Reuters US Business

By Mehnaz Yasmin (Reuters) -Wall Street banks JPMorgan Chase & Co, Citigroup and Wells Fargo said on Wednesday they had raised their prime lending rates by 75 basis points to 5.5%, effective Thursday. The moves follow the U.S. Federal Reserve’s decision to raise its target interest rate by three-quarters of a percentage point for a …

Wall Street banks raise prime lending rate after Fed’s sharp hike Read More »

MEXICO CITY (Reuters) – Santander’s Chile chief executive, Miguel Mata Huerta, will step down on August 1, the banking unit said in a filing Wednesday to the Chilean stock market. Roman Blanco Reinosa will replace Mata, Santander Chile said. (Reporting by Carolina Pulice and Kylie Madry; Editing by Christian Plumb)

By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks rallied on Wednesday and the Nasdaq posted its biggest daily percentage gain since April 2020 as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell reassured investors. In addition, upbeat quarterly reports from Microsoft Corp and Alphabet Inc provided further …

Nasdaq has biggest one-day jump since 2020 after Fed rate hike, Powell comments Read More »

By Ruma Paul and Krishna N. Das DHAKA (Reuters) – After recovering swiftly from the havoc caused by the COVID-19 pandemic, Bangladeshi garment manufacturers are now anticipating a slowdown as sales at key customers such as Walmart are hit by a spike in inflation. The garments industry accounts for more than 80% of total exports …

Bangladesh’s garments exporters brace for slowdown after Walmart warning Read More »

WASHINGTON (Reuters) – The U.S. Treasury said on Wednesday that it will allow state, local and tribal governments more flexibility to use COVID-19 rescue funds to boost the supply of affordable housing, including permission to issue direct long-term project loans. The changes for the $350 billion State and Local Fiscal Relief Fund program are aimed …

U.S. Treasury to allow COVID funds for state, local affordable housing loans Read More »

By Padraic Halpin DUBLIN (Reuters) -Packaging giant Smurfit Kappa posted a 50% jump in first-half core profit on Wednesday, sending shares in Europe’s largest paper packaging producer sharply higher. Revenue growth of 33% pushed its core earnings up to a fresh record 1.2 billion euros ($1.22 billion), prompting Smurfit to increase its interim dividend by …

Smurfit Kappa profits jump 50% but warns some demand slowing Read More »

By Sameer Manekar, Shashwat Awasthi and Clara Denina (Reuters) -Rio Tinto <RIO.L> reported a 29% drop in first-half profit on Wednesday and more than halved its dividend, as the global miner was hurt by weaker iron ore prices due to cooling demand from top consumer China, higher costs and labour shortages. It is still the …

Rio Tinto slashes dividend as profits take a hit; shares tumble Read More »

LONDON (Reuters) – Physical flows and requests for Russian natural gas flows through Nord Stream 1 into Germany fell on Wednesday morning after Gazprom further cut capacity of the pipeline that provides more than a third of Russian gas exports to the European Union. Data on the Nord Stream AG website showed nominations nearly halved …

Nord Stream 1 gas nominations, physical flows fall – operator website Read More »

By Karin Strohecker and Jorgelina do Rosario LONDON (Reuters) -Ukraine aims to strike a deal for a $15-$20 billion programme with the International Monetary Fund before year-end to help shore up its war-torn economy, the country’s central bank governor Kyrylo Shevchenko told Reuters. Battered by Russia’s invasion launched on Feb. 24, Ukraine faces a 35%-45% …

Ukraine aims for $15-20 billion IMF loan by year-end -central bank governor Read More »