(Reuters) – Bank of Montreal and Bank of Nova Scotia on Wednesday reported smaller-than-expected profit for the second quarter, due to higher expenses and as the Canadian banks were forced to set aside more rainy day funds amid an uncertain banking environment. The results come as investor confidence deteriorates in markets amid high volatility triggered…
By Josh Ye HONG KONG (Reuters) -Lenovo’s fourth quarter revenue fell 24% and it cut 8% to 9% of its workforce, the Chinese group said on Wednesday, as demand for personal computers (PCs) continued to slump. The world’s largest PC maker said revenue for the January-March period was $12.63 billion, marking the third consecutive quarterly…
By Lewis Jackson SYDNEY (Reuters) – The Australian Treasury has referred a confidential document leak scandal involving professional services firm PricewaterhouseCoopers (PwC) to police, Secretary to the Treasury Steven Kennedy said on Wednesday. The government, a PwC Australia client, has accused the firm of using confidential information about new anti-tax avoidance measures to win more…
By Andy Bruce LONDON (Reuters) -Britain’s high inflation rate fell by less than expected in April and a closely watched core measure of price growth surged to a 31-year high, according to official data that will cement bets on more Bank of England interest rate hikes. The consumer price index rose by 8.7% in annual…
By Sinead Cruise LONDON (Reuters) -Britain’s Competition and Markets Authority said on Wednesday it had provisionally found five major global banks allegedly broke UK competition law by exchanging sensitive information on government bond trading activities in one-to-one online chats. In a statement, the watchdog alleged Citi, Deutsche Bank, HSBC, Morgan Stanley and Royal Bank of…
(Reuters) -The U.S. Federal Trade Commission is investigating whether baby-formula makers colluded on bids for attractive state contracts, the Wall Street Journal reported on Wednesday. The FTC is looking into whether Abbott Laboratories and other formula manufacturers have “engaged in collusion or coordination with any other market participant regarding the bidding”, the WSJ report said,…
By Josh Ye HONG KONG (Reuters) – China’s Lenovo Group Ltd on Wednesday reported a 24% fall in revenue for the January-March quarter, meeting market expectations, as demand for personal computers (PCs) continued to slump. The world’s largest PC maker said fourth-quarter revenue was $12.63 billion, down 24% from the same period a year earlier…
By Stephanie Kelly and Emily Chow (Reuters) -Oil prices gained over $1 on Wednesday after U.S. inventories and fuel supplies tightened and as a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures last rose 68 cents, or 0.9%, to $77.52 a barrel by 0330…
By Lucy Craymer WELLINGTON (Reuters) -New Zealand’s central bank on Wednesday raised interest rates by 25 basis points to the highest in more than 14 years to 5.5% and reiterated inflation remains too high even as it still forecast a recession this year. The decision was in line with expectations from 21 of 25 economists…
(Reuters) – The New York Times Guild said on Tuesday that it has tentatively struck a new contract agreement with the New York Times marking the end of more than two years of negotiations. The deal, if ratified, will raise the median salary of a NewsGuild member to $136,220 and to $160,011 for reporters and…
