Author: IA PressRoom

2/2 © Reuters. Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration 2/2 By Prerana Bhat BENGALURU (Reuters) – The European Central Bank will hike its key interest rates by 25 basis points on June 15 and again in July before pausing for the rest of the year as inflation remains sticky, according to a clear majority of economists polled by Reuters. After a combined 375 basis points of hikes over the past year, economic activity in the 20-member bloc has slowed, with Europe’s biggest economic engine – Germany – and the euro zone as a…

© Reuters. FILE PHOTO: The U.S. Supreme Court building is seen in Washington, U.S., April 6, 2023. REUTERS/Elizabeth Frantz/File Photo WASHINGTON (Reuters) – The U.S. Supreme Court on Thursday preserved the ability of people to sue for civil rights violations under an 1871 law as it rejected a bid to prevent an Indiana nursing home resident’s family from suing over his care at a government-run facility. The justices upheld a lower court’s ruling that allowed the wife of Gorgi Talevski, a nursing home resident diagnosed with dementia, to sue Indiana municipal corporation Health and Hospital Corp of Marion County over…

Source: AdobeAn accountant for the US Securities and Exchange Commission says crypto exchange Binance, CEO Changpeng Zhao and related entities moved “large amounts of money” from 2019 up to this year.Binance and its entities held numerous accounts with the now failed Silvergate Bank and Signature Bank during that time, according to a court filing released on Wednesday. “The transactions in many of the Binance or Zhao-owned company accounts held at Silvergate Bank and Signature Bank show large amounts of money flowing in and out of the accounts,” the accountant said. “The large incoming credits are followed by outgoing debits within days,…

Speaker Kevin McCarthy hit back at the conservative rebels who ground House floor proceedings to a halt earlier this week, claiming the lawmakers who have called for changes to how the House GOP conference is run have not outlined any specific demands. “There are a few members who aren’t actually in the Freedom Caucus, and I’m not quite sure what they’re concerned about,” McCarthy said. “This is the difficulty, some of these members, they don’t know what to ask for, there’s numerous different things they’re frustrated about.”Members of the hard line-right House Freedom Caucus and their allies tanked a procedural vote…

Michael M. Santiago/Getty Images News GameStop Corp. (NYSE:GME) fell sharply in early action on Thursday after the retailer missed estimates with its Q1 earnings report and disclosed that CEO Matthew Furlong was terminated. Shares of GameStop (GME) were down 19.38% to $21.05 at 10:20 a.m. and swapped hands as low as $20.10. Short interest on GME is not as high as it once was, but still stands at an elevated level of 21.46% of total float. The few sell-side analysts that still follow GameStop (GME) were not impressed with the report or outlook for the year ahead. Jefferies analyst Andrew…

Digital wallet, Family wallet, Family digital wallet, Apple, Google, PayPal, Zelle, depositsgetty OBSERVATIONS FROM THE FINTECH SNARK TANK On the heels of the success (i.e., growing adoption) of digital wallets from Apple, Google, and PayPal, some large banks—including Wells Fargo, JPMorgan Chase, and Bank of America—have launched their own digital wallet, Paze, through Early Warning Services, which provides the Zelle person-to-person (P2P) payment tool. Where does this leave the other thousands of banks and credit unions in the US? They might be looking to create their own digital wallet to compete with Apple, Google, and the big banks, but if…

(Photo by Mark Wilson/Getty Images)Getty Images This has been a problem for decades: Banks charge “junk” fees on low-balance accounts. Bank customers, of course, get fleeced while banks collect billions for doing nothing. Some banks will even create “fake” accounts just to generate fees. According to the Consumer Financial Protection Bureau (CFPB), “a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has observed in complaints that even after a consumer completes all the required steps to close an account, their bank has “reopened” the…

© Reuters. Prime Minister of Spain Pedro Sanchez and President of France Emmanuel Macron attend a news conference on the day of the IX Euro-Mediterranean Summit (EU-MED9) in Alicante, Spain, December 9, 2022. REUTERS/Violeta Santos Moura By Belén Carreño, Anthony Boadle and Michel Rose MADRID/BRASILIA/PARIS (Reuters) – Spain will appeal to President Emmanuel Macron’s ambition to make the European Union a “third pole” in world affairs in its bid to secure vital French backing for a stalled EU trade deal with South America, according to three senior government and diplomatic sources. Spanish Prime Minister Pedro Sanchez believes he has a…

© Reuters. Investing.com — GameStop Corp (NYSE:) shares shed more than 19% of their value at the U.S. market open on Thursday after the video game retailer announced that it had terminated its chief executive officer in a shakeup of its leadership team. CEO Matt Furlong stepped down from the board on June 5, GameStop said. The business noted in a regulatory filing that his “resignation did not result from any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.” Meanwhile, Ryan Cohen was named as GameStop’s executive chairman “in conjunction” with Furlong’s departure, the…

© Reuters. Investing.com — Oil prices rose Thursday, helped by Saudi Arabia’s surprise production cut and signs of increased Asian demand, but concerns about the important western markets have limited gains. By 09:10 ET (13:10 GMT), futures traded 0.3% higher at $72.73 a barrel, while the contract rose 0.3% to $77.14 a barrel. Saudi Arabia’s decision, announced Sunday, to cut its crude output by 1 million barrels per day in July on top of a broader OPEC+ deal to limit supply into 2024 has created a support base for the market. Pickup in Asian demand Additionally, there have been signs…