By Tatiana Bautzer and Pete Schroeder NEW YORK (Reuters) – U.S. banking giants may take up to four years to set aside profits to meet new capital rules, according to a report by Morgan Stanley. U.S. banking regulators will on Thursday unveil a sweeping proposal for stricter bank capital requirements known as the “Basel III…
By Sam Tobin and Michael Holden LONDON (Reuters) – A tearful Kevin Spacey said he was “humbled” after a jury in a London court found him not guilty on Wednesday of carrying out multiple sex assaults on four men. After 12 hours and 26 minutes of deliberation, the jury acquitted the Oscar-winning U.S. actor by…
OTTAWA (Reuters) – Canadian Prime Minister Justin Trudeau shuffled his cabinet on Wednesday, appointing new heads at 30 of the 38 ministries, adding seven new faces. Here are details of the main announcements: WHO HAS A BIG NEW JOB? The most unexpected move saw Anita Anand switch from defense to the more low-profile job of…
(Reuters) – Visa disclosed on Wednesday it had received demands from the U.S. Department of Justice for additional documents and information over its debit card practices in the United States and competition with other payment networks. The civil investigative demands from the anti-trust division of the DoJ were made on May 2 and add to…
(Reuters) -The world’s largest record label Universal Music Group on Wednesday posted a better than expected second quarter core profit margin, boosted by strong sales from artists including Taylor Swift and South Korea’s SEVENTEEN. The strong performance “enables us to accelerate our strategy to promote a healthier streaming business”, the company’s chief executive Lucian Grainge…
By Shreyashi Sanyal and Amruta Khandekar (Reuters) – A number of U.S. big tech companies fell on Wednesday as Microsoft’s results signaled how the high-stakes battle for AI supremacy will cost the tech giants that have seen their shares rally in recent months on hype around the technology. Microsoft’s shares fell 3.6% in early trading…
(Reuters) -General Dynamics on Wednesday lifted its annual revenue forecast as demand for business jets and military equipment stays resilient, sending its shares up 3% at midday. Demand for business jets from U.S. corporations remains buoyant despite a recovery in commercial flights and pressure from environmentalists over emissions. “It’s the Fortune 500 that are really…
ROME (Reuters) – Italian policies that slow public debt reduction or delay receiving European pandemic recovery funds could make it harder for Rome to manage its finances as economic growth falters, the International Monetary Fund (IMF) warned on Wednesday. “Growth is expected to enter a slower phase and downside risks dominate the outlook,” the IMF…
WASHINGTON (Reuters) – U.S. Treasury Undersecretary Jay Shambaugh said on Wednesday the Biden administration will not hesitate to take targeted actions against China to secure the national security interests of the U.S. and its allies and to protect human rights, but added that the two countries must cooperate on global challenges. In prepared testimony before…
By Trevor Hunnicutt WASHINGTON (Reuters) – U.S. President Joe Biden has picked former Maryland Governor Martin O’Malley to lead the massive, financially challenged U.S. agency that distributes Social Security benefits to the elderly and disabled, the White House told Reuters on Wednesday. O’Malley, a Democrat, would need to be confirmed by the Senate to become…
