Reuters US Business

By Steve Scherer and David Ljunggren OTTAWA (Reuters) -The Bank of Canada hiked rates last month rather than leaving them unchanged because of labor market tightness and stronger-than-expected growth, according to minutes from the policy-setting meeting released on Wednesday. The minutes suggested the Bank of Canada would likely keep rates unchanged at the next meeting, …

Bank of Canada’s first published minutes show job, growth data drove rate hike Read More »

By Jonathan Stempel (Reuters) – Centene Corp has reached a $215.4 million settlement with California to resolve accusations it overcharged a state program for affordable healthcare by falsely inflating its costs for providing prescription drugs to patients. California Attorney General Rob Bonta announced the settlement on Wednesday with the managed care company, which denied liability …

Centene reaches $215 million settlement addressing California drug overcharges Read More »

OTTAWA (Reuters) – The United Nations’ aviation agency on Wednesday forecast global air passenger demand in 2023 will rapidly recover to pre-pandemic levels on most routes by the first quarter and that 3% growth from 2019 levels will be achieved by the end of the year. “The air passenger forecasts ICAO is announcing today build …

U.N. aviation agency forecasts rapid growth in passenger demand in 2023 Read More »

By Granth Vanaik and Uday Sampath Kumar (Reuters) -Mattel Inc forecast 2023 earnings below estimates on Wednesday, joining rival Hasbro Inc in feeling the brunt of persistently high inflation that has hit demand for its action figures and Barbie dolls. Shares of the company were down about 10% in extended trading. While the toy industry …

Mattel forecasts 2023 profit below estimates as inflation hits demand Read More »

By Dietrich Knauth (Reuters) – Failed crypto firm FTX received court approval on Wednesday to issue subpoenas to its founder Sam Bankman-Fried and members of his family as part of the company’s investigation into “misappropriated and stolen” funds. FTX, a once-prominent crypto exchange, filed for bankruptcy protection in November amid allegations that Bankman-Fried used FTX …

FTX gets court approval to subpoena founder Bankman-Fried, other insiders Read More »

By Michael S. Derby and Howard Schneider NEW YORK (Reuters) -Federal Reserve officials on Wednesday said more interest rate rises are in the cards as the U.S. central bank presses forward with its efforts to cool inflation although none were ready to suggest that January’s hot jobs report could push them back to a more …

Fed officials on board with more modest pace of interest rate hikes Read More »

By Dmitry Zhdannikov, Chen Aizhu and Nidhi Verma LONDON (Reuters) -Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections. Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at …

Lost Russian oil revenue is bonanza for shippers, refiners Read More »

By Mathieu Rosemain and Matthieu Protard PARIS (Reuters) -Societe Generale, France’s third biggest bank, posted a higher-than-expected quarterly profit on Wednesday, driven by bumper trading sales, corporate financing and car leasing activities as it set aside more money for bad loans. The French lender, which beefed up provisions for failing loans and hiked its core …

SocGen’s Q4 profit beats expectations, sets aside more money for bad loans Read More »

By Jacob Gronholt-Pedersen COPENHAGEN (Reuters) -Shipping group A.P. Moller-Maersk warned on Wednesday lower container volumes and freight rates would drive a four-fold plunge in profits this year, even as it reported record earnings for 2022. The Copenhagen-based company, which transports goods for retailers and consumer companies such as Walmart, Nike and Unilever, raised its profit …

Maersk warns lower container volumes to hit 2023 profits Read More »