BOSTON (Reuters) – Fisher Investments founder Ken Fisher said there will be no lay-offs at his Washington state investment firm despite some $3 billion in withdrawals by pension funds and others over allegedly sexist remarks he made at an investor conference. ... More »
WASHINGTON (Reuters) – U.S. Representative Katie Hill, who is under investigation by the House ethics committee over an alleged relationship with a congressional staffer, said on Sunday that she was resigning from Congress. Hill, a 32-year-old California Democ... More »
BEIJING (Reuters) – China’s largely rubber stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday. China’s central bank set up a research team in 2014 to explore l... More »
SYDNEY (Reuters) – An Australian sheep who made headlines in 2015 for the record-breaking weight of his fleece has died, according to the carers of the Merino named Chris. The animal, believed to be aged about 10, was found dead on Tuesday morning by his minde... More »
BERLIN (Reuters) – German payments company Wirecard (WDIG.DE) has hired KPMG to conduct an independent audit to address allegations by the Financial Times that its finance team had sought to inflate reported sales and profits, it said on Monday. The company, p... More »
BEIRUT (Reuters) – Lebanese Prime Minister Saad al-Hariri agreed on Sunday a package of reforms with government partners to ease an economic crisis that has sparked protests aimed at ousting a ruling elite seen as riddled with corruption and cronyism. Official... More »
WASHINGTON (Reuters) – U.S. President Donald Trump was surprised at the resistance to his now-revoked decision to host next year’s Group of Seven summit at his Florida golf resort, his acting chief of staff said on Sunday, adding that Trump still considers him... More »
WASHINGTON (Reuters) – U.S. President Donald Trump abandoned plans late on Saturday to host next year’s Group of Seven summit at his Florida golf resort, after Democrats and others had decried the selection as evidence of the president misusing his office for ... More »
NEW YORK (Reuters) – AT&T (T.N) and Elliott Management are talking about issues the activist hedge fund raised last month when it pushed for change at the U.S. telecommunications and media conglomerate, two people familiar with the matter said on Thursday. Ell... More »
NEW YORK (Reuters) – There are a lot of hard truths about money, but here is one of the hardest: We are really bad at passing along money smarts. As it stands, only 57% of American adults can be considered financially literate, according to a global survey by ... More »
LONDON (Reuters) – Britain’s vast financial services industry will lose more jobs to Europe over the coming years because of Brexit, the City of London’s policy chief told Reuters, warning people not to be duped by the low number of job moves to the continent ... More »
LONDON (Reuters) – From the pinnacle of the City of London’s largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old ... More »
LONDON/SAN FRANCISCO (Reuters) – Backers of Facebook Inc’s (FB.O) Libra cryptocurrency project pledged to forge ahead after selecting a five-member board on Monday, shrugging off the latest member defection by online travel company Booking Holding earlier in t... More »
STOCKHOLM (Reuters) – U.S.-based economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize on Monday for work fighting poverty that has helped millions of children by favoring practical steps over theory. French-American D... More »
NEW DELHI (Reuters) – Indian politicians and academics cheered the Nobel economics prize awarded on Monday to Indian-born American Abhijit Banerjee, whose proud mother told visitors crowding into her apartment that he came from “a family of economists”. Nirmal... More »
LONDON (Reuters) – UBS Wealth Management said on Friday it still expects the UK government to ask for an extension to the deadline for exiting the European Union and to hold a general election, though it acknowledged that chances of a Brexit deal have increase... More »
LONDON (Reuters) – Exxon Mobil Corp has appointed Bank of America Merrill Lynch to run the sale of its Malaysian oil and gas assets as the U.S. firm accelerates a vast disposal program, banking and industry sources said. The Malaysian assets, which include sta... More »
WASHINGTON (Reuters) – U.S. payments processor PayPal Holdings Inc (PYPL.O) said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group. PayPa... More »
MANCHESTER, England (Reuters) – British finance minister Sajid Javid said on Monday the country could take advantage of record low interest rates to borrow to invest in infrastructure. Javid will later use his speech at the governing Conservative Party’s annua... More »
SYDNEY (Reuters) – Australia’s AMP Ltd (AMP.AX) has lost at least one major pension contract while other companies are reviewing their relationship with the wealth manager, which has struggled to stem a client exodus following revelations of serious misconduct... More »
NEW YORK (Reuters) – Investors are starting to prepare for a long U.S. impeachment process that could drag into 2020. The decision by the House of Representatives to begin impeachment inquiries that could end in a vote to remove President Donald Trump from off... More »
