By Howard Schneider and Lindsay Dunsmuir WASHINGTON (Reuters) – U.S. jobs gains of 390,000 in May and still strong wage growth leave the Federal Reserve on track for half point interest rate increases in June and July as the U.S. economy continued to show little evidence it is buckling under the pressure of high inflation…
BERLIN (Reuters) -The Swiss government on Friday announced new rules for the nation’s five major banks, requiring that they boost their liquidity in order to better weather events such as the COVID-19 pandemic in future. “The revision is intended to ensure that systemically important banks (SIBs) hold sufficient liquidity to absorb liquidity shocks and cover…
(Reuters) – Russian internet giant Yandex said on Friday Arkady Volozh has stepped down as CEO and left the board of directors after the European Union had included him on its latest list of sanctions against Russian entities. Volozh has transferred his voting power to the board, Yandex said, adding that it believes that “the…
LONDON (Reuters) – Euro zone business growth was robust in May but is at risk of a slowdown from soaring living costs, supply chain disruptions and uncertainty surrounding Russia’s invasion of Ukraine, a survey showed. S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good gauge of economic health, fell to 54.8 in…
(Reuters) -Bristol Myers Squibb said on Friday it would acquire drug developer Turning Point Therapeutics Inc for $4.1 billion in cash to gain access to promising targeted treatments for cancer. Turning Point’s lead drug, repotrectinib, targets mutations in certain proteins in the body that lead to unchecked cell growth, a hallmark of cancer. Bristol Myers…
By Svea Herbst-Bayliss BOSTON (Reuters) -Shareholder advisory firm Glass Lewis on Friday recommended Spirit Airlines investors approve Frontier Group Holdings Inc’s $2.9 billion takeover bid, saying it was the “best available” at this time. The report, which helps guide investors on how to vote on the proposed merger, comes only hours after Frontier said it…
(Reuters) – U.S. bond funds attracted net inflows in the week to June 1, after five months of outflows, as fears eased over the Federal Reserve’s aggressive monetary tightening measures and signs emerged that inflation may have peaked. According to Refinitiv Lipper data, investors purchased U.S. bond funds worth a net $7.09 billion in their…
By Hyunjoo Jin SAN FRANCISCO (Reuters) – Tesla CEO Elon Musk has a “super bad feeling” about the economy and needs to cut about 10% of jobs at the electric carmaker, he said in an email to executives seen by Reuters. The message, sent on Thursday and titled “pause all hiring worldwide”, came two days…
By Hilary Russ NEW YORK (Reuters) -For at least a decade, Burger King’s formula for European expansion has relied on a joint venture partnership, including a master franchisee, to open and operate new locations. But now the fast-food chain has a whopper of a problem in Russia. It hasn’t been able to exit its partnership…
FRANKFURT (Reuters) – Tesla Chief Executive Elon Musk told top managers he had a “super bad feeling” about the economy and that the electric carmaker needed to cut staff by about 10%, according to an internal email seen by Reuters. The email, titled “pause all hiring worldwide”, was sent to Tesla executives on Thursday, and…
