Up to 30% of jobs to be cut by enlarged UBS, Tages-Anzeiger reports

GENEVA (Reuters) - The bank created by the UBS takeover of Credit Suisse is poised to reduce its workforce by 20-30%, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager. UBS agreed to buy Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion) in a deal engineered by the Swiss government, the central bank and market regulator to avoid a meltdown in

Fed's Cook to weigh financial conditions in setting policy

(Reuters) - Federal Reserve Board Governor Lisa Cook on Friday said she will weigh signs of momentum in inflation against potential economic headwinds from recent turmoil in the banking sector in an effort to calibrate the right level of interest rates to bring down inflation amid uncertainty. "On the one hand, if tighter financing conditions restrain the economy, the appropriate path of the

Johnson & Johnson unit loses bid to stay in bankruptcy during Supreme Court appeal

By Dietrich Knauth (Reuters) -A U.S. court on Friday declined to delay the dismissal of a Johnson & Johnson company's bankruptcy, directing the bankruptcy to be dismissed despite a planned U.S. Supreme Court appeal that could revive the company's effort to resolve tens of thousands of lawsuits over its talc products in bankruptcy. J&J sought to use the bankruptcy of its subsidiary company, LTL

Amazon must face California lawsuit claiming its prices are too high

(Reuters) - A California judge has rejected Inc's bid to dismiss the state's antitrust lawsuit accusing the online retailer of illegally forcing merchants to accept policies that result in artificially high prices for consumers. California sufficiently alleged that Amazon's policies "have had the anticompetitive effect of raising prices on competing retail marketplaces as well as on

Goldman, Morgan Stanley win dismissal of investors' Archegos lawsuits

By Jonathan Stempel NEW YORK (Reuters) -A U.S. judge on Friday dismissed seven lawsuits by investors who accused Goldman Sachs Group Inc and Morgan Stanley of market manipulation and insider trading before the collapse of Bill Hwang's $36 billion Archegos Capital Management LP. U.S. District Judge Paul Crotty in Manhattan rejected claims that the Wall Street banks, two of Archegos' prime brokers

Amazon must face California lawsuit claiming its prices are too high, judge says

By Jonathan Stempel (Reuters) -A judge has rejected Inc's bid to dismiss California's antitrust lawsuit accusing the online retailer of illegally forcing merchants to accept policies that cause consumers to pay artificially high prices. Judge Ethan Schulman in San Francisco Superior Court said California sufficiently alleged that Amazon's policies "have had the anticompetitive effect

Exclusive-Climate row roils U.N.-backed group of insurers and pension funds

By Virginia Furness LONDON (Reuters) - A member of a United Nations-backed coalition of insurance firms and pension funds seeking to tackle climate change told Reuters it was considering quitting after disagreements about curbing investment in the oil and gas sector split the group. Danish pension fund AkademikerPension may leave the Net Zero Asset Owner Alliance because new requirements

Dollar up vs euro but remains on track for weekly loss after inflation data

By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar rose against the euro on Friday but was on track for its fifth straight weekly loss against the common currency, after slower U.S. consumer spending growth boosted hopes the Federal Reserve would be less aggressive in hiking interest rates. U.S. consumer spending rose moderately in February after surging the prior month, and while inflation

Fed's Collins says latest inflation data doesn't change policy path yet

By Michael S. Derby WASHINGTON (Reuters) - Boston Federal Reserve President Susan Collins said on Friday that wherever the U.S. central bank stops with its interest rate rises, maintaining that level for some time will be critical in helping to lower high inflation back to the 2% target. Collins, speaking to Reuters after the release of a report showing a key gauge of inflationary pressures

As economy slows, Liberals push off EI reform over worries it could drive up premiums

OTTAWA — The Liberal government left employment insurance reform out of the federal budget this week over concern that reforming the program amid a slowing economy could drive up premiums for workers and employers. That's according to a spokesperson for Employment Minister Carla Qualtrough, who said the federal government "remains committed to mode...

