Reuters US Business

(Reuters) – State Street Corp said on Monday its CEO and Chairman Ron O’Hanley will take on an additional role as the bank’s president after Louis Maiuri retires, set for early next year. Maiuri also serves as State Street’s chief operating officer and head of its largest business, investment services. The custodian bank said Mostapha …

State Street CEO O’Hanley to take additional role as bank’s president Read More »

OTTAWA (Reuters) -The Bank of Canada on Monday said higher interest rates and low growth will impact the federal government’s budget spending and although the country’s fiscal position is sustainable, expenditure should be contained to protect social programs. “Lower growth and higher interest rates will certainly impact on the government’s budget,” Governor Tiff Macklem told …

Bank of Canada says high rates, slow growth will impact govt spending Read More »

(Reuters) – Canadian Solar said on Monday it would invest $800 million to build a solar photovoltaic (PV) cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana. The company said the plant would produce cells with an annual output of 5 gigawatts (GW), equivalent to about 20,000 high-power modules per day. The …

Canadian Solar to invest $800 million to build cell manufacturing plant Read More »

By Luc Cohen and Jody Godoy NEW YORK (Reuters) – FTX founder Sam Bankman-Fried testified on Monday that he believed his Alameda Research hedge fund had enough assets to cover an $8 billion debt to the cryptocurrency exchange until days before both collapsed. Testifying in his own defense at his fraud trial, the 31-year-old former …

Sam Bankman-Fried testifies he thought hedge fund could cover $8 billion debt to FTX Read More »

(Reuters) – Public Storage on Monday raised its full-year outlook for revenue growth and core funds from operation (FFO) per share, on higher move-in volumes and improved occupancy in its self-storage facilities. The Glendale, California-based real estate investment trust (REIT) leases out storage spaces on a monthly basis, for personal and business use. The REIT, …

Public Storage raises forecast for full-year revenue growth on higher occupancy Read More »

By Karen Brettell and David Lawder (Reuters) -The U.S. Treasury Department said on Monday it expects to borrow $776 billion in the fourth quarter, $76 billion less than its forecast in July, citing increased revenue estimates, bringing some relief to bond markets rattled for months by a glut of new debt. A U.S. Treasury official …

US Treasury cuts Oct-Dec borrowing estimate to $776 billion, yields ease Read More »

(Reuters) -The United Auto Workers (UAW) reached a tentative agreement with General Motors on Monday, the latest in a series of hard-fought deals with the Detroit Three automakers that will help its members win record pay hikes following six weeks of a coordinated strike. The union reached similar deals with Ford Motor and Chrysler-owner Stellantis …

Factbox-Highlights of UAW deal with General Motors Read More »

WASHINGTON (Reuters) – Alphabet CEO Sundar Pichai, who testified on Monday in Washington to defend Google against allegations it broke antitrust law, replaced company co-founder Larry Page as CEO of parent Alphabet in 2019 as regulatory concern about Big Tech was heading toward a fever pitch. Here are some key facts about Pichai: * Born …

Alphabet chief Pichai labored in trenches but rose to defend search giant Read More »

(Reuters) – The United Auto Workers (UAW) union reached a tentative agreement with General Motors on Monday, signaling an end to walkouts that have cost the No. 1 Detroit automaker more than $400 million a week. The union has also reached agreements with Ford Motor and Chrysler-owner Stellantis over the last few days, in what …

UAW reaches deal with GM, ends coordinated strikes against Detroit automakers Read More »