Reuters US Business

By Francesco Canepa and Frank Siebelt FRANKFURT (Reuters) – German banks should avoid making multi-year promises to their shareholders despite bumper profits this year as the outlook for the economy is worsening, Bundesbank board member Joachim Wuermeling told Reuters. He was joining other European Central Bank supervisors in telling lenders to preserve capital – a …

Bundesbank warns banks against ‘careless’ payout pledges as economy cools Read More »

LOS ANGELES (Reuters) -The leader of the largest U.S. business lobbying group on Tuesday called on Congress to intervene in an ongoing railroad labor standoff that threatens to idle shipments of food and fuel while inflicting billions of dollars of damage to an already struggling national economy. U.S. Chamber of Commerce Chief Executive Suzanne Clark …

U.S. Chamber of Commerce calls on Congress to settle rail labor dispute Read More »

By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks rallied on Tuesday, with the S&P 500 closing at its highest level in 2-1/2 months, as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares. Best Buy …

S&P closes at more than two-month high on retail, energy lift Read More »

(Reuters) – Nordstrom Inc trimmed its annual profit forecast on Tuesday, signaling that steep discounts on outdated inventory, coupled with higher operating costs and supply chain pressures, are squeezing the company’s profit margins. Profit margins of global fashion retailers have been hurt by rising raw material and labor costs coupled with supply chain disruptions, that …

Nordstrom cuts profit forecast on soaring costs Read More »

By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s central bank on Wednesday is expected to deliver its biggest rate hike and outline a more hawkish monetary tightening path in coming months as it tries to rein in stubbornly high inflation. The Reserve Bank of New Zealand (RBNZ) is set to raise the official cash rate …

New Zealand expected to deliver record rate hike as inflation persists Read More »

By Uday Sampath Kumar and Hilary Russ (Reuters) -High-end iPhones will be in short supply at stores this holiday season, Best Buy Co Inc said on Tuesday, following a warning from Apple Inc this month that China’s zero-COVID policy was squeezing production at a key factory. The supply issues are expected to significantly hurt the …

IPhone Pro models scarce in stores this holiday – Best Buy Read More »

(Reuters) – The Federal Reserve may need to raise interest rates to a higher level and hold them there for longer in order to successfully moderate consumer demand and bring down high inflation given the amount of spare savings households still hold since the pandemic, Kansas City Fed President Esther George said on Tuesday. “The …

Fed’s George: Could take higher interest rates for longer to encourage saving Read More »

By Hannah Lang (Reuters) – Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis’ crypto lending arm, Chief Executive Barry Silbert said in a letter to shareholders on Tuesday afternoon. Loans from Genesis Global Capital, which suspended customer withdrawals last week, were used to …

Digital Currency Group owes $575 million to Genesis Trading’s crypto lending arm Read More »

(Reuters) – Troubled cryptocurrency lender Genesis Global Capital has hired investment bank Moelis & Company to explore options including a potential bankruptcy, the New York Times reported on Tuesday citing three people familiar with the matter. The company has not yet made a final decision on bankruptcy and it was still possible to be averted, …

Crypto lender Genesis hires restructuring adviser – New York Times Read More »