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Biden: GOP policies would surrender tech economy to China

DURHAM, N.C. (AP) — President Joe Biden said Tuesday that Republicans' ideas for cutting the budget could undermine U.S. manufacturing and help China dominate the world economy. Speaking at a semiconductor maker in North Carolina to highlight his own policies, Biden is trying to shape public sentiment as he faces off with House Speaker Kevin McCart...

2023-03-28T09:28:02Z

Sergio Ermotti returns as UBS CEO to steer Credit Suisse takeover

By John Revill ZURICH (Reuters) - UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse - a surprise move to take advantage of the Swiss banker's experience rebuilding the bank after the global financial crisis. The trader turned corporate problem fixer faces the tough challenge of laying off thousands of staff, cutting back Credit Suisse's

2023-03-29T09:35:42Z

U.S. banks fallout will intensify margin headwinds for Aussie lenders, UBS says

(Reuters) - Australian banks are well-positioned to deal with the pressures emanating from the recent bank runs in the United States, but their margins could be squeezed by the fierce competition for deposits, increased cost of funding and higher bad debts, brokerage UBS said. The brokerage prefers diversely funded banks, specifically with a larger share of retail lending amid tighter banking

2023-03-29T04:50:08Z

Premier defends bill to speed up licensing process for health-care workers

Premier Tim Houston says he has no intention of compromising public safety with new legislation to improve patient access to health-care providers, but he bristled at questions about whether the bill would be amended to address concerns raised by regulators.

2023-03-28T21:11:24Z

Alibaba's breakup lifts hopes China's regulatory winter is thawing

By Ankur Banerjee (Reuters) - Alibaba Group's plans for a major revamp have been taken as a signal that Beijing's regulatory crackdown on corporates is ending, propelling its shares higher and boosting investor confidence in prospects for Chinese tech firms. The Jack Ma-founded conglomerate said on Tuesday it was planning to split into six units and explore fundraisings or listings for most of

2023-03-29T10:13:25Z

UBS turns to ex-CEO Ermotti to steer Credit Suisse takeover

By John Revill (Reuters) -UBS Group AG named former boss Sergio Ermotti as its next chief executive officer on Wednesday, in a surprise move designed to help steer its massive takeover of neighbour Credit Suisse. Ermotti, the current chairman of Swiss Re, is returning to the bank, where he was chief executive from 2011 to 2020, following the takeover of Credit Suisse. He will replace current

2023-03-29T05:40:11Z

US consumer bankers tighten monitoring, processes as industry reels

By Nupur Anand and Tatiana Bautzer Las Vegas (Reuters) - Consumer and mid-sized banks are planning to monitor their internal processes more closely and hold more frequent discussions with regulators as the industry tries to move forward from weeks of turmoil, industry executives say. Industry leaders were taking stock after the collapses of Silicon Valley Bank and Signature Bank and trying to

2023-03-29T04:50:09Z

'Our country can't borrow its way to prosperity': Business reacts to budget 2023

Business lobbyists, labour leaders and economists offered mixed reviews of Finance Minister Chrystia Freeland ‘s 2023 budget . Here are some of the highlights: Perrin Beatty, Canadian Chamber of Commerce The head of Canada’s biggest business lobby said in a statement that the federal government missed an opportunity to introduce measures to encourage private sector investment by fixing a “broken regulatory system” and eliminating barriers to...

2023-03-28T23:54:57Z

BYD downplays China price war impact after Q4 profit jumps

HONG KONG/SHANGHAI (Reuters) -Chinese electric vehicle (EV) giant BYD said on Wednesday it was large enough to shake off the impact of a bruising price war and faltering demand in China, after reporting an 11-fold increase in fourth-quarter profit. The strong result came as it extended its lead in the Chinese market, thanks to an expanding range of products that is helping it overtake Volkswagen

2023-03-29T06:30:17Z

INSTANT VIEW- Canada unveils big spending budget betting on green transition

TORONTO (Reuters) - Canada on Tuesday sought to close competitive gaps with United States with a budget aimed at attracting investment in the low-carbon economy, including tax incentives for electric-vehicle (EV) manufacturers and expanding the electricity grid. STORIES: Market reaction: CAD/ Link: FACTBOX: COMMENTARY TED MALLETT, DIRECTOR OF ECONOMIC FORECASTING AT THE CONFERENCE BOARD OF

