rate hikes by July 1. “I’d like to see 100 basis points in…
By Tina Bellon and Nivedita Balu (Reuters) -Uber Technologies Inc laid out a $5 billion operating profit for 2024 that fell short of analyst estimates, sending its shares down 4% on Thursday, even as the ride-hailing company revealed several strategies to boost ridership and bring down costs. The forecast is below the $5.7 billion analysts…
By Tina Bellon and Nivedita Balu (Reuters) -Uber Technologies Inc on Thursday said it would report around $5 billion in adjusted profit in 2024 and improve algorithms to keep costs low and win new customers. However, the forecast is below the $5.7 billion analysts expect for 2024, according to Refinitiv data, and the company’s shares…
By Devik Jain, Davide Barbuscia and Chuck Mikolajczak NEW YORK (Reuters) – Investors were bracing for more market volatility after a sharper-than-expected rise in consumer prices ramped up expectations for how aggressively the Federal Reserve will need to move as it fights to tame soaring inflation. The prospect of a more hawkish Fed has been…
By Nichola Saminather TORONTO (Reuters) – Manulife Financial Corp sees the higher inflation and interest rates expected this year as generally positive, and can at least partly offset the former through increased premiums, executives told a post-earnings analyst call on Thursday. A 50-basis-point increase in fixed income yields would also translate into a C$1.85 billion…
