First Republic Bank Drops after Expected Quarter Point Fed Hike Bank Stocks Fall
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Do not ignore Africa, World Bank head tells wealthy nations
Call comes as continent’s leaders push for $120bn in aid to boost development and battle climate change threatFinancial Times - World -
She Was Convicted of Making a Bank Her Personal ATM---and Sentenced to Death
The case became one of the most high profile in a relentless anticorruption campaign in Vietnam dubbed the “Blazing Furnace.”The Wall Street Journal - World -
Cannabis Laws Are Changing, but Pot Merchants Still Can't Find Banks
Marijuana may become a less regulated Schedule III drug under federal regulations, but banking access remains an obstacle.Inc. - Business -
Bank of Canada 'Getting Closer' to Rate Cuts, Macklem Says
Central bank officials are confident inflation will continue to decelerate, Gov. Tiff Macklem said, adding that higher rates in Canada are having ‘more traction’ than in the U.S.The Wall Street Journal - World -
Banks face new risks as US tightens sanctions on Russia
Ukraine conflict shows no sign of abating — and financial institutions are being expected to implement the responseFinancial Times - World - Russia -
Israel accused of possible war crime over killing of West Bank boy
UN expert says death of 8-year-old appears to violate law after reviewing evidence gathered by BBC.BBC News - Top stories - Israel -
Lenders flying blind on private equity risk, Bank of England warns
Regulator says sector needs a consolidated view to avoid a repeat of Archegos fiascoFinancial Times - Business -
John Swinney to announce bid to be first minister
The MSP is expected to launch his campaign at a press conference in Edinburgh on Thursday morning.BBC News - Top stories -
Construction spending posts bigger-than-expected drop
Construction spending fell 0.2% in March, the Commerce Department reported Wednesday.MarketWatch - Business -
Amazon Reports $143.3 Billion in Revenue for First Quarter of 2024
The company also reported that profit more than tripled, to $10.4 billion, topping Wall Street expectations.The New York Times - Tech -
Starbucks’ stock sinks 12% as ‘cautious’ consumers, more headwinds hit profit, revenue
Starbucks reported fiscal second-quarter earnings late Tuesday that were wide off the mark.MarketWatch - Business -
Metals Fall Ahead of Fed Policy Decision
Metal prices traded lower, with gold falling back below $2,300, as traders further temper expectations on the timing of U.S. interest-rate cuts this year.The Wall Street Journal - World - Federal Reserve -
Two-year Treasury yields back below 5% after Powell suggests rate hike unlikely
Bond yields fell early Thursday as the market continued to express relief that the Federal Reserve’s latest monetary policy meeting passed without a shift to notably more hawkish rhetoric.MarketWatch - Business -
TD Bank Sets Aside $450 Million for Possible U.S. Anti-Money Laundering Penalties
Canada’s second-largest bank by market capitalization said the provision is related to talks with one U.S. regulator.The Wall Street Journal - World -
HSBC Chief Executive Noel Quinnunexpectedly said he would retire, leaving the bank without a clear successor.
HSBC Chief Executive Noel Quinn unexpectedly said he would retire, leaving the bank without a clear successor.The Wall Street Journal - World -
Fearing Trump’s tariffs, one bank has ratcheted up rate forecasts — in Australia
In the world of finance everything’s connected, including the likelihood of President Donald Trump returning to office and Australian interest rates.MarketWatch - Business - Australia -
Interest earned by big UK high street banks on BoE reserves surges to £9.2bn
MP highlights scale of lenders’ ‘unanticipated income’ in 2023, but acknowledges some progress towards better savings rates for consumersFinancial Times - Business - United Kingdom -
'Basel III' bank rules could pose unexpected threat to Biden's green energy plans
Renewable energy groups and congressional Democrats are raising alarms about potential harm to clean energy goals from a proposed banking regulation.CNBC - Business - Joe Biden -
Interest earned by big UK high street banks on BoE reserves surges to £9.2bn
MP highlights scale of lenders’ ‘unanticipated income’ in 2023, but acknowledges some progress towards better savings rates for consumersFinancial Times - World - United Kingdom -
Stocks Turn Higher After Powell Comments
Stocks were turning higher following the Federal Reserve’s widely expected decision to keep rates steady.The Wall Street Journal - World -
Warner Bros. Discovery stock falls to all-time low
Shares in Warner Bros. Discovery plummeted to an all-time low Tuesday, as the company fights to retain broadcasting rights to the NBA and shore up Wall Street's confidence in its financial future. The company's stock was trading at less than $8 ...The Hill - Politics -