2023-03-29T07:18:19Z

Marketmind: Alibaba fires up market mood

A look at the day ahead in European and global markets from Anshuman Daga Just as investor angst over U.S. and European banking troubles eases, the potential end of China's multi-year regulatory crackdown on the tech sector is also cheering up markets. An unprecedented revamp of Chinese tech conglomerate Alibaba Group, which analysts believe to have the blessings of local regulators, pushed up

2023-03-29T04:50:10Z

Futures climb as banking crisis fears abate

(Reuters) - U.S. stock index futures climbed on Wednesday as easing worries about a banking crisis lifted risk sentiment, while investors awaited economic data to assess the Federal Reserve's monetary policy path. Market jitters about stress in the banking system have been soothed in recent days by a U.S. regulator- backed sale of failed lender Silicon Valley Bank's assets as well as few signs of

2023-03-29T09:35:41Z

Safe-haven dollar sluggish as banking fears ebb; yen drops

By Kevin Buckland TOKYO (Reuters) - The safe-haven U.S. dollar struggled to find its footing on Wednesday following two days of losses as global financial markets regained a measure of stability on hopes a full-blown banking crisis can be averted. The dollar index, which tracks the currency against six major peers, edged 0.08% higher to 102.57 in Asian trading, following drops of about 0.3% in

2023-03-29T05:40:09Z

'Capital is impatient': Timelines key as federal budget promises billions for green transition

The Liberals unveiled the federal budget 2023 on March 28, promising tens of billions of dollars to speed the energy transition. But many industry leaders said they were impressed by something other than the size of the financial commitments. What caught their attention was an apparent effort to move policies announced long ago closer to implementation. The focus on timelines to enact policies comes after the U.S. passed the Inflation Reduction...

2023-03-29T11:55:15Z

Qatar takes stakes in two Exxon oil and gas projects offshore Canada

DOHA (Reuters) - QatarEnergy said on Wednesday it signed a deal for stakes in two of ExxonMobil's offshore explorations in Canada as the Qatari state-owned firm builds up its global energy portfolio. The Qatari company first entered offshore exploration in Canada in 2021 with a 40% stake in ExxonMobil's licence for EL 1165A off the coast of Newfoundland and Labrador. The latest farm-in agreement

2023-03-29T10:20:36Z

Australia probes ASX on possible breaches of disclosure rules linked to software proj

(Reuters) -Australia's corporate regulator has begun investigating possible breaches of disclosure rules at share market operator ASX Ltd, the company said on Wednesday, after it cancelled a years-long rebuild of its trading software system. The Australian Securities and Investments Commission (ASIC) will investigate whether ASX broke laws relating to director responsibilities over public

2023-03-29T01:12:48Z

SK Hynix to seek further exemption from US chip curbs against China -CEO

SEOUL (Reuters) - South Korea's SK Hynix Inc will ask the United States for a year's further exemption from chip curbs against China, the chief executive of the world's No. 2 maker of memory chips said on Wednesday. The company will seek the exemption after the current grace period ends in October, Chief Executive Park Jung-ho told reporters at the annual general meeting of shareholders in South

2023-03-29T05:33:13Z

Canada steps up clean tech investments in budget to compete with US

By Steve Scherer OTTAWA (Reuters) - Canada on Tuesday sought to close competitive gaps with United States with a budget aimed at attracting investment in the low-carbon economy, including tax incentives for electric-vehicle (EV) manufacturers and expanding the electricity grid. The 2023-2024 fiscal document, delivered to the House of Commons, also has a "grocery rebate" for 11 million low-income

2023-03-28T21:17:43Z

Goldman Sachs names Michael Marsh as EMEA financing group head - memo

(Reuters) - Goldman Sachs Group Inc is shaking up the leadership ranks at its global financing group after the Wall Street bank merged its investment banking and trading business into a single unit. Michael Marsh will become head of the Europe, Middle East and Africa financing group, according to an internal memo seen by Reuters. He joined the bank in 2006. The internal memo, dated March 22,

2023-03-28T22:35:05Z

Meta, Italy's Mediaset sign deal against online piracy

MILAN (Reuters) - Italy's top commercial broadcaster MFE-Mediaforeurope said on Wednesday its unit Mediaset had partnered up with Facebook owner Meta Platforms to fight online piracy. Under the multi-year partnership, Mediaset will work with Meta to implement a set of tools and systems to protect its unit Reti televisive Italiane (RTI)'s copyrighted content, including live broadcasts. Meta will