Tech sector helps lead S&P/TSX composite higher, U.S. stock markets also rise

Canada’s main stock index climbed more than 150 points Friday to close out the first quarter of the year in positive territory in spite of this month’s Silicon Valley Bank-related market turmoil. The S&P/TSX composite index was up 158.90 points at 20,099.89. On Wall Street, U.S. markets also closed higher, with the Dow Jones industrial average up 4...

US bank deposit outflows decelerated in second week after SVB collapse

(Reuters) - Deposits at all U.S. commercial banks fell in the week ended March 22 to their lowest since August, but at a slower rate than the week before, and stabilized at small lenders seen as more vulnerable to outflows after the failure of Silicon Valley Bank. Data released on Friday by the Federal Reserve showed the $125.7 billion drop in deposits at all U.S. banks in the week ended March 22

TSX pads quarterly gain as interest rate concerns ease

By Fergal Smith (Reuters) -Canada's main stock index rose on Friday for a sixth straight day, notching its highest closing level in three weeks, as worries eased about the outlook for U.S. interest rates and data showed stronger-than-expected growth in the domestic economy. The Toronto Stock Exchange's S&P/TSX composite index ended up 158.90 points, or 0.8%, at 20,099.89, its highest closing

A key inflation gauge tracked by the Fed slowed in February

WASHINGTON (AP) — The Federal Reserve's favored inflation gauge slowed sharply last month, an encouraging sign in the Fed's yearlong effort to cool price pressures through steadily higher interest rates. Friday’s report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from Decemb...

A quick look at some of the reaction to Ottawa's approval of the Rogers-Shaw deal

TORONTO — Rogers Communications Inc.'s proposed $26-billion purchase of Shaw Communications Inc. cleared its final regulatory hurdle Friday after Industry Minister François-Philippe Champagne approved the transfer or wireless spectrum licenses from Shaw's Freedom Mobile to Quebecor Inc.'s Videotron. Here's what some people are saying about the deci...

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US consumer spending slows, but seen boosting first-quarter GDP growth

By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending rose moderately in February, and while inflation cooled, it remained high enough to possibly allow the Federal Reserve to raise interest rates one more time this year. The slowdown in consumer spending reported by the Commerce Department on Friday followed the largest increase in nearly two years in January. That, together with

Bed Bath & Beyond is sued by ousted CEO over unpaid severance

By Jonathan Stempel NEW YORK (Reuters) - Bed Bath & Beyond Inc was sued on Friday by Mark Tritton, who was ousted last June as chief executive of the troubled home goods retailer, in a complaint accusing the company of failing to honor his $6,765,000 severance agreement. According to the complaint filed in a New York state court in Manhattan, Tritton said Bed Bath & Beyond stopped making

Fed's Cook: watching credit conditions in calibrating interest rates

(Reuters) -U.S. Federal Reserve Board Governor Lisa Cook on Friday said she is watching credit conditions closely and will factor in potential economic headwinds from recent banking sector turmoil as she weighs the right level of interest rates to deal with high and persistent inflation. "On the one hand, if tighter financing conditions restrain the economy, the appropriate path of the federal

AI experts disown Musk-backed campaign citing their research

By Martin Coulter LONDON (Reuters) -Four artificial intelligence experts have expressed concern after their work was cited in an open letter – co-signed by Elon Musk – demanding an urgent pause in research. The letter, dated March 22 and with more than 1,800 signatures by Friday, called for a six-month circuit-breaker in the development of systems "more powerful" than Microsoft-backed OpenAI's

Scarborough's need for food banks is so great that one non-profit is opening a 6th location

A non-profit organization will open its sixth food bank in Scarborough on Saturday because it says the number of people needing food in the district continues to grow.

