By Jody Godoy (Reuters) – A U.S. appeals court on Tuesday partly revived a shareholder lawsuit against Prudential Financial Inc alleging the insurer concealed a shortfall with its individual life insurance policy reserves in 2019. The 3rd U.S. Circuit Court of Appeals said investors had a plausible claim the insurer falsely downplayed mortality among policyholders…
By Howard Schneider WASHINGTON (Reuters) – Federal Reserve policymakers reached a milestone on Wednesday when they left the U.S. central bank’s benchmark overnight interest rate steady for the first time after 10 consecutive hikes. While Fed officials still see rates rising further, by as much as half a percentage point by the end of this…
WASHINGTON (Reuters) – U.S. Attorney General Merrick Garland on Wednesday defended the independent special counsel he appointed to handle federal criminal cases against former President Donald Trump, the first U.S. president to be charged with federal crimes. Garland, in response to a reporter’s question, rejected the allegations of some Republicans in Congress that Trump’s prosecution…
NEW YORK (Reuters) – The Federal Reserve kept interest rates unchanged on Wednesday but signaled in new economic projections that borrowing costs will likely rise by another half of a percentage point by the end of this year as the U.S. central bank reacted to a stronger-than-expected economy and a slower decline in inflation. The…
By Sri Hari N S (Reuters) -Charles Schwab expects its second-quarter revenue to drop by 10% to 11% due to a contraction in its net interest margin and softer trading activity, the brokerage firm said on Wednesday. The company said it has had to rely on more expensive funding sources, like borrowing from the Federal…
By Daniel Wiessner (Reuters) – A U.S. appeals court on Wednesday revived a lawsuit by a white former employee of Indian IT services company Tech Mahindra Ltd’s U.S. subsidiary, alleging that the company discriminates against non-South Asian workers. A unanimous three-judge panel of the 3rd U.S. Circuit Court of Appeals said the judge who dismissed…
By Sabine Siebold and Andrew Gray Brussels (Reuters) – NATO must work harder to set common standards for weapons and ammunitions, its chief said on Wednesday, as the alliance tries to boost defence production amid a Ukrainian counteroffensive likely to deplete Western military stocks even further. Announcing a Defence Production Action Plan designed to “rapidly…
WASHINGTON (Reuters) – The United States is seeking more information from the Israeli government about the decision that soldiers will not be criminally prosecuted over the death of a Palestinian-American man, the State Department said on Wednesday. Israel’s military advocate general said on Tuesday that soldiers who left Omar As’ad outside overnight after detaining him,…
By Arathy Somasekhar HOUSTON(Reuters) – Oil prices fell 1.5% on Wednesday after the U.S. Federal Reserve projected more interest rate hikes this year, worrying markets about demand just hours after government data showed an unexpected, large build in U.S. crude oil stocks. Brent crude futures settled $1.09, or 1.5%, lower at $73.20 a barrel, while…
(Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said the central bank’s next rate-setting meeting in July would be a “live” meeting after officials chose to forego a rate hike in June. Powell’s remarks came after the Federal Open Market Committee left its benchmark rate at 5.00% to 5.25%, but officials’ forecasts showed they…