SAN FRANCISCO/NEW YORK (Reuters) – Facebook Inc (FB.O) revealed lofty plans to establish a cryptocurrency called Libra in June, but the project quickly ran into trouble with skeptical regulators around the world. Opposition deepened on Friday, when both France... More »
BOSTON (Reuters) – Billionaire investor Carl Icahn, a born New Yorker who has run his business from the city for decades, is moving his office, more than half of his staff and himself to Florida early next year, people familiar with the plan said on Thursday. ... More »
AMSTERDAM (Reuters) – Shares in the spin-off of South African e-commerce group Naspers surged more than 25% in the first minutes of their market debut in Amsterdam on Wednesday. Prosus comprises Naspers’ global empire of consumer internet assets, with the jewe... More »
SYDNEY (Reuters) – KKR & Co Inc (KKR.N) is preparing to list a A$500 million credit fund in November in Australia, marking the U.S. buyout firm’s first investment vehicle in the country, two people with direct knowledge of the matter told Reuters. The KKR Cred... More »
ZURICH (Reuters) – Facebook’s (FB.O) Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world’s largest social media ... More »
JAKARTA (Reuters) – SoftBank-backed ride hailer Grab is in talks to merge OVO, an Indonesian digital payments firm in which it owns shares, with an Ant Financial-backed local peer to build heft and power ahead of archrival Gojek, people familiar with the matte... More »
LONDON (Reuters) – Bank of America Merrill Lynch said on Friday its market sentiment indicator has fallen to a level so bearish it has triggered a “contrarian” buy signal for assets considered more risky, such as equities, for the first time since January. The... More »
NEW YORK (Reuters) – U.S. money market fund assets fell this week, retreating from their highest level since October 2009, suggesting a pause in investors piling into these low-risk products amid trade and economic worries, a private survey released on Wednesd... More »
WASHINGTON (Reuters) – The chair of the U.S. House Financial Services Committee said on Sunday she remained concerned about Facebook’s plans for a digital currency after meeting the government officials in Switzerland that Facebook has said will regulate it. “... More »
NEW YORK (Reuters) – U.S. money market funds amassed their highest level of assets since October 2009 as investors shift cash into low-risk products amid worries about a global economic slowdown and trade tensions, a private report released on Wednesday showed... More »
(Reuters) – Bank of America Corp (BAC.N) Chief Executive Officer Brian Moynihan on Wednesday played down fears of a potential U.S. recession, saying strong consumer spending could keep the economy growing. “The underlying consumer is doing well and making more... More »
MORRISTOWN, New Jersey (Reuters) – U.S. President Donald Trump on Sunday said he did not want the United States to do business with China’s Huawei even as the administration weighs whether to extend a grace period for the company. Reuters and other media outle... More »
LONDON (Reuters) – Uber (UBER.N) appointed a new boss for Britain and Ireland on Monday just over a month before its licence expires in London, one of its most important global markets where the regulator has previously stripped it of its right to operate. Tra... More »
SINGAPORE/WASHINGTON (Reuters) – The U.S. Commerce Department is expected to extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, two sources familiar with t... More »
WASHINGTON (Reuters) – President Donald Trump held a conference call on Wednesday with the chief executives of the three largest Wall Street banks as financial markets were in turmoil, one source with direct knowledge of the matter said on Friday. JPMorgan (JP... More »
ZURICH (Reuters) – ABB’s (ABBN.S) largest shareholder Investor AB (INVEb.ST) is pleased with the appointment of Bjorn Rosengren as the new chief executive of the engineering group, the Swedish investment company said on Monday. “We welcome the appointment of B... More »
WASHINGTON (Reuters) – It has become a jarring and frequent contradiction. President Donald Trump blames the Federal Reserve for putting the U.S. economy at risk while data shows an economy in “reasonably good” shape, as the head of the central bank recently s... More »
(Reuters) – Goldman Sachs Group Inc (GS.N) said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that Goldman no longer expects a trade deal between the world’s two largest economies before the 2020 U.S. presidential e... More »
VIENNA (Reuters) – Austrian sensor specialist AMS (AMS.S) triggered a bidding war for Osram (OSRn.DE) on Sunday, saying it was ready to pay $3.8 billion for the German lighting group’s shares, 10% more than finance investors Bain Capital and Carlyle (CG.O) hav... More »
(Reuters) – BlackRock Inc’s (BLK.N) new private equity fund Long Term Private Capital (LTPC) has completed its maiden investment, taking up an $875 million stake in Authentic Brands Group LLC, making it the largest investor in the U.S.-based entertainment comp... More »