2023-03-29T09:33:25Z

Jefferies profit drops less than feared on capital markets strength

(Reuters) -Investment bank Jefferies Financial Group Inc on Tuesday reported a smaller-than-expected drop in profit for the first quarter as strength in its capital markets business helped cushion a lull in dealmaking. After a stellar run in 2021, U.S. investment banking giants struggled for most of last year as the Federal Reserve's aggressive monetary tightening raised borrowing costs in a blow

2023-03-28T22:34:55Z

Elon Musk and others urge AI pause, citing 'risks to society'

By Jyoti Narayan, Krystal Hu, Martin Coulter and Supantha Mukherjee (Reuters) -Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in developing systems more powerful than OpenAI's newly launched GPT-4, in an open letter citing potential risks to society and humanity. Earlier this month, Microsoft-backed OpenAI unveiled the fourth

2023-03-29T12:58:36Z

Adidas retracts opposition to Black Lives Matter three-stripe design

By Blake Brittain (Reuters) -Sportswear maker Adidas AG on Wednesday reversed course 48 hours after asking the U.S. Trademark Office to reject a Black Lives Matter application for a trademark featuring three parallel stripes. "Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation's trademark application as soon as possible," the company said in a statement. A

2023-03-29T08:50:22Z

Charles St-Arnaud: Federal budget promises bigger deficits and no plan to balance the books

The 2023 federal budget can be summarized as bigger deficits in the coming year with no plans to balance the fiscal books. As such, the deficit for the 2023-24 fiscal year is expected to reach $40.1 billion (1.4 per cent of gross domestic product), about $10 billion bigger than expected in the Fall Economic Statement (FES). About half the increase in the deficit is the result of an increase in spending and the other half is due to the expected...

2023-03-28T22:10:09Z

Ottawa promises farmers $34.1 million to make amends for Russian fertilizer tariffs

The federal government will spend $34.1 million to make amends with Eastern Canadian farmers for Ottawa’s tariffs on Russian-made fertilizers that drove up production costs last year, according to the 2023 federal budget . The government slapped a 35 per cent tariff on imports from Russia — a major fertilizer producer — in response to the invasion of Ukraine in early 2022. Finance Minister Chrystia Freeland said the government collected $34.1...

2023-03-29T12:25:30Z

Terence Corcoran: Budgets bring corporate subsidy surge

From sea to sea to sea, and with Finance Minister Chrystia Freeland at the federal helm, Canadian governments are on a major corporate subsidy binge, much to the delight of business and platoons of ideological advocates. We haven’t had time yet to tally the multiple billions provincial governments and Freeland’s new budget are set to distribute in corporate welfare to support industry, research, jobs, green transitions, supply chains and other...

2023-03-28T21:52:19Z

Adidas says Black Lives Matter design violates three-stripe trademark

By Blake Brittain (Reuters) - Sneaker giant Adidas AG has asked the U.S. Trademark Office to reject an application for a Black Lives Matter trademark featuring three parallel stripes, arguing it could mislead the public. Adidas told the office in a Monday filing that Black Lives Matter Global Network Foundation Inc's yellow-stripe design would create confusion with its own famous three-stripe

2023-03-28T21:44:45Z

Ongoing supply shortages threaten U.S. infrastructure and war efforts

By Lisa Baertlein LOS ANGELES (Reuters) - Manufacturers of everything from pickup trucks to homes are still grappling with tight supplies of microchips and cement - shortages that could translate into delays and higher costs for federal efforts to arm Ukraine against Russian aggression and rebuild U.S. crumbling infrastructure and manufacturing. The supply chain woes that sent costs soaring and

2023-03-29T11:10:32Z

Opinion: Stablecoin could be really useful money so let’s regulate it like money

By Jeremy Kronick and Mark Zelmer The knock-on effects from the failure of Silicon Valley Bank also spread to stablecoins. The day after SVB’s failure, USDC, the world’s second-largest stablecoin, announced it had $US3 billion on deposit with SVB and promptly, but briefly, lost its peg to the U.S. dollar. Some people will see this as another nail in stablecoin’s coffin. In our view, it’s another example of why the federal government needs to...

