Reuters US Economy

Australia regulator expands money laundering probe at casino firm Star

(Reuters) -Australia’s financial crime regulator said on Friday it had broadened its ongoing investigation of the country’s second-biggest casino operator Star Entertainment Group over possible breaches of anti-money laundering and counter-terrorism laws at its casinos. The sector has been plagued by a slew of regulatory inquiries in Australia and the development highlights casino firms’ shortcomings …

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Canada joins Mexico in challenging U.S. on auto trade rules, latest sign of strains

By David Ljunggren OTTAWA (Reuters) -Canada will sign onto a complaint against the United States over its interpretation of how free trade should apply to the continental auto industry, another sign of souring ties between the North American neighbors. Trade Minister Mary Ng said on Thursday that Canada would join Mexico in requesting a dispute …

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Fed officials nod to March rate hike as inflation drumbeat grows louder

By Lindsay Dunsmuir and Ann Saphir (Reuters) – Federal Reserve policymakers this week signaled they will start raising U.S. interest rates in March to battle inflation that’s eroding the value of workers’ recent wage gains and putting the policysetters under a political spotlight. In what were among the last public comments from U.S. central bankers …

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Activist fund Starboard asks Mercury Systems to scrap shareholder rights plan

(Reuters) – Activist hedge fund Starboard Value LP sent an open letter to the board of Mercury Systems on Thursday asking the defense technology firm to eliminate the shareholders rights plan it recently adopted. A shareholder rights plan, popularly known as a “poison pill”, is a defensive strategy to avert hostile takeovers. The plan, usually …

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Fed’s Harker says balance sheet runoff should be steeper than last time

(Reuters) – The Federal Reserve should raise interest rates at least three times this year to combat high inflation and reduce its balance sheet more quickly than it did after the global financial crisis, Philadelphia Fed President Patrick Harker said on Thursday. After the Fed raises rates above zero, the central bank should “move into …

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Fed’s Barkin says timing and pace of rate moves will depend on inflation

(Reuters) -The timing and pace of interest rate increases will depend on what happens with inflation and Federal Reserve officials may need to move more “aggressively” if inflation remains elevated, Richmond Fed Bank President Thomas Barkin said Thursday. “The closer that inflation comes back to target levels, the easier it will be to normalize rates …

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Valero, Exxon among winners of U.S. sale of strategic oil reserves – DOE

By Kanishka Singh (Reuters) -The U.S. Energy Department said on Thursday it had sold 18 million barrels of strategic crude oil reserves to six companies, including Exxon Mobil and a unit of refiner Valero Energy Corp, after saying last year it would sell reserves to try to tamp down rising oil prices. The Biden administration …

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Fed’s Barkin says labor shortage is part of a long lasting phenomenon

NEW YORK (Reuters) – The labor shortage making it difficult for businesses to find needed workers may persist because of longstanding trends in demographics and challenges related to the pandemic, Richmond Federal Reserve Bank President Thomas Barkin said Thursday. “I do think this is a long lasting phenomenon, and a lot of it has been …

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