NEW YORK (Reuters) – The Federal Reserve on Wednesday raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, and said it would begin trimming its bond holdings next month as a further step in the battle to lower inflation. The U.S. central bank set its target federal…
By Herbert Lash NEW YORK (Reuters) -U.S. stocks initially rose and Treasury yields trimmed gains on Wednesday after the Federal Reserve raised interest rates by 50 basis points as expected and said it would begin to reduce its balance in June. The U.S. dollar slid against the Japanese yen while the euro and Canadian dollar…
LONDON (Reuters) -Standard Chartered’s pay plans for top executives were approved by shareholders on Wednesday, but a sizeable minority of investors voted against the plans, after concerns were raised ahead of the bank’s annual investor meeting. The emerging markets-focused bank had been braced for a potential rebellion after influential shareholder proxy advisers ISS and Glass…
(Reuters) – Multinationals that announced their exit from Russia, or suspension of activities there, after Moscow’s invasion of Ukraine on Feb. 24 have started to report associated losses. These are firms, listed by sector, that have provided cost estimates related to a temporary or permanent halt in Russia: APPAREL ADIDAS The German sportswear company warned…
MEXICO CITY (Reuters) – Japanese automaker Nissan Motor Co said on Wednesday it will invest more than $700 million in Mexico during the next three years to boost its operations in the country. The investment is set to improve the facilities, equipment and automation procedures in Nissan’s facility located in the state of Aguascalientes, the…
NEW YORK (Reuters) – Soaring inflation pushing the price up for everyday items like gas and groceries in the United States is leading consumers with low credit scores to borrow more and default on their loans more often, a study by credit agency TransUnion found on Wednesday. Credit card balances and delinquency rates among non-prime…
By Jonathan Stempel NEW YORK (Reuters) -Intuit Inc agreed to pay $141 million in restitution to settle claims by all 50 U.S. states and Washington, D.C., that it tricked millions of customers into buying online TurboTax products that the company deceptively advertised as “free.” Wednesday’s settlement resolves claims that Intuit steered at least 4.4 million…
By Herbert Lash and Huw Jones NEW YORK/LONDON (Reuters) -U.S. and European equities mostly wavered on Wednesday while Treasury yields moved higher ahead of a widely expected Federal Reserve decision to hike interest rates and reduce liquidity to tame inflation rising at the fastest pace in 40 years. The Fed is expected to announce at…
(Reuters) -The Russian rouble jumped on Wednesday to around a two-year high against both the dollar and the euro, retaining the support of hefty capital controls as the European Union proposed a new package of sanctions against Russia over events in Ukraine. European Commission President Ursula von der Leyen proposed a phased oil embargo on…
By Manas Mishra (Reuters) -Moderna Inc on Wednesday forecast higher vaccine sales for the second half of the year than in the first six months, as it expects the virus that causes COVID-19 to follow a more seasonal pattern requiring booster shots in the fall. The U.S. vaccine maker is developing a potential next generation…