China's Huawei partners with more automakers to produce Aito EVs

SHANGHAI (Reuters) - China's Huawei Technologies is partnering with more legacy automakers to produce Aito-branded electric cars, the company's senior executive said on Saturday, in a move to expand its presence in the auto industry. Huawei will team up with Chery Automobile, BAIC Motor and Anhui Jianghuai Automobile Group in jointly developing and manufacturing Aito-branded vehicles, Richard Yu,

VW pledges commitment to electric mobility in China, urges extension of tax breaks

SHANGHAI (Reuters) - A senior Volkswagen AG China executive reiterated on Saturday the German automaker's commitment to quickening the pace of electrification in the world's second largest economy despite issues such as intensified competition and weak demand. VW plans to increase the number of charging posts for electric vehicles in China to 17,000 by 2025, as it planned to invest 15 billion

Deadline for federal workers to go back to the office is here, as union holds rally

OTTAWA — The federal government's return-to-office deadline has arrived — and on cue, a major public-sector union is holding a rally in Ottawa to call attention to workers' concerns. The Public Service Alliance of Canada, which is hosting the demonstration and represents 165,000 federal workers, says women are disproportionately affected by the gov...

Activision threatened, spied on workers amid union drive, U.S. agency says

By Daniel Wiessner (Reuters) - Activision Blizzard Inc violated U.S. labor law by illegally surveilling employees during a walkout and threatening to shut down internal chat channels as a union sought to organize its workers, a federal labor agency said on Friday. A National Labor Relations Board spokeswoman said that unless Activision settles, the agency will issue a complaint against the

TSX adds to first-quarter gain as Canada's economy shows resilience

By Johann M Cherian and Fergal Smith (Reuters) -Canada's main stock index rose on Friday for a sixth straight day, notching its highest closing level in three weeks, as data showing stronger-than-expected growth in the domestic economy bolstered investor sentiment. The Toronto Stock Exchange's S&P/TSX composite index ended up 158.9 points, or 0.8%, at 20,099.89, its highest closing level since

Canadian dollar notches monthly gain as equities rally

By Fergal Smith TORONTO (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Friday, but the currency was holding near its strongest level in more than five weeks as Wall Street climbed and domestic data showed the economy growing at a faster-than-expected pace. The loonie was trading 0.1% lower at 1.3535 to the greenback, or 73.88 U.S. cents, after touching its strongest

Nasdaq set for best qtr since 2020, latest inflation data a boost

By Caroline Valetkevitch NEW YORK (Reuters) - The Nasdaq was set to post its biggest quarterly gain since June 2020, with U.S. stocks rallying on Friday as signs of cooling inflation bolstered hopes the Federal Reserve might soon end its aggressive interest rate hikes. The S&P 500 was on track to post a second straight quarter of gains, led by the technology sector's 20% rise. The quarterly

California, three other states join U.S. bid to stop JetBlue-Spirit merger

WASHINGTON (Reuters) -California and three other states on Friday joined the U.S. Justice Department lawsuit aimed at preventing JetBlue Airways from buying rival discount carrier Spirit Airlines for $3.8 billion. In addition to California, Maryland, New Jersey, and North Carolina signed on to the lawsuit filed in early March. "We look forward to litigating this important case alongside our

Stocks climb and U.S. yields fall after inflation data

By Chuck Mikolajczak NEW YORK (Reuters) - A gauge of global stocks was poised for its biggest weekly percentage gain in two months on Friday, with the two-year U.S. Treasury yield set for its first quarterly decline in the past nine, as U.S. inflation data fueled hopes the Federal Reserve may be reaching the end of its rate hiking cycle. U.S. consumer spending rose moderately in February, and

Stocks gain as Wall Street closes out winning March, quarter

NEW YORK (AP) — Stocks rallied on Wall Street and closed out a winning March despite a long list of worries for investors. The S&P 500 gained 1.4% Friday and rose 3.5% for the month, with tech stocks leading the way. The index also notched its second winning quarter in a row after tumbling through most of last year on worries about high interest ra...

