Reuters US Business

(Reuters) -National Australia Bank on Thursday reported a 19% jump in its first-quarter cash profit, benefiting from a rise in lending and deposits as well as a higher interest rate environment. While rapid interest rate hikes and strong lending volumes are benefiting banks’ margins, the strong run of banks’ earnings is predicted to fade later …

National Australia Bank first-quarter cash profit jumps on loan growth Read More »

(Reuters) -Cisco Systems Inc raised its full-year revenue growth forecast on Wednesday, banking on its ability to push backlog orders quickly and rapid adoption of 5G technology to keep demand upbeat. Cisco’s shares rose 10% in extended trading. The company forecast fiscal 2023 revenue growth between 9% and 10.5%, compared with its earlier forecast of …

Cisco raises full-year revenue growth forecast Read More »

(Reuters) – The Biden administration on Wednesday issued long-awaited final rules on its national electric vehicle charger network that require chargers to be built in the United States immediately, and with 55% of their cost coming from U.S.-made components by 2024. The White House seeks to give consumers unfettered access to a growing coast-to-coast network …

Instant view: New Biden EV charger rules stress Made In America, force Tesla changes Read More »

WASHINGTON (Reuters) – U.S. President Joe Biden named Federal Reserve Vice Chair Lael Brainard to head the National Economic Council (NEC), replacing Brian Deese. In a statement, the White House said Biden also intended to nominate his trusted confidant Jared Bernstein, who already serves on the Council of Economic Advisers, to chair the advisory panel …

Biden names Fed’s Brainard as top economic adviser, Bernstein to head CEA Read More »

By Howard Schneider and Andrea Shalal WASHINGTON (Reuters) – In nearly a decade at the Federal Reserve, Lael Brainard argued for stricter financial regulations, traveled deeply in less-advantaged communities to explore how U.S. monetary policy affected them and, with subtle twists of language or analysis, more than once shifted the monetary policy debate. The Fed’s …

Brainard’s departure to White House would come at critical juncture for Fed Read More »

By Johann M Cherian and Noel Randewich (Reuters) – Wall Street stocks ended mixed on Tuesday after U.S. consumer price data for January offered little to change expectations about the Federal Reserve’s path forward on interest rate hikes. U.S. consumer prices accelerated as Americans continued to be burdened by higher rental housing costs, suggesting that …

Wall Street ends mixed as inflation data supports rate worries Read More »

(Reuters) -Airbnb Inc on Tuesday forecast current-quarter revenue above Wall Street estimates as demand for travel shows little signs of cooling off, sending its shares up about 11% in extended trading. A stronger U.S. dollar and reopening of closed borders have empowered consumers to spend more on travel even as recession fears have sparked concerns …

Airbnb confident on revenue as travel demand defies recession fears Read More »

(Reuters) – Nu Holdings Ltd reported a surge in fourth-quarter gross profit on Tuesday, as customers flocked to the core lending products offered by the Warren Buffett-backed digital banking firm. The Brazilian lender has so far been insulated from the downturn in the global banking industry as consumers in its key domestic Latin American market …

Buffett-backed Nubank’s quarterly profit surges amid robust customer demand Read More »