By Michael S. Derby (Reuters) – The financial sector is taking the biggest bite out of U.S. economic activity since the nation was mired in the financial crisis over a decade and half ago, a new paper from the Federal Reserve, released on Friday, said. The finding came as part of researchers’ work to construct…
(Reuters) – Chicago Federal Reserve Bank President Austan Goolsbee on Friday said that he and colleagues will be parsing what will be “a lot of data” between now and the Fed’s meeting in late July to assess if the US central bank needs to push borrowing costs up higher to bring down inflation. “That’s what…
(Reuters) – General Motors said on Friday it had acquired Algolion Ltd, an Israel-based software startup that helps detect problems in batteries. GM said Algolion’s software will help the Detroit automaker bring to the market a “cost-effective” early hazard detection system at a quicker pace. The deal, for an undisclosed sum, comes at a time…
(Reuters) – U.S. President Joe Biden on Friday said he was concerned that a Supreme Court ruling that the constitutional right to free speech allows certain businesses to refuse to provide services for same-sex weddings could lead to more discrimination against LGBT Americans. The justices ruled 6-3 along ideological lines in favor of Denver-area web…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer spending fizzled in May as households cut back on purchases of new light trucks and other long-lasting manufactured goods amid higher borrowing costs, suggesting the economy lost some speed in the second quarter. While the Commerce Department’s report on Friday showed annual inflation rising last month at…
By John Kruzel WASHINGTON (Reuters) – The U.S. Supreme Court on Friday turned away a bid by two Black Mississippians to restore their right to vote after being barred under the state’s felon disenfranchisement law that traces its roots to the post-Civil War era and has disproportionately affected Black voters. The justices declined to hear…
By Andrew Chung (Reuters) – The U.S. Supreme Court on Friday agreed to hear a bid by President Joe Biden’s administration to defend certain Securities and Exchange Commission in-house enforcement proceedings in a case that could broadly undercut the power of federal agencies. The justices took up the administration’s appeal of a lower court’s decision…
By Marianna Parraga HOUSTON (Reuters) – Negotiators representing Venezuela have held settlement talks with bondholders and creditors owed billions of dollars from defaults and expropriation claims, the head of a board supervising the country’s foreign oil assets told Reuters. The talks have gained urgency as a federal court judge is to decide next month whether…
By John Kruzel WASHINGTON (Reuters) – The U.S. Supreme Court took up another major dispute over gun rights on Friday, agreeing to decide whether a 1994 federal law that bars people under domestic violence restraining orders from possessing firearms violates the Constitution’s Second Amendment. The justices agreed to hear an appeal by President Joe Biden’s…
By John McCrank and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The last rates based on the tarnished London Interbank Offer Rate, or Libor, were published on Friday, marking a mostly quiet end of a nearly decade-long effort to move away from what was once dubbed the world’s most important number. While there has been some…