Weak Equities Could Give Dollar an Extra Lift if Fed Points to Rate-Cut Delays
Equity markets falling while the Fed pushes back on interest-rate cut prospects due to persistently high inflation during Wednesday’s announcement, could be a boon for the dollar, ING said.The Wall Street Journal - World - Federal Reserve -
Here's everything to expect from the Fed meeting that will move markets on Wednesday
Markets are anticipating a near-zero chance that the policy-setting arm of the central bank will announce any change to interest rates.CNBC - Business - Federal Reserve -
Fed holds interest rates steady at highest level since 2001
The U.S. economy has faced a months-long stretch of stubborn inflation.ABC News - Top stories - Federal Reserve -
John Swinney expected to announce he will run for SNP leadership and first minister
Swinney has won backing of several senior cabinet members and SNP’s Westminster leader, Stephen Flynn. John Swinney is expected to announce that he will run for SNP leadership and first minister of Scotland.. Swinney, 60, a hugely experienced ...The Guardian - World -
New Big 12 out to prove bigger bank accounts don't always mean better football teams in 12-team CFP
The Big 12 is about to play its first season without Oklahoma and TexasABC News - Sports -
Coca-Cola beats first-quarter earnings estimates, raises annual revenue outlook
Coca-Cola Co. reported better-than-expected first-quarter results before market open Tuesday, boosted by what the beverage giant described as “a dynamic backdrop.”MarketWatch - Business -
Amazon.com reported record first-quarter sales as the artificial-intelligence boom powered growth in its cloud-computing unit.
Amazon.com reported record first-quarter sales as the artificial-intelligence boom powered growth in its cloud-computing unit.The Wall Street Journal - World -
Pfizer’s first-quarter results top estimates, while drugmaker boosts full-year profit outlook
Pfizer on Wednesday reported first-quarter results that beat analyst expectations, and raised its full-year profit guidance as cancer and heart-disease drugs helped offset plummeting COVID product sales.MarketWatch - Business -
Zillow forecasts slower second quarter, amid caution among first-time buyers and agents
Online real-estate listing service Zillow Group Inc. on Wednesday forecast second-quarter sales that were below expectations, as a stalled housing market weighs on first-time homebuyer demand and pushes some real-estate agents to the sidelines.MarketWatch - Business -
Carvana shares spike 30% as used car retailer posts record first quarter
Carvana reported record first-quarter results Wednesday that beat Wall Street's top- and bottom-line earnings expectations for the online used car retailer.CNBC - Business -
Oil giant Shell beats first-quarter profit estimates, launches $3.5 billion share buyback
British oil giant Shell on Thursday reported stronger-than-expected first-quarter profit, boosted by higher refining margins and robust oil trading.CNBC - Business -
Economic confidence slips for first time since last fall: Gallup
Americans’ confidence in the economy has dropped nine points since last month, the first time it has slipped since the fall, a survey by Gallup found. The Gallup Economic Confidence Index, which summarizes the public’s view on the current economic ...The Hill - Politics -
AMD says it will sell $4 billion in AI chips this year; stock drops on in-line forecast
AMD sells AI chips that compete with Nvidia, but it makes most of its money from PC chips.CNBC - Business -
Why Super Micro’s stock is falling despite an upbeat growth outlook
One analyst’s price target implies 60% further downside, in part due to margin concerns, as AI competition heats up.MarketWatch - Business -
Ukrainian President Zelensky expects NATO accession after war's end
Yahoo News - World - Ukraine -
Harvey Weinstein Could Be Retried This Fall After Rape Conviction Overturned
Mr. Weinstein, the disgraced former Hollywood producer, was in a Manhattan court Wednesday as prosecutors sought to retry him on sex crimes charges.The New York Times - Top stories -
U.S. crude oil falls to $79 a barrel, seven-week low as stockpiles surge on lackluster demand
A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling and the U.S. economy is growing more slowly than expected.CNBC - Business -
Bitcoin extends its slide to start May, falling to $57,000 as Fed leaves rates unchanged
Bitcoin slid to its lowest level in over two months to kick off May, as the Federal Reserve held interest rates steady.CNBC - Business - Federal Reserve -
Fed holds off on rate cuts after 'lack of further progress' on inflation
The Federal Reserve voted to keep interest rates at a 23-year high as inflation has edged up and the labor market remains strong, likely pushing potential rate cuts even later into the year. Interest rates will remain at a range of 5.25 to 5.5 ...The Hill - Politics - Federal Reserve