NEW YORK (Reuters) – The Federal Reserve could pause its monetary policy tightening in September if there is an economic deterioration and inflation subsides, BofA strategists said on Thursday, a day after the U.S. central bank released the minutes from its May policy meeting. All of the Fed’s policymakers agreed to hike interest rates by…
(Reuters) – Accounting firm Ernst & Young is planning to split its audit and advisory operations worldwide, the Financial Times reported on Thursday, citing three people with knowledge of the plans. EY did not immediately respond to a Reuters request for comment. Senior partners at the company have been discussing their options for a restructuring…
By Uday Sampath Kumar (Reuters) -Macy’s Inc raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events, even as red-hot inflation saps consumer spending power. The department store chain’s shares rose 13.8% to $21.86 in premarket trading as the company joined rival…
By Yuka Obayashi and Ritsuko Shimizu TOKYO (Reuters) – Nippon Steel Corp, the world’s No.5 steelmaker, expects its seamless pipe business will return to a profit this year from a loss last year as gas drilling activity is on the rise to meet higher demand for non-Russian fuel. “We are getting an increasing number of…
LONDON (Reuters) -Low-cost carrier easyJet said an IT problem that caused it to cancel around 200 flights on Thursday had been resolved, but its programme could be disrupted for the rest of the day. “EasyJet can confirm that the earlier IT systems issues have now been rectified,” the British airline said. “Unfortunately, they resulted in…
By Divya Chowdhury DAVOS, Switzerland (Reuters) – Southeast Asia and Latin America are strong growth regions for Mastercard after its withdrawal from Russia in March and India’s 2021 ban on it from issuing new cards, the company’s co-president for international markets said. “Southeast Asia is exciting (due to) the right demographics, the adoption of technology…
NEW YORK (Reuters) -Billionaire Elon Musk was sued by Twitter Inc investors for delayed disclosure of his stake in the company, as the owner of electric carmaker Tesla Inc mounts a $44 billion takeover bid for the social media platform. The investors said Musk saved himself $156 million by failing to disclose that he had…
By Scott DiSavino NEW YORK (Reuters) -Oil prices rose about 3% to a two-month high on Thursday on signs of tight supply ahead of U.S. summer driving season, as the European Union (EU) wrangled with Hungary over plans to ban crude imports from Russia over its invasion of Ukraine. Brent futures for July delivery rose…
SHANGHAI/BERLIN (Reuters) -Car sales in China, Europe and the United States remain depressed compared to last year’s levels as semiconductor shortages and anti-pandemic measures weigh on global autos markets, data showed on Thursday. Chinese retail car sales grew in May from April but were still down 16% year-on-year, according to the Chinese Passenger Car Association,…
(Reuters) -The Russian rouble slumped around 10% against the dollar in volatile trade to a two-week low on Thursday as the central bank cut interest rates to 11% and suggested more cuts would follow as inflation risks subside. The central bank cut its key rate by 300 basis points for the third time in a…
