Author: Press Room
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The Barclay family has regained legal ownership of the Telegraph for the next few months, as the newspaper’s prospective Abu Dhabi-backed owner awaits the outcome of a UK government probe into its takeover. The media group emerged from receivership after six months in the hands of its lender Lloyds Banking Group after the family used cash provided by RedBird IMI to pay off its bad loans.However the family will not have any control over its operations. Instead, an independent board will oversee…
© Reuters. FILE PHOTO: The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque/File Photo By Michael S. Derby NEW YORK (Reuters) -Underlying inflation pressures eased in October compared to the prior month, according to a report released on Monday by the Federal Reserve Bank of New York. The bank said that its Multivariate Core Trend (MCT) inflation reading for October stood at 2.6%, from September’s 2.88%. The higher level of the MCT relative to its pre-pandemic average “is in large part due to the sector-specific trends in housing and services ex-housing,” the bank said. The NY Fed MCT…
© Reuters. FILE PHOTO: General Motors CEO Mary Barra speaks during a news conference at the North American International Auto Show in Detroit, Michigan,September 13, 2022. REUTERS/Rebecca Cook/File Photo DETROIT (Reuters) – General Motors (NYSE:) CEO Mary Barra said on Monday the Detroit automaker is “very focused on righting the ship” at Cruise, its troubled self-driving unit. Barra said an ongoing outside external safety review will guide the company’s path forward and is expected to be completed in early 2024. Last month, Cruise paused all driverless and supervised car trips in the United States and expanded a safety review of…
© Reuters LONDON – Copper and nickel prices have taken a step back as investor optimism about potential Federal Reserve rate cuts waned. Recent comments from Fed Chair Jerome Powell have led to a reassessment of the prospects for an early easing of monetary policy, causing industrial metals to face declines. On Monday, on the London Metal Exchange (LME) dropped to $8,448 a ton, retreating from recent highs. This downturn reflects investors’ revised expectations following Powell’s remarks last week, which had initially sparked a surge in the LMEX Index. The index tracks the performance of six major industrial metals and…
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A super PAC backing the independent presidential candidacy of Robert F. Kennedy Jr. is planning to spend $10 million to $15 million to get Mr. Kennedy on the ballot in 10 states, a substantial effort that, even if partly successful, could heighten Democratic concerns about his potential to play the role of spoiler in 2024.The hefty sum underscores the challenge facing Mr. Kennedy, an environmental lawyer and prominent purveyor of conspiracy theories, as he pursues his long-shot White House bid. It also shows the substantial financial support he has generated so far.The super PAC, American Values 2024, has raised at…
FATCA Foreign Account Tax Compliance Act on a table.getty Swiss private bank Banque Pictet et Cie SA has admitted that it conspired with U.S. taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere, and to conceal from the IRS the income generated in those accounts. The bank entered into a deferred prosecution agreement and agreed to pay approximately $122.9 million to the U.S. Treasury. It is almost 2024 now, but these cases go back to Justice Department investigations since 2008 into facilitation of offshore U.S. tax evasion by foreign banks. “As…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Swiss private bank Pictet has agreed to pay $123mn to US authorities after admitting to helping clients illegally shield more than $5.6bn of assets from tax in secret accounts from 2008 to 2014.The Geneva-based bank, Switzerland’s oldest and most prestigious private money manager, on Monday entered into a deferred prosecution agreement with the Department of Justice. It has agreed to co-operate fully with ongoing investigations into the clients in question and their accounts.“Today [Pictet] admitted to actively helping US taxpayers use coded…
2/2 © Reuters. FILE PHOTO: Employees works on an assembly line at startup Rivian Automotive’s electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski/File Photo 2/2 By Lucia Mutikani WASHINGTON (Reuters) – U.S. manufacturing remained subdued in November, with factory employment declining further as hiring slowed and layoffs increased, more evidence that the economy was losing momentum after robust growth last quarter. The survey from the Institute for Supply Management (ISM) on Friday followed on the heels of data on Thursday showing moderate growth in consumer spending and subsiding inflation in October.…
© Reuters. (Reuters) -Eight people were taken to the hospital for treatment on Monday after a toxic gas leak at Altivia Chemical’s plant in La Porte, Texas, was contained local officials said. The La Porte Office of Emergency Management (LPOEM) said the Fire Department and the Harris County Pollution Control confirmed there were no “detectable amounts of immediately hazardous products” near or downwind the facility. The announcement comes after officials had cautioned residents to shelter in place due to a phosgene leak at Altiva, a chemical manufacturer and transporter that develops phosgene derivatives for pharmaceuticals and the agriculture industry. “Eight…