By Yoruk Bahceli and Padraic Halpin DUBLIN (Reuters) -The vice chairman of big UBS shareholder BlackRock Philipp Hildebrand said on Thursday attention was now on how the bank positions itself going forward following its forced rescue of Credit Suisse last month. Speaking about broader banking turmoil that also saw two U.S. lenders collapse in March,…
By Asif Shahzad ISLAMABAD (Reuters) – Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country’s petroleum minister said, with one cargo to dock at the port of Karachi in May. Pakistan’s purchase gives Russia a new outlet, adding to Moscow’s growing sales to…
By Sam Tobin LONDON (Reuters) – Credit Suisse was accused on Thursday of having “learnt nothing” from the 2008 financial crisis on the first day of a trial at London’s High Court over residential mortgage-backed securities. Loreley Financing, a special purpose vehicle set up by German bank IKB, is suing Credit Suisse over its 2007…
(Reuters) – Huntington Bancshares Inc on Thursday reported a first-quarter profit that narrowly beat analysts’ estimates, as a boost from higher interest rates offset a hit from bigger provisions. A surge in banks’ net interest income (NII), helped by the Federal Reserve’s aggressive rate hikes to curb decades-high inflation, is helping the lenders navigate a…
By Pavel Polityuk KYIV (Reuters) -Ukrainian President Volodymyr Zelenskiy told visiting NATO chief Jens Stoltenberg on Thursday it was time for the military alliance to offer his country membership and that Kyiv needed more weapons to fight Russia. Zelenskiy made his comments at a joint news conference after talks with Stoltenberg, who offered NATO’s solidarity…
NAIROBI (Reuters) – A Kenyan judge ruled on Thursday that Facebook’s parent company Meta could be sued in Kenya, after 43 moderators at its Nairobi hub last month filed a lawsuit against the group and its local partner Sama for unfair termination. In response, Judge Matthews Nduma issued an interim injunction against Meta and Sama…
(Reuters) – U.S. homebuilder D.R. Horton Inc posted a 34.4% fall in quarterly profit on Thursday, as high prices and expensive mortgages made housing unaffordable for many Americans. The Federal Reserve’s aggressive interest rate hikes have pushed the housing market into a recession, with residential investment contracting for seven straight quarters, the longest such streak…
By Svea Herbst-Bayliss and Helen Coster NEW YORK (Reuters) – The co-head of the private equity firm that owns Dominion Voting Systems said the company’s $787.5 million settlement with Fox Corp held Fox accountable for spreading lies even if it did not apologize or admit wrongdoing. “We exposed the truth and we did create accountability…
(Reuters) – Alaska Air Group on Thursday reported a bigger-than-expected quarterly loss as higher expenses related to labor and fuel dented the carrier’s margins. As more people plan their travel after the pandemic kept them at home for a long period, airlines are struggling to capitalize on rising demand with limited capacity coupled with elevated…
By David Kirton SHENZHEN, China (Reuters) – China’s Huawei Technologies said on Thursday it is replacing internal software management systems it once sourced from U.S. vendors with its own in-house version, hailing it as a victory over U.S. curbs that once threatened its survival. Huawei held an internal ceremony to celebrate the switch to its…
