Author: Press Room

Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.British regulators plan to reintroduce a cap on card fees imposed on transactions between the UK and EU, in a blow to the Visa and Mastercard duopoly that raised charges on businesses more than fivefold since Brexit.On Wednesday, the Payments Systems Regulator proposed that so-called interchange fees charged for cross-border and online credit and debit card payments should be restored to the level set before the country left the EU “to protect UK businesses from overpaying”.“The fees charged by Mastercard and…

© Reuters. Palestinian fighters from the armed wing of Hamas take part in a military parade to mark the anniversary of the 2014 war with Israel, near the border in the central Gaza Strip, July 19, 2023. REUTERS/Ibraheem Abu Mustafa/File Photo By Doina Chiacu (Reuters) -The United States and Britain on Wednesday imposed an additional round of sanctions on people in Turkey and elsewhere who are linked to the Palestinian Hamas militant group, the U.S. Treasury Department said. The sanctions target eight officials who advance Hamas’ agenda and interests abroad and help manage its finances, the Treasury said in a…

© Reuters. FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo (Reuters) – General Motors (NYSE:) said on Wednesday Doug Parks, who leads the automaker’s global product development team, would retire after nearly four decades with the company during which he played a key role in its electrification strategy. During his tenure, Parks has overseen teams that are responsible for developing GM’s EV architecture and the engineering group behind its self-driving unit, Cruise. GM also named Ken Morris, currently vice president, global vehicle…

Michael M. Santiago JPMorgan Chase’s (NYSE:JPM) position as the preeminent U.S. bank was highlighted earlier this year when some mid-sized regional banks suffered deposit runs as their customers panicked when Silicon Valley Bank and Signature Bank failed in March. With its fortress balance sheet, other banks turn to JPM for assistance. One of those banks that found itself in trouble was First Republic Bank (OTCPK:FRCB). JPMorgan (JPM) agreed to pay $10.6B to acquire First Republic to avert its collapse. JPM’s reputation helped its stock outperform peers. JPMorgan (JPM) rose 19% YTD, compared with the KBW Nasdaq Bank Index, which dropped…

Hunter Biden, the president’s son, appeared on Capitol Hill on Wednesday morning to offer to publicly testify in House Republicans’ impeachment investigation into his father, though he insisted he would not appear for a private deposition they scheduled over his refusals.The younger Mr. Biden, who has been served a subpoena to testify, spoke to reporters in a hastily called news conference outside the Capitol near the Senate, across the complex from a House office building where Republican lawmakers were waiting to question him behind closed doors.“I am here,” Mr. Biden said. “Let me state as clearly as I can: My…

The FTC finalized a new rule to curb hidden and junk fees when buying a car.Under the new rule, dealers have to be upfront about prices.They also can’t charge car buyers for bogus add-ons, or charge extra without permission. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app If you dread car shopping — and navigating the labyrinth of what, actually, you need to buy and how much it should cost — the Federal Trade Commission has some good news.On Tuesday, the FTC announced it…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Pfizer shares tumbled more than 8 per cent after the US drugmaker forecast 2024 revenues that were below consensus estimates, as the company attempts to chart a future for growth without blockbuster Covid-19 products.The company said on Wednesday it expected 2024 revenues to fall to between $58.5bn and $61.5bn. An average of analyst estimates compiled by Reuters had seen revenues of $63.17bn for the same period. When it released third-quarter earnings in October, Pfizer said it expected 2023 revenues to fall to…

© Reuters. FILE PHOTO: A person walks through a nearly empty area of retail shops inside The Shops & Restaurants at Hudson Yards in Manhattan in New York City, New York, U.S., April 17, 2023. REUTERS/Mike Segar/File Photo By Bansari Mayur Kamdar (Reuters) – The retail sector could continue to lead U.S. bankruptcies next year due to sticky inflation and high interest rates, but analysts expect easing monetary policy to offer some respite in the second half of 2024. There have been 591 U.S. corporate bankruptcy filings so far this year, the highest since 2020, according to data from S&P…

© Reuters. Oracle Corporation (NYSE: NYSE:) has exhibited a strong performance in its second quarter of fiscal year 2024, primarily driven by its cloud services and license support segments. This robust growth is underscored by a $1 billion increase in the quarter for these segments, which now account for 74% of Oracle’s total revenue. The company’s total revenue rose to $12.9 billion, marking a 4% increase, with cloud revenue climbing 24% to $4.8 billion. Oracle’s Cloud Infrastructure (OCI) has gained significant recognition, being named a leader in the 2023 Gartner Magic Quadrant for Strategic Cloud Platform Services. With total remaining…

BanksPhotos/iStock via Getty Images Lifezone Metals (NYSE:LZM) Wednesday announced a term sheet with a unit of Glencore (OTCPK:GLNCY) for the two-phased implementation of a recycling joint venture to recover platinum, palladium, and rhodium from spent automotive catalytic converters. Lifezone is providing its Hydromet technology for Phase 1 confirmatory piloting and design of the recycling facility, the company added. Test work is underway at Lifezone Metals’ laboratories in Perth, Australia, and is expected to be complete in the first half of 2024. Following the successful completion of Phase 1, Lifezone Metals and Glencore will jointly fund the initial capital expenditures required…