Stellantis' Portugal plant to produce large series fully battery electric compact vans

(Reuters) - Carmaker Stellantis NV said on Friday its Portugal plant would become the first assembly plant in the country to produce large series fully battery electric compact vans by 2025. Stellantis's Mangualde Production Center, which has made over 1.5 million vehicles, will produce battery electric light commercial vehicles for Citroën, Fiat, OPEL and Peugeot, the company said in a statement

U.S. Republicans widen challenge to fund managers on ESG

By Ross Kerber (Reuters) -Republican attorneys general from 21 U.S. states raised fresh concerns with asset managers over their consideration for environmental, social and governance (ESG) factors in the votes cast at U.S. corporate annual meetings getting under way this spring. The top state legal officers issued their challenge via a letter, provided by the office of Montana Attorney General

Canada clears C$20 billion Rogers-Shaw deal with tough conditions

By Aditya Soni and Chavi Mehta (Reuters) -Canada on Friday approved Rogers Communications Inc's C$20 billion ($14.8 billion) buyout of Shaw Communications after securing binding commitments to pay financial penalties if it failed to create new jobs and invest to expand its network. The final nod from Minister of Innovation, Science and Industry Francois-Philippe Champagne capped two years of

Elon Musk's 2018 tweet on Tesla union campaign illegal, US court rules

By Daniel Wiessner (Reuters) - A U.S. appeals court on Friday said Tesla Inc CEO Elon Musk violated federal labor law by tweeting that employees of the electric vehicle maker would lose stock options if they joined a union. The New Orleans-based 5th U.S. Circuit Court of Appeals upheld a decision by the U.S. National Labor Relations Board that said the 2018 tweet amounted to an unlawful threat

A $40-billion deficit and a $26-billion deal: Here are the week's top 7 stories

Stephanie Hughes, finance reporter for the Financial Post, walks you through the top seven stories of the week. To read more, click on the links below. 7. Dollarama raises dividend after sales, earnings climb 6. Lululemon shares soar after outlook beats analyst expectations 5. Crescent Point buys Spartan Delta assets for $1.7 billion 4. Bank of Canada ‘ready to act’ against market stress 3. Ottawa approves $26-billion Rogers-Shaw deal 2. Joe...

Norwegian wealth fund seeks Credit Suisse boardroom shake-up

(Reuters) - Norges Bank Investment Management will vote against the re-election of Credit Suisse Chair Axel Lehmann and six other directors at the Swiss lender's annual general meeting on Tuesday, the Norwegian wealth fund said on its website. Credit Suisse was acquired last month by rival UBS in a $3.23 billion deal engineered by the Swiss government, central bank and market regulator to avoid

New UBS CEO plays down concerns over size of Swiss bank combination

(Reuters) - Incoming UBS Chief Executive Sergio Ermotti has sought to ease worries about the size of the new bank being created by its takeover of Credit Suisse. Critics have voiced concern about the forced deal, designed to help secure financial stability globally during a period of turmoil, which will create a new Swiss bank with $1.6 trillion in assets and more than 120,000 staff. "Even

Downtown Windsor Farmer's Market set to start Saturday

The first time Frank Iakovidis experienced the Downtown Windsor Farmer’s Market, he and his family knew right away they wanted to be part of it. Now he and his family business are part of the local farmer’s market for a second-consecutive year.

US Republicans challenge more fund managers on ESG

By Ross Kerber (Reuters) -Republican attorneys general from 21 U.S. states raised fresh concerns with asset managers over their consideration for environmental, social and governance (ESG) factors in the votes cast at U.S. corporate annual meetings getting under way this spring. The top state legal officers issued their challenge via a letter, provided by the office of Montana Attorney General

'War of the states': EV, chip makers lavished with subsidies

HARRISBURG, Pa. (AP) — States are doling out more cash than ever to lure multibillion-dollar microchip, electric vehicle and battery factories, inspiring ever-more competition as they dig deeper into their pockets to attract big employers and capitalize on a wave of huge new projects. Georgia, Kansas, Michigan, New York, North Carolina, Ohio and Te...