BOSTON (Reuters) – Two new BlackRock Inc funds that exclude gun makers are off to slow starts as socially-minded investors embrace other products addressing a wide range of issues like environmental and governance concerns, according to flow data at the world’... More »
BEIJING (Reuters) – A rocket developed by iSpace put satellites into orbit after a launch from a state facility in northwestern China on Thursday, marking the first successful orbital launch by a privately funded Chinese firm. iSpace’s Hyperbola-1 rocket blast... More »
LONDON (Reuters) – Britain’s major banks have seen a growing number of business customers delay decisions on investments and borrowing in recent weeks, as the probability of a disorderly exit from the European Union inches higher. Britain’s banks have largely ... More »
NEW DELHI/MUMBAI (Reuters) – The Indian government’s budget proposal earlier this month to increase taxes on those with annual incomes of more than 20 million rupees ($292,269) has rattled many foreign portfolio investors(FPIs). The realization that the new ta... More »
BERLIN (Reuters) – Dagmar Valcarcel, a legal expert, will join Deutsche Bank’s supervisory board, German newspaper Handelsblatt said on Wednesday without naming its sources. The newspaper said the position had become free because Stefan Simon was moving into t... More »
BRUSSELS (Reuters) – The European Commission lowered its estimates on Wednesday for euro zone growth and inflation, saying uncertainty over U.S. trade policy posed a major risk to the bloc. In its quarterly economic forecasts, the European Union’s executive ar... More »
BRUSSELS (Reuters) – Croatia has submitted a formal bid to join the European Exchange Rate Mechanism (ERM-2), an early stage on the path to membership of the euro currency, the head of the Eurogroup of euro zone finance ministers said on Monday. The move could... More »
ZURICH (Reuters) – Julius Baer (BAER.S) has appointed Philipp Rickenbacher as its new chief executive officer, the Swiss private bank said on Monday, opting for a company insider to drive the wealth manager’s future growth. His appointment is the latest leader... More »
NAIROBI (Reuters) – Ethiopia will award two telecoms licenses to multinational mobile companies, a senior official said on Friday, in the first detailed announcement of the government’s plans for opening one of the world’s last major closed telecom markets. Th... More »
SYDNEY (Reuters) – Australia’s Big Four lenders are pushing back on the regulator’s plan to require banks make detailed credit checks on borrowers to estimate loan affordability instead of relying on indices, with the No.2 lender saying such checks are not fea... More »
(Reuters) – Bank of America Corp’s commodity arm Merrill Lynch Commodities Inc has agreed to pay $25 million to resolve a probe into its trading practices, the U.S. Department of Justice said on Tuesday. Between 2008 and 2014, traders employed by Merrill Lynch... More »
PARIS/LONDON (Reuters) – H2O, one of French bank Natixis’ asset management businesses, has sold off some illiquid assets and removed entry fees across its funds as it tries to stem outflows of customer money. The business, which contributed about 11% of Natixi... More »
MUMBAI (Reuters) – From companies building palm-sized satellites to those aiming to propel satellites into space using cleaner fuels, a new wave of space technology startups are mushrooming in India, catching the attention of investors keen to join the space r... More »
(Reuters) – Autonomous vehicle technology company Velodyne Lidar has hired bankers for an initial public offering, Business Insider reported on Saturday, citing sources familiar with the process. The San Jose, California-based company is working with Bank of A... More »
NEW YORK (Reuters) – A U.S. judge on Friday rejected Greece’s effort to dismiss an unusual lawsuit in which Sotheby’s and the owners of an ancient Greek bronze horse sued the country, seeking court permission to put the statue on the auction block. U.S. Distri... More »
BOSTON (Reuters) – HomeStreet Inc defeated Roaring Blue Lion Capital Management’s campaign to unseat one director and install its own candidate, ending a two-year standoff between the financial services company and the activist investor, the company said on Th... More »
WASHINGTON (Reuters) – The United States is preparing to send additional troops to the Middle East in response to mounting concerns over Iran, which Washington blames for attacks on oil tankers last week, two U.S. officials told Reuters on Monday, speaking on ... More »
HONG KONG/SYDNEY (Reuters) – Fears of a global recession are on the rise as the U.S.-China trade war re-escalated in May, sending investors to the safety of U.S Treasuries, the Japanese yen and gold. But in Asia, investors are exploring new sanctuaries, from C... More »
LONDON (Reuters) – After almost three years of successfully predicting a global economic revival, world bond markets are furiously flagging the risk of yet another recession, as well as low inflation for a generation. Spooked by the escalating U.S.-China trade... More »
