Author: Press Room

Having worked for decades to reach the top of the cable television business in New York, David Zaslav briefly became the toast of Hollywood. Discovery, where he was CEO, had agreed in May 2021 to purchase Warner Bros’ parent company from AT&T for $43bn in a climate when the movie business was suffering from the one-two punch of the Covid-19 pandemic and the exploding popularity of streaming. At the same time, Hollywood’s longtime de facto leader, Disney’s Bob Iger, was heading towards his shortlived retirement, leaving a spot open for someone to step into his shoes. The role of King…

House Oversight Chairman James Comer has quietly issued several subpoenas for documents and bank records as part of the Republican-led investigation into the financial dealings of President Joe Biden’s family, according to an internal memo shared among Democrats on the panel. The memo, obtained by CNN, reveals new details about the subpoenas issued by Comer as part of the ongoing probe, which has stoked the ire of Democratic members who have accused the Kentucky Republican of covertly investigating business dealings by the president’s son, Hunter Biden. “This memorandum serves to ensure that Committee Democrats have access to all relevant information,…

A flood of cash going into money-market funds and other higher yielding cash-like assets has been a key focus in financial markets since March when Silicon Valley Bank and Signature Bank collapsed. Those failures put a spotlight on the stability of the U.S. banking system, but also on alternative ways for savers and investors to earn yield as the Federal Reserve continues its work of the past year to tame inflation through higher rates. Indeed, deposit rates at banks have remained stubbornly low, tracking in the 0.2% range (see chart), even as rapid rate increases from the Federal Reserve has…

McDonald’s Corp.’s job cuts are spreading through the entire company and will likely result in hundreds of layoffs and compensation reductions, according to a Friday report. The Wall Street Journal, citing sources close to the matter, reported Friday that layoffs were moving company-wide, and more employees were being offered reduced compensation to remain. Earlier in the week, the Journal reported the fast-food giant was closing corporate offices to prep for the cuts, and that McDonald’s MCD, +0.31% would also reduce an untold number of compensation packages. McDonald’s currently employs about 150,000 worldwide, so a shedding of 1,000 jobs would account…

This week is one of the most important on the Christian calendar — Holy Week, with Good Friday falling on April 7 this year, followed two days later by Easter Sunday. Good Friday commemorates the crucifixion of Jesus Christ, while Easter Sunday celebrates the resurrection. Friday is not a federal holiday, but it is recognized by a dozen states: Connecticut, Delaware, Florida, Hawaii, Indiana, Kentucky, Louisiana, New Jersey, North Carolina, North Dakota, Tennessee and Texas. The U.S. stock market is closed on Good Friday and the bond market has abbreviated hours, but other businesses may be open. Here’s what you…

The numbers: Banks trimmed borrowing from the Federal Reserve for the second week in a row, as stress in the financial system appeared to ease further almost a month after the surprising collapse of Silicon Valley Bank. Financial institutions drew $149 billion in credit in the week ended April 5, based on the Fed’s weekly H.4.1. survey. That’s down from $154 billion last week and $164 billion two weeks ago. Reduced borrowing points to less stress on the financial system after several regional U.S. banks floundered last month. Key details: Banks borrowed $69.7 billion from the Fed using the traditional…

© Reuters. FILE PHOTO: JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo (Reuters) -JPMorgan Chase & Co is being scrutinized by U.S. regulators for the due diligence the bank conducted on a number of its past acquisitions, the Financial Times reported on Friday, citing people familiar with the matter. The Office of the Comptroller of the Currency (OCC) scheduled a specific audit of JPMorgan (NYSE:)’s deal making after the bank bought dozens of smaller companies in 2021 and 2022, the report said. This comes after the U.S. government filed criminal charges accusing…

By Ambar Warrick Investing.com — Oil prices kept to a small range in early Asian trade on Wednesday as markets digested a slew of weak U.S. economic indicators, while signs of shrinking inventories and a recent OPEC production cut pointed to tighter supply. Data from the suggested that U.S. crude inventories shrank by 4.3 million barrels in the week to March 31, far more than expectations for a draw of 1.8 million barrels. The reading usually heralds a similar trend in due later in the day, and indicates some improvement in demand, particularly fuel consumption. But this was largely offset…

By Ambar Warrick Investing.com– Most Asian currencies fell on Monday, while the dollar firmed as a rally in oil markets, following a surprise OPEC+ production cut, brewed concerns that inflation could remain buoyed by high fuel prices. A raft of weak Asian economic data also weighed, as a post-COVID rebound in China appeared to be running out of steam. The lost 0.3% after a private survey showed that the country’s barely expanded in March amid weakening output and demand. Softening growth in China bodes poorly for broader Asian markets, given their dependence on the country as a trading hub. On…

By Stefania Spezzati and Amy-Jo Crowley LONDON (Reuters) -After the accuracy of Revolut Ltd.’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K. banking licence is facing delays, according to two people familiar with the company. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts. While BDO said Revolut’s financial statements gave a “true and fair view of the state of the group,” it cautioned in the same filing that some information related to revenues may have been “materially misstated.” Media coverage of BDO’s warning on March 1 prompted immediate questions from…