Author: News Room

(Bloomberg) — The financial stresses stemming from the failure of two American banks last month seem to be subsiding, President Joe Biden’s top economic policy adviser said.  “There’s good reason to think the situation has stabilized,” Lael Brainard, the new head of the National Economic Council, said Wednesday.   Brainard didn’t answer directly whether there could be other bank failures this year, deferring to officials charged with oversight.   “I can’t speak to the supervision of individual banks because I’m not in the supervision business,” Brainard told CNN’s Poppy Harlow at Semafor’s World Economy Summit. “But I can say that,…

By Erwin Seba HOUSTON (Reuters) – A slightly below-average 2023 Atlantic hurricane season lies ahead with an El Nino weather phenomenon damping the storm outlook, a top U.S. hurricane forecaster said on Thursday. El Nino, a weather system that forms from warm ocean surface temperatures in the central and eastern Pacific, increases vertical wind shear, lessening or breaking up tropical storms. “If a robust El Niño does not develop, the potential for an active Atlantic hurricane season still exists,” according to the first outlook by Colorado State University (CSU) researchers. The forecasters expect two major hurricanes, or those with wind…

2/2 © Reuters. FILE PHOTO: Brazilian Air Force’s F-39 Gripen fighter flies during a ceremony to mark the beginning of operational activities of the F-39 Gripen fighters, at Anapolis Air Force Base in Anapolis, Goias state, Brazil December 19, 2022. REUTERS/Ueslei Marcel 2/2 By Rodrigo Viga Gaier and Gabriel Araujo RIO DE JANEIRO (Reuters) – Sweden’s Saab AB is looking to boost sales of its Gripen fighter in Latin America, eyeing potential purchases by Colombia and Peru as it prepares to start producing the aircraft in Brazil in partnership with Embraer SA (NYSE:). Chief executive officer Micael Johansson told Reuters…

By Dave Sebastian Nickel miner Trimegah Bangun Persada’s shares nudged up on their debut, which is Indonesia’s eighth-largest initial public offering on record. Shares of the company, which operates in the northern part of Indonesia’s Maluku Islands, rose 2.8% to 1,285 Indonesian rupiah on Wednesday from their IPO price of IDR1,250. Trimegah… Read the full article here

Shares of Bank of America Corp. BAC slipped 0.80% to $28.48 Wednesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.41% to 4,091.95 and Dow Jones Industrial Average DJIA falling 0.11% to 33,646.50. The stock’s fall snapped a three-day winning streak. Bank of America Corp. closed $11.89 below its 52-week high ($40.37), which the company achieved on April 20th. The stock underperformed when compared to some of its competitors Wednesday, as JPMorgan Chase… Read the full article here

President Joe Biden appeared to suggest Thursday that the US government is close to identifying the leaker responsible for the disclosure of sensitive government secrets posted to social media. “There’s a full-blown investigation going on, as you know,” Biden said when asked for comment about the leaks. “The intelligence community and the Justice Department. And they’re getting close. I don’t have an answer for you.” Biden was speaking in Dublin, where he is meeting the Irish president. It was the first time he commented on the leak. The Washington Post reported Wednesday that the person behind the leak worked on…

Germany is pushing Intel to expand its plans for a landmark €17bn chip plant in exchange for higher subsidies, in what is already set to be the country’s largest foreign direct investment since the second world war.The US semiconductor group is due to receive €6.8bn in subsidies from Berlin to build its mega fab, or manufacturing plant, in the eastern city of Magdeburg. People close to the company said Intel wanted subsidies to rise to at least €10bn, citing higher energy and construction costs. German officials said they could increase the financial support, but only on condition the group invested…

Intro We wrote about Fluor Corporation (NYSE:FLR) in mid-2021 when we stated that the company’s bullish forward-looking fundamentals at the time needed to finally make themselves known in the stock’s financials. The reason being is that Fluor’s operating cash flow at the time was coming in negative as the company continued to feel the brunt of the Covid-19 pandemic. Suffice it to say, with book value falling, management was grappling with how to invest as efficiently as possible while at the same time cutting costs to the bone in order to protect the financials. This is a difficult task even…

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The EU’s new regulatory framework for crypto known as MiCA is expected to be debated in the European Parliament on Tuesday or Wednesday next week, with a final vote expected to follow one day later.The new regulatory framework covers a wide range of issues within the crypto sector, including regulations for companies issuing crypto assets and for providers of related services, so-called crypto asset service providers (CASPs).Among the affected companies will be crypto exchanges, custody providers, investment advisors, stablecoin issuers and a number of others who operate within the European market.The upcoming debate over the MiCA bill was announced in…