NEW YORK (Reuters) – U.S. money market fund assets rose for a sixth consecutive week, bringing the total to a fresh nine-plus year peak as investors piled cash into low-risk funds on concerns about global trade tensions, a private report released on Wednesday ... More »
NEW YORK (Reuters) – U.S. money market fund assets rose for a fifth consecutive week, bringing its total to more than a nine-year high as investors pour cash into low-risk funds on concerns about escalating U.S.-China trade tensions, a private report released ... More »
HONG KONG/SINGAPORE (Reuters) – Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerlan... More »
WASHINGTON (Reuters) – Deutsche Bank AG and Capital One Financial Corp will not have to immediately hand over the financial records of U.S. President Donald Trump, three of his children and the Trump Organization, according to a court filing on Saturday. The f... More »
(Reuters) – U.S. real estate title insurance company First American Financial Corp said on Friday it had learned of a design defect in one of its production applications that had made possible unauthorized access to customer data. The statement was sent in res... More »
SAN FRANCISCO (Reuters) – Uber’s first employee and one-time chief executive Ryan Graves will step down from the company’s board of directors, Uber said on Friday. Graves this week informed the company of his intention to resign from the board, beginning Monda... More »
LONDON (Reuters) – An investor group managing some $5 trillion said it was pleased with the steps taken by fast-food companies to cut the use of antibiotics in their products and will continue to monitor firms as its three-year-long engagement comes to an end.... More »
(Reuters) – Huawei Technologies’ founder and chief executive Ren Zhengfei said on Saturday the growth of the Chinese tech giant “may slow, but only slightly” due to recent U.S. restrictions. In remarks to the Japanese press and reported s.nikkei.com/2VMJSaT by... More »
(Corrects title in 17th paragraph of this May 17 story to say “Chief Financial Officer” Meng Wanzhou, not “Chief Executive Officer”.) By Karen Freifeld (Reuters) – The U.S. Commerce Department said on Friday it may soon scale back restrictions on Huawei Techno... More »
(Reuters) – U.S. growth appears to be based “exclusively” on government, corporate and mortgage debt and the economy would have contracted if the United States had not added trillions in debt, Jeffrey Gundlach, chief executive of DoubleLine Capital, said in an... More »
(Reuters) – Financing group Greensill Capital on Monday confirmed SoftBank Group Corp’s Vision Fund has invested $800 million in the British company, a vote of confidence in the UK finance sector that has been navigating Brexit challenges. Greensill, which pro... More »
(Reuters) – Huawei Technologies Co Ltd lawyer James Cole’s prior work at the U.S. Department of Justice created conflicts of interest that should disqualify him from defending the Chinese company in a case of alleged bank fraud and sanctions violations, U.S. p... More »
(Reuters) – Pacific Investment Management Co has named Rene Martel, a managing director at the Newport Beach, Calif.-based firm, as its head of retirement, a new role for the firm, a spokesman said Tuesday. Martel, who will report directly to PIMCO CEO Emmanue... More »
BEIJING (Reuters) – China’s central bank said on Monday it will cut reserve requirement ratios (RRRs) to release about 280 billion yuan ($41 billion) for some small and medium-sized banks, in a targeted move to help companies struggling amid an economic slowdo... More »
NEW YORK (Reuters) – Federal Reserve policymakers have no reason to change U.S. interest rates anytime soon but will startle global markets by resuming rate hikes rather than pivoting to cuts, according to a leading Wall Street money manager. Scott Minerd, who... More »
(Reuters) – Wealth management clients are increasingly willing to pay for financial advice as their needs evolve, choosing an average of five providers, with one-third switching managers in the past three years, global wealth consultant EY said on Tuesday. The... More »
TOKYO (Reuters) – Japan’s MUFG will book a charge of about 100 billion yen ($893.34 million) in the year ended March after its credit card unit stopped development of a new system amid increased competition from cashless services, the Nikkei reported on Monday... More »
(Reuters) – U.S. intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West. The CIA accused Huawei of receiving fund... More »
(Reuters) – A British cyber security researcher hailed as a hero for neutralizing the global “WannaCry” ransomware attack in 2017 has pleaded guilty to U.S. charges of writing malware. Marcus Hutchins, who was charged on 10 counts in the United States, pleaded... More »
MOSCOW (Reuters) – After Western sanctions gutted Russia’s financial system five years ago, a new bank card began appearing in the wallets of many Russians. Now the country is hoping to introduce its cards, known as Mir cards, to foreign markets where Russian ... More »
