Reuters US Business

By Jonathan Stempel NEW YORK (Reuters) – A U.S. judge on Monday dismissed most of a lawsuit where Germany’s Commerzbank sought to hold Bank of New York Mellon liable for more than $1 billion of losses on toxic mortgages purchased before the 2008 global financial crisis. U.S. District Judge George Daniels in Manhattan rejected Commerzbank’s …

US judge tosses most of Commerzbank $1 billion mortgage lawsuit against BNY Mellon Read More »

WASHINGTON (Reuters) – U.S. Vice President Kamala Harris and Treasury Secretary Janet Yellen held a rare joint press call on Monday to tout the benefits of union membership, releasing a new Treasury report that shows wages for union members are 15% higher than non-union workers. THE TAKE: The White House has been pushing to support …

Harris, Yellen tout unions’ economic benefits with new Treasury report Read More »

(Reuters) – The US Securities and Exchange Commission (SEC) is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, Bloomberg News reported on Monday. The regulator is also looking into some of the actions of its chief executive officer, Steven Sugarman, the report said, citing …

SEC probes Change Company over mortgage-backed securities sold to Wall Street – Bloomberg News Read More »

NEW YORK (Reuters) – Florida is bracing for Tropical Storm Idalia as it intensifies into a major hurricane on Monday before making landfall on the state’s Gulf Coast by Wednesday morning. Idalia is predicted to transform into a Category 3 on the Saffir-Simpson Hurricane Wind Scale when it makes landfall in northern Florida’s Big Bend …

FACTBOX-Stocks to watch as Idalia makes landfall in Florida Read More »

By Priyamvada C (Reuters) -The U.S. trucking industry may begin to see an uptick in freight demand in the back half of the year after grappling with another quarter of lower profits due to a slump in package volumes, company executives and analysts said. The expectations have been largely fueled by U.S. retailers’ comments on …

U.S. trucking firms see freight downturn reversing after dour quarter Read More »

(Reuters) – The United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors and LG Energy Solution in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. Earlier this week, General …

UAW workers ratify Ultium Cells wage agreement in Ohio Read More »

(Reuters) – National Australia Bank is preparing to cut around 60 jobs of the 600-staff at its markets division and undertake a broad restructuring exercise across its seven business, the Australian Financial Review said on early on Monday citing sources. The country’s second-biggest bank would begin the layoffs as early as this week but is …

Aussie lender NAB to cut 10% jobs in markets division – AFR Read More »

By Fergal Smith TORONTO (Reuters) – Canada’s second-quarter GDP report, due on Friday, is likely to show a sharp slowdown in economic growth, a Reuters poll of economists showed, which could lead the Bank of Canada to pause its interest rate hikes despite recent hotter inflation data. The GDP report will be the last major …

Canadian economy set to show marked slowdown in Q2, giving BoC cause to pause Read More »

By Ann Saphir Jackson Hole, Wyoming (Reuters) – The steep jump in public debt loads over the past decade and a half, as governments borrowed large amounts of money to battle the Global Financial Crisis and the fallout from the COVID-19 pandemic, is probably irreversible. That’s the unhappy conclusion of a research paper being presented …

No real fix to the sharp rise in public debt loads, economists say Read More »