CINCINNATI, Ohio (Reuters) – General Electric Co is working on addressing issues with the durability of its LEAP jet engines and changes will be rolled out next year, Karl Sheldon, a senior executive at the company’s aerospace unit, said on Thursday. The problems with LEAP engines, which power Airbus and Boeing jets, is occurring in…
By Sinéad Carew and Amruta Khandekar (Reuters) – Wall Street’s three major stock indexes closed lower on Thursday, with bank stocks creating the biggest drag while investors also worried that Friday’s jobs report could spur more aggressive interest rate hikes from the Federal Reserve. The S&P 500’s bank index finished down 6.6% after hitting its…
By Pete Schroeder WASHINGTON (Reuters) – The top regulatory official for the U.S. Federal Reserve said cryptocurrency technology still could have “potential transformative” effects on the financial system, but needs “guardrails” to realize them. Fed Vice Chair for Supervision Michael Barr said recent turmoil in crypto markets make clear the sector could still pose a…
WASHINGTON (Reuters) – The U.S. Treasury Department on Thursday said it has proposed raising the effective minimum rate that U.S. corporations pay on overseas income to 21% from about 10.5% as it aims to bring the United States into compliance with a global corporate minimum tax deal. The changes to the current “GILTI” minimum tax…
By Jonathan Stempel NEW YORK (Reuters) – A U.S. judge on Thursday ordered JPMorgan Chase & Co to hand over more documents concerning Chief Executive Jamie Dimon to the U.S. Virgin Islands for the territory’s lawsuit accusing the bank of aiding in Jeffrey Epstein’s sex trafficking. U.S. District Judge Jed Rakoff in Manhattan said the…
(Reuters) – Canada-based delivery and logistics firm Purolator Inc, largely owned by Canada Post, said on Thursday it plans to invest about C$1 billion ($727.17 million) to electrify its fleet as the company looks to reduce its greenhouse gas emissions by 2030. Canadian Finance Minister Chrystia Freeland promised investments that can compete with the U.S….
By Rajesh Kumar Singh and Abhijith Ganapavaram CINCINNATI, Ohio (Reuters) -General Electric Co forecast revenue at its cash-cow aviation business to grow by at least low-double digits through 2025 on strong demand for jet engines and aftermarket services, sending its shares more than 8% higher on Thursday. Through this period, it also expects profit margins…
By Stephen Culp NEW YORK (Reuters) -Wall Street gained ground and Treasury yields eased on Thursday as economic data hinted at signs of cracks in the tight U.S. labor market, indicating that the Federal Reserve’s restrictive monetary policy is beginning to work as intended. All three major U.S. stock indexes were up modestly, the dollar…
(Reuters) -Shares of crypto-focused companies fell on Thursday after Silvergate Capital Corp disclosed plans to wind down operations and voluntarily liquidate, as the aftermath of FTX’s implosion last year reverberates through the industry. Analysts said a complete closure of the crypto lender could take one or two years depending on how quickly outstanding loans are…
By Marc Jones LONDON (Reuters) – Global markets hit a rare lull on Thursday ahead of U.S. jobs data at the end of the week that could easily whip up cross-asset storms. Europe’s broad STOXX 600 share index dipped 0.56% [.EU] although there was little movement from either the dollar [/FRX] or in bond markets,…