BUCHAREST (Reuters) – Mergers in Europe’s fragmented banking sector are necessary to make the sector more resilient as the euro zone seeks to protect itself from future crises, France’s finance minister told Reuters in an interview. Bruno Le Maire, who joined ... More »
LONDON (Reuters) – British Prime Minister Theresa May indicated to some Brexit-supporting lawmakers on Sunday that she would consider resigning in exchange for parliament backing her Brexit deal, The Sun newspaper reported. “The major admission came in a priva... More »
CAIRO (Reuters) – Egypt’s central bank is likely to maintain interest rates at its meeting on Thursday, a Reuters poll showed on Monday, although some analysts predicted a cut ahead of expected fuel price increases this summer. Eight out of 12 economists polle... More »
NEW YORK (Reuters) – U.S. sanctions on Venezuela’s oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region. Those two companies ... More »
WASHINGTON (Reuters) – Special Counsel Robert Mueller found no evidence of collusion between U.S. President Donald Trump’s campaign and Russia in the 2016 election, but left unresolved the issue of whether Trump obstructed justice by undermining the investigat... More »
WASHINGTON (Reuters) – Special Counsel Robert Mueller’s conclusion that U.S. President Donald Trump’s campaign did not collude with Russia in the 2016 election is a serious blow to Democrats who had hoped Mueller’s report would boost their own wide-ranging pro... More »
WASHINGTON (Reuters) – Special Counsel Robert Mueller has concluded that nobody associated with President Donald Trump’s campaign “conspired or knowingly coordinated” with Russia during the 2016 presidential election, and U.S. Attorney General William Barr say... More »
ABU DHABI (Reuters) – Abu Dhabi will commit up to 1 billion dirhams ($272 million) to support technology start-ups, it said on Sunday, in a dedicated hub as part of efforts to diversify its economy. U.S. tech giant Microsoft will be a strategic partner, provid... More »
LONDON (Reuters) – Fund managers have named bearish bets in European equities as the “most crowded” trade in Bank of America Merrill Lynch’s survey for the first time in its history, suggesting sentiment for one of the world’s most shunned markets may rise fro... More »
HONG KONG/SHANGHAI (Reuters) – Co-working space operators in China are shifting their focus from ambitious expansion plans to services such as customizing offices for clients, as rising vacancy rates and tighter financing slow their exponential growth of the p... More »
NEW YORK (Reuters) – TPG Capital senior executive Bill McGlashan on Thursday left the private equity firm after he was charged in connection with a U.S. college fraud scheme that has ensnared Hollywood celebrities and corporate elite. It is the latest fallout ... More »
BEIJING (Reuters) – Chinese dockless bike-sharing company Mobike said on Monday it will pull out of some Asian countries and re-evaluate its units in other overseas markets amid a wide-scale contraction in the market and the bankruptcy of top competitor Ofo. T... More »
NEW YORK (Reuters) – Senator Elizabeth Warren vowed on Friday to break up Amazon, Google and Facebook if elected U.S. president to promote competition in the technology sector. Seeking to stand out in a crowded field vying to be the Democratic candidate for pr... More »
WASHINGTON (Reuters) – The House Judiciary Committee will seek documents from more than 60 people and organizations as it begins investigations into possible obstruction of justice and abuse of power by President Donald Trump, the panel’s chairman said on Sund... More »
OTTAWA (Reuters) – The lawyers for Huawei Chief Financial Officer Meng Wanzhou are suing the Canadian government, its border agency and federal police, alleging their client was detained, searched and interrogated for three hours in violation of her constituti... More »
WASHINGTON (Reuters) – Question: What do you get when you combine Russian agents, a therapy dog and a $15,000 ostrich-skin jacket? Answer: A criminal investigation that could decide the fate of a U.S. president. Donald Trump’s presidency has produced no shorta... More »
LONDON (Reuters) – High-grade euro zone debt remains scarce even though the European Central Bank has stopped its huge purchases of new bonds, intensifying concerns that banks will face future collateral shortages and highlighting the need for safe assets. The... More »
HONG KONG/LONDON (Reuters) – Standard Chartered PLC has unveiled plans to double returns and dividends in three years by cutting $700 million in costs and boosting income, even though the bank missed its previous targets in tough market conditions. Chief Execu... More »
WASHINGTON (Reuters) – Federal Reserve Chairman Jerome Powell worked hard to strengthen ties with Congress during his first year as head of the U.S. central bank, doubling the pace of meetings with lawmakers over his predecessors and courting Democrats and Rep... More »
NEW YORK (Reuters) – One thing we have learned in the United States this tax season: Refunds make Americans happy – and not getting one, or getting a smaller one, makes them mad. The number of refunds for 2018 returns is down 26.5 percent, and the dollar amoun... More »
