(Reuters) -U.S. officials are considering to limit the ability of large banks to use Federal Home Loan Banks (FHLBs) as a financial backstop, as part of a broader proposal to overhaul the system, Bloomberg News reported on Friday. In addition to limiting access for big banks, regulators have discussed requiring banks that want to borrow…
By Michael Martina WASHINGTON (Reuters) -The U.S. on Friday warned about a new Chinese counterespionage law, saying American and other foreign companies in the country could face penalties from Chinese authorities for regular business activities. Chinese lawmakers this year passed a wide-ranging update to Beijing’s anti-espionage legislation that goes into effect on July 1, banning…
By Kanishka Singh WASHINGTON (Reuters) – UNESCO’s member states backed the United States’ return to the United Nations’ cultural organization almost five years after then-President Donald Trump ordered an American withdrawal, U.S. Secretary of State Antony Blinken said on Friday. “I am encouraged and grateful that today the (UNESCO) membership accepted our proposal, which will…
By David Lawder (Reuters) -U.S. Treasury Secretary Janet Yellen said on Friday that the U.S. economy is on a path to maintain a strong labor market while reducing inflation, even if the economy cools a bit more. Yellen said in prepared remarks at a residential solar power company in New Orleans that strong household and…
By Andrew Hay (Reuters) – The armorer for the movie “Rust” allegedly transferred cocaine to an unnamed person to dispose of evidence on the day the film’s cinematographer was shot dead in 2021, special prosecutors said as they sought protection for a witness. The armorer, Hannah Gutierrez-Reed, passed a small bag of cocaine to the…
By Noel Randewich and Tiyashi Datta (Reuters) -Apple Inc’s stock market value ended a trading session above $3 trillion for the first time on Friday, lifted by signs of improving inflation and bets that the iPhone maker will successfully expand into new markets. Shares of the world’s most valuable company jumped 2.3% to $193.97, giving…
By Nandita Bose and Trevor Hunnicutt CHICAGO (Reuters) – U.S. President Joe Biden worked to lift Americans’ dour mood about the economy with what his aides billed as a major speech on Wednesday, an effort to shore up a top political weakness as he seeks re-election. Biden, whose two-year term as president has witnessed a…
By Stephen Culp NEW YORK (Reuters) – Wall Street closed sharply higher and the dollar softened on Friday as investors closed the books on a solid quarter, with data showing progress in the Federal Reserve’s efforts to tame inflation. All three major U.S. stock indexes surged, notching weekly, monthly and quarterly gains. “It’s a nice…
By Lisa Baertlein LOS ANGELES (Reuters) -United Parcel Service delivered a revised contract offer with “significant movement on wages and other economic language,” the union representing roughly 340,000 U.S. drivers, package handlers and loaders at the global delivery firm said on Friday. The International Brotherhood of Teamsters union said UPS has requested more time to…
By Svea Herbst-Bayliss NEW YORK (Reuters) – Following the busiest quarter on record, activist investors slowed down in the second three months of 2023 but are expected to mount more high-profile campaigns in the second half amid pent-up demand for acquisitions and a new way of voting. Investors including Elliott Investment Management, Engaged Capital and…