Fed may stick with one more rate hike even as inflation cools

By Ann Saphir (Reuters) -Federal Reserve policymakers may take some comfort from data on Friday showing a key gauge of inflation cooling in February, but it's far from clear if it marks enough headway for U.S. central bankers to end their year-long campaign to hike interest rates. The Commerce Department reported that personal consumption expenditures (PCE) price index rose 5.0% in February from

Nouveau showcases new options for St. Albert homes

Bring on the new, as in Nouveau, one of St. Albert’s newest residential communities. But this one will be just a little bit different. Located in northwestern St. Albert, north of Villeneuve Road and west of Hogan Road, Nouveau is the first to implement a higher density level. “We named the community Nouveau as a nod to the fact that this area represents a new kind of community in St. Albert,” said Courtney Jensen, managing partner, Strata...

Former premier John Horgan officially resigns B.C. seat of Langford-Juan de Fuca

VICTORIA — Former premier John Horgan has officially resigned his Victoria-area seat in the British Columbia legislature. The Office of the Speaker says in a social media post Horgan formally stepped down as member for Langford-Juan de Fuca in writing on Friday. Horgan, who has twice battled cancer, said last month he was speeding up his retirement...

Lanterns and crescents: more retailers court Ramadan buyers

With her 3-year-old daughter sitting inside a red Target shopping cart, Aya Khalil looked through the aisles with anticipation. The author was on a mission: See for herself that her children's book about a boy and his grandmother baking for an Islamic feast was actually carried by her local Target store in Toledo. “Oh my God! ... It’s right there,”...

US unveils stricter EV tax credit rules to take effect April 18

By David Shepardson and David Lawder WASHINGTON (Reuters) - The U.S. Treasury Department on Friday unveiled stricter electric vehicle tax rules that will reduce or cut tax credits on some zero-emission models but grant buyers another two weeks before the new requirements take effect. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and part of

Kraft Heinz agrees to sell Russian baby food business

MOSCOW (Reuters) -Kraft Heinz has agreed to sell its baby food business in Russia to local drinks and snacks maker Chernogolovka, the U.S. food giant said on Friday, as domestic firms continue to capitalise on the departure of Western brands. Chernogolovka has been one of the major beneficiaries of the corporate exodus from Russia in the past year, snapping up Kellogg Co's local operations and

Car services groups warn of unfair competition as EU data plan stalls

(This March 31 story has been corrected to say car data ownership not clearly defined in EU law) By Foo Yun Chee BRUSSELS (Reuters) - Car services groups on Friday warned a stalled EU proposal to ensure fair access to valuable vehicle data could pave the way for unfair competition from U.S. and Chinese tech companies. The vehicle data tussle between carmakers and a coalition of insurers,

Apple wins appeal against UK's decision to investigate its mobile browser

By Paul Sandle LONDON (Reuters) -Apple Inc won its appeal against the decision by Britain's antitrust regulator to launch an investigation into its mobile browser and cloud gaming services, the Competition Appeal Tribunal (CAT) ruled on Friday. Regulator the Competition and Market Authority (CMA) opened a full investigation in November into the dominance of Apple and Alphabet Inc's Google in

GM says it expects some EVs to receive $7,500 US tax credits

By David Shepardson WASHINGTON (Reuters) -General Motors Co expects some electric vehicles (EVs) will qualify for $7,500 U.S. tax credits after stricter Treasury Department guidance takes effect April 18, the U.S. automaker said on Friday. "We expect a number of our Ultium-based EVs, including the Cadillac Lyriq and additional EVs launching this year like the Chevrolet Equinox EV SUV and Blazer