By Saeed Azhar and Niket Nishant NEW YORK (Reuters) – JPMorgan Chase & Co and Bank of America Corp continued to add staff as the economy softens, even after the ranks of the five biggest U.S. lenders swelled by 100,000 since the start of 2020. The chief financial officers of the two biggest U.S. banks…
By Shariq Khan NEW YORK (Reuters) -Oil prices rose by about a dollar a barrel on Friday, set for their biggest weekly gains since October, as the U.S. dollar dropped to a seven-month low and more indicators pointed toward growing demand from top oil importer China. Brent crude futures rose by 93 cents, or 1.1%,…
By Erwin Seba (Reuters) -Exxon Mobil Corp in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $1.2 billion expansion first considered nine years ago. Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd…
By Angelo Amante and Giuseppe Fonte ROME (Reuters) – A bid from German carrier Lufthansa for ITA Airways could come early next week, three sources familiar with the matter said on Friday, in a crucial step to speeding up the full privatisation of Italy’s state-owned company. The privatisation of ITA, which officially replaced loss-making Alitalia…
NEW YORK (Reuters) – Wall Street’s biggest banks stockpiled more rainy-day funds to prepare for a possible recession ahead and reported weak investment banking results, but said consumers remained healthy and higher rates boosted profits. The outlook for big U.S. banks has been clouded by the Russia-Ukraine conflict and fading economic stimulus measures. Higher borrowing…
By Medha Singh (Reuters) – An army of retail traders drove up shares of meme stocks this week, led by a surge in Bed Bath & Beyond, as growing signs that inflation has peaked encouraged them to pick up shares at relatively “cheap” prices after the 2022 market slump. The struggling home good retailer’s shares…
(Reuters) -UnitedHealth Group Inc on Friday reported a quarterly profit that beat Wall Street estimates, helped by lower medical costs and a boost from its Optum health services unit, which operates the company’s pharmacy benefit management business. Health insurers’ costs have been in flux during the pandemic, but have eased over the past year as…
(Reuters) – Bank of America Corp reported a better-than-expected fourth-quarter profit on Friday as rate hikes helped it charge more interest on loans to customers. The bank earned 85 cents per share in the quarter. Analysts, on average, had estimated a profit of 77 cents per share, according to Refinitiv IBES data. Profit applicable to…
(Reuters) – Tesla has slashed prices on its electric vehicles in the United States and Europe by as much as 20%, extending a strategy of aggressive discounting after missing Wall Street estimates for 2022 deliveries. The move, which prompted a 4.5% fall in Tesla’s shares in pre-market U.S. trade, came after CEO Elon Musk warned…
By Bansari Mayur Kamdar (Reuters) -European shares rose on Friday and were hovering near a nine-month high, supported by healthcare and banking stocks and upbeat economic data from the UK. The pan-regional STOXX 600 gained 0.6% by 0918 GMT, with investors looking ahead to earnings from big U.S. banks. UK’s FTSE 100 added 0.6% after…