2023-03-29T10:07:31Z

Chatbot dreams drive frenzied tech rally in China

By Jason Xue and Tom Westbrook SHANGHAI/SINGAPORE (Reuters) - Investors are piling into China's tech, media and telecom shares, with speculative bets on chatbot development crowding out other sectors in a scenario that offers a stark contrast with global caution. Mainland China computer, communications equipment and media indexes have surged between 29% and 35% this year, outstripping a rise of

2023-03-29T09:53:25Z

Grocery rebate in federal budget a drop in the bucket for Winnipeggers on tight budgets

The new federal budget promises grocery rebate cheques to low-income Canadians, but some Winnipeggers say the one-time payments don't come close to meeting their needs.

2023-03-29T10:04:31Z

JPMorgan's Jamie Dimon to testify in Epstein lawsuits - FT

(Reuters) - JPMorgan Chase & Co CEO Jamie Dimon will be interviewed under oath over the bank's decision to retain late sex offender Jeffrey Epstein as a client, the Financial Times reported on Tuesday, citing people familiar with the matter. The bank did not immediately respond to a Reuters request for comment. The development comes after a U.S. judge last week said JPMorgan and Deutsche Bank

2023-03-28T21:44:44Z

Walmart and Costco in Canada not making food inflation worse: experts

TORONTO — Experts say the Canadian presence of American retail giants such as Walmart and Costco isn't likely to blame for rising grocery prices. That's despite Canadian grocery chain executives having pushed for MPs to question those retailers as part of their study on food inflation. University of Toronto economist Ambarish Chandra called ongoing...

2023-03-29T08:16:19Z

Canada 2023/24 budget deficit to jump, Ottawa to boost spending

TORONTO (Reuters) - Canada on Tuesday sought to close competitive gaps with United States with a budget aimed at attracting investment in the low-carbon economy, including tax incentives for electric-vehicle (EV) manufacturers and expanding the electricity grid. STORIES: Market reaction: CAD/ Link: FACTBOX: COMMENTARY JULES BOUDREAU, SENIOR ECONOMIST, MACKENZIE INVESTMENTS "The surprise was

2023-03-28T21:02:44Z

Vanier sugar shack reopens 3 years after destructive fire

A popular sugar shack in Ottawa that was severely damaged by a fire almost three years ago has rebuilt and celebrated the grand reopening on Tuesday.

2023-03-29T08:04:01Z

Budget 2023: Ottawa promises to compensate farmers for Russian fertilizer tariffs

The federal government will spend $34.1 million to compensate Eastern Canadian farmers for a spike in production costs last year due to Ottawa’s decision to impose tariffs on Russian-made fertilizers, according to the 2023 federal budget. The government slapped a 35 per cent tariff on imports from Russia — a major fertilizer producer — in response to the invasion of Ukraine in early 2022. Finance Minister Chrystia Freeland said the government...

2023-03-28T22:55:00Z

SoftBank shares jump on Alibaba split-up plans

TOKYO (Reuters) - Shares in SoftBank Group Corp soared on Wednesday after Chinese e-commerce conglomerate Alibaba Group, in which the Japanese technology investor has a 13.7 % stake, announced a major restructuring plan. SoftBank shares were up 5.6% in afternoon trade, on track to post the biggest percentage gain in five months. Alibaba shares were up 13.2%. Alibaba said on Tuesday it was

2023-03-29T05:33:13Z

US Federal Reserve watchdog launches probe of SVB supervision

(Reuters) -The U.S. Federal Reserve's Office of Inspector General (OIG) has launched an independent review of the failure of Silicon Valley Bank (SVB), an OIG spokesperson said on Tuesday. The review, which was launched on March 14, will assess the board's and the Federal Reserve Bank of San Francisco's supervision of the failed lender, the spokesperson told Reuters in a statement. The

2023-03-29T00:14:50Z

Australia probes ASX on possible breaches of disclosure rules

By Byron Kaye SYDNEY (Reuters) -Australia's corporate regulator said it was investigating possible breaches of disclosure rules at share market operator ASX Ltd over a troubled rebuild of its trading software, potentially exposing the stock exchange to criminal prosecution. The investigation into the world's No. 15 stock exchange marks an escalation in the backlash that has rocked ASX since it

2023-03-29T04:13:03Z

Lululemon projects upbeat 2023 on strong demand, easing inventory

By Deborah Mary Sophia (Reuters) -Lululemon Athletica Inc on Tuesday forecast annual sales and profit above Street estimates as the athleisure clothing maker rides on resilient demand and easing inventory glut, sending its shares up nearly 13% in extended trading. The company also allayed concerns around a deeper margin squeeze on lower air freight expenses and fewer markdowns, after a 300-

