(Reuters) – Several major U.S. banks who contributed a significant portion of the $30 billion in deposits to aid First Republic Bank last month, are now planning to bolster their reserves by setting aside around $100 million each, Bloomberg reported. The group includes JPMorgan Chase & Co, Wells Fargo & Co, Citigroup Inc and Bank…
By David Shepardson WASHINGTON (Reuters) -A major U.S. transport union on Tuesday opposed a request by Alphabet Inc’s self-driving unit Waymo and autonomous driving technology company Aurora Innovation Inc for an exemption from rules on warning devices for large semi-trucks, citing safety issues. The Federal Motor Carrier Safety Administration (FMCSA) said last month it received…
By Clara Denina and Muhammed Husain LONDON (Reuters) – Glencore Plc on Tuesday modified its $22.5 billion all-share takeover bid for Teck Resources Ltd’s to include up to $8.2 billion in cash, but Teck’s board called it “largely unchanged” and analysts said it will need to rise further still. Glencore’s play for Vancouver-based Teck comes…
By David Shepardson WASHINGTON (Reuters) – The House of Representatives is set to vote next week on a bill to crack down on Chinese telecommunications companies Huawei and ZTE Corp that have been deemed security threats by the U.S. government. The House said on Tuesday it will take up a bipartisan bill called the Countering…
By Stephen Culp NEW YORK (Reuters) – Wall Street stocks ended mixed on Tuesday, losing steam late in the session as investors awaited crucial inflation data and the unofficial kick-off of first-quarter reporting season. The Dow closed in positive territory with economically sensitive sectors such as industrials, materials and transports providing a boost, while tech…
(Reuters) – A U.S. appeals court on Tuesday revived a lawsuit alleging HP Inc defrauded shareholders by secretly using unprofitable tactics to boost sales of its printing supplies in 2015 and 2016. The 9th U.S. Circuit Court of Appeals reversed a judge’s ruling dismissing the lawsuit as filed too late. Investors say they did not…
(Reuters) -Accounting firm EY has called off a plan to break up its audit and consulting units, slamming the brakes on a proposed overhaul of its businesses that was meant to address regulatory concerns over potential conflicts of interest. The company, which is one of the Big Four accounting giants, announced its plans for a…
(Reuters) -Accounting firm EY has called off the plan to break up its audit and consulting businesses, the Financial Times reported on Tuesday, citing people with knowledge of the matter. The decision will be communicated to partners in a note on Tuesday, the report said. EY did not immediately respond to a Reuters request for…
By David Lawder WASHINGTON (Reuters) – The International Monetary Fund on Tuesday trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. The IMF said in its latest World Economic Outlook report that banking system…
By Gabriel Araujo RIO DE JANEIRO (Reuters) – Brazilian planemaker Embraer SA aims to sign a deal for the sale of 20 commercial jets to a Chinese airline during President Luiz Inacio Lula da Silva’s visit to China this week, two people familiar with the matter told Reuters on Tuesday. The deal would mark a…
