Reuters US Business

By Daniel Wiessner (Reuters) – Wells Fargo Co was hit with a proposed class action lawsuit on Wednesday accusing the bank of routinely requiring hourly employees in Florida to work overtime without pay. The complaint filed in federal court in Orlando, Florida claims Wells Fargo expected registered client associates, or RCAs, to work more than …

Wells Fargo accused in lawsuit of routine overtime pay violations Read More »

By Ben Klayman DETROIT (Reuters) -Ford Motor Co has no plans to spin off its electric vehicle or gasoline-powered vehicle businesses, Chief Executive Jim Farley said on Wednesday. “We have no plans to spin off our electric business or our ICE business,” Farley said at a Wolfe Research conference appearance that was webcast, using an …

Ford has no plans to spin off EV or gasoline-powered vehicle businesses -CEO Read More »

By Caroline Valetkevitch NEW YORK (Reuters) – Wall Street indexes ended sharply lower on Wednesday as Ukraine declared a state of emergency and the U.S. State Department said a Russian invasion of Ukraine remains potentially imminent. The State Department added that Washington has not seen any indication of Russians backing away, while the White House …

Wall St ends sharply lower as Ukraine worries intensify Read More »

(Reuters) – New Zealand’s Fonterra on Thursday raised the forecast range for the price it pays farmers for milk in the 2021/22 season, citing an increase in global dairy rates due to strong demand and tight supply. The dairy giant said high feed costs in the United States and the European Union had impacted milk …

Fonterra raises farmgate milk price forecast on strong dairy demand Read More »

By Ann Saphir (Reuters) -With the U.S. economy and the labor market doing well but inflation too high, it is “appropriate” for the Federal Reserve to begin reducing policy accommodation next month, San Francisco Federal Reserve Bank President Mary Daly said Wednesday. After that first rate rise, Daly told the Los Angeles World Affairs Council …

Fed’s Daly: Pace of policy tightening depends on data Read More »

(Reuters) -Citigroup Inc has asked vaccinated employees in all U.S. locations to start returning to the office from the week of March 21, according to an internal memo on Wednesday that was seen by Reuters. Staff will be working from the office for at least two days a week, the memo said. “Although COVID-19 may …

Citigroup asks U.S. employees to return to office from March 21 – memo Read More »

LONDON (Reuters) – JPMorgan’s emerging market strategists said on Wednesday that new U.S. sanctions on Russian sovereign debt announced this week were likely to have limited implications for the international investors that already hold them. They added that the new measures, which introduce restrictions on ‘secondary market’ trading of rouble and non-rouble-denominated debt issued after …

New Russia debt sanctions to have “limited implications” for bond holders – JPMorgan Read More »

MADRID (Reuters) – Spanish pharmaceutical group Rovi raised its 2022 revenue guidance as it posted a 151% jump in annual net profit on Wednesday, citing strong growth in contract manufacturing and specialty pharmaceuticals. The company said it expects operating revenue growth of between 15% and 20% this year, up from a previous forecast for mid-single-digit …

Spain’s Rovi raises guidance after 2021 profit jumped 151% Read More »

A look at the day ahead in markets from Dhara Ranasinghe. The Ukraine crisis may be tempering the most aggressive rate hike bets but New Zealand’s latest interest rate rise suggests central banks remain firmly on the path towards tighter policy. The Reserve Bank of New Zealand on Wednesday delivered its third straight rate increase, …

Marketmind: Another rate hike from New Zealand Read More »