2023-03-28T23:24:52Z

Dollar on the defensive as banking fears ebb; yen drops

By Kevin Buckland TOKYO (Reuters) - The safe-haven U.S. dollar remained on the back foot on Wednesday following two days of losses as global financial markets regained a measure of stability on hopes a full-blown banking crisis can be averted. The dollar index, which tracks the currency against six major peers, was flat in early Asian trading, following drops of about 0.3% in each of the past

2023-03-29T02:29:57Z

Biden says banking crisis 'not over yet'

WASHINGTON (Reuters) -U.S. President Joe Biden said on Tuesday he has done what is possible to address the banking crisis with available authorities but that it is "not over yet." Asked if the administration would not take any more executive action to address the matter, Biden said "Oh no, It's not over yet. We're watching very closely." The failures of Silicon Valley Bank (SVB) and, days later,

2023-03-28T21:44:45Z

UBS rehires Ermotti as CEO to steer Credit Suisse takeover

By John Revill ZURICH (Reuters) -UBS Group AG has rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse - a surprise move that seeks to take advantage of his experience in rebuilding the bank after the global financial crisis. His immediate challenges will include laying off thousands of staff, cutting back Credit Suisse's investment bank and reassuring the

2023-03-29T06:30:14Z

Share buyback tax to raise $2.5 billion over five years, Liberals say

The federal government is formalizing a tax on share buybacks in an effort to incentivize companies to spend on government priorities including energy transition and job creation, over the popular reward for investors. Part of the March 28 budget , the two-per-cent tax was first announced by Finance Minister Chrystia Freeland in the fall economic update in November, a few months after the United States passed its so-called Inflation Reduction...

2023-03-28T23:25:14Z

Miki House taps 'Made in Japan' appeal for $760 kids pyjamas as home market shrinks

By Miho Uranaka and Rocky Swift TOKYO (Reuters) - Japan's Miki House, a maker of luxury baby and children's goods in a country with ever-fewer births, is looking overseas for both production and customers for products like its 100,000 yen ($760.40) Gold Label brand pyjamas. President Hisaichi Kimura said the Osaka-based company, which has developed a global reputation based on Japanese

2023-03-29T07:20:21Z

Vancouver city council votes to repeal 25-cent single-use cup fee, effective May 1

VANCOUVER — Businesses in Vancouver will no longer be required to charge a fee for single-use cups as of May 1, a move that reverses a decision by the previous city council. A statement from the city Tuesday says the 25-cent fee will be repealed along with the requirement for businesses to accept customers' clean reusable cups. However, it says bus...

2023-03-29T01:05:38Z

Opinion: Canadians should thank heaven for the Bank Act

By Joe Martin With the recent bank failures in California, New York and Switzerland many Canadians are concerned about bank safety. They need to know that the Canadian banking system is generally regarded as one of the safest in the world. That this will surprise many of them is not itself surprising: We learn little or nothing in school about the history of banking, presumably because it’s too difficult to teach — unlike protective tariffs and...

2023-03-29T10:07:32Z

Musk, experts urge pause on AI systems, citing 'risks to society'

By Jyoti Narayan, Krystal Hu and Martin Coulter (Reuters) -Elon Musk and a group of artificial intelligence experts and industry executives are calling for a six-month pause in developing systems more powerful than OpenAI's newly launched GPT-4, in an open letter citing potential risks to society and humanity. The letter, issued by the non-profit Future of Life Institute and signed by more than

2023-03-29T08:33:23Z

U.S. FDIC tells Signature Bank's crypto clients to close accounts by April 5

(Reuters) - The U.S. Federal Deposit Insurance Corp (FDIC) has informed collapsed lender Signature Bank's crypto clients that they have until April 5 to close their accounts and move their money. The deposits in question were not part of a rescue deal arranged with Flagstar Bank, a unit of New York Community Bancorp, earlier this month. "Flagstar's bid did not include about $4 billion in

2023-03-29T00:14:51Z

Dollarama raises dividend after sales, earnings climb

Dollarama Inc. raised its dividend after ending its fiscal year on a high, buoyed by elevated inflation levels and high interest rates that sent shoppers seeking out value items, particularly on consumables. The Montreal-based company reported on March 29 that sales increased by more than 20 per cent to $1.47 billion, beating expectations of $1.39 billion in the fourth quarter ended Jan. 29. Earnings before interest, tax, debt and amortization...

2023-03-29T12:55:19Z