By Lindsay Dunsmuir (Reuters) – The U.S. Federal Reserve should consider more 75 basis-point interest rate hikes at coming meetings in order to bring high inflation back down to the central bank’s goal, Fed Governor Michelle Bowman said on Saturday. “I supported the FOMC’s decision last week to raise the federal funds rate another 75 …
Fed’s Bowman: more 75 basis-point hikes should be on the table Read More »
By David Shepardson WASHINGTON (Reuters) – Most electric-vehicle models would be ineligible for a $7,500 tax credit for U.S. buyers under a Democratic proposal in the U.S. Senate, a group of major automakers said on Friday. Automakers have been privately expressing concern about the proposal’s increasing requirements for vehicles’ batteries and critical-mineral contents to be …
U.S. automakers say 70% of EV models would not qualify for tax credit under Senate bill Read More »
SAO PAULO (Reuters) -The new board of directors of Brazilian power company Eletrobras on Friday chose former CEO Wilson Ferreira Junior to return to the job and elected former Petrobras CEO Ivan Monteiro as chairman of the board of directors, the company said in a statement. Shareholders also appointed a new board of directors for …
Brazil’s Eletrobras brings back former CEO Ferreira, elects new chairman Read More »
By Noel Randewich and Devik Jain (Reuters) – The S&P 500 ended lower on Friday, weighed down by Tesla and other technology-related stocks after a solid jobs report torpedoed recent optimism that the Federal Reserve might let up its aggressive campaign to reign in decades-high inflation. Data showed U.S. employers hired far more workers than …
S&P 500 ends down as jobs data rekindles rate hike fear Read More »
(Reuters) – Morgan Stanley said on Friday it had reached agreements with two regulatory agencies to resolve record-keeping investigations about business communications on messaging platforms not approved by the bank. The bank said it reached agreements in principle with the Securities and Exchange Commission (SEC) for $125 million and the Commodity Futures Trading Commission (CFTC) …
Morgan Stanley reaches agreements to resolve SEC, CFTC investigations Read More »
By David Shepardson WASHINGTON (Reuters) -A group of 10 U.S. House Democrats on Friday asked President Joe Biden’s administration to build electric vehicle charging stations together with broadband internet infrastructure under the $1 trillion infrastructure law approved in November 2021. As part of that measure, Congress set aside $42.45 billion in grants to expand broadband, …
U.S. lawmakers urge joint use of funds for broadband, EV charge stations Read More »
NEW YORK (Reuters) – Speculators’ net long bets on the U.S. dollar fell in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $17.27 billion for the week ended Aug. 2, compared with a net long position …
Speculators’ net long bets on USD fall – CFTC, Reuters Read More »
WASHINGTON (Reuters) – The roughly $430 billion climate, drugs and tax bill that U.S. Senate Democrats are trying to push through Congress will include a new excise tax on stock buybacks, Majority Leader Chuck Schumer said on Friday. Lawmakers agreed to add that provision after reaching a deal with Democrat Kyrsten Sinema, a maverick who …
U.S. Senate’s $430 billion climate bill to add tax on stock buybacks Read More »
By Xie Yu HONG KONG (Reuters) – Tiger Global, one of the world’s largest hedge funds, saw its flagship fund fall by 50% in the first half of the year after it underestimated the impact of a surge in global inflation on markets, according to letter to investors. The U.S.-based fund lost 24.7% in the …
Tiger Global underestimated inflation impact as flagship fund drops 50% Read More »
By Ludwig Burger FRANKFURT (Reuters) – Market share gains in fine fragrances and strong demand for its food ingredients helped Switzerland’s Firmenich, which has agreed to merge with DSM, deliver a near 11% jump in adjusted annual earnings on Friday. Dutch specialty chemicals maker DSM in May struck back-to-back deals to sell its engineering plastics …
Firmenich marks last year of independence with record profit Read More »
